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Venture capitalists eye 'clean tech' firms

Roger Fillion, Rocky Mountain News

Published February 21, 2007 at midnight

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BEAVER CREEK - Deep-pocketed venture capitalists gathering here said they are eyeing "clean technology" companies as a new place to invest their cash and that Colorado offers good opportunities.

Such technology includes everything from solar energy and alternative fuels to recycling as well as newfangled battery systems.

"It's something we want to explore. It has a presence in Colorado," said Dan Mitchell, a partner with Sequel Venture Partners in Boulder.

"There's a lot of talent on the table here," Mitchell said of the state, citing the presence of the National Renewable Energy Laboratory in Golden.

Gov. Bill Ritter has touted renewable energy as a top priority for his administration.

Lucinda Stewart, a partner at OVP Ventures in Seattle, echoed that "it's a good time" to raise money for a venture fund geared toward clean technologies.

The venture capitalists were among those participating in a media roundtable at the start of the Venture Capital in the Rockies conference, hosted by the Colorado Venture Capital Association and accounting firm KPMG. It runs through Thursday.

Clean technology investment would be a new area for Colorado. The state typically has attracted venture funding in software, data storage, biotech and the consumer sector. The latter includes restaurant chains and shoemaker Crocs Inc.

Other states, too, are expected to push their clean technology companies and the opportunities for investing venture dollars in them.

"California has . . . been very aggressive in courting the VC community," said Mark Heesen, president of the National Venture Capital Association. He also pointed to Pennsylvania.

"Colorado has to be very aggressive very quickly," added Heesen. One way the state can follow up, he said, is to offer government subsidies for emerging clean technology companies.

"This is an area where subsidies are very important," said Heesen. "You have to give these smaller industries a jump-start."