Blackstone ventures into clean tech game
Published Monday, 11th August 2008
Greenbang doesn’t know if you’ve noticed, but leggings have made a comeback. Greenbang has no idea why that most 80s of fashion crimes – which made even the most slim and attractive of women look like a load of potatoes wrestling in a Lyrcra condom – outstayed its welcome long into the 90s and then had the indecency to make a very unwelcome return in recent years. Doubtless, they’ll stay around long into the 2010s. Dear god, my eyes, my eyes!
If leggings do stick around ’til the next decade, Greenbang has a feeling that private equity bigwigs Blackstone will be slipping them on, for the VCs seem to be a little late to take up the trends of the moment. Greenbang’s evidence? The private equity firm has only just opened up its green practice (which is not to say it’s not a good move, just a little slow off the mark).
Blackstone says the practice will “be focused on investments in the cleantech energy sector and will also provide advice on renewable energy strategies”.
Says Garrett Moran, senior managing director of The Blackstone Group:
“[CEO James D. Kiggen] and his team’s understanding of rapidly evolving technology applications in solar and wind power generation, carbon sequestration, next generation ethanol, and other renewables will be a key input in Blackstone’s investment decisions.”
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