A venture capitalist notes alternative energy’s ups and downsClean energy is back in the news, with Washington fighting over solar panel maker Solyndra, which took a $535 million federal loan guarantee in 2009 to build a factory and then went belly-up Aug. 31. Silicon Valley is nurturing dozens of unprofitable makers of electric cars, solar panels and more as capital remains tight.
Still, Vinod Khosla is slouching, and snickering, toward the bank. The 56-year-old venture capitalist took the Valley aback in 2009, raising nearly $1 billion to make big capital-intensive energy bets as the markets were retrenching. In the last year, three of the 80-plus companies that Khosla Ventures has backed since 2006 went public, handing Khosla’s firm a $1 billion return.
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