Three local high-tech companies with expertise in the medical, energy and nanotechnology fields received the Hawaii Venture Capital Association’s Venture Capital Deal of the Year award for 2010.

The award, which was presented yesterday, is given to Hawaii companies that have raised "notable amounts" of investment capital in the previous year, according to a release from the HVCA.

"Last year’s economic situation made it a particularly tough year to raise money," said Bill Spencer, HVCA president since 1999.

Companies also had to deal with legislators’ decision not to continue tax credits for investment in high-tech projects, he said.

"These companies overcame the odds and raised a significant amounts of private equity," Spencer said.

This winners for 2010 are:

» Adama Materials Inc., Tim Dick, CEO. Adama Materials is a developer of proprietary nanotechnology-based advanced materials used in the aerospace industry and other sectors. It is developing advanced materials for several Fortune 1,000 companies.

» Pacific Biodiesel, founders Kelly and Bob King. Pacific Biodiesel Inc. was conceived in 1995 to recycle large quantities of used cooking oil that were being dumped in the Central Maui Landfill. Since its inception, Pacific Biodiesel has built 12 plants in the U.S. and Japan.

» Innovasc, founders Dr. Peter Schneider and Robert Giasolli. Innovasc is a biotechnology company focusing on the development of alternatives to stents, wire metal mesh tubes used to prop open arteries during angioplasty. "Innovasc’s products permit minimal injury balloon angioplasty and minimal footprint tacking of blood vessel blockages," according to the release.