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Uncertain financial climate a concern but not a barrier to innovation in the region, applicants say
The Cleantech Group(TM), LLC, founders of the cleantech sector and providers of leading global market research and financial services for the cleantech ecosystem, in partnership with Cleantech Scandinavia, the leading Nordic network of investors in cleantech, today released a first ever report identifying 50 leading cleantech companies in the Nordic market. The report, sponsored by leading Nordic VC firms BankInvest, Energy Capital Management, Eqvitec Partners, Northzone Ventures, and Sustainable Technologies Fund, identifies key representatives of Nordic excellence in Cleantech innovation, as well as outlining the driving sectors and key concerns facing this emerging region. The full publication can be downloaded from Cleantech Group's and Cleantech Scandinavia's websites free of charge.
Despite challenging economic conditions and inevitable market pullback, the companies selected as the 50 for this inaugural report demonstrated the potential and likelihood to achieve high growth and high market impact. Selected from 145 nominations, the final 50 companies were chosen from a range of seed/pre-revenue and growth companies from all Nordic countries, representing all cleantech segments.
The applicants all indicated a definite optimism for the future of the cleantech industry in the Nordic region with the relative immaturity of the market viewed as an opportunity to speed its development and capitalize on the number of start-up and growth companies. There is, however, a note of caution expressed over the relative high risk of investing in new businesses in such an uncertain market. However, whilst this was a concern for companies, it was not seen as the number one barrier that needed to be overcome in order to achieve success in this market. Indeed the majority of applicants highlighted operational excellence, personnel competence, strategic planning and customer relations as the steps most necessary to develop their market.
"Whilst the current economic climate has given rise to some valid concerns over the potential for investment into cleantech, there are promising signs that this relatively inexperienced market will flourish in the years to come," said Magnus Agerstrom, Cleantech Scandinavia. "The companies taking part in this year's report all demonstrate commitment to placing the Nordics at the forefront of innovation in the cleantech sector."
From the applications received, nearly half came from Sweden (48%), with Denmark, Norway and Finland generating close to a fifth each (19%, 17% and 14% respectively). Iceland had the smallest proportion of entries, coming in at just 1%.
Sector breakdown - energy the bright light of the Nordics
The majority of applications (60%) came from energy related sectors. Other well represented categories included water purification and wastewater treatment, air purification and emission control technologies, as well as advanced materials such as bioplastics, biodegradable fibers and various nanotech-based materials.
"The findings of this report are certainly encouraging," said Richard Youngman, MD, Cleantech Group, Europe. "The UK and Germany have to date been the most significant areas for Cleantech venture activity in Europe, but the Nordic countries, where sustainability, resource efficiency and environmental consciousness have been part of normal culture for much longer than most places in the world, show great promise to play a strong role in the future."
Nordic Cleantech 50 entry criteria:
To qualify for consideration, a candidate cleantech company must have been unlisted and from the Nordic region (Denmark, Finland, Iceland, Norway, and Sweden). To build the final list of 50, companies were evaluated for their potential and likelihood to achieve high-growth and high market impact, using the following main criteria:
* Innovation: Problem it solves; Uniqueness; Sustainability of the advantage; etc. * Market: Accessibility; Size; Growth dynamics, Accessibility / barriers to entry, etc. * Ability to Execute: Finances; Team competences; Connections and networks, etc.
The list below does not rank the 50, but lists them in alphabetical order and identifies their cleantech segment and growth stage.
Nordic Cleantech 50 list:
Name Country What they do Est. Development year stage 3nine AB SE Cleaning air and gases from 2002 Expansion particles Aluwave AB SE New material for LED lighting 2004 Expansion Angle Wind AS NO Improved gearbox for wind 2007 Seed turbines Applied Nano SE Nano-composite steel coating 2008 Seed Surfaces Sweden AB Aquaporin A/S DK Water purification membrane 2005 Seed technology Beakon SE Efficient thermoelectric chip 2005 Seed Technologies AB Beneq Oy FI Functional coating 2005 Commercialisation applications based on nanotechnology BioGasclean ApS DK Biological biogas 2008 Expansion desulphurisation plants BioGasol ApS DK Production of cellulosic 2006 Seed bioethanol, biogas and solid fuel Biokube A/S DK Distributed biological 2002 Expansion wastewater treatment system Bioprocess SE Biogas production plants 2006 Commercialisation Control AB efficiency optimisation Bio-Teho Ltd FI Environmentally friendly 1991/2002 Commercialisation wood preservative chemicals Biowaz AS NO Distributed biogas 2006 Commercialisation production from organic waste Carbon IS Production of methanol from 2005 Seed Recycling CO2 emissions in power plants International ChapDrive AS NO Hydraulic transmission for 2007 Seed wind turbines Chemrec AB SE Black liquor gasification 1989 Commercialisation technology ChromoGenics AB SE Electrochromic film 2005 Seed applications ClimateWell AB SE Solar powered air 2001 Expansion conditioning and storage of thermal power Danfoss AquaZ DK Membrane technology for sea 2006 Seed A/S water desalination Decision3 DK Energy optimising software 2006 Commercialisation system for ships Effpower AB SE Energy storage systems for 1999 Commercialisation hybrid vehicles Green Energy NO Modular geothermal power 2007 Commercialisation Group AS plants GreenOil DK Particle filtration and 2004 Commercialisation Standard Aps water separation from hydraulic and lubricating oils H2 Logic A/S DK Hydrogen and fuel cell 2003 Seed technology for vehicles Hywind NO Floating wind turbine for 2009 Seed deep water sites Innotech Solar NO Repowering non-prime solar 2008 Seed AS cells Langlee Wave NO Floating wave energy 2006 Seed Power AS converter for medium waves myFC AB SE Fuel cells for portable 2005 Commercialisation electronic devices Nidecon FI Inductive components and 2006 Commercialisation Technologies power quality filtering Oy solutions for power electronic applications Norstel AB SE Silicon Carbide wafers for 2005 Commercialisation power electronics OrganoClick AB SE Cellulose-based materials 2006 Seed from bio-fibres Pegasor Oy FI Sensor for fine particles 2008 Seed in diesel engines Picodeon Ltd Oy FI Thin film coating laser 2005 Seed technology re8 Bioplastics SE Biocomposite materials for 2009 Seed molding and extrusion for the plastic industry ReVolt NO Zinc-Air battery technology 2004 Seed Technology AS Scandinavian SE Optimising biogas 2005 Commercialisation Biogas production at wastewater plants Scandinavian SE Organic waste gasification 2001 Seed Enviro Systems technology AB SeedGard AB SE Thermal disinfection of 2005 Commercialisation seeds from pathogens SenseAir AB SE Infrared free-gas sensors 1993 Expansion Shark Solutions DK Laminated glass recycling 2005 Commercialisation A/S SootTech AB SE Energy efficiency 2007 Commercialisation improvement in power boilers Stirling DK DK Biomass fuelled 2004 Commercialisation cogeneration plants Suntrica Ltd. FI Solar charging systems for 2006 Commercialisation portable electronics SWEBO Bioenergy SE Biofuels powered heating 1976 Expansion AB systems Switchpower AB SE Building integrated 2004 Expansion photovoltaic power systems Terranol A/S DK Yeasts for second 2007 Seed generation bioethanol Watreco AB SE Non-chemical water 2004 Commercialisation purification Wave Star DK Wave energy converters for 2003 Seed Energy A/S high seas WinWinD FI Low speed wind turbines 1998 Expansion based on permanent magnet technology Xylophane AB SE Biodegradable barrier 2004 Seed material for packaging
About The Cleantech Group(TM), LLC
The Cleantech Group pioneered the clean technology investment category in 2002. Today, it accelerates the development and market adoption of clean technologies globally. The company's worldwide network of investors, entrepreneurs, enterprises, service providers and others--representing trillions of dollars in assets--receives access to capital, investment deal flow, networking, market leading research and data, sales leads and promotional opportunities. The Cleantech Group also provides advisory services for large corporations and governments, publishes leading cleantech sector industry news coverage and produces the premier Cleantech Forum(R) events worldwide.
About Cleantech Scandinavia
Cleantech Scandinavia is a membership network of investors and affiliated cleantech professionals designed to provide cleantech knowledge, contacts and investment opportunities; be a coordinating voice to promote the 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 holds a database of investment opportunities in the region. Details at www.cleantechscandinavia.com.
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