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CMEA Capital has decided against raising a new $500 million fund to back late and growth-stage cleantech companies.
CMEA
has had some notable successes in the cleantech sector, backing both
A123 Systems and the solar firm Solyndra. But Jim Watson, CMEA managing
general partner, told VentureBeat they simply haven’t found suitable new investment prospects.
“We just didn’t see that much that was quality or at the right price,” he said. “There’s a lot of money on the later-stage side, so there is more competition for deals – a lot of them didn’t make sense economically.”
Watson says his company will continue to support its existing cleantech investments and will monitor the cleantech market for additional opportunities. He says the outlook may improve next year, as current funding rounds and government financing run out.
