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Home > Press > New Report Showcases 50 Most Promising Nordic Cleantech Companies

Uncertain financial climate a concern but not a barrier to innovation in the region, applicants say

New Report Showcases 50 Most Promising Nordic Cleantech Companies

Copenhagen, Denmark | Posted on April 30th, 2009

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."

Geographic breakdown

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
    Aluwave AB      SE  New material for LED lighting  2004 Expansion

    Angle Wind AS   NO  Improved gearbox for wind      2007 Seed
    Applied Nano    SE  Nano-composite steel coating   2008 Seed
    Surfaces Sweden
    Aquaporin A/S   DK  Water purification membrane    2005 Seed
    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
    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
    Carbon          IS  Production of methanol from    2005 Seed
    Recycling           CO2 emissions in power plants
    ChapDrive AS    NO  Hydraulic transmission for     2007 Seed
                        wind turbines
    Chemrec AB      SE  Black liquor gasification      1989 Commercialisation
    ChromoGenics AB SE  Electrochromic film            2005 Seed
    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
    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
    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
    Scandinavian    SE  Organic waste gasification     2001 Seed
    Enviro Systems      technology
    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
    SootTech AB     SE  Energy efficiency              2007 Commercialisation
                        improvement in power
    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
    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
    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

For more information, please click here

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