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Clean-tech venture funding jumps as other sectors go wanting

Venture capitalists are pouring money into clean technology even as investors scale back funding in many other areas.

Firms in the green sector raised almost $1.2 billion in the third quarter — up 73% from $684 million collected in the same period last year, according to a report released Wednesday by Ernst & Young.

The number of deals in the quarter grew to 76 from 56, according to the report, based on data from Dow Jones VentureSource.

"Confidence in clean-tech investing continues despite the challenging investment market," said Jay Spencer, a director at Ernst & Young.

It was the first time the sector had an increase in funding since the third quarter of 2008.

California pulled in an overwhelming majority of the deals and dollars.

To read the full article by Angel Jennings in the LA Times Business Section click here.