US venture capital investment in renewable energy hits $3.1bn amidst general decline in Q4 2008

Venture capital investment in US companies hastened its descent in the fourth quarter of 2008 with 554 deals garnering $5.5bn, the lowest quarterly investment the industry has seen in three years, according to statistics from Dow Jones VentureSource. Despite this, 2008 proved to be a very good year for the energy and utilities industry, as it saw annual investment more than double to a record of nearly $3.6bn put into 124 deals from $1.7bn in 101 deals in 2007. Eighty-six renewable energy deals accounted for 86 per cent, or $3.1bn, of the industry's annual investment total.