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Following the money

Don’t bet on the weather? So much for conventional wisdom.

Venture capitalists regionally and nationally are throwing great heaps of money into the sun and wind, as renewable energy becomes the new rock star of sectors for investors.

Investment in the “energy/industrial” sector nationwide grew at a wind-whipped rate of 261% from 2002-2007, according to PWC MoneyTree. And in the Northwest (Oregon, Washington, Idaho, Montana, Wyoming), it’s been a gale force, with the growth of venture capital to energy firms soaring off the charts at 3,924%.

Renewable energy firms in the Northwest drew $158 million in 2007, while nationwide the sector attracted nearly $3 billion.

The Portland-Vancouver region is positioned to grow its portion of those dollars, especially as our solar cluster gains momentum (SolarWorld, Solaicx, Mr. Sun Solar). Solar companies, according to the Business Journal, have pumped nearly $500 million into Oregon’s economy in the last few years.

More metrofacts:

Venture capitalists’ favorite sectors in 2007 were…

software ($5.2 billion national, $316 million Northwest).

biotech ($5.2 billion national, $265 million Northwest).

medical devices ($3.9 billion national, $198 million Northwest).

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