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Venture capital investment for biofuels reaches $360 million

24th April, 2008

Venture capital investment in crop-based biofuels reached $360 million (€229 million) worldwide in Q1, despite fears that the industry is taking farmland away from food production.

Of all renewable energies, biofuel investment was second only to the $450 million spent on solar energy, according to the StrategyEye CleanTech Dealflow report.

'Everyone is investing in what are called second generation biofuels, ones which they hope will make more efficient use of land,' Thomas Boeckmann, the lead CleanTech analyst, comments.

The EU and the UN have voiced concerns over crops being used as biofuels. Nearly one-third of US grain production has been subsidised for conversion into fuel.