Clean tech – the production of electricity and fuels with a smaller environmental impact –saw a mini-investment boom occurred in the first decade of the 21st century. This study investigates the degree to which the strategies of clean tech investors varied over time in response to learning from investment successes and failures and from changes in public policy. The literature on path dependence predicts, all else equal, that initial patterns persist into the future. The past character of the investments will continue into the future without much alteration. Our model suggests that this pattern can be broken based on the feedback that investors receive from successful or unsuccessful rounds of venture capital funding and from the changes in the global economy, energy prices, and the clean tech polices of global governments. Thus, there is another perspective that should be applied to the strategic choices that investors in this domain make, that is learning theory. Its predictions would be that adjustments in strategic choices will take place based on factors included in our model.