Global investment in green technology rose 12% to $1.2 billion in the second quarter after two quarters of sharp declines, according to a report released Wednesday by the Cleantech Group and Deloitte.
Electric cars attracted the most investment at $236 million while solar fell to a low of $114 million. Biofuels scored $206 million and advanced batteries received $165 million from investors.
“It looks like things have leveled out and have stabilized,” said Brian Fan, senior director of research for the Cleantech Group, a San Francisco-based research and consulting firm.
Still, the second quarter numbers are down 44% from a year ago.
North America grabbed 66% of green tech investment while Europe and Israel captured 21% percent, India 11% and China 1%.
Fan said that while investors were hot on smart grid companies at the end of 2008 their ardor has cooled so far this year.
In a sign that the green tech industry has been consolidating as the recession drags on, mergers and acquisitions jumped 291% in the second quarter to $12.2 billion.