Sydney MX, Page: 17
Wednesday, 10 May 2006
VENTURE capitalist John Doerr made his name and fortune with early investments in Netscape, Amazon. com, Google and other pioneering tech firms that went from scrappy startups to household names. Now Doerr and his firm, Kleiner Perkins Caulfield & Byers, are placing big bets on an emerging sector he calls green technology, one he believes could become as lucrative as information technology and biotechnology. Kleiner Perkins plans to set aside $137 million of its latest $823 million fund for technologies that help provide cleaner energy, transportation, air and water.
That's on top of the more than $68 million Kleiner Perkins has already invested in seven ''greentech'' ventures. ''This field of greentech could be the largest economic opportunity of the 21st century, '' Doerr said. ''There's never been a better time than now to start or accelerate a greentech venture. ''As one of Silicon Valley's most respected investors, Doerr's decision to champion green technology as the next big thing is generating buzz.
Also known as clean technology, the field includes technologies related to water purification, air quality, nanotechnology, alternative fuels, manufacturing, recycling and renewable energy. As the prices of more traditional energy sources continue to rise, the global market for clean energy sources such as biofuels, hydrogen fuel cells and solar and wind energy rose to $54.9 billion last year, according to a report released by Clean Edge, a US marketing firm. The figure is expected to more than quadruple to $229 billion by 2015, the report said.
Besides investing in greentech ventures, Doerr said he and Kleiner Perkins plan to ''advocate for policies that reduce the climate crisis and increase energy innovation''. Venture capitalists point to the global forces driving greentech investment: the rising cost of fuel; the economic expansion of China, India and other Asian nations; and worry over global warming.
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