According to a report recently released by Greentech Media, $3.4 billion was spent on renewable energy projects in 2007, an increase from the $2.3 billion spent in 2006 and $800 million in 2005. The Venture Power Report, which monitors private investments in the green technology market, states that investments in solar power led the way with $1.05 billion, and investments in biofuels, such as cellulosic ethanol and biodiesel, totaled near $796 million.
“VC investment in renewable energy in 2007 was up 50 percent over the previous year with more than 220 funding rounds across the entire spectrum of renewable energy from solar to batteries to energy efficiency,” said Greentech Media Senior Analyst Eric Wesoff.
According to the report, battery technology garnered $433.9 million in 2007. Energy efficiency also earned $419.1 million.
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