Apr 22 2009
Battery Ventures, a venture capital and private equity firm focused on investing in technology and innovation worldwide, yesterday hosted a networking event and panel discussion for cleantech entrepreneurs, entitled: The Impact of Government Policy on Cleantech Entrepreneurship.
The goal of the gathering was to provide insight into unfolding government policies that support cleantech, and to help entrepreneurs best position their companies to access available government funds.
With the downturn in the economy and the retraction of traditional sources of capital, cleantech entrepreneurs are facing difficulty securing financing to commercialize technologies, build manufacturing facilities and scale their companies. The Obama administration and Congress have sent a clear signal with the ARRA stimulus package: government will play a vital role in filling that financing gap. Provisions such as the increased DOE loan guarantee program, extension of the PTC/ITC with rebate provisions, and the impending energy bill will provide necessary momentum for the cleantech community. State and local governments are also stepping in to support cleantech through stimulus packages, loan guarantees and tax incentives.
As the evening's keynote, Battery welcomed Congresswoman Anna Eshoo (D-CA) , from California's 14th District and a member of the House Committee on Energy and Commerce.
Following remarks by Rep. Eshoo, Battery partner Jason Matlof moderated a panel featuring four experts, who explored in detail the changing policies and discussed strategies for success:
John Bohn: Commissioner, CA Public Utilities Commission
Appointed to the Commission in May 2005 for a six year term, bringing with him a strong focus on Financial Markets and Market Pricing Mechanisms. The Commission plays a critical role in establishing and implementing regulatory policies that benefit the environment and clean energy.
Paul Dickerson: Partner, Haynes and Boone, LLP; Former COO, US DoE Office of Energy Efficiency and Renewable Energy
A corporate turn-around expert and international leader in cleantech. Under his leadership, the DoE changed its direction toward technology commercialization and quickened the pace of moving these energy solutions from laboratory to the international marketplace. Heads Haynes and Boone's cleantech practice, representing operating companies along with the VC and PE firms who finance them.
Bill Frey: CEO, Qteros, an Advanced Biofuels Company
Led DuPont Biofuels before becoming CEO of Qteros in June 2008. Qteros continues to expand with a pilot plant slated for summer 2009, paid for in part by a congressional appropriations award this year.
Patrick Von Bargen: Director, Quinn Gillespie & Associates
Former Chief of Staff to Senator Jeff Bingaman, Chairman of Senate Energy Committee, and former Chief of Staff to William Donaldson, Chairman of the Securities & Exchange Commission/ Government Relations practice that represents a range of clean technology companies.
Held on the Stanford University campus, the evening attracted nearly 300 leaders in the cleantech ecosystem, including entrepreneurs, operating executives and policy experts.
About Battery Ventures
Since 1983, Battery has been investing in technology and innovation worldwide. The firm partners with entrepreneurs and management teams across technology sectors, geographies and stages of a company's life, from start-up and expansion financing, to growth equity and buyouts. Battery has supported many breakthrough companies around the world, including: Airespace (acquired by Cisco), Akamai Technologies (NASDAQ: AKAM), BladeLogic (acquired by BMC Software), Insitu (acquired by Boeing), LIFFE (acquired by EuroNext), and Neoteris (acquired by Netscreen).
Battery's current portfolio includes emerging leaders in Cleantech such as: Advent Solar (next generation silicon-based solar technology), Imara (next generation battery technologies), Luminus Devices (solid state lighting), Modular Wind Energy (proprietary blade design for wind turbines), Qteros (advanced biofuels), Redwood Systems (energy control systems for green buildings), and SmartSpark Energy (reliable microinverters for integrated AC PV solar).
From offices in Boston, Silicon Valley, and Israel, Battery manages more than $3 billion in committed capital, including its current fund of $750 million.