Fueled largely by federal stimulus spending, many are predicting a modest upturn for the clean technology industry and maybe even some clean tech IPOs. But don't get too excited: Nobody's talking about a full-on recovery.

"I think in 2010 you are going to see a lot of people going out there to eaise money," said Faysal Sohail, managing director at San Francisco-based venture firm CMEA Capital. "I still think it's going to be a tough environment to raise a lot of new capital for these companies."

Some technologies in the energy efficiency field are more likely to score new money than solar or bio-fuels companies that require billions in venture capital and project finance to reach commercial scale, Sohail said. Much of the capital that will prop up clean tech companies will come from the federal government.

The stimulus program has targeted billions of dollars to clean technologies and renewable energy, but much of the money hasn't landed in bank accounts yet. Big winning sectors include smart grid, bio-fuels and batteries. Those recipients of the stimulus money are expected to advance technologies and hire new employees.

"A lot of the stimulus dollars have been committed, but have not been spent," Sohail said. "That's all going to get spent in 2010 and 2011." Plus, many predict a few significant IPOs in 2010.

The solar energy industry has begun showing renewed life. The government's grants-in-lieu-of-tax-credit program has helped kick-start some activity. Plus, the 40 to 50 percent decline in module prices, driven by excess inventory built up in 2009, has made projects more economical.

"Going into the new year there's a lot of customer demand," said Paul Detering, CEO of Tioga Energy in San Mateo, Calif. "I don't see that slowing down."

Banks have begun to start lending to solar firms again, though the "pendulum hasn't swung back all the way" and isn't likely to, Detering said.