SEATTLE (July 12, 2012) Northwest Energy Angels (NWEA) (www.nwenergyangels.com) has invested a total of $1,132,000 in six clean technology companies during the first half of 2012. This six month total is the fastest the group has reached the $1 million investment mark, and puts the NWEA on target to surpass their previous annual investment record of $1.3 million of 2011. Aligned with the NWEA’s mission of building successful cleantech companies by connecting entrepreneurs with experienced investors, the funded companies represent a wide range of technologies, services and products all focused on sustainability, energy efficiency and/or clean energy.
NWEA will present the results of the first six months of investment and hear updates from past funded companies at its annual Summer Showcase held at the Talaris Conference Center July 12, 2012 from 4:00 p.m. – 7:00 p.m.
NWEA’s increased Q1 and Q2 investments come at a challenging time for early stage cleantech companies. According to industry analyst Cleantech Group (www.cleantech.com), venture capital investments in cleantech were down 31 percent between Q1 2012 and Q1 2011 and 19 percent compared to Q4 2012.
“We offer promising, early stage clean technology companies not only capital, but expertise, passion and connections to help them accelerate their development,” said Byron McCann, co-chair of the Northwest Energy Angels. “We continue to be impressed with, and inspired by, the quality of ideas and entrepreneurs dedicated to advancing our country to a sustainable economy.”
In broad terms, the investments of 2012 fall into three categories: energy efficiency, green building, and biomass power. Companies funded this year include Pacific Light Technologies (www.pacificlighttech.com – Portland), Indow Windows (www.indowwindows.com – Portland),
Greenwood Clean Energy (www.greenwoodusa.com – Bellevue), Verlitics (formerly EMME) (www.verlitics.com – Portland), FluxDrive (www.fluxdrive.com – Sumner, WA), and Green Canopy Homes (www.greencanopyhomes.com – Seattle).
“It’s a tough environment for fundraising right now,” said German Burtscher, Co-Founder of Greenwood Clean Energy. “But the Northwest Energy Angels have such a deep understanding of technology and the future of the energy marketplace, they were able to see the promise of our technology and provided us the funding needed to achieve key milestones.”
NWEA is made of up of more than 60 accredited angel investors from across the Pacific Northwest who are successful executives and entrepreneurs providing investment capital, contacts and strategic advice to help young companies achieve market leadership. Since its founding in 2006, NWEA members have invested more than $6.5 million in 34 companies. The group includes seasoned angel investors and venture capitalists, as well as new angels learning by participating in a cooperative and supportive environment. NWEA provides members with the tools for successful angel investing through a powerful business network and by providing quality deal flow, cooperative due diligence and relevant, timely education.
About Northwest Energy Angels
Northwest Energy Angels, founded in 2006 and known for its cleantech domain expertise, is the first angel investment group in North America to focus exclusively on the cleantech industry. A non-profit organization, NW Energy Angels helps create successful cleantech companies by connecting promising entrepreneurs with experienced cleantech investors. NW Energy Angel members add value to the companies they invest in and act as a bridge to institutional investors. To date, members have invested more than $6.5 million in 34 companies. More information is available at nwenergyangels.com.
Jaime Quick, Scoville PR for NWEA