Braemar Energy Ventures, a venture firm focused on investments in the cleantech sector, has named Jiong Ma a partner of the firm, according to a Mass High Tech report. She was previously a principal at the firm, which has offices in Boston and New York City, according to its website. Braemar’s portfolio includes such Boston-area cleantech companies as A123 Systems (NASDAQ:AONE), EnerNOC (Nasdaq:ENOC), and Verenium (NASDAQ:VRNM).

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[Updated 4:15 p.m. 9/24/09 with A123System' closing stock price for the day, see below] A123Systems, the Watertown, MA-based developer of advanced lithium-ion batteries for cars and power tools, said this morning that it has priced its initial public offering of 27.5 million shares of common stock at $13.50 per share—way above the $8 to $9.50 per share range of the IPO price it disclosed earlier this month.

Reuters reported last night that the IPO helped the company (NASDAQ:AONE) to raise $380.4 million, exceeding the company’s previous expectations for its maiden stock offering. The shares begin trading today, so we’ll be watching whether the company’s stock makes any significant movement. [Update: At the 4:00 p.m. close of the NASDAQ market, A123Systems was trading at $20.29, a whopping 50.3 percent above the $13.50 opening price.]

A123 has been on a roll lately. The company—which has secured deals to provide its next-generation lithium-ion cells to automakers such as BMW, Chrysler, and General Motors—won a $249 million grant last month from the U.S. Department of Energy to fund the development of manufacturing facilities for its auto batteries in Michigan. The firm appears to be well positioned to benefit from the expected surge in the market for lithium ion batteries for electric hybrid autos, as we recently reported in a story that took a broad look at the this industry. Founded in 2001 as a spinout of an MIT lab, A123 is also making batteries for handheld power tools made by Black & Decker and for electricity grid power storage.

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[Editors note: Revises and corrects the terms of QPrize convertible note funding]

When San Diego-based Qualcomm Ventures announced it was organizing a new international prize competition last May, the economy was already reeling and the venture capital industry had slammed on the brakes.

That slowdown in VC activity—especially for early stage startups—was probably the key factor in the company’s decision to set aside $550,000 in incentive funding for finalists in the “QPrize” competition, according to Nagraj Kashyap, who heads Qualcomm Ventures. With the Aug. 21 deadline for “QPrize” applications drawing near, Kashyap agreed to meet with me to discuss the business plan competition and the corporate venture arm, which usually maintains a relatively low profile here.

Nagraj Kashyap

Since Qualcomm (NASDAQ: [[ticker: QCOM]]) launched the venture arm nine years ago, it has provided funding for about 30 startups around the world, with investments typically ranging from $500,000 to $10 million, and from Series A to Series C rounds. Kashyap says the fund’s managers look for startups that provide both a strong potential for return on investment and that complement Qualcomm’s existing products and services. Its investments include lithium battery developer A123 Systems of Watertown, MA, video game console maker Zeebo of San Diego, and remote blood pressure monitor startup Triage Wireless in San Diego.

Kashyap says Qualcomm Ventures’ foray into organizing a business plan competition “all started when we saw this precipitous drop in venture funding, which hurts the early stage guys disproportionately.” An additional source of seed-stage funding won’t change the prospects for some startups, such as semiconductor design companies, because the capital costs are so high these days. But Kashyap says seed funding can make a big difference to …Next Page »

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A lot of people modify their cars, but the alterations to the hybrid Toyota Prius I was test-driving last week were more than just a fancy paint job or cool rims. In addition to the standard regenerative braking battery, I was packing an A123 Systems Hymotion L5 lithium ion battery that charged by plugging into a wall socket. The Prius had been modified and lent to me for a few days by Bellevue, WA-based Green Car Company.

The mechanics at Green Car Company had installed the Hymotion battery in the trunk of the car, right behind the socket where the power cord to charge the car plugs in. The Green Car Company rents and sells a variety of environmentally friendly cars and bikes, including biodiesel vehicles. It also performs maintenance and modification for those cars, such as the plug-in module for the Hymotion battery.

Hybrid cars are growing more popular all the time, and many companies are competing to develop the best possible battery—long-lasting, easily recharged, and cheap. The L5 battery has a longer life than the standard Prius battery, though it requires a power grid to charge. It also makes the gas engine of the car more efficient, improving the overall energy efficiency of the car compared to standard hybrids. A 2009 modified Prius at Green Car Company costs $41,999, while a standard Prius costs $22,516, according to Kelley Blue Book. Toyota is developing a plug-in version of the Prius, but according to Green Car Company, that version will actually cost more than modifying the current, standard Prius.

The main idea of installing the plug-in battery is that drivers will be able to travel 100 miles or more on every gallon of gasoline, with a range of 30 to 40 miles on just the battery itself. One of the nicer points for me was that even if the battery did deplete all the way, the car would then become a standard Prius hybrid and use its factory-installed battery.

The plug-in battery maker, A123 Systems, based in Watertown, MA, acquired Toronto-based Hymotion and Hymotion’s plug-in hybrid modules in May 2007. A123 developed the nanophosphate lithium ion battery, which has a longer life and charging ability than standard lithium batteries. Hymotion used these A123 batteries in its conversion kits even before being acquired. Last Wednesday, A123 announced it had received $249 million in grant money from the U.S. Department of Energy, part of the $2.4 billion in federal grants given out for companies working on technology for electric vehicles. A123 plans on using the money to expand and improve its lithium ion battery manufacturing capabilities in the U.S.

To give people an opportunity to test-drive a car installed with a Hymotion battery, …Next Page »

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SAIC Motor Corporation, a state-owned carmaker in Shanghai, China, plans to use iron-phosphate-based lithium ion batteries from Watertown, MA-based A123 Systems for a new gasoline-electric hybrid car that could be available in China by 2010, according to a report yesterday in the Wall Street Journal. The Journal said A123 executives would not confirm the report, but the company has published a headline about the agreement on its website.

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“You should visit us more often!” said one of our hosts during the MIT Sloan School of Management’s Massachusetts Tech Trek two weeks ago. The host’s enthusiasm was understandable—the company had just received news of a fresh round of funding in the midst of our visit. But such enthusiasm and energy (pun intended) was clearly evident at all of the firms that we visited as part of the Trek’s energy track on January 12-14, and was a welcome distraction from the economic malaise we keep reading about.

Co-sponsored by the Sloan Energy and Environment Club, the Energy track allowed our group to visit energy-related businesses in the Boston area to learn about firms in different stages and sub-sectors of the energy space. With the economic crisis in play and Barack Obama’s administration taking control, it was definitely an interesting and opportune time to be visiting these companies.

The energy firms we visited covered energy generation and transformation, efficiency and conservation, and consulting and research. In the generation space, we met with firms working on fossil-to-energy, storage, waste-to-energy and solar power. Interestingly, each is currently in different stages of development as a business entity.

Ze-gen, which started with SEED funding in 2005, utilizes a molten metal bath to vaporize construction and demolition and municipal waste to synthesis gas and electricity. Chief operating officer George McMillan said the company’s business model is based on the premise that they can produce energy cheaply even without taking into consideration any carbon offsets, tipping fees, or renewable energy credits. Ze-gen has plans to build its first commercial plant by 2012.

GreatPoint Energy is tackling the controversial problem of utilizing fossil fuels to “cleanly” produce energy. Dan Goldman, GPE’s executive vice president and chief financial officer, told our group that the advantages of GreatPoint’s process are low cost due to the lower temperature catalytic process, and an ability to capture CO2, which can be delivered for oil recovery or geological sequestration. GreatPoint is planning on starting operations on its $30 million feedstock testing facility in Somerset, MA, and signed an agreement with Datang Hyoin Electric Power Company in China to build and operate a plant that will process 1,000 tons per day of feedstock.

Innovative battery maker A123 Systems‘ technology went through multiple phases to reach its current level, said Andy Chu, director of the company’s automotive product line. Chu seemed confident that A123’s diversification into new areas including grid stabilization and airplane starter battery backups will ensure the company’s future success.

There is a small but loyal group of entrepreneurs and thought leaders in the U.S. who are advocating energy efficiency over energy generation. Advanced Electron Beams is one of these. AEB claims that its technology reduces energy usage by 40 to 90 percent in the surface sterilization, air treatment, and advanced curing industries, according to CEO Mitch Tyson. With a Fortune Global 1000 ranking behind them, AEB is seeking Series C funding to take their technology application to the next level.

Remember when Nanotechnology was the “it” word? You’ll be glad to know some of the nano materials have become commercial and are widely used now. Aspen Aerogels manufactures insulation materials that are two to eight times more thermally efficient than convention materials due to their nanoscale properties. Don Young, CEO of Aspen, told us that the firm is concentrating on reaching a reasonable earnings level for 2009 and diversifying into new segments.

The huge inflow of human and financial capital into the energy sector in recent years has necessitated the need for unambiguous information on the viability of technologies and business ideas. The Brattle Group has industry practice groups in most major traditional energy sectors and has developed expertise in pricing carbon and trading emissions. Dean Murphy, a principal at Brattle, felt the new administration should focus on controlling carbon emissions via a carbon tax rather than through the cap-and-trade program.

Lux Research, our last host on the trek, is a strategic advice firm that provides intelligence and consulting services in the nanotech, solar, power, water, and bio-sciences sectors. Lux Research analysts gather critical information by visiting and talking to firms in the specific sectors, according to president Matt Nordan. He emphasized a continuing need for critical analysis as we move to large-scale investing where the tolerance for market and technical risk is low.

Our interactions with so many energetic and exciting entrepreneurs, investors, and thought leaders rejuvenated our group. Leaving the classrooms to witness innovative technologies in person was a rejuvenating experience for me personally. We are looking forward to being part of a revolutionary energy innovation phase in our history.

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Battery manufacturer A123 Systems of Watertown, MA, said yesterday that it has applied to the Department of Energy for $1.84 billion in federal loans under the department’s “green car” program. A123 says it wants to use the money to build a factory in southeastern Michigan that will manufacture lithium ion batteries for up to 5 million hybrid vehicles per year, or 500,000 plug-in electric vehicles per year, by 2013. Executives at Chrysler and GM, Michigan Governor Jennifer Granholm, Senators Carl Levin and Debbie Stabenow, and Representative John Dingell, as well as Massachusetts Senator John Kerry all voiced their support for A123’s application under the DoE’s Advanced Technology Vehicles Manufacturing Incentive Program.

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These are the salad days for the Boston area’s developers of alternative energy and clean technologies. Such firms had no problem landing big deals with corporate partners, governments, and investors in 2008.

At the risk of sounding whimsical, the standout cleantech deals in 2008 provoked thoughts of a not-so-distant future when, for example, advanced batteries developed in the Boston area power everyday cars in Kendall Square. Imagine the day when we (or most of us, at least) turn on the lights, knowing that, say, 25 percent of our electricity comes from renewable sources such as sunlight, wind, and rising tides.

Similar to how we at Xconomy compiled a 2008 list of biotech deals yesterday, the cleantech deals in the list that follows weren’t selected based on dollar values alone, but a combination of value, innovation, and local impact—especially the latter, because of our focus on hyper-local business coverage.

Here is our list of 2008 cleantech deals to remember:

A123 Land Auto Deal, Seeks IPO …Next Page »

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Tomorrow, Detroit’s automakers are expected to give Congress a detailed plan that explains exactly how they intend to use $25 billion in taxpayer funding to engineer a turnaround—no doubt refueling the nationwide debate over the auto industry bailout.

Meanwhile, venture capital funding for innovative automotive technologies has accelerated dramatically over the past five years. Investment data reviewed by Xconomy shows venture deals in automotive startups have increased by more than 2,979 percent—from a near-standing start of $8.1 million put into five deals in 2003 to more than $250 million and two dozen deals in just the first nine months of 2008 (see charts at the end of this article).

Bill Klehm, CEO of Fallbrook Technologies, a San Diego startup which itself has raised some $25 million to help it develop a gearless transmission, says he laughs when he hears Detroit auto executives fret about competing against China’s low-cost manufacturing. “Nobody should be worried that the Chinese are coming,” Klehm says. “But the U.S. automakers should be concerned that the U.S. entrepreneurs are coming.”

While total VC funding for automotive startups is relatively small—venture firms put more than $1.35 billion into U.S. biotech companies in just three months that ended in September—the explosive growth in automotive deals reflects a phase change among VC firms nationwide. (The total also is clearly an underestimate, since it does not include startups such as battery developer A123 Systems of Watertown, MA, which counts major carmakers in the United States and Europe as its largest target market.)

“They are realizing that there is a big gap between consumer demand and the supply of the kinds of vehicles that the country is going to need,” says Bilal Zuberi, who specializes in energy and cleantech deals at General Catalyst Partners, a $1.7 billion venture firm in Cambridge, MA. “It’s a difficult industry, but there are opportunities. It is a $100 billion industry in which innovations are really needed, really fast.”

Any automotive technologies that can help the big three U.S. automakers meet tougher fuel economy standards and other “pain points” could be helpful, says Boston lawyer Tom Burton, who heads the energy and cleantech practice of the Mintz Levin law firm.

“In the last year and a half, we’ve really seen an uptick in the VC flow into these companies,” says Burton, who has been involved in the financing of several deals. “The downturn in the economy and the fact that Detroit is battered is what creates an opportunity for many of these guys.”

Fallbrook Technologies CEO Klehm contends the opportunity is big enough to drive a truck through.

Companies and small businesses that operate delivery fleets are searching for ways they can retrofit their trucks and vans to reduce fuel costs, which were acutely painful when gasoline was more than $4 a gallon, Klehm says. At Wal-Mart, for example, Klehm says a 1 percent improvement in fuel economy is worth $52 million. “Ford is talking about improving the fuel economy of next year’s lineup,” he says. “Fleet operators need solutions today. They don’t need promises for the next year.”

As a result, the surge in VC funding is spreading well beyond high-profile startups like Silicon Valley’s Tesla Motors, which has developed a high-performance, all-electric sports car …Next Page »

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Turns out our hunch was correct. On Friday, Watertown, MA-based maker of advanced batteries A123 Systems filed for its long-anticipated IPO. Since the filing came on August 8, 2008—an exceedingly lucky date, according to Chinese numerology—and because A123 has big operations in China and was co-founded by Taiwan-born MIT professor Yet-Ming Chiang, we speculated that the timing might be meaningful.

I pinged a company official on Friday to try to see if numerology had indeed played a role in the filing, but received no word back at the time. After my story ran, though, I heard from Chiang, who confirmed the basic theory—but revealed that A123 availed itself of a couple more lucky eights than I had guessed.

As Chiang e-mailed: “It was not a coincidence that the ’send’ button was pushed at 8:08am on 8/8/08, although I wasn’t the one who did it!”

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New England tech firms ended last week right where the Beijing Olympics began—with a much-anticipated event timed to the lucky number eight. That, and the rest of the week’s biz-tech dealings below.

—Observers have been waiting for some time now for A123 Systems—the Watertown, MA-based maker of advanced batteries whose customers include GM and Black & Decker—to take to the public markets. And on August 8, 2008, the firm made its move, filing for an IPO worth up to $175 million. We guessed that the timing was not a coincidence; eight is considered lucky in China because it is similar to the Mandarin word for wealth.

—Biofuel maker Verenium (NASDAQ: VRNM) of Cambridge, MA, forged a strategic partnership worth up to $90 million with BP, the United States’ largest oil and gas producer. Under the terms of the agreement, BP will pay Verenium $45 million in three installments over the next year, plus $2.5 million per month over the next 18 months, for access to the Massachusetts firm’s technology for converting high-cellulose materials such as sugar cane, elephant grass, and wood chips into ethanol.

—Alnylam Pharmaceuticals (NASDAQ: ALNY) of Cambridge, MA, inked licensing deals with the University of Texas Southwestern Medical Center, the University of California, San Francisco, and the Salk Institute for Biological Studies, giving it exclusive access to technology for boosting the activity of targeted genes. This new technique, dubbed RNAa, essentially does the opposite of RNAi, the gene-silencing technique around which Alnylam was originally built.

—Stamford, CT-based software maker InstallFree raised $8.5 million in a Series B financing round from Ignition Partners and Trilogy Equity Partners. The startup’s software helps deliver virtualized applications to Windows desktops.

—DynaTrace Software of Waltham, MA, which makes tools to spot performance problems in large enterprise systems, raised $12.9 million in a Series B round from the likes of Bay Partners and Bain Capital Ventures.

—Epix Pharmaceuticals (NASDAQ: EPIX) of Lexington, MA, announced it will raise as much as $50 million over the next three years in a sale of up to 8.3 million new shares shares to Kingsbridge Capital.

—Newton, MA-based diagnostics maker Clinical Data (NASDAQ: CLDA) acquired Charlottesville, VA-based Adenosine Therapeutics in a deal worth up to $66 million, depending on regulatory and commercial milestones.

—Antibiotic developer Tetraphase Pharmaceuticals of Watertown, MA, closed a $15 million second tranche of its $25 million Series A financing. Mediphase Venture Partners, CMEA Ventures, Fidelity Biosciences, Flagship Ventures, and Skyline Ventures participated in the deal.

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August 8, 2008. The Olympics Games begins in Beijing. A123 Systems, the Watertown, MA-based advanced battery maker with big operations in China, files for an IPO.

Coincidence? Maybe not. The number 8 is considered lucky in China because it is similar to the Mandarin word for “wealth.” That’s why the opening cermony for the Olympics began at 8/8/08 at 8 pm in Beijing. Just a guess, but perhaps the folks at A123 are also banking on lucky number 8.

In any case, in a filing today with the SEC, the seven-year-old maker of high-power lithium-ion batteries for applications like GM’s planned Volt electric vehicles and Black & Decker cordless power tools, revealed its plans to sell up to $175 million worth of stock in an initial public offering. The company plans to trade on the NASDAQ Global Market under the symbol “AONE.”

It’s a long-anticipated filing for A123, which has taken in some $132 million in venture funding from the likes of General Electric, MIT, North Bridge Venture Partners, Procter and Gamble, Motorola, Qualcomm, and Sequoia Capital, among others. I profiled the saga of A123, how it was formed around one idea that didn’t really pan out but switched gears to become one of the world’s leaders in advanced lithium ion batteries, back in January. At my last count, the company had six manufacturing plants in China, 1,100 employees, and the largest lithium-ion R&D team in North America.

According to today’s filing, the company has seen sales grow from $34.3 million in 2006 to $41.3 million last year—and it reports $10.3 million in revenue for the first quarter of 2008, up from $8.1 million a year earlier. A123 had a net loss of $30.2 million last year, according to its prospectus.

The filing paints a vivid picture of the potential for A123’s business going forward. Among the statistics it cites:

—The market for advanced batteries for electric vehicles, hybrid electric vehicles and plug-in hybrids is currently $700 million, on its way to some $5 billion by 2012.

—The market for batteries and other energy storage technologies for electric grid services, another A123 focus, was $2.4 billion in 2007 and is expected to surpass $3 billion by 2015.

—The market for lithium ion batteries for portable power tools (A123 makes such batteries for Black & Decker’s DeWalt line) was $411 million in 2007 and is expected to grow to $1.1 billion by 2012.

The company says in its filing that it intends to use the net proceeds from its IPO “for capital expenditures, working capital and other general corporate purposes, including the expansion of manufacturing facilities, repayment of approximately $2.5 million in debt, research and development and sales and marketing expansion.” It might also use some of the funds for acquisitions and other means of growing its business, according to the filing.

A123’s top shareholders include:

North Bridge Venture Partners — 7.8 million shares (13.6 percent)

Gururaj “Desh” Deshpande — 7.3 million shares (12.7 percent)

General Electric — 6.0 million shares (10.4 percent)

Qualcomm — 5.0 million shares (8.8 percent)

Motorola — 4.8 million shares (8.5 percent)

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Even as the economy slowed in the second half of 2007, U.S. venture capital firms continued to pump money into clean technology deals—bringing the total invested in cleantech for the year to $2.5 billion, up 79 percent from 2006. Deal volume also skyrocketed some 54 percent, and overall the field accounted for more than 8 percent of all U.S. venture investment, making it as big as the entire U.S. consumer-retail sector.

So goes the news from a report released today by Dow Jones VentureSource, building on a similar study we reported on in September that covered the first six months of 2007. Cleantech investments were also strong globally, the report indicated, rising 43 percent to just over $3 billion worldwide. The ebullient U.S. cleantech market (does anyone else think we’re a tad over-invested in this sector?) accounted for 83 percent of this total. In Europe, less giddy investors put some $360 million (266 million Euros) into clean energy deals last year, a 27 percent jump over 2006. Europe was the world’s second-biggest region for cleantech investment, representing 12 percent of the global figure. The big exception to the global trend was third place China (4 percent of the total), where only six cleantech deals were done last year, compared to 15 in 2006—and investments fell 70 percent, from $424 million to $129 million.

In the U.S., the median deal size for clean energy firms rose to $8 million last year from $7.5 million in 2006. The median pre-money valuation of cleantech companies hit $27 million, up slightly from $26.3 million in 2006.

The “hottest” area of investment was solar energy [editor's note: groan.], which took in nearly $700 million in 27 deals. Transportation and biofuels were the next biggest winners (see list below for the top 10 areas of investment). One well-publicized area that didn’t make the top 10 was wind, which attracted just $33 million in five deals. As we’ve noted in this story about UPC Wind, the politics and environmental controls around wind farms might be discouraging investment in this sector.

When it comes to how Massachusetts and New England fared, it depends on whether you’re a glass-half-full person or a glass-half-empty type. Let’s take the half-empty view first. In the same way the U.S. dominates the global picture, California dominates the U.S. landscape. The Golden State, with 66 deals totaling $1.3 billion, accounted for just over half of the country’s cleantech investment total. It was also home to the nation’s largest cleantech deal of 2007, as Palo Alto-based Project Better Place raised $200 million to develop what VentureSource describes as “a market-based transportation infrastructure for electric vehicles.”

The good news is that the clear—albeit very distant—second place winner was Massachusetts. With 11 deals tallying $273 million, it handily outpaced third place Washington state, which was home to eight deals totaling $175 million.

Cambridge’s GreatPoint Energy, which took in $100 million, led the New England pack, followed by Boston-Power and Konarka Technologies, which each raised $45 million last year. A123 Systems of Watertown, which we profiled here, raised $40 million in venture financing out of what VentureSource was a total of $70 million it took in through various forms of investment.

Following the page break are lists showing U.S. and New England cleantech leaders and other data from the report. …Next Page »

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Good old 2007. Whether just starting out or going public, it was a fine year for many Massachusetts technology firms. In fact, as we reported last week, a bevy of four-quarter Boston area initial public offerings helped make last year the best IPO year for venture-backed companies since 2004. Today, we’re presenting the numbers on the biggest Bay State venture deals of 2007.

Not surprisingly, cost-heavy energy and biotech firms dominated the list. In fact, a pair of energy companies, GreatPoint Energy ($100 million) and A123 Systems ($70 million), claimed the first two slots, with another duo a bit farther down. Biopharmaceutical firms snared another four of the spots, leaving just a pair of IT firms in the top 10—one of which (Brightcove) is an Internet-based content distribution company, and the other (DarwinSuzsoft) is an outsourcing firm.

Here’s the list, with the lead investors behind them, as provided by Dow Jones VentureSource. All except Syndax Pharmaceuticals, which closed its first round of financing, were later stage deals.

Massachusetts’ Top 10 Venture Deals of 2007

GreatPoint Energy (Cambridge) — $100 million
Lead investor: Dow Chemical

A123Systems (Watertown) — $70 million
Lead investor: GE Capital Commercial Finance

Targanta Therapeutics (Cambridge) — $70 million
Lead investors: OrbiMed Advisors, Radius Ventures, Skyline Ventures.

Brightcove (Cambridge) — $59.5 million
Lead investors: AllianceBernstein, Maverick Capital

Aveo Pharmacecuticals* (Cambridge) — $53 million
Lead investors not identified.** New investors this round included: Biogen Idec, Bessemer Venture Partners, Merlin BioMed Group, Mitsubishi UFJ Financial Group, Schering-Plough Corporation, Vatera Holdings)

Microbia (Cambridge) — $50 million
Lead investor:** Ridgeback Capital

DarwinSuzsoft* (Wakefield) — $48 million
Lead investor: Francisco Partners

Konarka Technologies (Lowell) — $45 million
Lead investor: Good Energies

Boston-Power (Westborough) — $45 million
Lead investor: Oak Investment Partners

Syndax Pharmaceuticals (Waltham) — $40 million
Lead investor: Domain Associates

* company name not divulged by Dow Jones, but we were able to piece it together
** Investors not identified by Dow Jones, but…

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