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Nordic Cleantech Fifty

NordicCleantech 50

Innovation excellence and business opportunities

Prepared by: Sponsored by: IntroductIon 4the nordIc cleantech 50 lIst 8 opInIons 10 cleantech Group 10

cleantech scandinavia 12

eqvitec partners 14

northzone Ventures 16

BankInvest 18

sustainable technologies Fund 20

energy capital Management 22

nordic Innovation centre 24

proFIles oF the 50 26

2

cleantech Group and cleantech scandi-

navia are proud to present the first annual

“nordic cleantech 50” publication. this

joint initiative was made possible through

the support and sponsorship of 5 lead-

ing nordic venture capital firms, namely

BankInvest, energy capital Management,

eqvitec partners, northzone Ventures,

and sustainable technologies Fund. the

“nordic cleantech 50” is the first ever pan-

nordic exercise to showcase the region to

the international community as a growing

market and hotbed of young, innovative

companies developing clean and environ-

mental technologies.

the nordic countries have long been

known for their environmental leadership,

their industrial tradition, their educational

and research excellence, and a high public

awareness of environmental challenges.

the aim of this publication is to add tech-

nological innovation and entrepreneurship

to this list. the listing and profiling of 50

of the region’s most promising start-up

and growth cleantech companies helps

characterise some of the major technologi-

cal strongholds of the region.

evaluating one hundred and fifty com-

panies and ending with a list of 50 is a

challenging task. even if some might make

strong cases for the inclusion or the exclu-

sion of a specific company, we believe the

end outcome is an interesting balance be-

tween industrial sectors, technology types,

development stages and countries.

the list presented in this publication re-

flects well the variety and growth perspec-

tives of cleantech in the nordic region. We

offer this publication to the international

richard Youngman

cleantech Group

Dear Colleagues,cleantech community as a solid represen-

tation of, and introduction to, the region’s

broader value creation potential, and as

an indication of the multiple investment

and partnership opportunities there are to

be seized in this part of the world over the

coming years.

In addition to the ‘nordic cleantech 50’

list itself, editorial contributions from the

sponsors, cleantech Group, cleantech

scandinavia, and our project cooperation

partner, the nordic Innovation centre,

provide a multi-faceted overview of the

opportunities and barriers for business de-

velopment in the nordic cleantech sector.

We hope you enjoy reading this and wel-

come your feedback such that the 2010

publication is even stronger.

Magnus agerström

cleantech scandinavia

3

NordicCleantech 50

Introducing Nordic Cleantechthe “nordic cleantech 50” was initiated by

the cleantech Group in cooperation with

cleantech scandinavia. It was sponsored

and supported by the following leading

nordic Vc firms active in cleantech: Bank-

Invest (denmark), energy capital Manage-

ment (norway), environmental tech-

nologies Fund (sweden), eqvitec partners

(Finland-sweden), and northzone Ventures

(denmark, sweden, norway).

the main aim of the project was to char-

acterise and showcase the nordic region

as a hotbed of innovation in the field of

cleantech by highlighting strongholds in

different industrial segments and technolo-

gies; in other words, place the nordics onto

the world map of cleantech.

to qualify for consideration, candidate

cleantech start-up and growth companies

needed to be unlisted and with head-

quarters in one of the nordic countries

(denmark, Finland, Iceland, norway, and/

or sweden). during one month of intensive

communication campaign towards compa-

nies, incubators, science parks, as well as

private and public development and invest-

ment organisations, 145 nominations were

received via an online application form.

the jury was composed of the project own-

ers (cleantech Group and cleantech scan-

dinavia), the five sponsors and the nordic

Innovation centre, each having one vote.

all the applications were first assessed

individually by each jury member. a list

was then built based on the aggregation

of individual evaluations. companies

for which the opinion of different jury

members was controversial were discussed

during a full day jury meeting.

For the purpose of this project, the widely

accepted cleantech Group definition was

used, where cleantech is 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 com-

pared to existing solutions.

the InnoVatIon:

problem it solves; unique-

ness; environmental and

customer benefits; etc.

the Market:

accessibility; size; Growth

dynamics, Barriers to entry,

etc.

the aBIlItY to execute:

Finances; team compe-

tences; connections and

networks, etc.

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:

1 Introduction

4

Introducing Nordic Cleantech

as it encompasses many different types of technologies,

cleantech is typically divided into 11 sectors, for which

non-exclusive examples of technologies are provided here:

When it comes to development stages,

the following division was used:

Seed/Pre-revenue: start-ups developing a

prototype, conducting real scale testing or

customer trials.

Commercialisation: companies having

started full-price sales or already with a

few existing customers.

Expansion: companies successfully

established on a primary market, and in

the process to expand abroad and/or to

secondary markets.

the classification of companies per coun-

tries, cleantech segments and develop-

ment stages, was made according to the

information entered by the companies in

their applications.

Energy Generation wind, solar, hydro/marine, geothermal, biofuels

Energy Storage fuels cells, advanced batteries, hybrid systems

Energy Infrastructure management, transmission

Energy Efficiency lighting, buildings, glass

Transportation and Logistics vehicles, logistics, structures, fuels

Water and Wastewater conservation, purification, treatment

Air and Environment emissions monitoring and offset, trading

Advanced Materials nano, bio, green chemicals

Manufacturing and Industrial advanced packaging, smart production

Agriculture natural pesticides, land management, aquaculture

Recycling and Waste recycling, waste treatment and recovery

5

NordicCleantech 50

Energy generation 37

Energy storage 6

Energy infrastructure 8

Energy e�ciency 35

Transportation and logistics 5

Water and wastewater 15

Air and environment 10

Advanced materials 11

Manufacturing and industrial 5

Agriculture 4

Waste and recycling 9

145 applications were received from start

up and growth companies from all nordic

countries, representing all cleantech seg-

ments and business development stages.

the sample provides a solid overview of

the current state of the nordic cleantech

sector.

the distribution across countries is repre-

sentative of the estimated proportion of

cleantech companies in each country, with

the lion’s share coming from sweden – al-

most half, about equal number of compa-

nies from norway and denmark, and a bit

over 10% from Finland. the same holds true

for the development stages: the absolute

majority of applications were received from

product development/pre-revenue or com-

mercialisation stage companies, with less

than 20% having defined their development

stage as expansion.

the “cleantech peak” of the mid 2000’s is

reflected in the division of companies by

their foundation year, which also explains

the spread per development stages and

indicates the overall relative immaturity of

the market.

companies across all cleantech segments

can be found among the applicants but

the actual distribution is also indicative:

60% of all companies are active in energy

related sectors, a clear stronghold of the

region. energy generation is represented

by a wide range of technologies: wind, first

and second generation solar and biofuels,

cogeneration, and carbon recovery for

instance. several applicants are developing

fuel cells and different battery technolo-

gies. a significant number of companies

developing wave energy generation con-

cepts were also found among applicants.

this suggests that wave power has great

potential for development in the region,

albeit, as in other parts of the world, it is

noteworthy that none of the companies

have got beyond the prototype/testing

stage so far.

another significant category is energy ef-

ficiency, where the recognised stronghold

is a number of well developed heating, ven-

tilation and air conditioning (hVac) tech-

nologies for improving energy efficiency

in buildings, heating/cooling technologies

for larger scale and industrial applications,

and other solutions that increase energy

efficiency in various electronic devices and

industrial processes.

the distribution per segment is generally

reflective of the predominance of energy in

global cleantech, as measured by both the

number of companies in existence and by

the share of financing that they receive in

investments and grants. however, energy

efficiency is more strongly evident in this

part of the world, testament to the exist-

ence of a political commitment to sustain-

ability and resource efficiency for longer.

In aggregate, the total amount that the

companies declared they would require for

funding their business development in the

coming 1-2 years is eur 415 million, an av-

erage of about eur 5 million per company.

this number is an approximation, due to

the fact that not all companies indicated

an interest in raising funds in the near

future, and also due to the difference in

currencies used by the companies. to put

this figure into context, consider that, ac-

cording to cleantech scandinavia’s nordic

dealflow 2008, a total of eur 372 million

was raised by nordic cleantech companies

(in all forms of financing) during the record-

breaking year of 2008. Given the current

state of financial markets, many of these

applications by country:

denmark 28

Finland 21

Iceland 2

norway 25

sweden 69

applications by

development stage:

seed/pre-revenue 64

commersialisation 55

expansion 26

Overview of Applications Received

1 Introduction

6

Energy generation 37

Energy storage 6

Energy infrastructure 8

Energy e�ciency 35

Transportation and logistics 5

Water and wastewater 15

Air and environment 10

Advanced materials 11

Manufacturing and industrial 5

Agriculture 4

Waste and recycling 9

companies face uncertain times ahead, un-

less the region as a whole is more success-

ful in attracting more non-nordic capital.

that said, difficulty in raising financial capi-

tal was not named by companies as their

number one barrier to success. Most of the

companies believe that the development

of operational excellence, key personnel

competence, strategic planning skills and

customer relationship management proc-

esses to be the most important challenges

they face in growing their business in a

sustainable manner.

The 50 companies selected

Interestingly, but not perhaps surprisingly,

the balance across countries, cleantech

sectors and development stages described

above maintained itself, for the most part,

once the jury had finalised the final list

of 50 companies. the distribution across

development stages was very similar,

with the majority of the companies in the

‘seed/pre-revenue’ and ‘commercialisa-

tion’ phases. the distribution by country of

origin and industrial segment likewise held,

with the energy-related segments taking

the same 60% in the final 50, as in the

whole applicant population.

Finally, in drawing up this list, we acknowl-

edge the element of subjectivity inevitably

evident in such a process. as such, this list

does not pretend to present the 50 best

companies in this region. It represents the

views of the jury on which 50 companies,

based on the information available to it,

show the most promise and likelihood to

grow into significant and viable commer-

cial entities. the jury invites constructive

debate on its selection, and welcomes the

interest in nordic cleantech innovation it

may create.

We look forward, with your help, to estab-

lishing this important new publication in

the years to come.

0

5

10

15

20

25

30

Prior to2000

00 01 02 03 04 05 06 07 08 09

applications by foundation year:

applications by cleantech segment:

7

NordicCleantech 50

3nine aB

est. year: 2002 development stage: Expansion

cleaning air and gases from particles Sweden

aluwave aB


new material for led lighting Sweden

angle Wind as

est. year: 2007 development stage: Seed/Pre-revenue

Improved gearbox for wind turbines Norway

applied nano surfaces sweden aB


nano-composite steel coating Sweden

aquaporin a/s


Water purification membrane technology Denmark

Beakon technologies aB


efficient thermoelectric chip Sweden

Beneq oy

est. year: 2005 development stage: Commercialisation

Functional coating applications based on nanotechnology Finland

BioGasclean aps


Biological biogas desulphurisation plants Denmark

BioGasol aps


production of cellulosic bioethanol, biogas and solid fuel Denmark

Biokube a/s


distributed biological wastewater treatment system Denmark

Bioprocess control aB


Biogas production plants efficiency optimisation Sweden

Bio-teho ltd

est. year: 1991/2002 development stage: Commercialisation

environmentally friendly wood preservative chemicals Finland

Biowaz as

est. year: 2006 development stage: Commersialisation

distributed biogas production from organic waste Norway

carbon recycling International


production of methanol from co2 emissions in power plants Iceland

chapdrive as


hydraulic transmission for wind turbines Norway

chemrec aB


Black liquor gasification technology Sweden

chromoGenics aB


electrochromic film applications Sweden

climateWell aB


solar powered air conditioning and storage of thermal power Sweden

danfoss aquaZ a/s


Membrane technology for sea water desalination Denmark

decision3


energy optimising software system for ships Denmark

effpower aB


energy storage systems for hybrid vehicles Sweden

Green energy Group as


Modular geothermal power plants Norway

Greenoil standard aps


particle filtration and water separation from oils Denmark

h2 logic a/s


hydrogen and fuel cell technology for vehicles Denmark

hywind


Floating wind turbine for deep water sites Norway

The Nordic Cleantech 50

2 the nordic cleantech 50

8

Innotech solar as


repowering of non-prime solar cells Norway

langlee Wave power as


Floating wave energy converter for medium waves Norway

myFc aB


Fuel cells for portable electronic devices Sweden

nidecon technologies oy


Inductive components and power filtering for electronics Finland

norstel aB


silicon carbide wafers for power electronics Sweden

organoclick aB


cellulose-based materials from bio-fibres Sweden

pegasor oy


sensor for fine particles in diesel engines Finland

picodeon ltd oy


thin film coating laser technology Finland

re8 Bioplastics


Biocomposite materials for the plastic industry sweden

reVolt technology as


Zinc-air battery technology Norway

scandinavian Biogas


optimisation of biogas production at wastewater plants Sweden

scandinavian enviro systems aB


organic waste gasification technology Sweden

seedGard aB


thermal disinfection of seeds from pathogens Sweden

senseair aB


Infrared gas sensors and controllers Sweden

shark solutions a/s


laminated glass recycling Denmark

soottech aB


energy efficiency improvement in power boilers Sweden

stirling denmark


Biomass fuelled cogeneration plants Denmark

suntrica ltd.


solar charging systems for portable electronics Finland

sWeBo Bioenergy aB


Biofuels powered heating systems Sweden

switchpower aB


Integrated photovoltaic power systems Sweden

terranol a/s


Yeasts for second generation bioethanol production Denmark

Watreco aB


non-chemical water purification Sweden

Wave star energy a/s


Wave energy converters for high seas’ Denmark

WinWind


low speed wind turbines based on permanent magnet technology Finland

xylophane aB


Biodegradable barrier material for packaging Sweden

The Nordic Cleantech 50

9

NordicCleantech 50

over the past seven years, the cleantech

investment category has evolved from an

obscure niche to the mainstream category

we helped create. Investors across all asset

classes – venture capital, private equity,

project finance, public equity – and in all

geographies, have played their part to truly

put ‘cleantech’ on the world map. the next

wave of innovation, namely clean technol-

ogy, is well and truly underway, across the

world. europe initially led the way, but the

weight of us venture capital over the last

2 years, in particular, and the policy change

that the obama presidency represents, has

pushed the us and dc to the fore.

But now, with a severe global recession,

initiated by a banking crisis and a loss of

confidence, capital has become so con-

strained so fast, that it is clear that 2008

will represent the height of the first wave

in what will be a long investment story for

cleantech. the long-term drivers, such as

energy security, climate change and the

rising energy demands of the rising popula-

tions of china and India, all remain intact

but we expect 12-24 months of pullback,

consolidation and washout, from the posi-

tion we had reached at the end of 2008.

cleantech global venture capital investing

totalled a record $8.4 billion in 2008. even

with the 4th quarter decline, 2008 saw an

increase of 38% from the previous record

of $6.1 billion in 2007. the number of

investment rounds also hit an all-time high

in 2008, totaling 541 (432 disclosed and

109 undisclosed). since 2002, cleantech

venture investment has grown by a caGr

(compound annual growth rate) of 46%,

and since 2005, a caGr of 59% - reflecting

the influx of new capital and investors into

the category over the past three years.

north american companies raised $5.9 bil-

lion in 2008, up 44% from 2007, represent-

ing nearly 70% of the $’s invested, 55% of

the deal numbers. china and India remain

emerging powers in the cleantech space,

with companies in those markets raising

$430 million and $277 million invested,

respectively, accounting for a combined 9%

of the total.

companies in europe and Israel accounted

for one-fifth of the total venture capital

raised, or $1.8billion, up almost 40% from

2007. the number of venture capital trans-

actions grew from 144 to 200, resulting

in average deal size remaining constant,

at approximately $9 million. the european

venture community’s tendency to support

a greater number of smaller companies,

with smaller amounts of capital (and at

lower valuations), is reflected in european/

Israeli companies accounting for 21% of the

total invested, but 37% of total deals.

the uk and Germany have been the most

significant areas for cleantech venture ac-

tivity in europe, but the nordic countries,

where sustainability, resource efficiency

and environmental-consciousness have

been part of the norm for much longer than

Clean technology can and will navigate the downturn

0

0.530

Q1

160

1.590

2120

2.5150

Billion $no. of deals

sour

ce: T

he C

lean

tech

Gro

up

Q2 Q3 Q4

02Q1 Q2 Q3 Q4

03Q1 Q2 Q3 Q4

04Q1 Q2 Q3 Q4

05Q1 Q2 Q3 Q4

06Q1 Q2 Q3 Q4

07Q1 Q2 Q3 Q4

08Q1

09

The story so far: cleantech investments and no. of deals 2002-present

Richard Youngman Md, europe, cleantech Group

3 opinions

10

most places in the world, are playing a

strong role. In 2008 the combined invest-

ment across the region would put the nor-

dic region into the top 3 key geographies

in european cleantech innovation activity.

2008 saw over $350m from 25 fully-

fledged, venture and growth capital deals

in the area, including the largest invest-

ment deal of the year, namely the $176.5m

in Finland-based WinWind.

From a sectoral perspective, solar has

been the dominant technology in the rise

to cleantech’s first high. since 2006, on a

global basis, its share of total venture in-

vestment has risen from 15% to nearly 40%

in 2008. at the end of 2008, in our 9 for

’09 predictions, we predicted that, given

the capital-intensity of energy generation

generally, given the capital constraints and

the parlous state of the project finance

markets, and considering how many large

bets had already been placed, we expected

to see a significant drop in new funding

and consolidation activity, in a darwinian-

style survival of the fittest phase. We also

went on record as expecting to see a rise in

activity in efficiency plays, in technologies

that offered customers quick paybacks in

terms of savings.

A period of pullback….

but let’s not waste it!

early indications in 2009 bear this out.

the fact that investment in Q1 2009 in

north america was 42% down on Q1 2008,

whilst europe was only 11% down, indeed

suggests that the days of the $100M

rounds for energy generation technologies

are now out of vogue, and that efficiency

is the name of the game. and in europe,

you would expect the nordic region to be

a beneficiary of this, given the strengths

in areas such as technologies for eco-

buildings, smart grids and other energy

efficiency plays, and its relatively diverse

cleantech profile.

and if that wasn’t reason enough to keep

an eye on the nordic region and its innova-

tive companies, some of whom are profiled

in this publication, there is the mere

matter of the successor to kyoto and the

global climate talks taking place in copen-

hagen in december 2009. policy, govern-

ments and the stimulus packages have

moved centre-stage. the choices govern-

ments make in the coming 12-18 months

in trying to both nurture and stimulate

their economies back to health and to

come to some meaningful agreement to

head off the long-term negative threats

of climate change, could either dramati-

cally accelerate the low carbon economy or

prolong the status quo and the industries

that have contributed to the mess we find

ourselves in. the world is watching.

the economic race for leadership in clean-

tech is also well and truly underway. the

first wave may have peaked, but now is the

time to make preparations to get ahead

and get ready for the second wave, to en-

joy the upward rise when the swell comes

again – as it surely will.

at a global level, with many western banks

and capital markets in a mess, we expect

the world map of cleantech to significantly

change during this period of retrenchment.

areas of the world with high innovation,

technical know-how and a heritage in

clean energy and energy and resource

efficiency, have a headstart, but no more

than that.

this is the time to get ahead. Vestas’ lead-

ership emerged from denmark’s long-term

committment to investing in the wind

industry as a pioneer. nordic countries,

and indeed others, need to assess their

strengths and commit to leadership in

specific niches and segments. the nordic

region will hopefully not waste the crisis

but will instead once more punch above its

weight, for the good of us all.

the cleantech Group pioneered the

cleantech sector in 2002. today, it ac-

celerates the development and market

adoption of clean technologies globally

through membership in the largest

global network of investors and compa-

nies representing more than $3 trillion

in assets. Member investors, growth

companies/vendors, enterprises, service

providers, and others receive access to

capital, investment deal flow, market

leading research and data, insight, sales

leads, human capital, and promotional

opportunities. the cleantech Group

also produces the premier cleantech

Forum events worldwide.

The Cleantech Group www.cleantech.com

richard Youngman | Md, europe, cleantech Group

phone +44 20 78 12 05 43 Mobile +44 79 04 58 71 70

[email protected]

11

NordicCleantech 50

EUR

372millio

n

202Deals

2008

EUR

187millio

n

87Deals

2007

Equity investments

Public grants

Equity and public investment in Nordic cleantech companies in 2007 an 2008The Nordics:

A hotbed of cleantech innovation and growth?

since cleantech scandinavia’s purpose

is to accelerate cleantech growth in the

nordics, we need to regularly ask ourselves

the questions: Is there enough progress?

are more cleantech companies introduc-

ing their solutions on the market? Is more

venture capital being injected to help

entrepreneurs succeed? are more entrepre-

neurs coming to this area and turning their

creativity and driving force into solutions

that prevent environmental problems?

let us outline some trends and see if they

make us hopeful or worried.

pretty hopeful… each year, we track what

is going on in some 120 incubators across

the nordics. By the end of 2008, the

number of incubators that had cleantech

start-ups under their wings was up by 30%

compared to 2007. this is partly a sign that

incubators are showing increased inter-

est in the area as well as getting better at

highlighting their cleantech companies,

which is in itself positive as it makes the

sector and the companies in it more visible.

72 cleantech start-ups reside in the 120

incubators studied, an increase of more

than 60% over one year. Many of these

‘new’ companies however existed earlier

and have found their way into an incubator

during the last year.

Worrying… cleantech is significantly below

in number of start-up and growth com-

panies in comparison to Ict and biotech,

the other two top investment segments.

naturally, the threshold when starting a

software based company might be lower

than when starting a company with a new

idea of how to generate sustainable energy,

but it is clearly so that a majority of the

entrepreneurial spirit still goes into solving

problems and adding value in the world

behind our screens rather than in the world

outside our windows.

hopeful… a majority of new scandina-

vian cleantech companies are emerging in

energy related sectors as well as biofuels.

the ‘advanced materials’ sub-segment is

also showing a fairly large number of start-

ups. overall, there is start-up activity in all

cleantech sectors and the nordic countries

have relative strengths in most of them.

this is encouraging and shows that the po-

tential for growth in the cleantech sector

is not limited to the development in a few

sectors only.

hopeful, but… From the earliest to the

more mature, let’s look at the sales results

of some stock listed nordic cleantech

companies, as sales results tend to be a

good indicator of market temperature.

norwegian solar giant rec showed 2008

revenue growth of 23% as compared to

2007. Finnish neste oil (among other

things biofuels), saw its turnover up by

25% in 2008, with a somewhat decreased

profit margin but still healthy. swedish

fast growing Morphic (wind and fuel cells)

reported an increase in sales of 44,1% but

with rapidly accelerating loss. danish Wind

company Vestas increased its turn-over

with 25% in 2008. swedish alfa laval

(worth looking at since they are a large

supplier to the cleantech industry) showed

3 opinions

Alexander Lidgren chairman, cleantech scandinavia

12

EUR

372millio

n

202Deals

2008

EUR

187millio

n

87Deals

2007

Equity investments

Public grants

Equity and public investment in Nordic cleantech companies in 2007 an 2008The Nordics:

A hotbed of cleantech innovation and growth?

a turn-over increase of 4,4% to record level

of about eur 750 million. notable is that

incoming orders went down in the custom-

er segment marine while segment energy &

environment maintained a steady growth

In the context of the economic slump we

are currently experiencing, all these are

clearly hopeful signs. It is less encourag-

ing, however, that only very few cleantech

companies have been newly introduced on

the stock markets more recently.

More than hopeful… a remarkable growth

was noticed when we recently gathered

and analysed all public and private invest-

ments made into cleantech companies dur-

ing 2008. the total number of such deals

in the nordic region was up from 87 during

2007 to 202 during 2008! the correspond-

ing amounts followed the same pattern

and more than doubled, both in terms of

equity investments and public funding. this

growth took place in all countries and for

all companies’ development stages. clearly

a very encouraging sign.

a little worrying… Based on the informa-

tion received from applicants to the nordic

cleantech 50, a large number of cleantech

companies are looking for capital injections

now or in the near future. they need to

find a matching investor or this business

opportunity will not be fully seized. clean-

tech scandinavia is willing to support those

companies by facilitating investor contacts

and relations.

We do not have the full picture nor do we

claim to have the full answers, but let’s ask

the original questions again:

Is there enough progress? no.

are more scandinavian cleantech com-

panies introducing their solutions on the

market? Yes.

Is more venture capital being injected to

help these entrepreneurs succeed? Yes.

are more entrepreneurs finding this area

and turning their creativity and driving force

into solutions that prevent environmental

problems? Yes, but far from enough.

We have a few ideas that we will put to

work to try to help out in the right direc-

tion. We hope that you do as well and

invite you to contact us in order to work

together on bringing these ideas to life!

cleantech scandinavia is a member-

ship network of investors and affiliated

cleantech professionals designed to

provide cleantech knowledge, contacts

and investment opportunities; be a

coordinating voice to promote 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.

Cleantech Scandinavia www.cleantechscandinavia.com

Magnus agerström | Managing director

Mobile +46 73 940 20 84

[email protected]

13

NordicCleantech 50

Getting good business done in tough times

the demand for cleantech is being driven

by multiple forces. First of all, there’s been

a continual increase in demand for energy

during recent decades, whilst the concerns

of global warming have become massive

targets for renewable energy creation.

Governments are clearly supporting differ-

ent initiatives for investing into cleantech,

not least to achieve energy independence,

but also with the aim of establishing a new

industry based on fast growing cleantech

companies.

the nordic cleantech ecosystem has

created a solid ground for venture capi-

tal investments in the region. there are

already some major cleantech companies

within specific fields, but there are also a

growing number of smaller start-ups, of

which many have already demonstrated

the existence of a strong technology base

for building up scalable global businesses.

comparing this technology base with

investment activity, the market is not

hyped, as is the case within certain indus-

try sectors globally, one example being

photovoltaics.

these challenging times in the global econ-

omy are naturally being reflected within

the nordic cleantech landscape as well.

Venture investors are mainly focusing on

their most promising portfolio companies,

and the failure rate for growth companies

will most probably increase. still, I would

claim that good companies will definitely

get funded, and active and healthy inves-

tors are viewing this downturn as a tempt-

ing time to enter into new opportunities.

as a Wallenberg family member has stated:

“In tough times good business gets done”.

Investors are emphasizing the same funda-

mental success factors for new cleantech

companies, as they do for other technology

areas. In tough times, opportunities with

well quantifiable customer benefits apply.

Venture firms are especially interested

in companies with proven benefits, and

appreciate a great deal of visibility in

companies’ future plans. to increase ef-

ficiency, or save costs, are often key goals.

Modernising the grid, increasing biomass

production output, utilising waste energy,

or efficient lighting solutions, are simi-

larly good examples of strategies that are

providing investment opportunities in the

nordic region as well.

In my opinion, there is no specific cleantech

sector that can be distinguished within its

own separate box. collaboration and open-

ness amongst companies are key words. I

would claim that investments in cleantech

serve to further boost the traditional indus-

try sectors, both by helping to achieve their

growth and efficiency targets, and through

being competitive in global markets. the

creation and delivery of renewable energy

needs an efficient infrastructure, Ict

investments, and the support of different

types of services, in order for the whole

ecosystem to work. this is definitely good

news for cleantech business opportunities,

which clearly are becoming more business

and consumer driven.

It is also positive that the awareness of

such interdependencies, and that trade-

offs of new clean technologies, are on the

increase. there is much debate concerning

the side effects of water consumption for

electric cars, or the total energy needed

throughout the life-cycle in order to create

bioethanol or biodiesel, not to mention

3 opinions

Jarkko Penttilä Investment director, eqvitec partners

14

its linkage to food production, and how

the scarce resources for a growing global

population should be used. cleantech is

often defined as being technologies that

use energy, water, and other raw materi-

als more efficiently and productively, and

which deliver superior performance, or

improve customer profitability, through

cost reduction, or by creating less waste or

toxicity compared to incumbent technolo-

gies. I like this explanation because this

is what investing into cleantech venture

growth companies should be all about.

however, it is also obvious that the basic

business fundamentals must be in place.

potential trade-offs and negative interde-

pendencies must be avoided in the building

of long-term success stories.

When evaluating cleantech investment

opportunities at eqvitec, we always come

back to the business fundamentals, and

we evaluate the feasability of different

opportunities based on their long-term

sustainability. an accurate reading of the

long-term market drivers gives a solid

basis from which start-up companies can

tune their business models. they must

find early adopters, but still target those

markets that will quickly attain a critical

size, and provide a longer-term rationality

for growth. It also comes back to tradi-

tion, competence, and relevant industry

background, which in my opinion, create a

solid basis for targeting success in global

markets.

When companies are evaluating potential

investors, the knowledge and ability to

boost their businesses that they offer, are

prime considerations. My advice to these

companies would be to base their view, not

only on the essential case-specific factors,

but also on whether the investors have

a relevant industry background, and can

understand the big picture. Being an expert

in a single area that does not contribute to

the bigger picture, does not yield sustain-

able results and value creation.

eqvitec has broad experience within the

nordic technology landscape. We have the

willingness to understand fundamentals,

but at the same time, we are ready to

explore new innovations. eqvitec has been

working with different industrial technolo-

gies, including those related to energy and

the environment, throughout its 10-year

history. having invested in companies in

such areas as conductive polymers, silicon

carbide manufacturing, catalysts, air

purification systems, thin films, and energy

risk management systems, we are ready

to challenge the best nordic cleantech

companies to brainstorm ways by which

we can together, build up strong growth

companies by ensuring that the business

fundamentals will be applied.

eqvitec partners is a privately owned

and independent nordic private equity

firm. the company was founded in 1997

and employs 15 investments profes-

sionals in helsinki and stockholm.

eqvitec partners currently advises

six funds with the total capital base

exceeding eur 540 million. at the

moment the funds have investments

in 40 companies and have carried out

35 exits.

Eqvitec Partners www.eqvitec.com

Jarkko penttilä | Investment director

phon +46 8 676 65 60 Mobile +46 73 539 96 27

[email protected]

15

NordicCleantech 50

The next big thing

Most people will agree that cleantech is

here to stay as one of the most talked

about themes for years into the future.

although many industries and markets

that fall under the cleantech umbrella

have been around for a long period of time,

they have gained actuality and momen-

tum with the greatly enhanced focus on

climate change and its consequences. as

the world moves from initial recognition

of the threats posed by climate change, to

implement efforts to prevent and deal with

its impact, massive potential markets for

solutions are emerging. this demand will

cover a host of existing industries, and is

sure to create new ones. Because of the

enormity of the challenge at hand, indi-

vidual market segments will be large.

“Megatrends” represent

huge opportunities

From an investor point of view, megatrends

have fuelled value creation and capital re-

turns also in the past. In the high technol-

ogy sector, the first wave was the transis-

tor and semiconductor, followed by the pc

industry and the internet, into the present

with its social networks and the internet as

a fundamental part of nearly every business

process. Megatrends create value first and

foremost because they create new, large

and fast growing markets. It is very hard to

create economic value and surplus returns

investing from scratch in established slow

growing markets. It is no longer a question

of whether there will be great opportuni-

ties in cleantech, but it will increasingly

become a question of where the best

opportunities are. since the cleantech rep-

resent a broad theme rather than a concise

term for a specific technology or market,

entrepreneurs and investors are going to

have to segment markets, understand their

attractiveness, and seek out the best op-

portunities in order to capitalise.

Identifying the most promising

opportunities poses challenges

as mentioned above, many existing indus-

tries and markets experience a demand

boost as a result of the cleantech meg-

atrend, and pose no real difficulty to assess

from an opportunity point of view. how-

ever, as they already exist in a developed

stage, competition is established which

makes it hard to enter for new players,

even with superior technology. Many are

the great technological innovations that

did not make it in the market because the

existing solution was sufficiently good.

then there are new markets being created

by preferential regulation, or even more

aggressively through direct subsidies or

other active support means. Governments

may help create markets this way, but

businesses who rely on outside support

to compete with existing solutions must

expect serious scrutiny among investors.

3 opinions

Arve Johan Andresen General partner, northzone Ventures

16

unless a company is able to show a rapid

path towards support-independent com-

petitiveness, investors will be reluctant.

Finally come the juicy opportunities

created by quantum leap technological

innovation that trashes existing solu-

tions, or open hitherto closed doors to new

markets. there is good reason to assume

that most of the venture capital that stand

to be invested into cleantech opportunities

over the years to come will be going in the

direction of companies in this category

Cleantech entrepreneurs should

seek experienced partners

smart entrepreneurs in the middle of the

cleantech tornado, will want to seek ex-

perienced partners and investors when de-

veloping and funding their businesses. the

example of biotech, a megatrend which

received a lot of attention some years ago,

proves that new technology and markets

do not do away with the fundamental

laws of investment and returns. creating

returns is still a matter of how much capi-

tal is needed, for how long, and what exit

multiple they can produce. Biotech proves

that extreme focus on business and return

potential is required to be successful. With

the host of opportunities being presented

by cleantech, many of which will require a

lot of time and money to mature, entrepre-

neurs and investors are wise to turn to the

business building and investment acumen

harboured inside experienced venture capi-

tal teams. cleantech is so broad and big

that no investor will possess in-house skills

to analyse every opportunity. this is no dif-

ferent than the situation facing traditional

high technology investors who have trained

over years to assess the true business po-

tential of the projects presented to them.

Gravity has not been eliminated

although cleantech truly represents an

exciting opportunity, it in no way elimi-

nates the law of gravity. opportunities

that appear to good to be true normally

are, and making a brick take to the sky will

continue to be hard. Wildly fluctuating

energy prices, government intervention,

unclear policy directions and immature

markets will continue to represent risks.

even so, cleantech represents such an

opportunity that northzone Ventures, the

leading nordic high technology investor

some years ago started investing also in

cleantech companies. We are proud to

see that most of our cleantech portfolio

companies have made it to the nordic 50

list presented in this publication. We are

continuing to devote increasing attention

and resources to the sector, because we

believe there are truly great companies and

opportunities out there, and that we have

the investment experience to capitalise on

them together with the best entrepreneurs

in the business.

northzone Ventures is a leading nordic

venture capital firm established in

1996, with offices in copenhagen,

oslo and stockholm. the team of 7

experienced partners, have raised 5

investment funds to date, and currently

manage € 325 million. to date, north-

zone has invested with success in more

than 60 nordic and european compa-

nies. through the last 5 years the scope

has been expanded from traditional

high technology into cleantech, and the

firm has already built up a sizeable and

prominent portfolio of investments in

this sector.

Northzone Ventures www.northzone.com

arve Johan andresen | General partner

phone +45 70 22 24 75 Mobile +45 20 78 84 46

[email protected]

17

NordicCleantech 50

Denmark is growing green

Green denmark is growing fast. clean

technology is an important export article

and international industry players are

relocating to denmark in ever increasing

numbers allowing them to benefit from

danish expertise.

danes have been obliged to think energy-

efficient for the last three decades. With

only scarce natural resources, it has been

essential to find sustainable solutions to

climate issues. denmark has succeeded

and has become very innovative in terms of

exploring new energy resources.

there is major investment in the develop-

ment of new green technologies, such as

renewable energy resources in the form

of solar, wind, water, biogas and biofuel.

conserving energy helps protect the envi-

ronment while providing the basis for new

growth.

danish achievements in the climate and

energy field are unique. For example, the

danish agro-industry has, since the 1970’s,

developed climate solutions to support

food production—solutions that support

other climate-friendly initiatives such as

bio-energy production. denmark is now

a world leader in biogas technology and

in the use of straw for energy produc-

tion. denmark is a small country with

the world’s biggest wind industry. Wind

turbines generate around 20 percent of

the electricity consumed in denmark and

wind turbines are today an export success.

today every third windmill in the world is

produced in denmark.

danish entrepreneurs have ideal conditions

for making a success of their companies.

regional public teams offer free of charge

advice on strategy and management,

technology and innovation, economy and

financing as well as sales and marketing.

several incubators and venture capital

firms as well as public funds are available

for funding from early start to late expansion.

Investing in climate- and energy-friendly

technology makes good business sense

in denmark, where this sector comprises

485 companies, employs 32,000 (21,000

in wind technology alone), has revenues of

usd 10 billion and produces 9 per cent of

exports, up from 4 per cent a decade ago.

denmark hopes to triple their exports of

climate-friendly technology in the coming

years and for many investors the danish

cleantech market is a unique opportunity

for future investments in clean and envi-

ronmentally friendly solutions.

BankInvest new energy solutions and

climate consortium denmark welcome you

to the cleantech Forum xxI in copenhagen,

april 28-30 2009 and look forward to

meeting you.

3 opinions

Michael Stuer Lauridsen partner, Bankinvest

Kristian Wederkinck Olesen communication advisor, climate consortium denmark

BioGasol ApS

lyngby, denmark

BioGasol has developed a process

to extract ethanol from agricultural

residue. Biogasol is expected to be

among the first companies in the

world to introduce commercial proc-

esses which can produce ethanol

from readily available residue from

farms, such as straw and bellows.

BankInvest’s five

investments in Scandinavia

18

BankInvest new energy solutions was

founded in June 2002 as one of the very

first european venture funds dedicated

to energy investments. today we man-

age two funds with a eur 160 million

capital commitment. our investment

team consist of 5 persons with many

years of experience in energy technolo-

gies, business development and finan-

cial management. since 2002, we have

screened more than 500 investment

proposals of which we have invested

in 20. the investments are distributed

with 5 in scandinavia, 11 in the rest of

europe and 4 in north america. In all

of our portfolio companies we take an

active role on the board of directors to

help the companies to grow.

BankInvest New Energy Solutions www.biventure.com

Michael stuer lauridsen | partner

phone +45 77 30 91 84 Mobile +45 30 76 55 60

[email protected]

Michael stuer lauridsen partner

Jens christian Mathiesen senior partner

Jesper christensen associate

poul erik schou-petersen Managing partner

Mads Moeller associate

PowerSense A/S

lyngby, denmark

powersense has developed a tech-

nology for monitoring and detection

of faults in the medium voltage

electrical grid by means of optical

sensors installed in the transformer

stations. the technology makes it

possible for utilities to optimise the

operation and reliability of the exist-

ing grid and to eliminate or postpone

investments in capacity.

Danfoss AquaZ A/S

nordborg, denmark

danfoss aquaZ has developed a high

efficiency membrane for purification

of water with significantly lower

energy consumption than existing

technologies. Within a few years,

the membrane is expected to reach

an efficiency level suited for com-

mercial production of drinking water

from both salty and contaminated

fresh water.

GreenOil Standard ApS

ebeltoft, denmark

Greenoil standard manufactures

and markets a series of compact

oil filtration and water separation

units. the equipment secures unique

cleanliness levels and extreme low

water contents in technical oils.

Greenoils unique oil filtration and

water separation unit has big market

potentials in wind turbines.

ChromoGenics AB

uppsala, sweden

chromoGenics sweden aB develops

new technologies based on electro-

chromism. the technology is based

on thin plastic laminate foils that

are able to vary their transmittancy

of light and heat radiation by the ap-

plication of a low electrical voltage

and which have a memory effect.

BankInvest’s five

investments in Scandinavia

19

NordicCleantech 50

It should be a perfect opportunity for

cleantech Vc investors, but so far it just

hasn’t been. the geothermal heat pump

(Ghp) is a proven sustainable technol-

ogy with a huge potential to cut energy

costs and reduce co2 emissions globally,

for which the nordic region is the world’s

centre of excellence in terms of technology

development. In other words, the Ghp is

a clear case of what nordic Vc’s are made

to look for – a valuable local technology in

need of capital to start an aggressive sales

expansion. so why have Vc’s not invested

more to help nordic Ghp companies sell

and market their technologies worldwide?

In this article we argue that a weak busi-

ness model is holding the market back.

however, we also note that recent Ghp

business model innovations elsewhere

might be just what the nordic market

needs to take off, and what Vc’s need to

start investing.

as most cleantech professionals will know,

the Ghp takes advantage of the fact that

the earth’s temperature two to three

meters below is more or less constant at

10-15° c. a Ghp is a heat exchanger, using

a grid of tubing with a circulating mix of

water and glycol to extract this heat from

shallow ground. the tubes are drilled into

bedrock or covered with soil. although

the Ghp depends on electricity to work, it

typically extracts four times more heat en-

ergy than the consumed electrical energy.

today, Ghp’s can be found all over the

world. But while the technology is obscure

and only provides a small portion of total

heating in most places, Ghp’s in the nordic

region constitute the very mainstream of

small house heating. With 300.000 instal-

lations in sweden (the world’s highest per

capita penetration) Ghp’s are the country’s

largest source of heat for small houses.

the potential seems vast for promoting

nordic-like penetration rates in other parts

of the world. the technology is proven and

robust, and it fills a market gap. the latest

co2 abatement report from Mckinsey &

company identifies heat saving in buildings

as one of the least costly ways to achieve a

large reduction of co2 emissions. accord-

ing to the us department of energy (doe),

buildings account for 70% of us electricity

consumption. the doe also estimates that

full use of Ghp’s as heat generators could

eliminate 45% (100 GW) of the us electric-

ity generation capacity additions needed

by 2030.

But the predominant Ghp business model

seems unfit to capture this opportunity.

at the moment, a typical Ghp company

mainly targets small-house installations.

the house owner pays for the equipment

and its installation. this model does not

suit commercial property owners, and only

a couple of hundred large-scale Ghp in-

stallations in commercial buildings can be

found on the swedish market, a staggering

comparison to the total number of Ghp’s.

this leaves Vc’s without a clear role to fill

today. the small-scale Ghp companies

are mature, and many are subsidiaries to

large industry groups after a recent M&a

wave. the potential for Ip is limited, as

small-scale Ghp is a well-researched and

distinctively low-tech area. From a Vc’s

perspective, the commercial-scale market

is the prize. the complexity increases in

large-scale installations, which reduces

the commodity-like aspect of small Ghp’s.

there is room for system design Ip’s and

proprietary control software, and hence for

higher and sustainable margins. Moreover,

revenue per client increases sharply, which

means faster revenue growth for success-

ful companies, compared to the inertia of

retail markets.

But in the large-scale market, Vc’s need to

look for new business models if their bets

are to make sense. today, the large-scale

market is undeveloped because it is unclear

who the customer should be. owners of

commercial real estate seem like good

candidates, but aren’t. they treat heating

as an operating expense to be purchased

A new business model for geothermal energy

3 opinions

Anders Frisk Investment director, sustainable technologies Fund

20

from a utility in the form of heat or fuel,

and then pushed on to end-customers.

they are unlikely to invest in a complex

and expensive heating installation.

In their december 2008 report “Geother-

mal (Ground-source) heat pumps: Market

status, Barriers to adoption, and actions to

overcome Barriers”, the us doe asks why

building owners are expected to finance

Ghp infrastructure, but not other utility

infrastructure, and calls it the primary Ghp

market failure. But if the customer is not

the real-estate owner, a utility probably

isn’t the right customer either. From a

utility’s perspective, Ghps are annoyingly

small-scale and anyway not rational so

long as centralised generation is profit-

able. that leaves only two obvious niche

customers: energy service companies, who

could invest in Ghp’s on behalf of property

owners through an energy performance

contract; and institutions that are both

end customers and real-estate owners,

such as hospitals and municipality-owned

companies. still, these two niches don’t

look like the sort of mainstream market a

Vc-backed company should target.

rather, a revolution of the Ghp busi-

ness model is what Vc’s should look for.

and there is one happening right now.

Geoxperts, a pioneering canadian Ghp

company, started to turn itself into a utility

last year with the help of Ghp technol-

ogy. today Geoxperts aims to fully own its

installations, and just provide its custom-

ers (real-estate owners) with heating as

a service, as any gas or electricity utility

would do. and the value proposition to

clients? unprecedented pricing reliability.

thanks to the level of predictability with

which Geoxperts generates its heat, it

can provide clients with a fixed long-term

energy price, independent of international

markets or grid constraints.

the Ghp company benefits from this

model in several ways. With full control

over all installations, the company can

increase its energy yield by fine-tuning the

system. It can also build remote monitoring

systems handled by expert staff, creating

economies of scale and responding rapidly

and accurately to heat pump failures. In

all, a Ghp company with the business

model of a utility attracts mainstream

real-estate owners previously out of reach

for the technology; it has numerous ways

to increase its margins; and it will prob-

ably build proprietary knowledge. If this

business model could be coupled with

scandinavian Ghp know-how, Vc’s and

Ghp companies in the region could really

break new ground – literally.

A new business model for geothermal energy

sustainable technologies Fund (stF)

invests in expansion stage nordic

cleantech companies. established in

2007 with offices in sweden and the

usa, stF has eur 58 million under

management and 3 portfolio companies

to date. our team of six profession-

als represents 45 years of combined

experience within venture capital and

growing businesses and knowledge of

the energy and environmental sectors.

We have a strong focus to expand our

portfolio companies on international

markets, particularly in the united

states where we have an outstanding

network.

Sustainable Technologies Fund www.stechfund.com

anders Frisk | Investment director

Mobile +46 70 420 44 87

[email protected]

21

NordicCleantech 50

Picking the winning Renewable Energy technology

World energy demand is expected to

increase by nearly 50% between now and

2030, with an average annual growth of

1,6% (Word energy outlook 2008, Iea

2008). to illustrate: close to “one exxon

Mobile” needs to be brought into the

marketplace each year in a situation where

the oil and gas companies are increasingly

struggling to meet their oil and gas reserve

replacement targets. lifting costs and the

technology intensity of new oil and gas

reserves have increased dramatically the

last 10 years.

environmental concerns are re-pricing

traditional sources of energy and increased

wealth in areas where infrastructure for

electricity and fuel distribution is limited,

favours new distributed energy solutions.

energy supply growth and future economic

growth is dependant on the venture capital

investors’ ability to allocate capital to the

most promising companies. What does

it take to be a winner in this race and to

make the “right bets” as an energy venture

investor?

In this macro situation, new energy carriers

are becoming increasingly more competi-

tive and traditional utilities and oil and

gas companies include renewable energy

sources as part of their future energy mix.

according to new energy Finance, renew-

able energy accounted in 2007 for 23% of

new generation capacity added worldwide,

up from 7% in 2005. this pattern is expect-

ed to continue and substantial shareholder

value is to be made. a renewable energy

share of 20% of the total energy mix in

2030 implies shareholder value creation of

close to usd 300 billion annually.

Investing in the renewable and clean

energy sector is not an activity for the

faint-hearted. the sector is still in its early

days, with value chains and markets in

the making, and learning and cost curves

still to be proven. economies of scale and

standardisation are vital in order to bring

down costs. a deal flow of e.g. 20 marine

renewable technologies each year, all re-

quiring usd 100 mln in risk financing to be

realised, is not sustainable. only a few will

have the potential to become substantial

companies in 20 years time and to create

value for their shareholders.

In the venture capital

industry only 1st

quartile performers

deliver acceptable

risk adjusted re-

turns over time

to their limited

partners. to

deliver value

over time,

investors

need to

weigh the

differences

between

invest-

ing in an

early phase

growth

sector of the

energy indus-

try (renewables,

distributed genera-

tion and storage, etc) and

more mature sectors, such as

oil and gas. More time, money and

patience is required to deliver attractive

returns in clean energy cases compared to

a typical technology investment in the oil

and gas industry.

3 opinions

Arne Frøiland ceo and Managing partner, energy capital Management

22

the most mature renewable en-

ergy sectors are first genera-

tion solar, first generation

biofuels and on-shore /

near shore wind. the

typical venture

capital investor in

these segments

will most likely

invest in one

product/

technology

companies.

key is to

have access

to a pilot

customer’s

assets, test

the prototype

technology,

scale the offering

and then exit most

likely through a trade

sale to an established

player in the industry. the

transaction and the value creation

process will vary, but is comparable to in-

vesting in the oil and Gas sector. a typical

investment would be held for 4-5 years and

with a financing need of usd 10-20 million.

however, many of the deals in the renew-

able energy technology sector today are

within less mature value chains, such as

next generation solar (including thin film),

next generation biofuels, geothermal and

marine renewable technologies. such cases

may be an investment in both a new fuel, a

new electricity generation technology, and

here is the catch – they may also require

development of a new market, highly

dependant on both capital grants and fuel

subsidies for its development. Venture

capital investors in these segments may be

exposed to extended investment-to-exit

cycles and support a total financing need

often above usd 100 million. often a key

value driver is obtaining access to a pilot

customer’s acreage (be that for wind, tide,

wave, solar resource) in order to verify a

production process through a pilot produc-

tion plant.

In this investment space, a sector-diversi-

fied venture capital investor needs to ask

himself whether he has the required capital

and the first customer relation to be able

to pick the winning wave or tidal deal out

of the 20. a typical venture capital investor

is not funded to adopt a “spray and pray”

strategy and can only take a few selected

investments putting even more weight

on the ability to pick the right case and

to work closely with an industrial pilot

customer. It is critical that the investor

thoroughly weighs the differences between

holding an equity position in a technology

company in mature industries and holding

an equity position in a new renewable

electricity or fuel production process prior

to the investment.

energy capital Management (ecM) has for

nearly 10 years been a dedicated Vc inves-

tor in the renewable and upstream oil and

Gas technology sectors. In close coopera-

tion with our industrial limited partner,

hydro then statoilhydro we have first hand

experience of identifying technology needs

when investing in companies that can sup-

ply future solutions. With an international

network and deal flow, ecM has now a

portfolio of 26 direct investments and 3

fund investments and close to $250 million

under management.

energy capital Management as (“ecM”)

has since 2001 invested in technology

companies in the upstream oil & Gas -

and clean technology sector. today, we

have a portfolio of 26 active companies

located in europe and north america, and

close to usd 250 million under manage-

ment. We are an independent manager

of the venture portfolio of statoilhydro

asa, an international Fortune 500 energy

company headquartered in norway.

Energy Capital Managementwww.energycapital.no

arne Frøiland | ceo and Managing partner

phone +47 90 74 86 33

[email protected]

our investment team has many years of

experience from the oil & Gas industry,

the renewable industry and the private

equity industry. the head office is

located in oslo, norway.

ecM’s cleantech investments include:

pelamis Wave power, danotek Motion

technologies, Brightsource energy,

chapdrive, superprotonic, energreen,

norsun and ascent solar technologies.

23

NordicCleantech 50

An international perspective is needed

Increased awareness of global environ-

mental challenges has created a highly

competitive market for clean technology,

focusing on new and emerging integrated

solutions. the competence level in such

technology is high in the nordic countries.

however, the nordic share of the global

market does not reflect the potential.

In order to increase competitiveness,

nordic industries need to combine their

experience and capacity, and improve their

innovation capability, says Ivar h. kris-

tensen, Managing director of nordic In-

novation centre. according to kristensen,

there is a need for more networking and

clustering in the clean technology sector at

nordic level in order to exploit the global

market possibilities.

A fragmented sector

today, environmental technology and en-

vironmentally friendly solutions are among

the fastest growing industries globally.

new technologies are continuously devel-

oped to reduce emissions and make the use

of resources and energy more efficient. the

nordic countries have excellent prerequi-

sites for a revolution in energy supply and

energy use in the form of access to consid-

erable resources of renewable energy, and

we have thus much to offer the world.

however, the nordic environmental

technology sector is fragmented, provid-

ing specific technologies and solutions.

these are also often marketed by small

companies with limited resources. Yet,

the global market is looking for integrated

environmental technology solutions,

where technology and services create

value chains and generate a competitive

customized total solution. as a result, the

international customers have difficulties in

finding suitable nordic solutions for their

growing needs.

the nordic Innovation centre believes that

by increasing nordic collaboration within

clean technology, we will be more able

to reach a wider audience, thus become

a more effective and influential compli-

ance partner globally. It will make us more

capable of showcasing the nordic region

as a hotbed of innovation in the field of

cleantech; hence contribute to promote

sustainable growth and prosperity through-

out the nordic countries.

to stimulate nordic cooperation in re-

search and innovation, the nordic prime

ministers have initiated the programme

“nordic excellence in research”. this is a

new joint programme which aims to pro-

mote superior nordic features in research

and innovation within climate research

and policies, innovative energy sources,

system solutions, and clean fuels, and by

this strengthen the competitiveness of

the nordic region. the nordic Innovation

centre, in partnership with nordForsk and

nordic energy research, will coordinate

and administrate the different projects

within the programme.

Open innovation

In today’s global network economy, growth

and welfare are not measured primarily in

trade with physical products. the ability to

introduce new service concepts and expe-

riences and the ability to attract the best

3 opinions

Nordic Innovation Centre

24

competency environments internationally

is just as important.

Innovation today has become much more

democratic. democratic in the sense that

the primary source of innovation is not sci-

ence, but rather takes its starting point in

the needs of the users. In this regard users

can be such as consumers or companies in

a value chain.

research has become one amongst many

sources of innovation. this development

also emerges in the eu’s research and in-

novation studies which have been carried

out in over 250,000 european compa-

nies. here less than 15 per cent point to

research as the most important source of

innovation. the oecd and international

studies carried out by IBM, Booz, allen

hamilton and others, came to the same

conclusion.

this development has led to countries like

the usa and uk, and organisations like the

eu and oecd, to start working with new

programmes for innovation. the nordic

countries are also starting to change

course. as a response to globalisation

the nordic Innovation centre is working

actively with open innovation.

Increasing Nordic competitiveness

the global winners will most probably

be those which manage to organise their

innovation work in such a way that they

actually meet the challenges of the us-

ers and communities, and quickly come

up with practical solutions which can be

implemented. this is especially critical for

the nordic countries because the ability to

create and be innovative will have direct

influence on the continuity of the nordic

welfare model.

If the nordic region is to enhance itself

as a frontrunner in the cleantech sector,

research and development in technology

is not enough. In order to increase their

share of the global market, the nordic

countries should cooperate to complement

each other within their distinctive areas of

strength to reach for more integrated and

joint solutions. companies need to adapt

and respond to market needs, as well as

to network and form comprehensive value

chains. they need to improve the visibility

and availability of nordic clean technology

solutions by logistic marketing support and

promotion.

the nordic Innovation centre initiates

and finances activities that enhance

innovation. We cooperate primarily with

small and medium sized companies in

the nordic region. We aim at developing

a smoothly functioning nordic region

without national barriers. the total

project portfolio of the nordic Innova-

tion centre consists of approximately

120 ongoing projects and networks.

together with several hundred com-

pleted projects of great value to nordic

businesses, these projects involve

the centre in nearly all strategically

important nordic areas. nordic Innova-

tion centre is an institution under the

nordic council of Ministers. the centre

is located in oslo, but has projects in all

the nordic countries.

Nordic Innovation Centrewww.nordicinnovation.net

natalia Grebennik | Innovation advisor

Mobile +47 410 45 211

[email protected]

25

NordicCleantech 50

3nine aB country: sweden

Webpage: www.3nine.com

cleantech segment: air and environment

development stage: expansion

3nine cleans air, aerosol and gases from

particles by using centrifugal separation

technology, which can achieve particle-

free air. applications can vary from crank

case ventilation to cleaning flue gases from

biofuelled power plants. depending on the

application the size of the separated par-

ticles can be as small as 0,5 micrometer.

3nine technology allows not only separa-

tion, but also recycling of the particles

when possible.

the conventional planetary gearbox. this

in turn results in higher reliability and less

weight. By introducing an angle arrange-

ment together with the gearbox and a ver-

tical shaft, it will be possible to move the

generator from the nacelle to the ground

or sea level, making it easier accessible

for maintenance at sea. the technology is

aimed at lowering capital cost and mainte-

nance costs of large offshore wind turbines.

applied nano surfaces sweden aB country: sweden

Webpage: www.appliednanosurfaces.com

cleantech segment: advanced materials

development stage: seed/pre-revenue

applied nano surfaces has developed a

new technique to coat steel surfaces, and

thereby reduce energy losses due to friction.

a special tool is used to “rub” the surface

and create a durable nano-composite

aluwave aB country: sweden

Webpage: www.aluwave.com

cleantech segment: energy efficiency


aluwave develops, markets and sells alu-

nat, a material developed to remove heat

from electronics, especially suited to high

power led’s. the material transports the

heat away from the led chip which allows

better energy efficiency in the light genera-

tion and thereby 10-20% lower power con-

sumption with maintained light output (or

10-20% more light output with maintained

power consumption). Based on this mate-

rial aluwave has developed tailored led

light engines, marketed and sold to B2B

customers such as work, desk, automotive,

sports and medical lamp makers.

angle Wind as country: norway

Webpage: www.anglewind.com

cleantech segment: energy Generation


angle Wind develops a new type of

gearbox for wind turbines. the gear is ec-

centric and has integrated bearings, and

contains fewer components compared to

The Nordic Cleantech 50Companies’ Profiles

4 profiles of the 50

26

coating. the method requires no special

machines or investments, since the coating

process can take place as an integrated

part of the manufacturing e.g during mill-

ing, honing and turning.

aquaporin as country: denmark

Webpage: www.aquaporin.dk

cleantech segment: Water and Wastewater


the aquaporin membrane technology™ is

conceptually based on nature’s own water

filter, aquaporins, and capable of purifying

water to a very high degree, while keeping

low energy costs. the technology can be

seen as a novel reverse osmosis (ro) mem-

brane technology. compared to today’s

industrial state-of-the-art ro membranes,

the aquaporin membrane technology will

reduce energy costs in production of ultra

pure water and desalination of seawater by

~80%, due to the increase in water flux pr

pressure unit.

Beakon technologies aB country: sweden

Webpage: www.beakontech.com



Beakon technologies developed a highly

efficient thermoelectric chip that is

designed with maximum flexibility to

become adjustable for multiple applica-

tions. the technology can convert waste

heat, wherever it occurs, back into useful

electric energy. It can also be applied to

more energy efficient cooling and heating,

replacing compressors wherever they are

used. calculations show that the Beakon

technologies element has the potential

of delivering 10-15 times higher energy

efficiency than today’s peltier elements,

and 30% higher efficiency than today’s

compressors.

Beneq oy country: Finland

Webpage: www.aluwave.com


development stage: commercialisation

Beneq is a nanotechnology company

focused on supplying industrial equipment

and technology for functional coating ap-

plications. the key market areas are in the

areas of glass coatings, photovoltaics and

thin films for industrial applications, which

include barrier layers on glass, coatings

on plastics and metals, flexible electron-

ics, self cleaning glass and ceramics, low

energy photovoltaics, and optical coatings.

the strengths of the technology include

extreme surface conformity, pinhole free

films, repeatability and precision.

The Nordic Cleantech 50Companies’ Profiles

27

NordicCleantech 50

BioGasclean aps country: denmark

Webpage: www.biogasclean.com



BioGasclean develops, manufactures and

markets biological biogas desulphurization

plants. the biogas is cleaned from hydro-

gen sulphide (h2s) so it can be combusted

in high efficiency gas engines generating

4-5 times more electricity compared to

low pressure boiler steam turbines. the gas

cleaners can be dimensioned to handle any

volume of biogas and sulphur load and does

not require the consumption of expensive

chemicals such as caustic soda.

particularly competitive in small to medium

sized waster water plants. low amounts

of capital are needed to install a plant,

which means the solution is suitable in

areas where public sewage systems are

inadequate.

Bioprocess control aB country: sweden

Webpage: www.bioprocesscontrol.com



Biogas processes are currently inefficient

and unstable. Bioprocess control provides

technologies and services that support the

efficient design and operation of biogas

processes. users of the company’s flagship

product, `Biogas optimizer´, are biogas

producers. Biogas optimizer provides

biogas producers with a higher and more

even gas production (10-200% increase),

thus increasing the profitability and leading

to more investment in the area.

Biogasol as country: denmark

Webpage: www.biogasol.com



BioGasol is a biotechnology and engi-

neering company that has developed a

technology for the sustainable production

of cellulosic bioethanol and other energy

products such as biogas and solid fuel. the

technology makes it possible to convert

cellulosic biomasses such as corn stover,

wheat straw, wood and garden waste into

sustainable energy products by maximising

the ethanol yield through the successful

conversion of nearly all sugars and utilising

the biomass for other fuels.

Biokube a/s country: denmark

Webpage: www.biokube.com



Biokube offers biological cleaning of waste-

water. the scale of the units vary from

domestic wastewater cleaning for single

households to larger units that handles

wastewater from the food processing

industry, or even to wastewater plants for

smaller towns. the technology is based

on submerged aerated filters, which is


28

Bio-teho ltd country: Finland

Webpage: www.btwood.com

cleantech segment: advanced Materials


Bio-teho develops, produces and markets

globally different wood preservative chemi-

cals with a wide range of applications and

also provides permanent technical assist-

ance to its customers. Bio-teho’s chemi-

cals are ecological wood preservatives that

protect timber and wooden products from

various degrading factors and therefore

extend their durability and range of ap-

plications. the company also offers wood

treatment solutions for home use which

are safe and easy to apply.

Biowaz as country: norway

Webpage: www.biowaz.com



Biowaz manufactures farm based plants

for the production of biogas from manure

and organic waste that provide simple

installation and operation, low threshold

product and fertiliser production as a by-

product. the technology with standardised

and module-based components together

with an industrialised production makes

the investment cost substantially lower,

and the whole system scalable.

carbon recycling International country: Iceland

Webpage: www.carbonrecycling.is



carbon recycling International produces

renewable methanol fuel from the non

condensable gases of geothermal power

(co2 emissions) and stranded energy. In a

15% blend with gasoline, methanol can be

used as a vehicle fuel. renewable metha-

nol is the ideal storage for, and carrier of,

hydrogen. It can thus be used in hydrogen

fuel cells, or specialised methanol fuel

cells, and for electric engines. Geothermal

power produces high quantities of co2,

as well as hydrogen sulfide (h2s), and the

gas recovery process removes both these

emissions.

29

NordicCleantech 50

chapdrive as country: norway

Webpage: www.chapdrive.com



chapdrive develops a hydraulic transmis-

sion for wind turbines, which replaces the

mechanical gear box in a conventional

wind turbine and reduces the cost of en-

ergy. the generator in the wind turbine

can then be moved down from the top of

the turbine to the ground. this reduces

the top weight for a 5 MW wind turbine

with approximately 50 %, and enables an

optimal operation of the wind turbine with

improved reliability, power quality and

efficiency.

chemrec aB country: sweden

Webpage: www.chemrec.se



With a proprietary black liquor gasification

technology, chemrec helps pulp and paper

mills transform into biorefineries, thereby

opening up new markets for the industry

in sustainable, low-carbon chemicals and

blocking capacity for solar energy in both

the visible and near infrared spectra. With

this technology the solar heat gain through

the window can be reduced, and energy

savings in buildings of up to 50% are possi-

ble. similar opportunities for energy savings

also applies to several applications in the

automotive market.

fuels. chemrec’s process provides the dual

service of recovering the spent cooking

chemicals of the pulp production process

and simultaneously generating syngas for

renewable biofuels production.

chromoGenics aB country: sweden

Webpage: www.chromogenics.se



chromoGenics produces electrochromic

film, which is characterised by its ability

to adjust its transparency from a transpar-

ent to a dark color using a superimposed

electrical signal. a smart Window tech-

nology allows regulation of the window’s


30

climateWell aB country: sweden

Webpage: www.climatewell.com



climateWell offers solar powered air condi-

tioning system - a triple-state absorption

technology , which is a “heat pump” with the

ability to store energy and convert hot water

to cooling and heating without the need for

electricity. the ability to store thermal energy

in a chemical way without energy losses

provides the opportunity to use a non-static

energy source such as the sun.

danfoss aquaZ a/s country: denmark

Webpage: www.danfoss-aquaz.com



danfoss aquaZ develops a cost-effective

membrane technology for sea water de-

salination plants. the technology is based

on a proprietary robust membrane concept

with its highly effective layer of aquaporins

incorporated in a multitude of polymer

spheres. the purification process can be

gravity-driven and thus reduce energy con-

sumption to 1-2 kWh/m3 while increasing

water throughput by 5-10 times compared

to traditional state-of-the-art desalination

technologies.

decision 3 country: denmark (Faroe Islands)

Webpage: www.decision3.com



decision 3’s product, ‘Greensteam’, is an

energy optimising system for ships. the

core technology is a mathematical model-

ling of relationships between ship controls

(e.g. power and trim, conditions - such

as wind, waves, and draft) and energy ef-

ficiency. It may be applied to most types

of large ships from 5 000 kW engine power

and upwards. the modelling that Green-

steam uses is based on real, recorded data

from the ship, which allows for accurate

models and in turn, accurate optimisation.

a typical increase in fuel efficiency for

Greensteam-equipped vessels is 4-5%.

effpower aB country: sweden

Webpage: www.effpower.com

cleantech segment: energy storage


effpower develops energy storage systems

for micro and mild hybrid electric Vechi-

cles, both for passenger and heavy duty

vehicles. the system is based on the ef-

fpower battery technology – a carbon lead

acid bi-polar battery, and is an alternative

to existing and more expensive li-Ion and

nimh technologies. the user of a hybrid

electric vehicle will typically save between

20-30 % of fuel dependent on application

and driving pattern. the material used in

the effpower Battery has the potential of

being almost fully recyclable.

31

NordicCleantech 50

Green energy Group as country: norway

Webpage: www.greenenergyas.com



Green energy Group produces 5 MW, small,

modular and transportable electrical power

generating units that use pollution-free

geothermal energy from the earth. they in-

clude control system software that can be

scaled up by adding modules. the solution

is cost effective per MW and will enable

customers to start producing energy within

months rather than several years compared

to conventional geothermal power plant

solutions. the units can be installed at

production sites whitin days, and are less

invasive than conventional solutions.

hywind country: norway

Webpage: -



hywind’s floating wind turbine substruc-

ture is the first wind power foundation

technology designed for rough conditions

at deep water sites, where wind condi-

tions are the most favourable. as offshore

wind moves into deeper water, the costs

associated with foundations and marine

operations become increasingly large.

Benefiting from statoilhydro’s compe-

tence in offshore oil and Gas operations,

Greenoil standard aps country: denmark

Webpage: www.greenoil.dk

cleantech segment: Waste and recycling


Greenoil standard’s product offers a new

way of removing water from hydraulic-

and lubricating oils, thereby reducing the

interval between oil changes by keeping

the oil clean and dry from water. Water

separation is done by consumption of a

very small amount of energy. the filter sys-

tem extends the lifetime of hydraulic- and

lubricating oils by removing particles and

especially water from the oil. using clean

oil in machinery is having the “side effect”

that lifetime of the machinery itself also

will be extended substantially.

h2logic a/s country: denmark

Webpage: www.h2logic.com

cleantech segment: transportation and logistics


h2 logic is a developer of hydrogen and

fuel cell technology that enables clean and

efficient electric propulsion of vehicles.

the company supplies fuel cell systems

for integration in vehicles such as material

handling forklifts, and urban road vehicles,

as well as hydrogen infrastructure for pro-

duction and refuelling of hydrogen to any

vehicle. hydrogen can be refueled just as

fast as gasoline and diesel, it enables the

same long operation range, and it is con-

verted to electricity with high efficiency.


32

hywind possesses an important part of

the technology, knowledge and experience

needed to enable wind power at previously

inaccessible sites.

Innotech solar as country: norway

Webpage: www.innotechsolar.com



Innotech solar developed a process and

technology for repowering so-called

shunted solar cells, meaning solar cells

with small/large electrical short circuits,

which in total constitutes about 1-3% of

total solar cell production volume. these

solar cells are a problem to the solar mod-

ule/panel customers today because they

cause hot-spots which damage the solar

module. With the Innotech solar process

and technology these cells can now be

repaired and contribute to generating more

clean and green solar energy, while also

reducing waste.

WAVE POWER langlee Wave power as country: norway

Webpage: www.langlee.no



langlee has developed a floating wave

energy converter with high efficiency in

medium waves. It is designed to be moored

in water depth between 20 and 40 meters.

the installation’s wings absorb the hori-

zontal wave movements. langlee is also

ideal for installation between offshore wind

turbines. In extreme weather the electric

generating system is automatically decou-

pled from the water wings leaving them to

swing or rotate freely without creating any

damaging forces.

myFc aB country: sweden

Webpage: www.myfc.se



myFc develops and produces efficient fuel

cells and reactors to provide increased

runtime for portable electronic devices in

the range between 2 – 75W, and accord-

ingly provide mobility for end users. the

first market/application is to charge batter-

ies via cordless fuel cells chargers with the

aim of exchanging batteries with fuel cell

systems and integrate fuel cell systems

into the terminal directly at al later stage.

among the benefits are: high volume power

density, cost efficiency, flexible design and

suitability for mass production.

33

NordicCleantech 50

nidecon technologies oycountry: Finland

Webpage: www.nidecon.com



nidecon technologies designs and manu-

factures inductive components and power

quality filtering solutions for modern power

electronic applications: wind power, solar

power and general power conversion sys-

tems. the company utilizes new magnetic

material technology, replacing a 100 year

old steel-lamination technology. the prod-

ucts are smaller in size, create small power

losses and are easily mountable; they offer

40% less size and weight reduction if com-

pared to today’s existing designs.

the cellulose based industry. the product

pipeline spans from novel biomaterials

for use in the biotech industry to unique

chemical compositions used to improve

functions such as hydrophobicity or

enhancing mechanical properties for the

paper, packaging and textile industry.

pegasor oy country: Finland

Webpage: www.pegasor.fi



pegasor has developed a working ‘on-board

diagnostic’ sensor for fine particles and will

market and license this sensor technology

to diesel vehicle and sensor manufacturers.

the sensor technology can continuously

norstel aB country: sweden

Webpage: www.norstel.com



norstel produces silicon carbide wafers for

power electronics with specific application

in hybrid vehicles, and for high frequency

electronics, especially for mobile infra-

structure. silicon carbide is a novel semi-

conductor material applicable for energy

conversion devices. silicon carbide reduces

half of the energy losses compared to the

same solution implemented with today’s

best in class silicon technology. It is also

able to operate at much higher tempera-

tures and current densities than silicon,

which gives it advantages in a number of

demanding power electronics applications.

organoclick aB country: sweden

Webpage: www.organoclick.com



Based on proprietary technology for envi-

ronmental friendly modifications of bio-

fibres organoclick is developing a number

of environment-friendly alternatives for


34

operate in harsh tailpipe conditions and

can be calibrated to particle mass and

number (key parameters in emission and

air quality legislation). due to its simple

construction and low manufacturing costs,

it is believed to be possible to include a

sensor to every vehicle.

picodeon ltd oy country: Finland

Webpage: www.picodeon.com



picodeon coldab® deposition method

allows deposition of virtually any type of

layer on any type of material. the patented

laser ablation based technology is materials

agnostic. It can deposit various functional

thin films with strong adhesion to heat-

sensitive materials and also to metal, glass

and ceramic materials. the method allows

for cost-effective, environmentally friendly

production (short cycle times, low vacuum)

and easily expandable production.

re8 Bioplastics country: sweden

Webpage: www.re8.se



re8 develops bioplastics from renewable

materials. the company already created

two unique material concepts: natural

fiber reinforced plastics, so-called bio-

composites, under the trademark cefibra,

and a 100% renewable material under the

trademark posibla. the light biofibers’ high

strength opens up for less consumption of

plastic and enhanced properties such as

longer life-time, shorter cycle times in pro-

duction, less tear on manufacturing equip-

ment and a green profile for the end-product.

reVolt technology as country: norway

Webpage: www.revolttechnology.com



reVolt has developed a Zinc-air battery

technology that has high energy density

(2x li-ion), is low-cost and safe. the

technology is scalable from mill watts to

megawatts. the products include primary

batteries for applications such as hearing

aid; secondary batteries - for consumer

electronics applications like cell phones,

laptops, and power tools; and second-

ary battery packs - for electric vehicles

and grid based stored energy. the battery

doesn’t contain toxic materials.

35

NordicCleantech 50

scandinavian Biogas aB country: sweden

Webpage: www.scandinavianbiogas.com



scandinavian Biogas produces biogas and

optimises its generation at wastewater

treatment plants, ethanol and biodiesel

plants, food processing plants and from

other large streams of organic waste. the

company’s concept allows for industrial-

scale digestion with higher organic loads and

with a greater range of possible feedstock

than competing methods, thus reducing both

investment and operational costs.

pesticides. official evaluations since 2002

have shown that thermoseed gives higher

average harvest yields than chemical treat-

ments, thereby increasing the economic

value of the treated seeds.

senseair aB R

country: sweden

Webpage: www.senseair.se



senseair develops and manufactures main-

tenance free gas sensors using low-cost

infrared sensing technology, with focus on

low-cost but reliable co2 measurements.

the applications cover several different

cleantech segments, such as indoor air

quality control applications, energy savings

in buildings, gas burners and boilers energy

efficiency, alarm systems for high co2

levels and personal safety.

scandinavian enviro systems aB country: sweden

Webpage: www.envirosystems.se



scandinavian enviro systems has de-

veloped a patented method for thermal

breakdown of organic waste through gasi-

fication. In the first application for material

recycling of tires, the company produce 100

% commercial materials; carbon Black (to

produce new rubber), oil, steel and gas. the

environmental impact is significantly lower

than for producers of virgin carbon Black.

the technology can also be used for plastics,

hazardous waste and electronic waste.

seedGard aB SeedGard ABcountry: sweden

Webpage: www.thermoseed.com

cleantech segment: agriculture


seedGard’s product is a process for thermal

disinfection of seeds from seed-borne

pathogens. the treated seeds give healthy,

high-yielding crops with highest-quality

end-products without the use of any seed


36

shark solutions a/s country: denmark

Webpage: www.shark-solutions.com



shark solutions processes and recycles

laminated glass (pVB) waste in indus-

trial volumes. Glass recyclers currently

pay landfill chargers for their pVB waste.

shark solutions now offers to buy their

pVB waste, which saves them money and

gives them strong incentives to find more

laminated glass in the market. shark solu-

tions then sells to its customers recycled

clean pVB at lower price than virgin pVB.

recycling of laminated glass reduces

energy consumption and natural resources

extraction.

soottech aB country: sweden

Webpage: www.soottech.com



soottech sells and installs an energy ef-

ficiency system called high Impact soot

system (hIss) which is used for the clean-

ing process, mainly of recovery boilers in

the pulp- and paper industry. It can also

be applied to the power boilers market.

the hIss-technology is an add-on equip-

ment. It has the characteristic of saving

steam energy and increasing the cleaning

capacity at the same time as it decreases

the energy consumption for cleaning with

30-50%.

stirling dk country: denmark

Webpage: www.stirling.dk



stirling dk offers biomass fuelled, stirling

engine based, combined heat and power

plants which convert biomass (such as

wood chips, straw and other agricultural

by-products) into co2-neutral heat and

power. stirling dk’s combined heat and

power technology secures a 90% energy

utilisation, and minimisation of transmis-

sion losses due to the distributed energy

generation concept. applications include

any large building or industrial facility with

a heat demand.

37

NordicCleantech 50

suntrica ltd. country: Finland

Webpage: www.suntrica.com

cleantech segment: energy generation


suntrica has developed solar charg-

ing systems and devices for the mobile

and consumer electronics industry. the

company provides solutions to improve the

operating time of products that change

our everyday lives where the electric grid is

non-existent. the solar chargers are of high

efficiency, affordable, easy to use, designed

for rugged use, and can be integrated to

the portable devices. their implementation

will reduce the production and use of ac

chargers for portable devices.

terranol a/s country: denmark

Webpage: www.terranol.com



terranol develops yeasts to be applied

in 2nd generation bioethanol production

from agricultural wastes, such as wheat

straw, sugar cane bagasse, corn stover and

wood chips. the manufacturing process

for bioethanol involves pretreatment of

biomass, enzymatic hydrolysis, fermenta-

tion, and distillation. terranol is introducing

an efficient c5 fermenting system in yeast

in order to increase yield significantly.

sWeBo Bioenergy aB country: sweden

Webpage: www.swebo.com



sWeBo Bioenergy provides district heat-

ing solutions based on bioenergy, offering

systems for all types of solid fuels, size

from 4 kW to 4 MW. the company provides

customer-tailored solutions based on con-

tinuous research and development process.

sWeBo develops, manufactures and sells

advanced burner and boiler energy systems

for the heating of homes and industrial

facilities, with a special focus on non-

refined fuels.

switchpower aBcountry: sweden

Webpage: www.switchpower.eu



switchpower designs and delivers turn-key

building integrated photovoltaic power

systems to the public and private sector.

the company is an integrator of solar pho-

tovoltaic power system. It uses the most

effective technology known to generate

electricity converted directly from solar

radiation and integrate this technology

into the climate shell of existing build-

ings as well as new construction projects

by optimising architectural, financial and

technical parameters.


38

Watreco aB country: sweden

Webpage: www.watreco.com



Watreco develops and sells products,

systems and licenses based on the bio

inspired and patented Vortex process

technology, an energy efficient, water sav-

ing and chemical eliminating technology

for purified and more effective water. the

concept is based on ‘biomimicry’, which is

about mimicking and emulating nature’s

geniuses. the vortex process can be used

in a wide range of application areas such

as irrigation, anti-lime scaling, ice making,

aeration, de-gazing etc.

Wave star energy a/s country: denmark

Webpage: www.wavestarenergy.com



Wave star energy is the developer of a

matchless wave energy converter for the

big oceans. the Wave star scale 1:10 grid

connected converter has been operating

in the sea for more than 2½ years. during

that period it has been through 15 storms

without any damage. there are five or six

together with the proper dimensioning

ensures reliability and high availability.

the maintenance is designed so that the

production downtime is minimised and all

the maintenance is done on-site without

expensive equipment.

xylophane aB country: sweden

Webpage: www.xylophane.com



xylophane developed a renewable bar-

rier material for the packaging industry

that can replace oil based plastic foil or

aluminum foil in multi-barrier packaging.

the product is a high grade barrier towards

oxygen, grease and aroma and ideal for

complex applications on paper or board.

When combined with a water barrier it is

also an ideal solution for liquid packaging

board, and provides extended shelf life in a

cost-efficient manner.

different categories of wave energy devices

in the world; the Wave star concept is ex-

pected to produce 3-5 times more energy

compared to other systems in the same

wave climate.

WinWind country: Finland

Webpage: www.winwind.fi



WinWind supplies 1 and 3 MW wind

turbines based on low speed technology.

an advanced planetary gear solution and

low speed synchronous generator form

the heart of the concept, which combines

the reliability of a modern direct drive and

the compactness of the traditional high

speed gear system. low rotational speed

39

NordicCleantech 50

NordicCleantech 50

www.cleantechscandinavia.se

www.cleantech.com

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