Venture capital investments in so-called “cleantech” firms increased in North America and Europe in the second quarter, the Cleantech Network reports.

Initial public offerings also surged in the second quarter, according to the Michigan-based group that supports the cleantech sector.

Investments increased to just under $1 billion in the quarter, a 10 percent increase over the first quarter of the year. So far in 2007, cleantech firms have received $1.9 billion in funding, which is 10 percent more than in the first half of 2006.

Cleantech IPOs jumped to 17 in the second quarter, up from nine in the first three months of the year. The IPOs generated almost $1.7 billion.

Most of the venture investments, or $535 million, went to energy generation funds.

Cleantech Network also reported 32 cleantech acquisitions, with 13 involving energy generation. Twenty-five of the deals took place in North America.

“As cleantech markets move from market creation to market adoption and acceleration, we are encouraged by the continued robust growth, as well as receptive public markets and continued strength in M&A activity,” said Nicholas Parker, chairman and co-founder of the Cleantech Network.
The Cleantech Network has followed the sector since 1999. The organization includes more than 8,000 investors and 9,500 corporate members.