Silicon Valley venture capital firm VantagePoint Venture Partners will invest over $1 billion in green startups in the next 24 to 30 months, Reuters reports.
VantagePoint Managing Partner Alan Partner spoke to the news agency on Saturday at the World Economic Forum meeting in Davos, Switzerland.
“We are aggressively and actively investing,” said Salzman. “We’ll probably back 10 to 15 companies over the course of 2009.”
VantagePoint has already put money into a number of startups, including Better Place, a producer of electric car charging stations; Tesla, an electric car maker; and BrightSource energy, a solar thermal energy company.
Despite a 71% fourth quarter decline in venture capital funding, Salzman says his company is “well funded.”
The VantagePoint executive underlined the large capital requirements of green energy companies, as opposed to technology or healthcare businesses. He estimates there will be less than $10 billion in venture capital available over the next 24 months for cleantech projects, calling the sector “woefully underrepresented,” given its growth potential.