Initial public offerings for companies driven by environmentally-friendly or clean technology soared nearly 90% in the second quarter, building on a trend of increasing private equity investment in firms that address climate change.

According to the Cleantech Network, a venture capital group representing 6,000 clean technology companies centered on environmentally driven technology such as solar, biofuel and wind energy sectors, there were 17 IPOs in the second quarter which raised $1.7bn (€1.2bn), nearly double the nine offerings in the first quarter of the year.