清洁技术的风险投资--译文

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1、BillionDollarsOpportunitiesinCleanTechIt’strue.Cleantechinvestmenthasn’tworkedoutexactlyhowpeopledreamtitwouldbackintheoverly-optimisticdaysofthelastdecade.Oneofthemainobstaclesdeterringventurecapitalinvestorsfromthesectoristhefrequentlylengthytimelagbetweeninvestmentandcom

2、mercialization.Moreimportantly,thenumberofsuccessfulcleantechexitsremainsfew—oftenbecauseeitherthetechnologyisnotasdisruptiveascompetingsolutionsoritissimplytakinglongertoadoptit.Theotherflyintheointmentisthelarge-scalecapitalexpendituresrequiredtodevelopthetechnologyinthef

3、irstplace.Cleantechnologiescanbeincrediblycapital-intensiveinthedevelopmentalandcommercializationstages.  Thelevelofinvestmentrequiredcanandhavediscouragedfurtherinvestorsfromcommittingtolaterandlargerroundsofcapitalraises.Whenthisproblemiscompoundedwiththatofactuallygettin

4、gtocommercializationitisnothardtoseewhymanyventurecapitalfundsaredecidedlymorecautiousaboutinvestmentincleantechthantheywerejustafewyearsago.Andthesearenottheonlysnags.Thedownturnintheworldeconomyhasdrasticallyreducedthepoliticalappetiteforrenewableenergy,especiallyintheUS;

5、theuntimelydeathofPresidentObama’scap-and-tradebillistestamenttothat.SoalthoughFeed-in-Tariffscontinuetoprovideincentivesfornewdevelopments,thefactthatthereisnopriceoncarbonproductionandnopenaltiesforover-producingitintheUSmeanthatalternativeenergyremainsalessattractivealte

6、rnativethanfossil-fuel.Butdespitethisdoomandgloom,therearestillverygoodreasonsforinvestorstostaythecourseandperseverewiththecleantechsector.Theprimaryreasonforthisisthestill-giganticpotentialinanumberofkeymarketswhich,whensuccessfullyexploited,aregoingtoreaphugedividendsfor

7、thosewhocrackthemandinvestedintheachievement.Look,forexample,atutility-scaleenergystorage.Lackofenergystoragemeansthatwindandsolarenergyislessviableatthemomentthanitcouldbe.  Becauseenergyfromthesesourcesisoftenproducedattimeswhichdonotcorrelatewithpeakenergydemandandbecaus

8、eaviableutilityscalestoragesolutionhasyettoemerge,renewableenergyhasbeenunabletoac