Across the country, venture capitalists are opening their wallets to upstarts that, like Nanosolar, develop "clean" technologies in anticipation of a growing market for products that generate revenue without harming the environment.
In 2003, investment in clean technology ventures rose 8 percent to $1.2 billion while overall venture capital investment fell 14 percent to $18.2 billion, according to the Cleantech Investor Network. The Howell, Mich.-based group defines clean technologies as technologies that allow for more efficient use of natural resources and greatly reduce ecological impact.
Venture capital firms are pouring money into clean technologies related to water purification, agriculture, transportation, manufacturing, recycling, air quality and alternative energy such as solar, wind and hydrogen.
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