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Green energy the new IT for venture capitalists
June 29, 2006 /
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Penniless alternative energy companies are all the rage for US investors, writes Edward Robinson.
SOLFOCUS sounds like a typical Silicon Valley start-up: eight employees, big ideas and zero profit. Yet in mid-May, the phones at the eight-month-old company would not stop ringing.
The callers were venture capitalists (VCs), and they were dangling millions of dollars in front of the solar panel maker based in Palo Alto, California. Ty Jagerson, vice-president of business development, says as soon as he had started talking to one VC, another would call offering money. "It was completely insane," Jagerson, 35, says.
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