Colorado Cleantech Companies Raised a Combined $10.4M in 2nd Quarter

A handful of Colorado cleantech and energy services companies raised a combined $10.4 million from venture capital investors during the second quarter, bringing the 2013 total raised in cleantech to $45.2 million.

Cleantech has long been something of a catch-all term for very diverse industries, and that can be seen in the latest numbers, which were compiled by the Cleantech Group, a market intelligence company. The companies that raised money the past quarter run the gamut from hydropower developers to thin-film battery makers.

—Armada Water Assets raised $5.27 million in a Series B round. Armada Water Assets provides water and wastewater services for the oil drilling industry and has raised a total of $8.47 million. In February, the Fort Collins-based company registered with the SEC for a small IPO but then withdrew its registration. All of the private investment it has raised has come since the IPO was called off.

Gravity Renewables raised $3.1 million. The Boulder-based company develops small hydropower plants near dams and was recently profiled in Xconomy. Lorem Partners, Canoe Financial, and Summit Global Management made the investment.

Infinite Power Solutions raised $1 million. Infinite Power Solutions designs, makes, and sells thin film batteries for “microelectronic applications” such as Bluetooth devices. The Littleton-based company could eventually raise a total of $5 million in the round, according to SEC documents. Infinite Power Solutions has raised $49.5 million, including a $10 million Series D round in 2012. Applied Ventures, Core Capital Partners, D.E. Shaw Group, Generation Investment Management, and Polaris Venture Partners are investors.

Wavetech Geophysical, which is based in Denver, raised $600,000. The company specializes in oil and gas project management and geophysical analysis of drilling sites.

Main Street Power Company raised $200,000 of what it hopes ultimately will be a $5 million round. Main Street Power owns and operates solar projects and provides power purchase agreements. The company is based in Boulder.


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