Green Power Developer Sets Pace for New York Venture Capital in 2007

It might not look like it on paper, but New York City’s clean tech industry has a promising future for attracting venture capital.

A little over a year ago, gbNYC noted a report in Crain’s that the rest of the country is leaving New York State behind when it comes to the cleantech industry. In 2006, cleantechs received $2.9 billion in venture capital- a 78 percent increase from 2005. However, from 1999 to 2005, the Empire State received 3.45 percent of the total amount that was raised by cleantechs across the U.S. During that period, 42 New York cleantechs raised a mere $235 million, while California saw 278 cleantech companies receive $2.7 billion in capital. These figures were released in a report entitled Cleantech: a New Engine of Economic Growth for New York State.

In this week’s issue of Crain’s, a report from PricewaterhouseCoopers identifies six-year-old Everpower Renewables Corp., a Manhattan-based developer of utility-grade wind power projects, as the recipient of $55 million from Good Energies, Inc. during the fourth quarter of 2007. In fact, Everpower raised the most money of any company in New York last year. While the overall amount of venture capital flowing into New York decreased from 2006 ($2 billion to $1.7 billion), David Silverman, managing director of PwC’s New York venture capital group, told Crain’s that the New York market “continues to look healthy.” Previously, we noted a quote from Bige Doruk, co-founder of Gaia Power Technologies, a manufacturer and installer of alternative energy systems, that “[i]t would have been easier for us to raise money if we were in California. . . . New York is getting better, though.”

Statistics don’t tell the whole story and Mr. Silverman did not comment on Everpower’s efforts, but it’s significant that the local pacesetter last year was a green power developer. Still, Everpower’s $55 million is 23 percent of all the venture capital that New York cleantechs raised between 1999 and 2005, so it seems hard to argue that New York isn’t on the right track in terms of attracting venture capital for green business.

About Stephen Del Percio

Stephen Del Percio has written for gbNYC+ since 2006 and currently serves as in-house counsel for one of the world's largest engineering, construction, and technical services companies. He earned a B.Eng. from Columbia, his J.D. at William & Mary, and lives in New York City with his wife and daughter. You can follow Stephen on Twitter, email him at, or join gbNYC on Facebook to continue the conversation.

about gbNYC

gbNYC is a multi-disciplinary consulting and real estate services firm. In addition to representing office tenants and commercial buyers in leasing and acquisitions, we also provide innovative consulting solutions from a unique, green building perspective. We advise on green building financial incentives, comment on proposed green building marketing strategies, author white papers, treatises, and market analyses, organize seminars on the LEED process and professional accreditation, and provide advice and analysis on green building risk management and the overall state of green real estate, leasing, and construction, in New York City and beyond.

Our blog, the gbNYC+ journal of real estate, law, + sustainability, delivers consistent, original content - from a New York City perspective - on how technology, data, and sustainability are changing how we interact with our built environment. Subscribe below and receive new articles as they're published or connect with our social media presence to join our ongoing conversation about real estate and sustainability, in the Big Apple and beyond. Contact us at (201) 835-8530 or for more information about our services and to discuss how we can assist you.

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