Renewable Energy Investment in the U.S.

Table of Contents

Chapter 1 Executive Summary

• Study Parameters
  • Scope and Focus
  • Investor Classifications
  • Private Investors
  • Institutional Investors
  • Public Investors: Governments
  • Nonprofit Investors
  • RE Technology Sectors: Solar Power
  • Wind Power
  • BioFuels
  • Fuel Cells
• Market Size, Growth, and Composition
  • U.S. Market Estimates: 2002-2006
  • Dollar Value: By Investment Sector
  • U.S. RE VC Investment: 2002-2006
  • Market Projections
• RE Investors
  • Number of Investors: VC Firms
  • VCs in RE
  • Private Equity in RE
  • Banks and Brokers in RE
  • SRI Funds in RE
• Investment Trends
  • VC Firms and Solar Investment
  • VC/PE Firms and Biofuel Investment
  • VC Firms and Fuel Cell Investment
  • VC Firms and Wind Investment
  • RE-Targeted Mutual Funds
  • RE Stock Indexes
  • RE ETFs Springing Up
  • Public/Private Partnerships
• RE Investment Information Distribution
  • Primary Channels of Information Distribution
  • Secondary Channels of Information Distribution
  • Hybrid Information Providers
  • Blogs
• RE Surveys
  • VC Survey on RE Future
  • Utility Poll on RE Future
  • One General Pattern

Chapter 2 Introduction

• Study Parameters
  • Scope and Focus
  • Table 2-1 The U.S. Market for Investment in Renewable Energy: Study Focus
  • Sector
  • Primary Focus
  • Secondary Focus
  • Note on the U.S. Market
  • Sectors Excluded
• RE Investment Sectors
  • Overview
  • Investor Classifications
  • Private Investors
  • Venture Capital Firms
  • Private Equity Firms
  • Investment Banks/Brokers
  • Corporations
  • Other Private Investors
  • Institutional Investors
  • Types of Funds
  • Mutual Funds
  • Exchange-Traded Funds
  • SRIs and Green Funds
  • Hedge Funds
  • Public Investors: Governments
  • Other Public Investors
  • Nonprofit Investors
• RE Technology Sectors
  • Definitions and Terms
  • Elastic Parameters
  • Table 2-2 Renewable Energy Sectors: Broad Interpretation
  • Narrow Parameters
  • Electricity vs. Fuel
  • Distributed vs. Centralized Generation
  • Note on Abbreviations
  • Solar Power
  • Wind Power
  • BioFuels
  • Fuel Cells
  • Hydroelectric Power
  • Geothermal Power
  • Wave/Tidal Power
  • Biomass/Biogas
  • Alternative Vehicles
  • RE Architecture and Infrastructure
• Historical Context
  • Two Phases in Modern Energy History
  • 1970s: Terrestrial Energy Limits
  • RE Overdue
  • The Space Investment Space
  • Government and the Energy Crisis
  • 1980s: Trying Times for RE
  • 1990s: United States Loses Its Lead
  • Growing Alarm over Global Warming
  • Into the First 2K Decade: A Cottage Industry
  • Wake-Up Call

Chapter 3 The Market

• Market Size, Growth, and Composition
  • Quantification Difficulties
  • Conflicting Models
  • Research Firms
  • U.S. Market Estimates: 2002-2006
  • Table 3-1 Estimated Dollar Value: U.S. RE Investment Market (2002-2006) ($ Billions)
  • Dollar Value and Share: By Investment Sector
  • Table 3-2 Estimated Dollar Value: U.S. RE Investment Market by Sector, 2006 ($ Billions)
  • Table 3-3 Estimated Share Value: U.S. RE Investment Market by Sector, 2006 (Percent)
  • Share of U.S. vs. Global RE Investment
  • Figure 3-1 Share of RE Investment Market: United States vs. Rest of World (ROW), 2006
  • Project Finance: Composition
  • Figure 3-2 Estimated Share of U.S. RE Project Finance: By Technology Sector, 2006
  • R&D: Composition
  • Figure 3-3 Estimated Share of U.S. R&D Expenditures: Corporate vs. Government, 2006
  • Stock Markets: Composition
  • Figure 3-4 Estimated Share of U.S. RE Stock Market Investment: By Technology Sector, 2006
  • Venture Capital Investment: Various Estimates
  • U.S. RE VC Investment: 2002-2006
  • Table 3-4 Estimated Dollar Value: U.S. Venture Capital Investment (2002-2006) ($ Millions)
  • VC Investment: Composition
  • Table 3-5 Estimated VC Investment by RE Sector: 2006 ($ Millions)
  • Sector
  • Perspectives on VC Investment
  • Private Equity: Composition
  • M&A Activity: Value and Composition
  • Institutional Investing: Value and Composition
  • Note on 2007
  • RE Market Sales
• Factors in Future Growth
  • Overview: All Factors Positive But One
  • Population Demographics
  • Global Warming
  • NRE Limits
  • RE and Pricing
  • Government Factors
  • The Credit Crisis
• Market Projections
  • Positive Outlook Foreseen
  • RE Investment Market to Double
  • Table 3-6 Market Projections U.S. RE Investment Market: 2007-2011 ($ Billions)

Chapter 4 RE Investors

• Overview
  • Number of RE Companies
  • Number of Investors: VC Firms
  • VCs in RE
  • Private Equity in RE
  • Banks and Brokers in RE
  • SRI Funds in RE
• RE Investors
  • VC Firms
  • Table 4-1 Selected List: Venture Capital Firms in the U.S. RE Market
  • Focus: Draper Fisher Jurvetson
  • Table 4-2 Draper Fisher Jurvetson RE Portfolio Companies, 2007
  • Focus: Kleiner Perkins Caufield and Byers
  • Table 4-3 Kleiner Perkins Caufield and Byers RE Portfolio Companies, 2007
  • Private Equity Firms
  • Table 4-4 Selected List: Private Equity Firms in the US RE Market
  • Investment (and Commercial) Banks
  • Table 4-5 Selected List: Investment Banks in the US RE Market
  • Table 4-6 Selected List: Major Commercial Banks in the US RE Market
  • Focus: Citigroup
  • Brokerage Firms
  • Focus: Goldman Sachs
  • Institutional Funds
  • Hedge Funds
  • Corporations
  • Focus: General Electric
  • Utilities
  • Professional Services
  • Engineering Firms
  • Legal Firms
  • Table 4-7 Selected List: Legal Firms in the US RE Market
  • Accounting and Insurance Firms
  • Consulting Firms
  • Professional Groups/Association
  • Miscellaneous Services
• The Competitive Situation
  • Competitive Levels
  • RE vs. NRE
  • Nation vs. Nation
  • RE Sector Competition
  • Traditional Competition
  • Competitive Trends
  • Partnering and Joint Ventures
  • Consolidation
  • Stratification
  • Different Types of Disruptive Developments
  • Solar Competition
  • Table 4-8 Leading Global Solar PV Producers: 2007
  • Wind Competition
  • Biofuel Competition
  • Fuel Cell Competition
• RE Sector Trends
  • Solar Trends
  • Overview
  • Silicon Dominates PV
  • Thin-Film Alternatives
  • TF' s Disruptive Potential
  • Silicon Efficiency
  • Solar Thermal: Redheaded Stepchild
  • Concentrating Solar Power Sparking Interest
  • Solar "Products"
  • Solar Investors
  • Solar on the Stock Markets
  • Vertical Integration
  • Production Expansion
  • Celebrity Investors
  • Federal Government Investment in Solar
  • Table 4-9 Solar Initiative America: Technology Pathway Partnerships (2007 Through 2009)
  • Table 4-9cont. Solar Initiative America: Technology Pathway Partnerships (2007 Through 2009)
  • New Solar Financing Models Emerging
  • Solar Loan Programs
  • Focus: Evergreen Solar
  • Biofuel Trends
  • Skyrocketing Production
  • Controversies
  • Cellulosic Ethanol
  • Value-Added By-Products
  • Investors Jump on Biofuel Bandwagon
  • Governments Also Investing
  • Wind Power Trends
  • Most Advanced RE Sector
  • Wind and Centralized Generation
  • Different Investor Profile
  • Sophisticated Financing Models
  • Wind and Texas
  • Obstacles
  • Advances
  • Mid/Small-Scale Opportunities
  • Fuel Cell Trends
  • Least Commercialized Sector
  • Fuel Cell Technology Classifications
  • Applications: Four Categories
  • Hydrogen from RE
  • MEMS FCs
• Investment Trends
  • VC Firms and Solar Investment 2006
  • First-Half 2007
  • Table 4-9 Selected List of VC Investments in Solar Firms: 2006 and First-Half 2007
  • VC/PE Firms and Biofuel Investment 2006
  • Khosla Ventures
  • Other Bioenergy Investors
  • First-Half 2007
  • Table 4-10 Selected List of VC Investments in Biofuel Firms: 2006 and First-Half 2007
  • VC Firms and Fuel Cell Investment
  • Table 4-1 Selected List of VC Investments in Fuel Cell Firms: 2006 and First-Half 2007
  • VC Firms and Wind Investment
  • Table 4-12 Selected List of VC Investments in Wind Power Firms: 2006 and First-Half 2007
  • Hybrid RE Investors
  • Table 4-13 Selected Examples of Hybrid-Type RE Investors Outside the United States: 2007
  • Focus: Good Energies
  • RE Companies on the Stock Markets
  • Table 4-14 RE Companies Trading on Public Stock Markets: By Exchange and Stock Symbol, 2007
  • Solar Stocks
  • Wind Stocks
  • Fuel Cell and Hydrogen Stocks
  • Fuel Cell and Hydrogen Stocks
  • Biofuel Stocks
  • PIPEs
  • RE-Targeted Mutual Funds
  • Hedge Fund Activity Increasing
  • Pension Funds Not Big Players Yet
  • RE Stock Indexes
  • RE ETFs Springing Up
  • Public/Private Partnerships
  • Focus: SRI Funds
  • From Vice to Virtue
  • Systems Analysis
  • New Tools for Evaluation
  • Growth in SRIs
  • Lower Returns-But Not By Much
  • SRI Examples
  • Al Gore' s SRI
  • Focus: Hedge Funds
  • Peripheral RE Role
  • Short-Term Horizons
  • Hedge Funds and the Credit Crisis
  • Focus: Government RE Investment
  • States/Cities Take the Lead
  • Fed' s Dithering Retards RE
  • RE Needs Government Encouragement
  • Recipe for Success
  • Focus: Monetizing Ecological Attributes
  • Cap-and-Trade Carbon Market
  • Carbon Tax
  • RECs

Chapter 5 Information Distribution

• Overview: Energy Literacy
• Primary Channels of Information Distribution
• Federal Government Research
• Academic Research
• Secondary Channels of Information Distribution
• Trade Associations
• Research Organizations
• Internet-Based RE Media Companies
• Hybrid Information Providers
• Focus: Clean Edge
• Focus: Cleantech Network LLC
• Conferences and Forums
• RE and Popular Media
• Magazines and Newspapers
• Movies and Music
• Festivals and Fairs
• Blogs
• Table 5-1 Selected List: Investment-Oriented RE Web Logs, 2007

Chapter 6 RE Psychology

• Beliefs and Attitudes
• Not Much to Go On
• VC Survey on RE Future
• Utility Poll on RE Future
• One General Pattern
• VC Enthusiasm
• VC Reluctance
• RE Analogies: Continuities and Discontinuities
• SRI Attitudes
• Consumer Attitudes

Chapter 7 RE Investment Market: Trends and Opportunities

• Overview
• Mass-Media Advertising
• VCs and Priorities
• Corporations and Clout
• End-User Financing
• Tapping Pension Funds
• Public/Private Partnerships Show Promise
• Three Niche Opportunities

Appendix Selected Addresses of RE Investors