/C O R R E C T I O N -- National Venture Capital Association; Thomson Financial/
In the news release, CleanTech Venture Investments by US Firms BreakRecord in 2007, issued earlier today by National Venture Capital Associationand Thomson Financial (NYSE: TOC; TSX: TOC) over PR Newswire, we are advisedby the company that the eighth paragraph, first sentence, should read"GreatPoint Energy, Inc." rather than "Greenpoint Energy Inc" and that secondsentence should read "GreatPoint" rather than "Greenpoint" as originallyissued inadvertently.
------------CleanTech Venture Investments by US Firms Break Record in 2007NVCA President Advises Caution for Venture Investors NEW YORK, Nov. 28 /PRNewswire-FirstCall/ -- CleanTech investments by USventure capital firms reached $2.6 billion from 168 deals in the first threequarters of 2007, according to data from Thomson Financial and the NationalVenture Capital Association. This level of investment represents the highestdollar volume ever, exceeding full-year 2006 investment dollar volume whichreached $1.8 billion from 180 deals. Several large investments in companiesoutside of the US contributed significantly to these levels. US firms' investment in CleanTech companies has progressively increasedyear over year. The year to date 2007 dollar volume represents a 46% increaseover full year 2006 dollar volume. Additionally, 2007 deal totals for thefirst 9 months lag last year's total record breaking number by only 12 deals. Annual Clean Tech Investments Volume Analysis Investment Year Deals ($mil) 2000 63 590.1 2001 85 392.8 2002 91 454.9 2003 81 235.4 2004 88 507.7 2005 100 532.7 2006 180 1,779.6 2007* 168 2,604.9 *2007 data through 9/30/2007 Source: Thomson Financial/NVCA NVCA president, Mark Heesen expressed a cautious optimism regarding theCleanTech space: "There are major opportunities for venture capitalists to totally reshapethe energy market throughout the world as governments, consumers, andcompanies are demanding innovation in this space," said Heesen. "However, ashas been demonstrated in the IT and life science arenas, investing in newtechnologies can be fraught with pitfalls and is not for the inexperienced orthe faint of heart. Prudent, long-term, knowledge-based investment in cuttingedge technologies has been the hallmark of venture capital in the past andshould be the mantra in the CleanTech space as well. Short-term 'tourists'should steer clear." The majority of all dollars invested by US firms went into US companies inthe first nine months of 2007. In total there were 149 investments worth $1.7billion in US companies, representing an average deal size of $11.4 million.The three largest CleanTech investments by US firms in 2007 were in overseascompanies including a $500 million investment by two undisclosed firms inDelta Hydrocarbon BV, a Netherlands based company with a focus in oilfield-production enhancement, a $200 million investment in Brazil's BrazilianRenewable Energy Co., and a $118 million investment in China's Yingli GreenEnergy Holding Company, producer of vertically integrated photovoltaic solarproducts. US Firm CleanTech Investments by Company Location (1Q-3Q 2007) Average Investment Investment Company Nation Deals ($mil) ($mil) United States 149 1,692.6 11.4 Netherlands 1 500.0 500.0 Brazil 1 200.0 200.0 China 1 118.0 118.0 India 2 34.5 17.3 United Kingdom 4 31.0 7.7 Canada 3 10.9 3.6 Germany 4 6.9 1.7 Austria 1 5.8 5.8 Israel 1 4.8 4.8 Mauritius 1 0.4 0.4 Total 168 2,604.9 15.5 Source: Thomson Financial/NVCA Within the United States, the majority of US CleanTech investment dollarsand deals flowed into California where 68 deals accounted for $726.2 millioninvestment dollars. Massachusetts companies had the next highest level ofinvestment with $292.6 million from 11 deals. Texas closed out the top threestates with $149.4 million investment dollars from 8 deals. US Firm CleanTech Investments by State (1Q-3Q 2007) Average Investment Investment Company State Deals ($mil) ($mil) California 68 726.2 10.7 Massachusetts 11 292.6 26.6 Texas 8 149.4 18.7 Washington 10 121.3 12.1 New Mexico 4 96.0 24.0 Georgia 4 49.1 12.3 Kentucky 1 37.6 37.6 Colorado 2 32.3 16.1 D. of Columbia 1 32.0 32.0 Iowa 3 28.0 9.3 US Total 149 1,692.6 11.4 Source: Thomson Financial/NVCA Solar energy was the biggest sub-sector for CleanTech investments in thefirst nine months of 2007. There were 35 solar related deals accounting for$664.6 million in investment dollars and an average deal size of $19.0million. Alternative energy (excluding wind, solar, geothermal, and co-generation) accounted for 33 deals and $317.5 million, followed by powersupplies industries with 25 deals accounting for $183.9 million. US Firm CleanTech Investments by Industry (1Q-3Q 2007) Average Investment Investment Industry Deals ($mil) ($mil) Solar Related Energy 35 664.6 19.0 Alternative Energy, incl. Nuclear (excl. wind, solar, geothermal, co-generation) 33 317.5 9.6 Power Supplies 25 183.9 7.4 Pollution and Recycling Related 19 146.4 7.7 Wind Energy 4 62.9 15.7 Source: Thomson Financial/NVCA The largest investment made in a domestic company by a domestic firm inthe first nine months of 2007 was the $115 million invested in GreenpointEnergy Inc, a Cambridge, MA based company, across two investment rounds.Greenpoint operates production plants that convert coal and biomass into aproduct called bluegas, which aids in the power generation, industrial,heating, and chemical sectors. Investors in this company in the first threequarters of 2007 include Kleiner Perkins Caufield & Byers, Draper FisherJurvetson, Dow Chemical Company, Advanced Technology Ventures, KhoslaVentures, and other undisclosed investors. The next largest investment in aCleanTech company was a $77 million investment round in Austin, TX basedHeliovolt Corp. Heliovolt develops and markets technology for depositing thinphotovoltaic platform surfaces used to generate electricity from sunlight onconventional construction materials. Venture investors in the companyincluded Morgan Stanley Private Equity, Yellowstone Capital, Paladin CapitalManagement, New Enterprise Associates, and additional undisclosed investors. The top US firms in terms of number of deals from January throughSeptember of 2007 were Khosla Ventures, participating in 14 deals valued at$68.4 million, Draper Fisher Jurvetson, investing in 14 deals valued at $38.5million, and Kleiner Perkins Caufield & Byers, with 11 deals valued at $76.8million. All three firms are headquartered in Menlo Park, CA. The National Venture Capital Association (NVCA) represents approximately480 venture capital and private equity firms. NVCA's mission is to fostergreater understanding of the importance of venture capital to the U.S.economy, and support entrepreneurial activity and innovation. According to a2007 Global Insight study, venture-backed companies accounted for 10.4 millionjobs and $2.3 trillion in revenue in the U.S. in 2006. The NVCA represents thepublic policy interests of the venture capital community, strives to maintainhigh professional standards, provides reliable industry data, sponsorsprofessional development, and facilitates interaction among its members. Formore information about the NVCA, please visit www.nvca.org. Thomson Financial, with 2006 revenues of US$2 billion, is a provider ofinformation and technology solutions to the worldwide financial community.Through the widest range of products and services in the industry, ThomsonFinancial helps clients in more than 70 countries make better decisions, bemore productive and achieve superior results. Thomson Financial is part of TheThomson Corporation (www.thomson.com), a global leader in providing essentialelectronic workflow solutions to business and professional customers. Withoperational headquarters in Stamford, Conn., Thomson provides value-addedinformation, software tools and applications to professionals in the fields oflaw, tax, accounting, financial services, scientific research and healthcare.The Corporation's common shares are listed on the New York and Toronto stockexchanges (NYSE: TOC; TSX: TOC).SOURCE Thomson Financial; National Venture Capital AssociationEmily Mendell, NVCA, +1-610-565-3904, emendell@nvca.org; Matthew Toole,+1-646-822-7560, matthew.toole@thomson.com, or Sandy Anglin, +1-646-822-7334,sandy.anglin@thomson.com, both of Thomson Financial
