NORDIC DEAL FLOW · 115,8 million euro in funding 85 deals closed 3 new funds nordic deal flow 1st...
Transcript of NORDIC DEAL FLOW · 115,8 million euro in funding 85 deals closed 3 new funds nordic deal flow 1st...
115,8 MILLION EURO IN FUNDING 85 DEALS CLOSED 3 NEW FUNDS
NORDICDEALFLOW1st half-year 2011
Cleantech ScandinaviaMagle Stora Kyrkogata 7223 50 LundSweden
info@cleantechscandinavia.comwww.cleantechscandinavia.comCopyright © 2011
CONTENT
INTRODUCTIONOVERVIEWEQUITY INVESTMENTS Top 10 Private Equity
PUBLIC FUNDING Top 5 Public Funding
NEW FUNDSEXITSANNEXES
050919
27
333436
A POSITIVE TREND OF ThE FIRST SIX MONThS OF 2011 IS A GROWING NUMBER OF EXITS
.04
INTRODUCTION
This report introduces the fifth year that we at Cleantech Scandinavia provide you
with Nordic Cleantech Dealflow statistics and analysis. We believe that it is an
essential tool to monitor the sector that deepens the understanding of the market,
and observing development over the years allows for better understanding of
trends. This is also a second half-year report – an interim picture of the sector
that serves as an early reference for 2011. There was a number of facts that left
us very optimistic after year 2010 – an overall growth in the amounts invested
into the sector, an out-of-the-ordinary growth in seed stage funding along with
establishment of several new VC funds for early-stage companies in the Nordics,
growth in the average amounts of investments and significant growth in the
public funding segment. It is still early to draw conclusions about the current
year, but a positive trend of the first six months of 2011 is a growing number of
exits. However, it is possible to make a number of interesting observations in
anticipation of a full year’s picture.
This report provides an overview of the cleantech investment activity for the first
six months of 2011 and contains an overview of the past four years starting with
2007. Both private and public investments have been reviewed, and information
collected from cleantech companies, private investors and public financiers in all
Nordic countries.
.05INTRODUCTION
SCOPE AND METhODOLOGYGEOGRAPHICAL SCOPE
The information presented in this report covers investments made in Nordic
cleantech companies by Nordic and/or international private and public investors.
Investments made by Nordic investors in cleantech companies outside of the
region are not included.
COMPANIES’ DEVELOPMENT STAGE
Our data collection strategy is focused on investments made in start-up and
growth cleantech companies as Cleantech Scandinavia aims at capturing the
essence of cleantech venture capital: financing for young innovative technologies.
Publicly listed companies, no matter what development stage they have reached,
are also excluded. We do however take the liberty to include growth companies
listed on non-regulated trading places (which do not have the legal status
of an EU regulated market). Companies have traditionally been divided into
three rather widely defined development stages: Seed, Commercialisation and
Expansion. Starting from this report, a new category - Research, Development &
Demonstration - has been introduced in the segment of public funding, to better
reflect the essence of public grants received by companies in various development
stages, but for development and demonstration of brand new technologies.
FUNDING SOURCES AND TYPES OF INVESTORS
The funding sources covered in this report include both private actors (venture
capital firms, private investors and business angels, industrial companies etc.)
as well as public actors awarding grants (agencies, ministries). Regular loans
provided to cleantech companies are excluded altogether, while governmental
soft loans (for instance at low interest rates and with soft commitments as to
payback-time), being a common practice for example in Sweden, are included in
the statistics.
We also do not include any customer money and infrastructure projects financing.
The focus on private companies means that governmental R&D funding granted to
universities and research institutions is also excluded.
To summarise, the aim is not to show the total amount of money injected in the
Nordic cleantech sector, but highlighting one part of it – pure growth capital
attracted by the companies.
Private equity investments and public funding are separated into two different
sections of the report. This helps understanding the development trends in
both types of funding by country, especially when taking into account the
internationalisation of the private investments market. It is however worth noting
that some venture capital funds which are partly or entirely funded by public
money (e.g. Industrifonden (SE), Investinor (NO), Vaekstfonden (DK), Sitra (FI),
etc.) are classified as ‘equity investments’ rather than public funding. This is
because they act through ownership.
.06
CLEANTECh AS AN INVESTMENT CATEGORYThe term ‘cleantech’ is nowadays used in many different contexts and refer to
varying types of companies and activities. Cleantech Scandinavia intends to stick
to the definition and scope of cleantech as an investment category consisting of
products, services and processes designed to:
1. improve the productive and responsible use of natural resources,
2. greatly reduce or eliminate negative ecological impact, and
3. provide superior performance at a lower cost compared to existing solutions1.
As it encompasses many different types of technologies, cleantech as an
investment category has typically been divided into 11 sectors, for which
non-exclusive examples of technologies are provided here:
1. Energy Generation: wind, solar, hydro/marine, geothermal, biofuels
2. Energy Storage: fuels cells, advanced batteries, hybrid systems
3. Energy Infrastructure: management, transmission
4. Energy Efficiency: lighting, buildings, glass
5. Transportation and Logistics: vehicles, logistics, structures, fuels
6. Water and Wastewater: conservation, purification, treatment
7. Air and Environment: emissions monitoring and offset, trading
8. Advanced Materials: nano, bio, green chemicals
9. Manufacturing and Industrial: advanced packaging, smart production
10. Agriculture: natural pesticides, land management, aquaculture
11. Recycling and Waste: recycling, waste treatment and recovery
This classification, although not perfect, enables comparisons over time,
between regions and countries, as well as facilitates understanding by
investors of what is to be understood under the term ‘cleantech’ and its
various sub-categories.
1As defined by Cleantech Group (http://www.cleantech.com)
.07INTRODUCTION
LIMITATIONSThis half-year report should not be seen as an exhausting statistical source,
rather as an interim overview and summary of trends and observations. The
following three limitations are however recurring for all our reports:
INVESTMENTS WITH UNDISCLOSED AMOUNTS
The amount is not known for 19% of the deals that are covered in this report:
eight deals in the Private Equity section and eight in Public Funding. It is
approximately the same number as in 2010 (18%). Such high figure leads
to a significant underestimation in total amounts reported. Investments with
undisclosed amounts are excluded when calculating the average amount per
deal.
OMITTED INVESTMENTS
Although all efforts have been made to make this study as comprehensive as
possible, Cleantech Scandinavia acknowledges the fact that some investments
might have been missed / omitted. This issue is particularly significant for small
/ seed investments, investments made by private investors and/or business
angels, follow-up investments. Some public financiers such as Finnish Tekes do
not disclose the details about their grants to the public until the beginning of the
following year, and therefore information is incomplete, particularly in the
case of Finland.
EXCHANGE RATES
In order to help comparing the amounts of investments made in different
currencies, all amounts are converted in Euro. However the fluctuations in
exchange rates have some effect on this comparison and present a certain
inaccuracy. Investments made in other currencies than Euro are converted based
on the end-of-the-period rate on 30 June 2011. The graph below presents the
exchange rates used and their variations compared to the end of year 2010.
Comparing with the exchange rates of 2010, no significant changes occurred
except with the US dollar that dropped 7,5%.
2010 1H 2011 VARIATION
DKK / EUR 0.134165 0.1341 0%
NOK / EUR 0.128205 0.1284 +0,15 %
SEK / EUR 0.111539 0.109 -2,3 %
USD / EUR 0.748391 0.6919 -7,5 %
GBP / EUR n/a 1.108 -
Source: www.x-rates.com
EXCHANGE RATES VARIATION
.08
ThE TOTAL NUMBERS FOR ThE FIRST hALF OF 2011 ARE MODEST, BUT RAThER CONSISTENT WITh 2010
OVERVIEW
A half-year reporting has a clear benefit of providing a more updated and timely
information compared to annual summaries, but clearly it is often impossible
to make statements about development trends and judge the situation with any
degree of certainty. Partly because not all companies and organisations publish
half-year reports and have other information or working cycles – this leads to
underestimated figures. This overview is therefore less of a statistical tool, and
more of a fact display, where we comment on those facts and set them into a
five-year context.
The total numbers for the first half of 2011 are modest, but rather consistent with
2010, when we reported an even smaller number of deals (69) although a larger
total amount (EUR 199 mln) for the first half of the year. The share of undisclosed
deals is also consistent, and is high for the second year in a row, with close to
1/5 of all deals not reported in amounts. One clear explanation for the smaller
numbers in total amount is that there has been only 2 deals with invested amounts
over EUR 10 mln reported here, while in the corresponding period in 2010, it was
6 deals, with the highest going up to EUR 31 mln, i.e. a few big deals during the
second half of 2011 can easily bring the total up.
.8.09
87 207 157 183
187.3 371.9 460.6 505.7
Total Number of Deals
Total amounts, EUR, mln
20
07
20
08
20
09
20
10
1H
20
11
20% 15% 4.5% 18%% of deals with undisclosed amounts
19%
OVERVIEW
85
115.8
TOTAL AMOUNT, EUR, MLN (PER YEAR)
.10
PER COUNTRY
COMPARATIVE OVERALL STATISTICS 2007 - 1H 2011
‘07
‘10
‘08
‘09
Denmark
25.8MLN 8 DEALS
72.5MLN30 DEALS
56.6MLN 25 DEALS 53.3MLN
33 DEALS
173.6MLN 43 DEALS
Norway
107.6MLN17 DEALS
23MLN 51 DEALS
180.9MLN 37 DEALS
7.5MLN6 DEALS
161MLN 41 DEALS
‘07
‘08
‘09
‘10
Finland
139.5MLN 33 DEALS
52.1MLN 13 DEALS 3MLN
9 DEALS
13.2MLN 16 DEALS
‘07
‘09
‘08‘10 67.6MLN
22 DEALS
Sweden
40.7MLN46 DEALS
137MLN 88 DEALS
52MLN37 DEALS
171MLN 82 DEALS
‘07
‘10
‘08
‘09
103.5MLN 77 DEALS
1H ‘11
1H ‘11
1H ‘11
1H‘11
.11OVERVIEW
TOTAL AMOUNT, EUR, MLN
PER DEVELOPMENT STAGE
‘07
‘10‘08
‘09
Seed
20MLN 35 DEALS
72.2MLN104 DEALS
62.7MLN64 DEALS 33MLN
48 DEALS
139MLN 103 DEALS
Commercialisation
121.7MLN 35 DEALS
83.4MLN67 DEALS
142.7MLN35 DEALS
30MLN 25 DEALS
135.1MLN 48 DEALS
‘07
‘08
‘09
‘10
‘07
‘10
‘08
‘09
Expansion
45.6MLN 20 DEALS
216.3MLN31DEALS
231.6MLN32 DEALS
52.8MLN12 DEALS
255.2MLN 58 DEALS
1H ‘11
1H ‘11
1H ‘11
.12COMPARATIVE OVERALL STATISTICS 2007 - 1H 2011
PER CLEANTECh SEGMENTTOTAL AMOUNT, EUR, MLN
Advanced Materials
3.8MLN 7 DEALS
24.8MLN 15 DEALS
‘07
‘08
‘09
‘10
1H ‘11
31.6MLN 14 DEALS
24MLN24 DEALS
21.9MLN12 DEALS
‘07‘10
‘08
‘09
Agriculture
0MLN 0 DEALS
0MLN0 DEALS
0.7MLN2 DEALS
0MLN0 DEALS
0MLN 0 DEALS
1H ‘11
Air and Environment
19.5MLN 1 DEALS
‘07
‘08‘09
‘10
1H ‘11
Energy Efficiency
14.7MLN13 DEALS
‘07 ‘10
‘08
‘091H ‘11
5.9MLN 13 DEALS
48MLN28 DEALS
32.1MLN27 DEALS
66.7MLN 35 DEALS
4.05MLN 8 DEALS
8.4MLN 6 DEALS
3.7MLN12 DEALS
0.33MLN3 DEALS
.13OVERVIEW
PER CLEANTECh SEGMENTTOTAL AMOUNT, EUR, MLN
‘07
‘10‘08
‘09
Energy Infrastructure
4.7MLN 3 DEALS
2.6MLN8 DEALS
18.7MLN5 DEALS
3.8MLN10 DEALS
122.4MLN 8 DEALS
1H ‘11
‘07
‘10‘08
‘09
Energy storage
23.9MLN 8 DEALS
12.3MLN22 DEALS
66.8MLN14 DEALS
17.1MLN10 DEALS
50MLN 20 DEALS
1H ‘11
Energy Generation
31.2MLN18 DEALS
38.9MLN30 DEALS
225.7MLN58 DEALS
‘07
‘09
‘08
‘10
1H‘11
COMPARATIVE OVERALL STATISTICS 2007 - 1H 2011
214.8MLN 53 DEALS
234.6MLN 63 DEALS
.14
.15OVERVIEW
COMPARATIVE OVERALL STATISTICS 2007 - 1H 2011
‘07
‘10‘08
‘09
Manufacturing and Industrial
0.3MLN 3 DEALS
2MLN7 DEALS
6.2MLN10 DEALS
0MLN0DEALS
3.6MLN 11 DEALS1H ‘11
Transportation and Logistics
2.5MLN4 DEALS
80.7MLN 13 DEALS
‘07
‘10‘08
‘091H ‘11
67.4MLN 11 DEALS
38.2MLN17 DEALS
61.1MLN12 DEALS
Waste and Recycling
0.3MLN 4 DEALS
6.6MLN2 DEALS
18.3MLN 4 DEALS
‘07‘10
‘091H ‘11
‘08
1.6MLN5 DEALS
36MLN9 DEALS
PER CLEANTECh SEGMENTTOTAL AMOUNT, EUR, MLN
Water and Wastewater
8.8MLN8 DEALS
9.2MLN 11 DEALS
‘07‘10
‘08‘09
1H ‘11
13.6MLN 7 DEALS
5MLN16 DEALS
2MLN10 DEALS
TOTAL AMOUNT, EUR, MLN (NUMBER OF DEALS)
PER FUNDING SOURCE
.16
Equity
177.7MLN8 DEALS
3MLNaverage per investments
‘07
1H ‘11‘08
‘09
‘10
315.7MLN121 DEALS
3.4MLNaverage per investments
343.6MLN87 DEALS
4.8MLNaverage per investments
83MLN29 DEALS
4MLNaverage per investments
384.6MLN87 DEALS
6.5MLNaverage per investments
Public Funding
‘079.8MLN28 DEALS
0.4MLNaverage per investments
117MLN82 DEALS
1.4MLNaverage per investments1H ‘11
‘08
‘09
56.2MLN81 DEALS
0.7MLNaverage per investments
32.8MLN56 DEALS
0.7MLNaverage per investments
121.1MLN96 DEALS
1.3MLNaverage per investments
‘10
COMPARATIVE OVERALL STATISTICS 2007 - 1H 2011
.17OVERVIEW
The picture by country is rather uneven so far, but it seems right to suggest that it
is Denmark’s and Sweden’s stronger year – interestingly enough, in an opposite
sort of way. Denmark yielded the top deal, just like in 2010, but showed most
impressive numbers in the public funding sector, while Sweden took the lead in
private investments, something that it wasn’t strong at during 2010, and showed
modest results in public funding.
It is also due to a very high number of Danish public funding deals that there is
a significant imbalance in the private/public ratio – the number of public grants
started exceeding the number of private investments from 2008, but not more than
by ten per cent, for the first half of 2011 the difference is close to 100%! Denmark
has namely seen almost as many public funding deals in the reporting period as
in the whole of 2010 (29 against 31), and the 2010 number was already relatively
high, with a 50% growth compared to 2009.
OVERVIEW BY COUNTRY AND SOURCE OF FUNDING
The remarkably positive development that we’ve observed in Norway over
the last two years (which only partly depended on the large amounts invested
regularly into carmaker company Think) has not yet been matched so far in 2011,
but especially in the public funding end the numbers will be more adequate when
detailed reports will be published by Norway’s main public financiers.
The numbers from Finland are also moderate, especially compared to the previous
very successful year. These figures, however, do not yet manifest a real decline,
since the majority of the dealmakers did not disclose financial information. The
reporting cycle in Finland’s main public financier Tekes, where information about
fund disbursements becomes available only early in the following year, makes it
hard to include accurate numbers at this stage.
PRIVATE EqUITY NUMbERS PRIVATE EqUITY, EUR MLN
7 20 7 12 4
5
4
16
13 24 11 18
16 29 23 18
27 48 34 39
Denmark
Finland
Norway
Sweden
2007
11.72008
135.42009
442010
66.6
2007
107.42008
19.62009
1642010
96
2007
36.22008
124.42009
104.52010
78.2
2007
22.12008
36.42009
31.12010
143.8
Denmark
Finland
Norway
Sweden
20
07
20
08
20
09
20
10
1H
20
11
1H 2011
23.7*
1H 2011
3*
1H 2011
7.2*
1H 2011
49.1*+50% or more of the deas are with undiscosed amounts
ThE LARGEST AMOUNT IN 2011 SO FAR IS AN INVESTMENT IN DANISh AMMINEX
.18
.19EqUITy INVESTMENTS
This section presents a summary of equity investments made by Nordic and
international investors in Nordic cleantech start-up and growth companies during
the first six months of 2011. Put into a five-year perspective, the overall numbers
for the first six months of private deals in 2011 are clearly modest: fewer deals
and smaller overall amount than in the corresponding period of 2010. A significant
decrease in the reported amount has two main explanations: a high number of
deals with undisclosed financials – a whole 27% - leads to underestimating the
total number. The second factor is that there has not been any really large deals to
report – the largest amount in 2011 so far is just under EUR 20 mln, an investment
in Danish Amminex, while nine deals over EUR 10 mln were reported in 2010
(six of them in the first half year): the largest of EUR 115 mln in Danish A2SEA
followed by EUR 31 mln in Norwegian car manufacturer Think. Such high number
affect the decrease in “average per investment” value as well. In the absence of
such distortion factor the numbers can be considered more balanced.
OVERVIEW OF PRIVATE EqUITY
INVESTMENTS bY YEAR, 2007 – 1H 2011
*Average amount per investment is calculated excluding the deals with undisclosed amounts
59 121 75 87
177.7 315.7 343.6 384.6 83
29
4
Number of deals
Amount, EUR, mln
Average amount per investment*
3 3.4 4.8 5.3
20
07
20
08
20
09
20
10
1H
20
11
EQUITY INVESTMENTS
.20
PER CLEANTECh SEGMENT
* 50% or more of the deals are with undisclosed amounts
**Average amount per investment is calculated excluding the deals with undisclosed amounts
OVERVIEW bY SEGMENT
ENERGY GENERATION
34%% Of Total Sum
Number of Deals: 11
Amount: 28.1
TOTAL AMOUNT: 83 MLN EUR
ENERGY STORAGE
8%% Of Total Sum
Number of Deals: 4
Amount: 6.7*
ADVANCED MATERIALS
4%% Of Total Sum
Number of Deals: 4
Amount: 3.5*
WASTE AND WASTEWWATER
6%% Of Total Sum
Number of Deals: 1
Amount: 5.1
WASTE AND RECYCLING
8%% Of Total Sum
Number of Deals: 1
Amount: 6.5
AIR AND ENVIRONMENT
24%% Of Total Sum
Number of Deals: 1
Amount: 19.5
ENERGY EFFICIENCY
16%% Of Total Sum
Number of Deals: 7
Amount: 13.6
The distribution of investments by technology segment follows a traditional
preference for energy-related segments with 75% of the deals made in
energy-related segments. Three significant deals with out-of-the energy focus,
including the largest reported investment – in Danish Amminex, still result in 58%
of funding amounts going into energy segments.
Which are the technologies that were most attractive? It is impossible to single
out any specific winner, but a number of technology areas came up several times
among the 29 investment cases:
- Wind power is a traditionally popular segment, which in this case is represented
by three Swedish wind power project developers Triventus, Greenfield Wind and
HS Power. All three companies are in different sizes and development phases, but
Swedish wind energy development seems to be a secure enough market
- LED lighting segment is relatively new among the popular investment segments,
and is also represented by three companies with different scopes within the area:
Swedish Aluwave (efficiency improvements in LEDs), Glo (development of a new
generation of nano-based LEDs) and Danish Fionia Lighting, which provides LED
solutions for greenhouses.
-A usually more populated segment of distributed heat- and power (co-)
generation and corresponding efficiency improvements is represented by Swedish
companies Rindi and Airec and Finnish-German Greenvironment.
- Energy storage is also a traditionally popular segment, this time with fuel cell
technology companies Swedish myFC and Danish Serenergy, soft printable
batteries for smaller applications developer Finnish Enfucell, and larger Zinc-air
battery company Norwegian ReVolt Technology.
- A new segment that can be broadly defined as environmental friendly
replacements for tradition material treatment products came up visible in the
investment landscape with biological flame retardant company Deflamo and
marine paint producer I-Tech from Sweden and Finnish BT Wood that produces
biological wood treatment product.
Among the sectors that used to be more invested in previous years and did not get
attention so far in 2011, technologies involving indoor air quality and ventilation,
smart electric metering for consumers as well as water treatment technologies can
be named.
.21
PER DEVELOPMENT STAGE
There is an equal distribution of investments per development stage – practically
1/3 to each category. If we look at the distribution of amounts, later stage/
expansion companies took the lion’s share of 63%, which is consistent with
previous years and fairly natural due to deal sizes in the different stages. It is
also worth mentioning that the average amounts per investment in Seed and
Commercialisation stages are practically the same, which is in this case says a
lot about the increasing sizes of some early stage deals, since 6 out of 9 seed
stage deals involved undisclosed financial information and still equalled the
commercialisation stage in amounts. Seed funding was on the real rise in 2010,
doubling compared to 2009, when later stage companies were in a special
demand. It remains to be seen if 2011 will be as favourable towards early s
tage companies.
There is undeniably a high demand for expansion stage cases in the Nordic
region, especially from international investors who see good entrepreneurship
and engineering culture in Scandinavia, but the market seems somewhat behind
in meeting this demand. The more international investments we see in growth
companies in the Nordics however, the bigger the chances of creating more
ambitious and far reaching market strategies in the target companies. The
internationalisation trend from 2010 continues with the largest investment in
2011 so far, in Danish Amminex, made by French industrial company Faurecia.
OVERVIEW bY DEVELOPMENT STAGE
EqUITy INVESTMENTS
*Average amount per investment is calculated excluding
the deals with undisclosed amounts
SEED
10%% Of Total Sum
TOTAL AMOUNT: 83 MLN EUR
COMMERCIALISATIONEXPANSION
27%63%% Of Total Sum% Of Total Sum
Number of Deals: 10
Amount: 22.7
Number of Deals: 10
Amount: 52
Total
.22
OVERVIEW BY DEVELOPMENT STAGE
* 50% or more of the deals are with undisclosed amounts**Average amount per investment is calculated excluding the deals with undisclosed amounts
20
07
20
08
20
09
20
10
5721 24 43 9
29
4222 18 25 10
2216 33 19 10
59 121 75 87
Seed
Commercialisation
Expansion
Total
2007
52.2114.52008
69.62009
111.72010
22.7
2007
208.544.52008
238.92009
209.22010
52
2007
316.7177.72008
343.62009
384.62010
83
2007
5518.72008
35.12009
63.72010
8.3*
Seed
Commercialisation
Expansion
1H
20
11
1H 2011
1H 2011
1H 2011
1H 2011
NUMbER OF DEALS ∑, EUR MLN
.23
PER COUNTRY
In 2010 Sweden showed somewhat weaker results, with a small increase in the
number of deals, but with smaller amounts invested, attracting just over 20% of
the total amount of investments. In the first half of 2011, Sweden seems to have
regained the development momentum in private investments and took up 58%
in amounts and 55% in number of investments. Also the average amount per
investment increased from EUR 2,4 mln to EUR 3,3 mln. This is especially visible
compared to rather moderate investment activity in other countries especially
Finland and Norway, which both had a very strong 2010. In Finland we have
not seen any investments from the larger and usually active VC funds so far in
2011 except one investment by Inventure, a situation that seems to be similar in
Norway, where for example Investinor made only one investment in the
reporting period.
The largest investment was made in Denmark, similarly to 2010, and in general
the amount figure for Denmark is underestimated because 2 out of the 4
investments had undisclosed financial information. Larger size of investments
in Denmark speaks in favour of a closer integration into the European industrial
system and potentially faster-paced growth for Danish companies.
*Average amount per investment is calculated excluding the deals with undisclosed amounts
EqUITy INVESTMENTS
FINLAND
4%% Of Total Sum
Number of Deals: 5
Amount: 3*
NORWAY
9%% Of Total Sum
Number of Deals: 4
Amount: 7.2*
DENMARk
29%% Of Total Sum
Number of Deals: 4
Amount: 23.7*
SWEDEN
58%% Of Total Sum
Number of Deals: 16
Amount: 49.1
OVERVIEW bY COUNTRY TOTAL AMOUNT: 83 MLN EUR
TOP 10 PRIVATE EQUITYThe list of top ten largest investments illustrates most of the observations made in
this section. There are no deals over EUR 20 mln, and only five are over EUR 5
mln. This is contrary to previous years, when the picture was dominated by one or
two really large investments. It is also uncommon that Swedish companies prevail
in the top list: in the present list they are 7 out of the top 10. Some general trends
however remain the same: few larger deals take up most of the capital - the ten
companies presented here received 81.5% of all private funding reported for
the period.
Another commonality is that the largest investment of EUR 19.5 mln was made
by a non-Nordic industrial company, French Faurecia (compare to the top
investment of 2010, with German Siemens investing EUR 115 mln into Danish
A2SEA). It is rather unusual that a Nordic VC consortium invests a double digit
sum without participation of a foreign investor, alternatively an investor with
access to public funds. Another fact observed in the past few years and continued
in the first half of 2011: the most active investors are funds that invest money
deriving from the state, put to work on the principles of venture capital but with
a focus and investment mandate governed by the state: in 2010 such investors
were Norwegian Investinor, Finnish Industry Invest, Danish Vaekstfonden and
Swedish Fouriertransform and Industrifonden. In the first half of 2011, Swedish
Industrifonden became the most active investor, having lead or participated in
three deals (plus one more already in August 2011) – all three listed in the top ten.
One of the positive effects of this type of funds is that they co-invest with private
actors who match the ”public” component of the investment, increasing the overall
growth funding available and reducing risks for private funds.
.24
Unlike the overall domination of energy-related technologies, the top list includes
significant deals from various sectors including exhaust gas cleaning, tyre
recycling and ballast water treatment for marine transport, which shows that there
are attractive investment opportunities in various segments.
It is also interesting to see which companies recurrently appear on the top lists
and follow their development. In the present list there are two companies which
appeared for the second year in a row – the top deal with Danish Amminex, which
was on third place in 2010 (with almost the same amount of EUR 20 mln from an
international consortium of venture capital and industrial investors from Denmark,
the UK, Japan and the USA); and Swedish Glo, which received a larger sum of
EUR 18.2 mln in 2010 (also from an international consortium of venture capitalists
and industrials from the UK, Norway, Sweden and the USA). Glo also appeared
in the 2009 list with a EUR 8 mln investment from its initial Norwegian industrial
investors Adger Energi and Hafslund. Norwegian ReVolt Technology has also
returned to the top list, having appeared previously in 2009 with a EUR 10 mln
investment from a group of Nordic and German investors, also a combination of
venture capital and industrials.
The fact that companies are securing large amounts of capital is positive but is
naturally not in itself a guarantee for success – Norwegian carmaker Think was in
a class for itself with regards to raising funding, but other factors can become deal-
breakers. We shall hope that an occasion to report about a company from the top
deals list move to a successful exit list will present itself soon enough!
# Cleantech
Company
Product / service Amount Lead investor
1 Amminex (DK) NOx emissions reduction
from engines
EUR 19.5 mln Faurecia (FR)
2 Triventus (SE) Wind power developer EUR 10.9 mln Sustainable Technologies Fund (SE),
Industrifonden (SE)
3 Scandinavian
Enviro System (SE)
Tyre recycling EUR 6.54 mln Håfreström Business Park (SE), KL
Ventures (SE), Dalslands Sparbank (SE)
4 Rindi (SE) Heat and energy generation
plants
EUR 6.45 mln Shares emission on Mangold
Fondkomission AB
5 Ocean Saver (NO) Ballast water treatment EUR 5.2 mln Investinor (NO), BW Ventures (NO)
6 myFC (SE) Fuel cell mobile device
chargers
EUR 4.6 mln 6 AP Fonden (SE), KTH Chalmers
Capital (SE)
7 Sol Voltaics (SE) Solar cells EUR 4.4 mln Industrifonden (SE) and other owners
8 Iptronics (DK) Silicon semiconductors chip
technology
EUR 4.2 mln Creandum (SE), Sunstone Capital (DK -
international), 10IPT10 Group (SE)
9 Glo (SE) Nanowire LEDs EUR 3.3 mln Foundation Asset Management (SE)
10 Airec (SE) Plate heat exchangers EUR 2.7 mln RWE Innogy (DE), Industrifonden (SE),
Teknoseed (SE)
.25EqUITy INVESTMENTS
.26
OVERALL FIGURES FOR PUBLIC FUNDING LOOk STRONG, ESPECIALLY IN ThE NUMBER OF DEALS
This section presents a summary of funding (grants and soft loans) provided by
public organisations to Nordic cleantech start-up and growth companies during
the first half of 2011. The numbers are based on publicly available information
at the time the report was being prepared. There are eight deals included where
amounts are undisclosed.
Overall figures for public funding look strong, especially in the number of deals,
which exceeds 50% of the number for 2010, and is likely to indicate a new growth
at the year’s end. Throughout the 5-year of reporting, public funding grew every
year, also in proportion to private equity deals.
Numbers during the reporting period are heavily dominated by Denmark, but also
Sweden, which together account for 50 out of the 56 deals in this section.
.27PUBLIC FUNDING
pUblIC fUNDINg
OVERVIEW OF PUbLIC FUNDING bY YEAR, 2007 – 1H 2011
28 81 82 96 56
9.8 56.2 117 121.1 31.8
Total Number of Deals
Total amounts, EUR, mln
20
07
20
08
20
09
20
10
1H
20
11
Average amount per deal*
*Average amount per investment is calculated including all deals, except the ones with undisclosed amounts
0.4 0.7 0.71.4 1.3
No one dominating segment can be singled out, but energy related technologies
traditionally received the most attention – 80% of all funding. Most active
financiers, especially in Denmark and Sweden are Energy Agencies, which also
explains the funding distribution.
Within the energy sector, several technology areas can be highlighted:
- Biomass-based heat and power generation, represented by Danish Dall Energy,
Dantherm Power, Haldor Topsøe, Swedish Meva Innovation and Finnish GasEk.
- Thermal solar energy developers, represented by Swedish Solarus, Danish
Cenergia and Norwegian Catch Solar Energy.
- And perhaps the most popular segment: Wind power, and unlike private
investors who favoured wind power developers, public grants were directed
to improving current technologies and testing new methods, materials and
infrastructure. Companies in this category were Danish FORIDA Development,
Fiberline Components, Ib Andersen Industri, Liftra; Swedish WindVector and
Hexicon; and Finnish Mervento and WinWinD.
Outside of the energy segment, water technologies have also been supported with
five Danish companies and one from Sweden and Norway respectively receiving
grants.
.28
PER CLEANTECh SEGMENT
*Average amount per investment is calculated excluding the deals with undisclosed amounts
OVERVIEW bY CLEANTECH SEGMENT
ADVANCED MATERIALS
1%% Of Total Sum
Number of Deals: 3
Amount: 0.3
3%ENERGY EFFICIENCY
% Of Total Sum
Number of Deals: 6
Amount: 0.2
ENERGY GENERATION
33%% Of Total Sum
Number of Deals: 19
Amount: 10.8
ENERGY INFRASTRUCTURE
12%% Of Total Sum
Number of Deals: 10
Amount: 3.8
TOTAL AMOUNT: 32.8 MLN EUR
WASTE AND
WASTEWWATER
12%% Of Total Sum
ENERGY STORAGE
32%% Of Total Sum
Number of Deals: 6
Amount: 10.5
Number of Deals: 7
Amount: 3.7
TRANSPORTATION AND LOGISTICS
7%% Of Total Sum
Number of Deals: 4
Amount: 2.5
.29
Number of Deals: 6
Amount: 10.5
PER DEVELOPMENT STAGE
A new category is introduced in this report that helps reflect the purpose of the
majority of grants: RD&D – Research, Development and Demonstration. This
category describes grants and other types of public financial support distributed
for RD&D purposes to cleantech companies which themselves can be on various
development stages (note for example companies like Danish Haldor Topsøe and
Finnish WiWinD, both of them are later stage companies but receive grants to
develop technologies from a new concept). In general statistics this category will
be counted together with “Seed” stage, as opposed to in the expansion stage,
which would otherwise have been the case. This example is rather common in the
Nordic context, particularly in Denmark.
We will also keep track on how this portion of the segment is developing as this
says something about the early stage cleantech pipeline as well as the innovation
ability and spin-out potential of the more established cleantech companies.
The distribution of funding by development stage shows that the main focus of
public financiers is on facilitating development of new technologies, which together
with the demonstration phase is a stage when public funding often needs to
replace rather than compliment venture capital investors. The overall goal of public
financiers is therefore common in all Nordic countries, but each country is leading
their own way towards achieving this goal.
*Average amount per investment is calculated excluding the deals with undisclosed amounts
22%
R&D
COMMERCIALISATION
SEED
65%% Of Total Sum
% Of Total Sum
11%% Of Total Sum
OVERVIEW bY DEVELOPMENT STAGE
EXPANSION
2%% Of Total Sum
Number of Deals: 2
Amount: 0.7
Number of Deals: 15
Amount: 7.1
Number of Deals: 18
Amount: 3.7
Number of Deals: 21
Amount: 21.3
TOTAL AMOUNT: 32.8 MLN EUR
PUBLIC FUNDING
.30
PER COUNTRYDenmark has truly become the public funding powerhouse of the Nordics. Both
numbers and amounts of investments started increasing since 2009, and do not
seem to stop. A new public fund, Fornyelsesfonden, started operating in 2010,
and have granted financial support to not less than 20 cleantech companies.
Another strong funding institution is Højteknologifonden, which has a funding
model that requires cooperation between a smaller company, larger industrial
player and a research institution and has Energy and Environment among its
main focus areas. A third institution that has a crucial role in cleantech financing in
Denmark is the Danish Energy Agency, which through its EUDP – Development
and Demonstration programme for Energy Technologies – finances dozens of
projects. The scope of EUDP is rather wide with sectors of bioenergy (biomass
and biogas), fuel cells, ocean energy, CO2 capture and storage, energy efficiency,
geothermal power, solar energy and wind energy. Funds are disbursed on a
project basis, and may be received by a single cleantech company, or by a group
where a cleantech company is one of the parties. It is often significant single
digit amounts in Euro millions that are granted for projects. For example, Green
Hydrogen will be receiving over EUR 6 mln to develop an electrolysis technology
to extract hydrogen for fuel (the grant is marked as under approval, therefore it is
not included into the top 5 list as yet).
Cleantech is therefore a clear focus area in the Danish public funding system,
and the system itself is transparent and rather straightforward. Among the deals
reported in this section, Danish companies received 90% of all public funding,
with a high average per investment amount of EUR 1 mln. The number of deals
recorded for Denmark in the first six months of 2011 is almost the same (29
against 31) as for the whole of 2010, which indicates a clear growth.
Sweden showed somewhat the opposite result: with a comparably large number
of deals Swedish companies received 10 times less funding than their Danish
counterparts, with an average of EUR 0,2 mln! This number has also driven
the total average back to 2008 level of EUR 0,7 mln. Compared to Denmark,
Sweden as well as Norway has a less streamlined approach to cleantech
financing. A Swedish counterpart to the Danish Energy Agency has several
financing mechanisms including grants according to segment-specific one-
time programmes, such as for example electric vehicle related technologies
or improved materials; as well as soft loans. Those grant programmes are not
exclusively targeted at SMEs, but the whole range of actors from universities
to large corporations are united under the same list. The largest contribution
to a cleantech SME registered in this report from the Swedish Energy Agency
corresponds ca EUR 0,5 mln. Other public financiers such as Innovationsbron,
Vinnova and partly Tillväxtverket do not discriminate technology areas, and
cleantech, although often identified as such, does not have a separate account
A similar situation exists in Norway, with generalist financiers such as
Forskningsrådet and Innovation Norway who do not discriminate based on
technology area, and Enova, who usually finances larger energy-related grants,
also not cleantech SME-specific. Norwegian figures are underestimated in this
report mostly because the data from those larger financiers has not yet been
available. * 50% or more of the deals are with undisclosed amounts
**Average amount per investment is calculated excluding the deals with undisclosed amounts
The situation in Finland tends to be underestimated. The Finnish government
provides their SMEs with financial support, but most of the information that
comes out excludes financial information. Tekes, the governmental agency that
runs support mechanisms for research, development and demonstration of new
technologies, financed 71 young innovative companies for EUR 104 mln during
2010. A significant portion of these are certainly cleantech, but this information
comes very late in the reporting process for the authors of this report, namely
after the year-end. So, detailed data for 2011 will only be available in 2012.
Structurally there are several mechanisms Tekes is using to reach out to
cleantech companies: general R&D grant programmes; through a specially
established funding programme GROOVE – Growth from Renewables 2010–
2014, which currently has 20 on-going projects within cleantech companies;
and through VIGO - an accelerator programme in cooperation with Cleantech
Invest which combines equity financing, public grants and management support
services for early stage cleantech SMEs. In some cases when names of
receiving companies are known, they are included into this report, but all with
undisclosed financial information have been excluded.
DENMARk
90%% Of Total Sum
Number of Deals: 29
Amount: 29.6
FINLAND
n/a% Of Total Sum
Number of Deals: 4
Amount: undiscl
SWEDEN
9%% Of Total Sum
Number of Deals: 21
Amount: 2.9
NORWAY
1%% Of Total Sum
Number of Deals: 2
Amount: 0.3*
OVERVIEW bY COUNTRY TOTAL AMOUNT: 32.8 MLN EUR
.31PUBLIC FUNDING
TOP 5 PUBLIC FUNDINGSince 90% of investments in this section come from Denmark, it is logical that
top 5 largest public grants come from the Danish financiers, namely the Danish
Energy Agency and Højteknologifonden. All companies have a clear energy focus
but represent different technology areas: co-generation, CO2 recycling, hydrogen
processes, innovative wind towers and fuel cells. 6 companies have received
funding for 2 projects already under the first six month of 2011: Amminex,
CoMeTas, Dantherm Power, Haldor Topsøe, Dall Energy and Green Hydrogen,
which are all present in the top list. These combined contributions present a very
significant amount of funding, which certainly serves as a replacement, or a
necessary contribution to private funding for those companies, allowing them to
develop faster and with less risk of falling short of financing.
# Company name Segment Product / service Amount Investor
1 Dantherm Power (DK) Energy Generation Fuel flexible CPH EUR 2 mln Danish Energy Agency EUDP
2 Haldor Topsøe (DK) Energy Generation Natural gas from CO2 EUR 1,8 mln Danish Energy Agency EUDP
3 Green Hydrogen (DK) Energy Storage Improvement of alcaline electrolysis,
hydrogen extraction
EUR 1,6 mln Hoejteknologifonden (plus a EUR 6 mln
grant from the Danish Energy Agency
EUDP under approval)
4 FORIDA Development
(DK)
Energy Infrastructure New type of tall windpower towers EUR 1,6 mln Danish Energy Agency EUDP
5 IRD Fuel Cells (DK) Energy Generation Independent micro power production EUR 1,4 mln Danish Energy Agency EUDP
.32
.33NEW FUNDS
NEW fUNDS
Last year we reported on five new VC funds being established with cleantech as
main or part of their focus and one new public fund, three of them specifically
dedicated to seed stage financing in Nordic countries. Two of those funds have
been raised in Denmark, and three in Finland. In the first half of 2011 two new
VC funds for technology companies have in turn been raised in Norway. One
seed stage fund: Springfondet – a joint venture between Oslo Innovation Center
and Kistefos AS and a larger growth stage fund under Energy Ventures. Both
funds are not cleantech-specific, but include cleantech companies in the potential
investment scope. UK-based international Zouk Capital has also announced a
closure for the largest European private cleantech fund where Nordics is included
into the scope.
New fundraising activity is a very positive sign among other weaker trends, and it
remains to be seen if cleantech companies will get a share of this available funding
in the coming year.
Fund Manager Name Amount Participants Profile
Zouk Capital, UK Cleantech Europe II EUR 230 mln International undisclosed Cleantech growth companies - expansion
stage. Geography: UK, German-speaking
countries, the Nordics, France and
Benelux
Energy Ventures,
Norway
Energy Ventures IV LP USD 350 mln Temasek, Argentum, KLP, Keppel,
Klaveness Invest AS, Storebrand, Jebsen
Asset Management AS and DnBNOR and
others
Energy, petroleum - related technologies.
Geography: global
Springfondet, Norway Springfondet II NOK 100 mln Kistefos and Oslo Inovation Centre Early stage technology companies, about
10 over 3 years. Geography: Norway
As predicted last year, exits and M&A activity has increased significantly in 2011.
For the first six months, five significant exits on the Nordic market and several
M&A deals can be reported. Although far from all deal details are disclosed
publicly, namely, only one exit case – The Switch – was accompanied by an
amount, increasing exit activity points to a sought after development on the
market. There are companies relevant for the exit market and it is time for many
investors to seek exit opportunities. The profitability and success of the exits may
be a matter for speculation, and unlike most equity investments, it is often more
difficult to obtain detailed information about exits.
A large exit that was a highlight of the spring was the EUR 190 mln deal
announced in March 2011 – where Finnish The Switch was sold to US-based
American Superconductor. This exit should have become an exemplary success
yielding exceptionally high Return on Investment for a group of Finnish venture
capitalists that included VNT Management and Finnish Industry Investment. The
full payment of this deal has however been delayed and by the time this report
was being published (August 2011) was not yet finalised. The deal remains in place
and we will of course report on the outcome of this.
Another exit, which also involved an American industrial buyer, Fairchild
Semiconductor purchasing Swedish company TranSic, was reported to yield a
50% profit on the SEK 15,8 mln (ca EUR 1,6 mln) investment made by one of the
exitors, Industrifonden. The initial investment was made in June 2008.
A divestment that Investinor made shortly before Think announced default and
restructuring in Norway, included exchange of Think’s shares to the shares of
.34
the American public company Ener1, which became a largest single owner and
supplier of Think.
Lacking good quantitative data from other exits, it is still possible to use the
qualitative information to draw some conclusions from the exit and M&A activity of
the first six months of 2011:
- Venture capital exits, and larger industrial companies are buying. A successful
exit so far has proven to be an industry sell: a cleantech growth company is
acquired by an established industrial player and is integrated into the larger
corporate system bringing innovation and fresh market opportunities. No
successful IPOs as exit tool can be named in the past few years, and although
there is an interest from larger foreign financial groups, no institutional buyouts
took place so far.
- Geography of the buying industrials: 4 out of the 5 are based in or linked to the
USA and one company, Saint-Gobain, is from France. Large industrials from
larger foreign markets consider Nordic technology companies a valuable asset
in expanding their cleantech expertise and profile.
- M&A activity between growth stage cleantech companies becomes noticeable
with several full acquisitions such as in cases of Swedish Cortus and Norwegian
Goodtech, and with purchasing a REC production facility in Sweden by
Norwegian Innotech Solar. It indicates that the regional market is becoming
developed enough to allow for expansion opportunities through M&As
ExITS
.35
Cleantech Company Product / service buyer Seller
TranSiC, Sweden Power transistors for electric
motors
Industrial
Fairchild Semiconductor, USA
International undisclosed
Industrifonden, Volvo Technology Transfer, Midroc New
Technology
The Switch, Finland Permanent magnet
generators and transformers
Industrial
American Superconductor, USA
Venture Capital, Finland
VNT Management, Finnish Industry Investment and
others
Arctic Solar Engineering,
Norway
Solar thermal collector Industrial
EGPI Firecree, USA
Venture Capital, Norway
Incitia Partners and others
Götaverken Miljö, Sweden Flue gas cleaning and energy
recvery
Industrial
Babcock & Wilcox Vølund, Denmark/
USA
Pension Fund, Sweden
6 AP Fond
CruSIN, Norway Reusable ceramic crucibles
for the PV industry
Industrial
Saint-Gobain, France
Venture Capital, Norway
Såkorninvest Midt-Norge AS, E-CO Norne AS, SINTEF
Venture AS, SSCS Invest & Property
REC Solar Module Factory,
Sweden
Solar cells production factory Cleantech Company
Innotech Solar and Perfekta Solar
Industrial, Norway
REC
GEP Group, Sweden Engineering consultancy Cleantech Company
Cortus, Sweden
Acquisition
Troll WindPower, Norway Wind power Cleantech Company
Goodtech, Norway
Acquisition
Think Holdings, Norway Electric vehicles Industrial
Ener 1, USA
Venture Capital, Norway
Investinor
ExITS
ANNExES
To ensure transparency, Cleantech Scandinavia wishes to publish the list of both
investors and cleantech companies that were included in the statistical overview
and analysis presented in this report. However, to protect the exclusivity of the
data that our work is based on, details about individual investments/deals are not
provided here. In some cases, this information is publicly available and can be
found online.
The number of companies listed here (76) is lower than the reported total
number of investments (85), due to the fact that several companies were
counted more than once if they had closed several financing rounds and/or
raised both private and public funding during the year.
List of Nordic cleantech companies having received private and/or public funding in the first half of 2011
.36
ADVANCED MATERIALS (6)
Arboritec Sweden www.arboritec.se
Biopolymer Products of Sweden Sweden www.biopolymer.se
BT Wood Finland www.btwood.com
Deflamo Sweden www.deflamo.se
I-Tech Sweden www.i-tech.se
Ultranat Finland www.ultranat.fi
Air and Enironment (1)
Amminex Denmark www.amminex.net
ENERGY EFFICIENCY (14)
Airec Sweden www.airec.se
Aluwave Sweden www.aluwave.com
Enrad Sweden www.enrad.se
Fionia Lighting Denmark www.fionialighting.dk
Glo Sweden www.glo.se
Iptronics Denmark www.iptronics.com
Lighten Denmark n/a
LightLab Sweden Sweden www.lightlab.se
Merus Power Dynamics Finland www.meruspower.fi
NordIq Sweden www.nordiq.se
Parans Solar Lighting Sweden www.parans.com
Pilum Sweden www.pilum.se
Plan Energi Denmark www.planenergi.dk
SenSic Sweden www.sensic.se
ENERGY GENERATION (27)
Biosling Sweden www.biosling.se
Catch Solar Energy Norway www.catchsolar.net
Cenergia Denmark www.cenergia.dk
ComBigaS Denmark www.combigas.dk
Dall Energy Denmark www.dallenergy.com
Dantherm Power Denmark www.dantherm-power.com
Edo Biotech Sweden www.edobiotech.com
GasEK Finland www.gasek.fi
Greenfield Wind Sweden www.greenfieldwind.com
Greenvironment Finland www.greenvironment.fi
Haldor Topsøe Denmark www.topsoe.com
Havkraft Norway www.havkraft.no
HiNation Sweden ww.hination.se
HS Kraft Sweden www.hskraft.se
IRD Fuel Cells Denmark www.ird.dk
Mervento Finland www.mervento.fi
Meva Innovation Sweden www.mevagroup.se
Minesto Sweden www.minesto.com
Rindi Sweden www.rindi.com
Seaweed Energy Solutions Norway
www.seaweedenergysolu-
tions.com
Sol Voltaics Sweden www.solvoltaics.com
Solarus Solkraft Sweden www.solarus.se
Taurus Energy Sweden www.taurusenergy.eu
Triventus Sweden www.triventus.com
Vigor Wave Energy Sweden www.vigorwaveenergy.com
Winwind Finland www.winwind.com
ENERGY
INFRASTRUCTURE (10)
Chargestorm Sweden www.chargestorm.se
Fiberline Composites Denmark www.fiberline.com
Flexenclosure Sweden www.flexenclosure.com
FORIDA Development Denmark n/a
Grid Manager Denmark www.gridmanager.dk
Hexicon Sweden www.hexicon.eu
Ib Andresen Industri Denmark www.iai.dk
Liftra Denmark www.liftra.com
Ortosense Wind Power Denmark www.ortosense.com
WindVector Sweden www.windvector.com
.37ANNExES
ENERGY STORAGE (8)
Enfucell Finland www.enfucell.com
Green Hydrogen Denmark www.greenhydrogen.dk
LeanEco Denmark www.leaneco.dk
myFC Sweden www.myfuelcell.se
ReformTech Sweden www.reformtech.se
ReVolt Technology Norway www.revolttechnology.com
Serenergy Denmark www.serenergy.dk
Topsoe Fuel Cell Denmark www.topsoefuelcell.com
Dolprop Industries Sweden n/a
ECOmove Denmark www.ecomove.dk
Organisations listed below are Nordic and international investors and public
organisations who have invested, co-invested or granted funding to Nordic
cleantech companies in the first half of 2011. Individual investors and business
angels are not included here, as their names usually remain confidential.
However, they account for a number of relatively smaller investments than
those involving venture capital firms. The number of investors listed does not
correspond to the number of companies because in some cases there were
several co-investors, and numerous funds and public agencies made more than
one investment.
VENTURE CAPITAL / PRIVATE EqUITY
List of private investors and public financiers of Nordic cleantech companies in the first half of 2011
Almi Invest Sweden www.almiinvest.se
BW Ventures Norway www.bwventure.com
Chalmers Innovation Seed Fund Sweden www.chalmersinnovation.com
Cleantech Invest Finland www.cleantechinvest.com
Creandum Sweden www.creandum.se
Dalslands Sparbank Sweden www.dalsbank.se
Environmental Investment
Partners III USA/Poland www.eip.com.pl
Fjord Invest Norway www.fjordinvest.no
Foundation Asset Management Sweden www.fam.se
GU Holding Sweden www.holding.gu.se
Håfreström Business Park Sweden www.hafpark.se
Industrifonden Sweden www.industrifonden.se
Inventure Finland www.inventure.fi
Investinor Norway www.investinor.no
K-Svets Ventures Sweden n/a
KL Ventures Sweden www.klcapital.se
KTH Chalmers Capital Sweden www.kthchalmerscapital.se
Pontos Finland www.pontos.fi
RWE Innogy Germany www.rwe.com
Sunstone Capital Nordic/Intern. www.sunstonecapital.com
Sustainable Technologies Fund Sweden www.stechpartner.com
Teknoseed Sweden www.teknoseed.se
Volvo Technology Transfer Sweden www.volvo.com
INDUSTRIAL INVESTORS
Faurecia France www.faurecia.com
Fischer Eco Solutions Germany www.fischer-group.com
Senmatic Denmark www.senmatic.dk
Stolt-Nielsen Norway www.stolt-nielsen.com
PENSION FUNDS
6 AP Fonden Sweden www.apfond6.se
PUbLIC FUNDERS
Carbon Trust UK www.carbontrust.co.uk
Danish Energy Agency EUDP Denmark www.ens.dk
Eureka EU www.eurostars-eureka.eu
Förnyelsesfonden Denmark www.fornyelsesfonden.dk
Hoejteknologifonden Denmark www.hoejteknologifonden.dk
Innovation Norway Norway www.innovasjonnorge.no
Innovationsbron Sweden www.innovationsbron.se
NER300 EU Programme EU ec.europa.eu/clima/funding/
ner300/index_en.htm
Swedish Energy Agency Sweden www.energimyndigheten.se
Tekes Groove Finland www.tekes.fi/groove
Vinnova Sweden www.vinnova.se
WASTE AND RECYCLING (2)
Scanacon Sweden www.scanacon.com
Scandinavian Enviro System Sweden www.envirosystems.se
WATER AND WASTEWATER (7)
Aquaporin Denmark www.aquaporin.dk
CoMeTas Denmark www.cometas.dk
DMA Ecosystems Denmark www.dmaecosystems.com
Ecowat Norway www.ecowat.com
Ocean Saver Norway www.oceansaver.no
Picoterm Sweden www.picoterm.com
Sorbisense Denmark www.sorbisense.com
TRANSPORTATION AND LOGISTICS (2)
ABOUT ThIS REPORTCleantech Scandinavia is a private membership network of investors and affiliated
cleantech professionals designed to provide cleantech knowledge, contacts and
investment opportunities; be a coordinating voice to promote to Nordic cleantech
sector; and drive cleantech innovation and growth in the Nordic countries.
Cleantech Scandinavia offers its members a series of networking and pitching
events, business intelligence research and reports including Nordic cleantech deal
flow statistics, and hosts a database of investment opportunities in the region.
This report has been prepared exclusively for Cleantech Scandinavia members.
It can therefore not be distributed further, whether in parts or as a whole, without
prior permission from Cleantech Scandinavia.
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