There are a number of factors driving the cleantech sector; climate change concerns, global energy security, technological advancements and of course, rising oil prices. The last of these is hard to ignore given recent meteoric price rises, with last Friday seeing the biggest single day rise ever, of close to $11, bringing oil prices to $138 per barrel.

Putting price rises in recent years into perspective only underlines the enormity of the overall situation. From the mid 1980s to September 2003, the inflation adjusted price of a barrel of crude oil on NYMEX was generally under $25 per barrel. By early 2007 after some fluctuation prices had moved to around $60 a barrel, and by the end of the year prices were reaching $100. After the recent spate of rises in the first half of the year oil prices stood at $138.83 on June 6, 2008.

The fundamentals of these rises are simple supply and demand, with rapidly increasing demand from the expanding Indian and Chinese economies, combined with the supply of easily accessible oil reserves now exhausted. On top of this, threats of instability in oil supplying regions causes’ further sudden price jumps.

Whilst this has impacts on all areas of the global economy, the cleantech sector is one of the few sectors that is spurred on by the rising price of oil. But such price rises have an immediate impact upon consumers and industry, and whilst alternative and renewable energy sources are seen as the answer in the longer term, this does not help businesses cope with energy prices today.

Correspondingly, organisations are recognising the more immediate benefits of implementing strategies to reduce energy consumption, with the benefits of being greener also leading to savings on the bottom line. At a time where recession looms, such tightening of belts is even more in line with this ethos, and cleantech investors are hot on this trend.

Recent European venture investments in consumption and efficiency

Looking at European venture deals in Q2 2008 alone provides stark evidence of this, with over half of the cleantech venture deals so far this quarter going into technologies that seek to increase efficiency and curb energy consumption. Some examples of these deals and the companies involved are illustrated below.

A 5th round funding on the 19th of May for CamSemi, who received €5.1m, to bring in their total disclosed funding to just under €30m. The Cambridge based company is developing integrated circuitry that will vastly reduce standby power consumption on domestic appliances such as televisions.

German based Chipvision received €2.9m funding on the 16th of May. The company’s central offering is a design tool, PowerOpt, used for designing more energy efficient circuitry by automatically implementing various micro-architectures and optimising them for energy consumption and performance.

Ubidyne, also based in Germany, received a massive €21.8m on the 13th of May, representing the biggest European cleantech venture investment of the quarter so far. Ubidyne is a telecoms development firm whose purely digital transmission technology enables a 30 per cent reduction in the number of required base stations sites and a 50 per cent energy saving required by antennas and base stations.

Lysanda, a company developing emissions management software for the automotive sector, received €1.5m, also in May. The company’s emissions tracking and monitoring software allows driving adjustments to be made in order to minimise fuel consumption. The business is based directly on the impact fuel costs have on the operational costs of logistics companies, and the ability to make savings now, in a time where petrol costs are taking many haulage companies to the brink of collapse.

In a future where limitless supplies of low cost power are provided by the wind and sun, energy efficiency would seem an afterthought. But against the backdrop of current economic conditions that future seems a long way off, and the trend in improving efficiency and reducing consumption is likely to continue for some years to come.

G24i, the UK-based solar cell developer, has raised $20m (€12.9m) from Morgan Stanley. G24i has developed a dye sensitised thin film which manufactures nano-enabled photovoltaic material that converts light energy into electrical energy, even under low-light, indoor conditions. G24i launched its first product, a solar powered mobile telephone charger, in 2007. The funding will be used to expand the company following its recent growth.

ClickFox, the US-based provider of Customer Behavior Intelligence (CBI) software and services, has raised $12.5m (€8.1m) in series B funding from new investor, Ascent Venture Partners and existing investors, Cedar Fund, Delta Ventures and Veritas Venture Partners. ClickFox has developed a behaviour pattern analytic technology that enables companies to analyse data from customer activities. The funding will be used to develop the company's product range to include advanced applications, including: predictability analytics, customer satisfaction analytics and customer churn analytics.

ADS-Click, the Switzerland-based search and contextual advertising solution provider, has raised $3m (€1.9m) in second round funding from return investor, BayTech Venture Capital. ADS-Click has developed a platform that providers advertisers visibility into live bids for online advertising space. The funding will be used for technology enhancement and to support the company's international expansion in the digital marketing services sector.

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Ipsogen, the France-based developer of molecular diagnostic tests for cancer profiling, has listed on NYSE Euronext's Alternext Paris market with an IPO share price of €7.20. Ipsogen's IPO makes it the seventh company to list on Alternext, NYSE Euronext's specialist market for small and midsized companies, and the first biotechnology company to list on Alternext since the beginning of 2008. A total of 1,634,718 new shares were subscribed, raising a total of €11.8 million. The market capitalisation of the company amounts to €31.9m.

High Integrity Solutions, the UK-based software tool developer and consultancy, has been acquired by Artisan Software for an undisclosed amount. High Integrity Solutions has developed a software design and development management system, designed for use by software engineers working on software development projects in the aerospace and transport industries. The acquisition gives Artisan Software ownership of High Integrity Solutions' V-Design System and will enable the company to strengthen its position as the embedded industry's second-largest supplier of development tools.

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Adventi Group, the UK-based provider of IT solutions for organisations in the private and public sector, has appointed Eddie Chance to the position of chief executive. Prior to joining the company, Mr Chance held the position of country leader for Scotland at Oracle UK, having spent 19 years at the company. At Oracle, Mr Chance also held the position of Area Vice President Technology Sales for Scotland and the North of England. Mr Chance is also a Council Member of CBI Scotland and the Chairman of ScotlandIS, the trade body for Scotland’s ICT industry.

Netviewer, the Germany-based provider of web-based collaboration tools, has appointed Robert Gratzl to the position of chief financial officer. Prior to joining the company, Mr Gratzl, a tax advisor and certified public accountant, was chief financial officer at Combots. Before that, Mr Gratzl held the position of chief financial officer at WEB.DE. Previously, Mr Gratzl spent 10 years at consulting firm Arthur Anderson, where he was promoted to partner in charge of his practice area in 1998.

Zoopla!, the UK-based provider of online property search services, has appointed Doug Monro to the position of chief operating officer. Prior to joining the company, Mr Monro was managing director of Gumtree.com. Before that, Mr Monro served as Head of Strategy and Analysis at eBay UK. Mr Monro has also held positions at Bain & Company and Unilever, and has also worked as an entrepreneur.

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GreenClip , the Sweden-based developer of environmentally friendly labeling systems, has revealed to Library House that the company is currently completing an investment round. Mr Thomas Johansson, project manager of GreenClip, stated that the round would be closed by the end of June 2008. Mr Johansson went on to inform Library House that the company intends seek further funding in 12 to 18 months, advising that the investment would be used for further growth.

Solianis Monitoring, the Switzerland-based medical device company, has informed Library House that the company is currently fundraising and is seeking to raise €5.6m. Mr Mario Stark, the chief executive of Solianis Monitoring, revealed to Library House that the funding would be used for development of the prototype for the company's non-invasive glucose monitoring device. Mr Stark also stated that in relation to the Solianis Monitoring's exit strategy the company was open, but would prefer a trade sale or asset sale to a larger medical device company.

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