Investments in Coda and Fisker help double first-quarter clean-tech spending

Confidence in start-up electric vehicle producers is stronger than ever, signaled by a huge increase in venture capitalist funding pouring in during the first quarter of this year. According to Ernst & Young LLP, investments in clean-technology have doubled through the first three months of the year compared to the same time frame in 2009. Leading the way are Fisker Automotive and Coda Automotive, both of which have seen a huge spike in money coming in and together have secured $193 million in venture funding in the first quarter.

The two California-based automakers accounted for 26 percent of the total $733.3 million in investments that came in for all clean-tech companies in the first quarter. The investments thus far have exceeded the year-over-year growth of the clean-tech industry, which Ernst & Young says is 11 percent. Though still a far cry from the amount of money that corporations such as General Motors and Nissan have available, the small start-ups are looking good to at least some people with money.

[Source: Green Car Advisor]