LAST week's collapse of Solar Systems, Australia's leading solar energy developer, reinforced an unwelcome truth: Australia may well boast a magnificent repository of technological innovation, but the lack of a large venture capital market and minimal government support means it is an inhospitable environment for such emerging technologies to flourish.It was for this reason that David Mills chose to move his solar thermal company Ausra to the US nearly a decade ago, Dr Zhengrong Shi took what is now one the world's biggest solar PV (photovoltaic) firm Suntech to China, and for Martin Green and his partners to seek funding support for Pacific Solar in Germany. Others have taken a similar path to greener pastures, and more will surely follow.
Solar Systems elected to stay home. But last week, after a fruitless 12-month search for new investors and funding came to an end, directors were forced to call in administrators because the company had run out of cash.
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