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US venture capital (VC) investment in cleantech companies in Q3 2010 fell to $575.6 million in 53 financing rounds, a 55% decrease in capital and a 22% decrease in deals compared to Q3 2009, according to an Ernst & Young LLP analysis based on data from Dow Jones VentureSource. These results come amidst a quarter of significant corporate engagement with the cleantech sector.

"This quarter reflects the ongoing volatility in cleantech investment that we have observed over the past two years, depending on the presence of the very large transactions we see in cleantech," said Jay Spencer, Ernst & Young LLP's Americas Cleantech Director.  "However, a number factors point to the continuing strength in the US cleantech sector, including growth in Energy Efficiency investments and corporate involvement throughout multiple industries – from utilities to technology to consumer products."

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That means total cleantech VC funding this year is already about $3.8 billion - which puts total funding on a pace to exceed every year! And what has brought about this miraculous recovery:

The billions in government funding being allocated globally in clean technology have begun emboldening private capital, which has in turn helped propel clean technology to the leading venture investment sector, <em>now eclipsing biotech and IT.

The two largest venture deals (Solyndra and Tesla Motors) and the largest IPO (A123Systems) this quarter were all recipients of U.S. government funding. Hundreds of millions of dollars in new venture funds this quarter are also evidence of investor confidence and momentum, including $1.1 billion in two new funds by Khosla Ventures alone.

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