Berkeley, California (EastBayDaily) — Navitas Capital, a venture capital firm investing in green technology solutions for the built environment, announced today that it participated in a $60 million Series C investment in Serious Materials. According to an Ernst & Young LLP analysis based on data from Dow Jones VentureSource, this transaction represents one of the largest U.S. venture capital deals year-to-date in 2009 and is the largest cleantech deal in the Energy Efficiency category. Serious Materials develops and manufactures sustainable green building materials that considerably reduce the energy consumption and the environmental impact of the built environment.
The new funding was led by Mesirow Financial Capital and included New Enterprise Associates, Foundation Capital, Rustic Canyon, Enertech Capital, Cheyenne, and Saints Capital. Navitas is a returning investor, its principals having led Serious Material’s initial financing round in 2005. Serious Materials will use the capital to fuel the company’s next stage of growth and drive further adoption of its innovative windows, glass and drywall solutions.
“Serious Materials is on track to expand its leadership position in developing and commercializing advanced eco-friendly building materials,” said James Pettit, Managing Partner at Navitas Capital. “Serious Materials is an innovative, next-generation green technology company that is changing the game in several huge sectors within the built environment.”
“Navitas has been supportive of our efforts since the very beginning of Serious Materials and we fully appreciate their ongoing commitment,” said Kevin Surace, Co-Founder and CEO of Serious Materials.
About Navitas Capital Navitas Capital is a venture capital firm investing in green technology solutions for the built environment. Navitas Capital’s investment focus is unique among VCs — dedicated to working with entrepreneurs who are developing innovative building materials and technologies for a sustainable built environment. Navitas invests in the areas of sustainable building materials, building automation, building systems, advanced lighting, water management and distributed renewable energy. Founded in 2008, Navitas has been one of the early and driving forces behind several of today’s leading green building technology companies. Navitas Capital is based in Berkeley, California. Please visit http://www.navitascap.com for more information.
About Serious Materials Serious Materials develops and manufactures sustainable green building materials that save energy, save money, improve comfort, and aggressively address climate change. Super-insulating full-frame R-value SeriousWindowsâ¢ reduce heating and cooling energy costs by up to 50%. SeriousGlassâ¢ industry-leading insulating commercial glass have been installed in over 10,000 projects and offer the highest energy savings in the industry. QuietRock® soundproof drywall reduce material use, enhance livability, and support dense urban construction. EcoRockâ¢, the only true green alternative to gypsum drywall and five times more environmentally friendly, uses 80% less energy in its core production and has the potential to save billions of pounds of CO2 annually. SeriousWindows, SeriousGlass and super-insulating ThermaRockâ¢ drywall support energy efficiency funding programs as outlined under The American Recovery & Reinvestment Act (ARRA) including Weatherization (WAP), Green Federal Buildings, State Energy Program (SEP), Energy Efficiency – Conservation Block Grants, Energy Tax Credit for Consumers, and Tax Deductions for Commercial Buildings. The company was commended by both President Obama and Vice President Biden for its advanced energy-saving materials and the work it is doing to re-create American green manufacturing jobs. The company was recently ranked one of the “2009 Global Cleantech 100″ in the Energy Efficiency/Building category. For more information, visit http://www.SeriousMaterials.com .