Poor performance for cleantech stocks this year may continue in 2013 despite some silver linings during 2012, a leading analyst and a panel of VCs recently warned.
Kevin Genieser, Managing Director and Global Head of Clean Technology Banking at Morgan Stanley, said that cleantech equities had underperformed this year despite a bright start to 2012 with three IPOs in the sector.
Biodiesel company, Renewable Energy Group went public in January, bioenergy feedstock company Ceres followed in February and micro-inverter manufacturer Enphase in March.
“But those that did go public traded down 50%-75% since the time they went public,” said Genieser.
This year’s high-profile bankruptcies such as like Energy Conversion Devices, owners of United Solar Ovonic and battery maker A123 did not improve investor sentiment in the cleantech sector. While other cleantech IPO registrations were withdrawn this year, including BrightSource, Genomatica, Enerkem and Elevance.
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