Clean tech sole bright spot in dismal VC investment activity

A $53.8-financing of Montreal-based Enerkem to develop its clean waste management technology prevented the first quarter of venture capital activity in Canada from being a complete disaster. The financing accounted for more than 19% of the $276 million VC invested in Q1/10, which was down marginally from the same period last year. Clean tech accounted for $75 million or 26.9% of investment activity, second only to information technology which received $103 million for a 37% share (down from $164 million a year ago). Quebec continues to account for the largest share of VC investments with $101 million, although that's down from $153 million in Q1/09. The findings were contained in data produced by Thompson Reuters on behalf of the Canadian Venture Capital & Private Equity Association. The CVCA says that while the rate of decline in VC investments is declining, it continues to advocate for the adoption of its five-point commercialization support program that would see investment in Canadian VC funds as part of offset agreements negotiated with major government contractors. FMI: www.cvca.ca....