NORDIC DEAL FLOW · 115,8 million euro in funding 85 deals closed 3 new funds nordic deal flow 1st half-year 2011

115,8 MILLION EURO IN FUNDING 85 DEALS CLOSED 3 NEW FUNDS

NORDICDEALFLOW1st half-year 2011

Cleantech ScandinaviaMagle Stora Kyrkogata 7223 50 LundSweden

info@cleantechscandinavia.comwww.cleantechscandinavia.comCopyright © 2011

CONTENT

INTRODUCTIONOVERVIEWEQUITY INVESTMENTS Top 10 Private Equity

PUBLIC FUNDING Top 5 Public Funding

NEW FUNDSEXITSANNEXES

050919

27

333436

A POSITIVE TREND OF ThE FIRST SIX MONThS OF 2011 IS A GROWING NUMBER OF EXITS

.04

INTRODUCTION

This report introduces the fifth year that we at Cleantech Scandinavia provide you

with Nordic Cleantech Dealflow statistics and analysis. We believe that it is an

essential tool to monitor the sector that deepens the understanding of the market,

and observing development over the years allows for better understanding of

trends. This is also a second half-year report – an interim picture of the sector

that serves as an early reference for 2011. There was a number of facts that left

us very optimistic after year 2010 – an overall growth in the amounts invested

into the sector, an out-of-the-ordinary growth in seed stage funding along with

establishment of several new VC funds for early-stage companies in the Nordics,

growth in the average amounts of investments and significant growth in the

public funding segment. It is still early to draw conclusions about the current

year, but a positive trend of the first six months of 2011 is a growing number of

exits. However, it is possible to make a number of interesting observations in

anticipation of a full year’s picture.

This report provides an overview of the cleantech investment activity for the first

six months of 2011 and contains an overview of the past four years starting with

2007. Both private and public investments have been reviewed, and information

collected from cleantech companies, private investors and public financiers in all

Nordic countries.

.05INTRODUCTION

SCOPE AND METhODOLOGYGEOGRAPHICAL SCOPE

The information presented in this report covers investments made in Nordic

cleantech companies by Nordic and/or international private and public investors.

Investments made by Nordic investors in cleantech companies outside of the

region are not included.

COMPANIES’ DEVELOPMENT STAGE

Our data collection strategy is focused on investments made in start-up and

growth cleantech companies as Cleantech Scandinavia aims at capturing the

essence of cleantech venture capital: financing for young innovative technologies.

Publicly listed companies, no matter what development stage they have reached,

are also excluded. We do however take the liberty to include growth companies

listed on non-regulated trading places (which do not have the legal status

of an EU regulated market). Companies have traditionally been divided into

three rather widely defined development stages: Seed, Commercialisation and

Expansion. Starting from this report, a new category - Research, Development &

Demonstration - has been introduced in the segment of public funding, to better

reflect the essence of public grants received by companies in various development

stages, but for development and demonstration of brand new technologies.

FUNDING SOURCES AND TYPES OF INVESTORS

The funding sources covered in this report include both private actors (venture

capital firms, private investors and business angels, industrial companies etc.)

as well as public actors awarding grants (agencies, ministries). Regular loans

provided to cleantech companies are excluded altogether, while governmental

soft loans (for instance at low interest rates and with soft commitments as to

payback-time), being a common practice for example in Sweden, are included in

the statistics.

We also do not include any customer money and infrastructure projects financing.

The focus on private companies means that governmental R&D funding granted to

universities and research institutions is also excluded.

To summarise, the aim is not to show the total amount of money injected in the

Nordic cleantech sector, but highlighting one part of it – pure growth capital

attracted by the companies.

Private equity investments and public funding are separated into two different

sections of the report. This helps understanding the development trends in

both types of funding by country, especially when taking into account the

internationalisation of the private investments market. It is however worth noting

that some venture capital funds which are partly or entirely funded by public

money (e.g. Industrifonden (SE), Investinor (NO), Vaekstfonden (DK), Sitra (FI),

etc.) are classified as ‘equity investments’ rather than public funding. This is

because they act through ownership.

.06

CLEANTECh AS AN INVESTMENT CATEGORYThe term ‘cleantech’ is nowadays used in many different contexts and refer to

varying types of companies and activities. Cleantech Scandinavia intends to stick

to the definition and scope of cleantech as an investment category consisting of

products, services and processes designed to:

1. improve the productive and responsible use of natural resources,

2. greatly reduce or eliminate negative ecological impact, and

3. provide superior performance at a lower cost compared to existing solutions1.

As it encompasses many different types of technologies, cleantech as an

investment category has typically been divided into 11 sectors, for which

non-exclusive examples of technologies are provided here:

1. Energy Generation: wind, solar, hydro/marine, geothermal, biofuels

2. Energy Storage: fuels cells, advanced batteries, hybrid systems

3. Energy Infrastructure: management, transmission

4. Energy Efficiency: lighting, buildings, glass

5. Transportation and Logistics: vehicles, logistics, structures, fuels

6. Water and Wastewater: conservation, purification, treatment

7. Air and Environment: emissions monitoring and offset, trading

8. Advanced Materials: nano, bio, green chemicals

9. Manufacturing and Industrial: advanced packaging, smart production

10. Agriculture: natural pesticides, land management, aquaculture

11. Recycling and Waste: recycling, waste treatment and recovery

This classification, although not perfect, enables comparisons over time,

between regions and countries, as well as facilitates understanding by

investors of what is to be understood under the term ‘cleantech’ and its

various sub-categories.

1As defined by Cleantech Group (http://www.cleantech.com)

.07INTRODUCTION

LIMITATIONSThis half-year report should not be seen as an exhausting statistical source,

rather as an interim overview and summary of trends and observations. The

following three limitations are however recurring for all our reports:

INVESTMENTS WITH UNDISCLOSED AMOUNTS

The amount is not known for 19% of the deals that are covered in this report:

eight deals in the Private Equity section and eight in Public Funding. It is

approximately the same number as in 2010 (18%). Such high figure leads

to a significant underestimation in total amounts reported. Investments with

undisclosed amounts are excluded when calculating the average amount per

deal.

OMITTED INVESTMENTS

Although all efforts have been made to make this study as comprehensive as

possible, Cleantech Scandinavia acknowledges the fact that some investments

might have been missed / omitted. This issue is particularly significant for small

/ seed investments, investments made by private investors and/or business

angels, follow-up investments. Some public financiers such as Finnish Tekes do

not disclose the details about their grants to the public until the beginning of the

following year, and therefore information is incomplete, particularly in the

case of Finland.

EXCHANGE RATES

In order to help comparing the amounts of investments made in different

currencies, all amounts are converted in Euro. However the fluctuations in

exchange rates have some effect on this comparison and present a certain

inaccuracy. Investments made in other currencies than Euro are converted based

on the end-of-the-period rate on 30 June 2011. The graph below presents the

exchange rates used and their variations compared to the end of year 2010.

Comparing with the exchange rates of 2010, no significant changes occurred

except with the US dollar that dropped 7,5%.

2010 1H 2011 VARIATION

DKK / EUR 0.134165 0.1341 0%

NOK / EUR 0.128205 0.1284 +0,15 %

SEK / EUR 0.111539 0.109 -2,3 %

USD / EUR 0.748391 0.6919 -7,5 %

GBP / EUR n/a 1.108 -

Source: www.x-rates.com

EXCHANGE RATES VARIATION

.08

ThE TOTAL NUMBERS FOR ThE FIRST hALF OF 2011 ARE MODEST, BUT RAThER CONSISTENT WITh 2010

OVERVIEW

A half-year reporting has a clear benefit of providing a more updated and timely

information compared to annual summaries, but clearly it is often impossible

to make statements about development trends and judge the situation with any

degree of certainty. Partly because not all companies and organisations publish

half-year reports and have other information or working cycles – this leads to

underestimated figures. This overview is therefore less of a statistical tool, and

more of a fact display, where we comment on those facts and set them into a

five-year context.

The total numbers for the first half of 2011 are modest, but rather consistent with

2010, when we reported an even smaller number of deals (69) although a larger

total amount (EUR 199 mln) for the first half of the year. The share of undisclosed

deals is also consistent, and is high for the second year in a row, with close to

1/5 of all deals not reported in amounts. One clear explanation for the smaller

numbers in total amount is that there has been only 2 deals with invested amounts

over EUR 10 mln reported here, while in the corresponding period in 2010, it was

6 deals, with the highest going up to EUR 31 mln, i.e. a few big deals during the

second half of 2011 can easily bring the total up.

.8.09

87 207 157 183

187.3 371.9 460.6 505.7

Total Number of Deals

Total amounts, EUR, mln

20

07

20

08

20

09

20

10

1H

20

11

20% 15% 4.5% 18%% of deals with undisclosed amounts

19%

OVERVIEW

85

115.8

TOTAL AMOUNT, EUR, MLN (PER YEAR)

.10

PER COUNTRY

COMPARATIVE OVERALL STATISTICS 2007 - 1H 2011

‘07

‘10

‘08

‘09

Denmark

25.8MLN 8 DEALS

72.5MLN30 DEALS

56.6MLN 25 DEALS 53.3MLN

33 DEALS

173.6MLN 43 DEALS

Norway

107.6MLN17 DEALS

23MLN 51 DEALS

180.9MLN 37 DEALS

7.5MLN6 DEALS

161MLN 41 DEALS

‘07

‘08

‘09

‘10

Finland

139.5MLN 33 DEALS

52.1MLN 13 DEALS 3MLN

9 DEALS

13.2MLN 16 DEALS

‘07

‘09

‘08‘10 67.6MLN

22 DEALS

Sweden

40.7MLN46 DEALS

137MLN 88 DEALS

52MLN37 DEALS

171MLN 82 DEALS

‘07

‘10

‘08

‘09

103.5MLN 77 DEALS

1H ‘11

1H ‘11

1H ‘11

1H‘11

.11OVERVIEW

TOTAL AMOUNT, EUR, MLN

PER DEVELOPMENT STAGE

‘07

‘10‘08

‘09

Seed

20MLN 35 DEALS

72.2MLN104 DEALS

62.7MLN64 DEALS 33MLN

48 DEALS

139MLN 103 DEALS

Commercialisation

121.7MLN 35 DEALS

83.4MLN67 DEALS

142.7MLN35 DEALS

30MLN 25 DEALS

135.1MLN 48 DEALS

‘07

‘08

‘09

‘10

‘07

‘10

‘08

‘09

Expansion

45.6MLN 20 DEALS

216.3MLN31DEALS

231.6MLN32 DEALS

52.8MLN12 DEALS

255.2MLN 58 DEALS

1H ‘11

1H ‘11

1H ‘11

.12COMPARATIVE OVERALL STATISTICS 2007 - 1H 2011

PER CLEANTECh SEGMENTTOTAL AMOUNT, EUR, MLN

Advanced Materials

3.8MLN 7 DEALS

24.8MLN 15 DEALS

‘07

‘08

‘09

‘10

1H ‘11

31.6MLN 14 DEALS

24MLN24 DEALS

21.9MLN12 DEALS

‘07‘10

‘08

‘09

Agriculture

0MLN 0 DEALS

0MLN0 DEALS

0.7MLN2 DEALS

0MLN0 DEALS

0MLN 0 DEALS

1H ‘11

Air and Environment

19.5MLN 1 DEALS

‘07

‘08‘09

‘10

1H ‘11

Energy Efficiency

14.7MLN13 DEALS

‘07 ‘10

‘08

‘091H ‘11

5.9MLN 13 DEALS

48MLN28 DEALS

32.1MLN27 DEALS

66.7MLN 35 DEALS

4.05MLN 8 DEALS

8.4MLN 6 DEALS

3.7MLN12 DEALS

0.33MLN3 DEALS

.13OVERVIEW


‘07

‘10‘08

‘09

Energy Infrastructure

4.7MLN 3 DEALS

2.6MLN8 DEALS

18.7MLN5 DEALS

3.8MLN10 DEALS

122.4MLN 8 DEALS

1H ‘11

‘07

‘10‘08

‘09

Energy storage

23.9MLN 8 DEALS

12.3MLN22 DEALS

66.8MLN14 DEALS

17.1MLN10 DEALS

50MLN 20 DEALS

1H ‘11

Energy Generation

31.2MLN18 DEALS

38.9MLN30 DEALS

225.7MLN58 DEALS

‘07

‘09

‘08

‘10

1H‘11


214.8MLN 53 DEALS

234.6MLN 63 DEALS

.14

.15OVERVIEW


‘07

‘10‘08

‘09

Manufacturing and Industrial

0.3MLN 3 DEALS

2MLN7 DEALS

6.2MLN10 DEALS

0MLN0DEALS

3.6MLN 11 DEALS1H ‘11

Transportation and Logistics

2.5MLN4 DEALS

80.7MLN 13 DEALS

‘07

‘10‘08

‘091H ‘11

67.4MLN 11 DEALS

38.2MLN17 DEALS

61.1MLN12 DEALS

Waste and Recycling

0.3MLN 4 DEALS

6.6MLN2 DEALS

18.3MLN 4 DEALS

‘07‘10

‘091H ‘11

‘08

1.6MLN5 DEALS

36MLN9 DEALS


Water and Wastewater

8.8MLN8 DEALS

9.2MLN 11 DEALS

‘07‘10

‘08‘09

1H ‘11

13.6MLN 7 DEALS

5MLN16 DEALS

2MLN10 DEALS

TOTAL AMOUNT, EUR, MLN (NUMBER OF DEALS)

PER FUNDING SOURCE

.16

Equity

177.7MLN8 DEALS

3MLNaverage per investments

‘07

1H ‘11‘08

‘09

‘10

315.7MLN121 DEALS

3.4MLNaverage per investments

343.6MLN87 DEALS


83MLN29 DEALS

4MLNaverage per investments

384.6MLN87 DEALS


Public Funding

‘079.8MLN28 DEALS


117MLN82 DEALS

1.4MLNaverage per investments1H ‘11

‘08

‘09

56.2MLN81 DEALS


32.8MLN56 DEALS


121.1MLN96 DEALS


‘10


.17OVERVIEW

The picture by country is rather uneven so far, but it seems right to suggest that it

is Denmark’s and Sweden’s stronger year – interestingly enough, in an opposite

sort of way. Denmark yielded the top deal, just like in 2010, but showed most

impressive numbers in the public funding sector, while Sweden took the lead in

private investments, something that it wasn’t strong at during 2010, and showed

modest results in public funding.

It is also due to a very high number of Danish public funding deals that there is

a significant imbalance in the private/public ratio – the number of public grants

started exceeding the number of private investments from 2008, but not more than

by ten per cent, for the first half of 2011 the difference is close to 100%! Denmark

has namely seen almost as many public funding deals in the reporting period as

in the whole of 2010 (29 against 31), and the 2010 number was already relatively

high, with a 50% growth compared to 2009.

OVERVIEW BY COUNTRY AND SOURCE OF FUNDING

The remarkably positive development that we’ve observed in Norway over

the last two years (which only partly depended on the large amounts invested

regularly into carmaker company Think) has not yet been matched so far in 2011,

but especially in the public funding end the numbers will be more adequate when

detailed reports will be published by Norway’s main public financiers.

The numbers from Finland are also moderate, especially compared to the previous

very successful year. These figures, however, do not yet manifest a real decline,

since the majority of the dealmakers did not disclose financial information. The

reporting cycle in Finland’s main public financier Tekes, where information about

fund disbursements becomes available only early in the following year, makes it

hard to include accurate numbers at this stage.

PRIVATE EqUITY NUMbERS PRIVATE EqUITY, EUR MLN

7 20 7 12 4

5

4

16

13 24 11 18

16 29 23 18

27 48 34 39

Denmark

Finland

Norway

Sweden

2007

11.72008

135.42009

442010

66.6

2007

107.42008

19.62009

1642010

96

2007

36.22008

124.42009

104.52010

78.2

2007

22.12008

36.42009

31.12010

143.8

Denmark

Finland

Norway

Sweden

20

07

20

08

20

09

20

10

1H

20

11

1H 2011

23.7*

1H 2011

3*

1H 2011

7.2*

1H 2011

49.1*+50% or more of the deas are with undiscosed amounts

ThE LARGEST AMOUNT IN 2011 SO FAR IS AN INVESTMENT IN DANISh AMMINEX

.18

.19EqUITy INVESTMENTS

This section presents a summary of equity investments made by Nordic and

international investors in Nordic cleantech start-up and growth companies during

the first six months of 2011. Put into a five-year perspective, the overall numbers

for the first six months of private deals in 2011 are clearly modest: fewer deals

and smaller overall amount than in the corresponding period of 2010. A significant

decrease in the reported amount has two main explanations: a high number of

deals with undisclosed financials – a whole 27% - leads to underestimating the

total number. The second factor is that there has not been any really large deals to

report – the largest amount in 2011 so far is just under EUR 20 mln, an investment

in Danish Amminex, while nine deals over EUR 10 mln were reported in 2010

(six of them in the first half year): the largest of EUR 115 mln in Danish A2SEA

followed by EUR 31 mln in Norwegian car manufacturer Think. Such high number

affect the decrease in “average per investment” value as well. In the absence of

such distortion factor the numbers can be considered more balanced.

OVERVIEW OF PRIVATE EqUITY

INVESTMENTS bY YEAR, 2007 – 1H 2011

*Average amount per investment is calculated excluding the deals with undisclosed amounts

59 121 75 87

177.7 315.7 343.6 384.6 83

29

4

Number of deals

Amount, EUR, mln

Average amount per investment*

3 3.4 4.8 5.3

20

07

20

08

20

09

20

10

1H

20

11

EQUITY INVESTMENTS

.20

PER CLEANTECh SEGMENT

* 50% or more of the deals are with undisclosed amounts

**Average amount per investment is calculated excluding the deals with undisclosed amounts

OVERVIEW bY SEGMENT

ENERGY GENERATION

34%% Of Total Sum

Number of Deals: 11

Amount: 28.1

TOTAL AMOUNT: 83 MLN EUR

ENERGY STORAGE

8%% Of Total Sum

Number of Deals: 4

Amount: 6.7*

ADVANCED MATERIALS

4%% Of Total Sum

Number of Deals: 4

Amount: 3.5*

WASTE AND WASTEWWATER

6%% Of Total Sum

Number of Deals: 1

Amount: 5.1

WASTE AND RECYCLING

8%% Of Total Sum

Number of Deals: 1

Amount: 6.5

AIR AND ENVIRONMENT

24%% Of Total Sum

Number of Deals: 1

Amount: 19.5

ENERGY EFFICIENCY

16%% Of Total Sum

Number of Deals: 7

Amount: 13.6

The distribution of investments by technology segment follows a traditional

preference for energy-related segments with 75% of the deals made in

energy-related segments. Three significant deals with out-of-the energy focus,

including the largest reported investment – in Danish Amminex, still result in 58%

of funding amounts going into energy segments.

Which are the technologies that were most attractive? It is impossible to single

out any specific winner, but a number of technology areas came up several times

among the 29 investment cases:

- Wind power is a traditionally popular segment, which in this case is represented

by three Swedish wind power project developers Triventus, Greenfield Wind and

HS Power. All three companies are in different sizes and development phases, but

Swedish wind energy development seems to be a secure enough market

- LED lighting segment is relatively new among the popular investment segments,

and is also represented by three companies with different scopes within the area:

Swedish Aluwave (efficiency improvements in LEDs), Glo (development of a new

generation of nano-based LEDs) and Danish Fionia Lighting, which provides LED

solutions for greenhouses.

-A usually more populated segment of distributed heat- and power (co-)

generation and corresponding efficiency improvements is represented by Swedish

companies Rindi and Airec and Finnish-German Greenvironment.

- Energy storage is also a traditionally popular segment, this time with fuel cell

technology companies Swedish myFC and Danish Serenergy, soft printable

batteries for smaller applications developer Finnish Enfucell, and larger Zinc-air

battery company Norwegian ReVolt Technology.

- A new segment that can be broadly defined as environmental friendly

replacements for tradition material treatment products came up visible in the

investment landscape with biological flame retardant company Deflamo and

marine paint producer I-Tech from Sweden and Finnish BT Wood that produces

biological wood treatment product.

Among the sectors that used to be more invested in previous years and did not get

attention so far in 2011, technologies involving indoor air quality and ventilation,

smart electric metering for consumers as well as water treatment technologies can

be named.

.21


There is an equal distribution of investments per development stage – practically

1/3 to each category. If we look at the distribution of amounts, later stage/

expansion companies took the lion’s share of 63%, which is consistent with

previous years and fairly natural due to deal sizes in the different stages. It is

also worth mentioning that the average amounts per investment in Seed and

Commercialisation stages are practically the same, which is in this case says a

lot about the increasing sizes of some early stage deals, since 6 out of 9 seed

stage deals involved undisclosed financial information and still equalled the

commercialisation stage in amounts. Seed funding was on the real rise in 2010,

doubling compared to 2009, when later stage companies were in a special

demand. It remains to be seen if 2011 will be as favourable towards early s

tage companies.

There is undeniably a high demand for expansion stage cases in the Nordic

region, especially from international investors who see good entrepreneurship

and engineering culture in Scandinavia, but the market seems somewhat behind

in meeting this demand. The more international investments we see in growth

companies in the Nordics however, the bigger the chances of creating more

ambitious and far reaching market strategies in the target companies. The

internationalisation trend from 2010 continues with the largest investment in

2011 so far, in Danish Amminex, made by French industrial company Faurecia.

OVERVIEW bY DEVELOPMENT STAGE

EqUITy INVESTMENTS

*Average amount per investment is calculated excluding

the deals with undisclosed amounts

SEED

10%% Of Total Sum

TOTAL AMOUNT: 83 MLN EUR

COMMERCIALISATIONEXPANSION

27%63%% Of Total Sum% Of Total Sum

Number of Deals: 10

Amount: 22.7

Number of Deals: 10

Amount: 52

Total

.22

OVERVIEW BY DEVELOPMENT STAGE

* 50% or more of the deals are with undisclosed amounts**Average amount per investment is calculated excluding the deals with undisclosed amounts

20

07

20

08

20

09

20

10

5721 24 43 9

29

4222 18 25 10

2216 33 19 10

59 121 75 87

Seed

Commercialisation

Expansion

Total

2007

52.2114.52008

69.62009

111.72010

22.7

2007

208.544.52008

238.92009

209.22010

52

2007

316.7177.72008

343.62009

384.62010

83

2007

5518.72008

35.12009

63.72010

8.3*

Seed

Commercialisation

Expansion

1H

20

11

1H 2011

1H 2011

1H 2011

1H 2011

NUMbER OF DEALS ∑, EUR MLN

.23

PER COUNTRY

In 2010 Sweden showed somewhat weaker results, with a small increase in the

number of deals, but with smaller amounts invested, attracting just over 20% of

the total amount of investments. In the first half of 2011, Sweden seems to have

regained the development momentum in private investments and took up 58%

in amounts and 55% in number of investments. Also the average amount per

investment increased from EUR 2,4 mln to EUR 3,3 mln. This is especially visible

compared to rather moderate investment activity in other countries especially

Finland and Norway, which both had a very strong 2010. In Finland we have

not seen any investments from the larger and usually active VC funds so far in

2011 except one investment by Inventure, a situation that seems to be similar in

Norway, where for example Investinor made only one investment in the

reporting period.

The largest investment was made in Denmark, similarly to 2010, and in general

the amount figure for Denmark is underestimated because 2 out of the 4

investments had undisclosed financial information. Larger size of investments

in Denmark speaks in favour of a closer integration into the European industrial

system and potentially faster-paced growth for Danish companies.


EqUITy INVESTMENTS

FINLAND

4%% Of Total Sum

Number of Deals: 5

Amount: 3*

NORWAY

9%% Of Total Sum

Number of Deals: 4

Amount: 7.2*

DENMARk

29%% Of Total Sum

Number of Deals: 4

Amount: 23.7*

SWEDEN

58%% Of Total Sum

Number of Deals: 16

Amount: 49.1

OVERVIEW bY COUNTRY TOTAL AMOUNT: 83 MLN EUR

TOP 10 PRIVATE EQUITYThe list of top ten largest investments illustrates most of the observations made in

this section. There are no deals over EUR 20 mln, and only five are over EUR 5

mln. This is contrary to previous years, when the picture was dominated by one or

two really large investments. It is also uncommon that Swedish companies prevail

in the top list: in the present list they are 7 out of the top 10. Some general trends

however remain the same: few larger deals take up most of the capital - the ten

companies presented here received 81.5% of all private funding reported for

the period.

Another commonality is that the largest investment of EUR 19.5 mln was made

by a non-Nordic industrial company, French Faurecia (compare to the top

investment of 2010, with German Siemens investing EUR 115 mln into Danish

A2SEA). It is rather unusual that a Nordic VC consortium invests a double digit

sum without participation of a foreign investor, alternatively an investor with

access to public funds. Another fact observed in the past few years and continued

in the first half of 2011: the most active investors are funds that invest money

deriving from the state, put to work on the principles of venture capital but with

a focus and investment mandate governed by the state: in 2010 such investors

were Norwegian Investinor, Finnish Industry Invest, Danish Vaekstfonden and

Swedish Fouriertransform and Industrifonden. In the first half of 2011, Swedish

Industrifonden became the most active investor, having lead or participated in

three deals (plus one more already in August 2011) – all three listed in the top ten.

One of the positive effects of this type of funds is that they co-invest with private

actors who match the ”public” component of the investment, increasing the overall

growth funding available and reducing risks for private funds.

.24

Unlike the overall domination of energy-related technologies, the top list includes

significant deals from various sectors including exhaust gas cleaning, tyre

recycling and ballast water treatment for marine transport, which shows that there

are attractive investment opportunities in various segments.

It is also interesting to see which companies recurrently appear on the top lists

and follow their development. In the present list there are two companies which

appeared for the second year in a row – the top deal with Danish Amminex, which

was on third place in 2010 (with almost the same amount of EUR 20 mln from an

international consortium of venture capital and industrial investors from Denmark,

the UK, Japan and the USA); and Swedish Glo, which received a larger sum of

EUR 18.2 mln in 2010 (also from an international consortium of venture capitalists

and industrials from the UK, Norway, Sweden and the USA). Glo also appeared

in the 2009 list with a EUR 8 mln investment from its initial Norwegian industrial

investors Adger Energi and Hafslund. Norwegian ReVolt Technology has also

returned to the top list, having appeared previously in 2009 with a EUR 10 mln

investment from a group of Nordic and German investors, also a combination of

venture capital and industrials.

The fact that companies are securing large amounts of capital is positive but is

naturally not in itself a guarantee for success – Norwegian carmaker Think was in

a class for itself with regards to raising funding, but other factors can become deal-

breakers. We shall hope that an occasion to report about a company from the top

deals list move to a successful exit list will present itself soon enough!

# Cleantech

Company

Product / service Amount Lead investor

1 Amminex (DK) NOx emissions reduction

from engines

EUR 19.5 mln Faurecia (FR)

2 Triventus (SE) Wind power developer EUR 10.9 mln Sustainable Technologies Fund (SE),

Industrifonden (SE)

3 Scandinavian

Enviro System (SE)

Tyre recycling EUR 6.54 mln Håfreström Business Park (SE), KL

Ventures (SE), Dalslands Sparbank (SE)

4 Rindi (SE) Heat and energy generation

plants

EUR 6.45 mln Shares emission on Mangold

Fondkomission AB

5 Ocean Saver (NO) Ballast water treatment EUR 5.2 mln Investinor (NO), BW Ventures (NO)

6 myFC (SE) Fuel cell mobile device

chargers

EUR 4.6 mln 6 AP Fonden (SE), KTH Chalmers

Capital (SE)

7 Sol Voltaics (SE) Solar cells EUR 4.4 mln Industrifonden (SE) and other owners

8 Iptronics (DK) Silicon semiconductors chip

technology

EUR 4.2 mln Creandum (SE), Sunstone Capital (DK -

international), 10IPT10 Group (SE)

9 Glo (SE) Nanowire LEDs EUR 3.3 mln Foundation Asset Management (SE)

10 Airec (SE) Plate heat exchangers EUR 2.7 mln RWE Innogy (DE), Industrifonden (SE),

Teknoseed (SE)

.25EqUITy INVESTMENTS

.26

OVERALL FIGURES FOR PUBLIC FUNDING LOOk STRONG, ESPECIALLY IN ThE NUMBER OF DEALS

This section presents a summary of funding (grants and soft loans) provided by

public organisations to Nordic cleantech start-up and growth companies during

the first half of 2011. The numbers are based on publicly available information

at the time the report was being prepared. There are eight deals included where

amounts are undisclosed.

Overall figures for public funding look strong, especially in the number of deals,

which exceeds 50% of the number for 2010, and is likely to indicate a new growth

at the year’s end. Throughout the 5-year of reporting, public funding grew every

year, also in proportion to private equity deals.

Numbers during the reporting period are heavily dominated by Denmark, but also

Sweden, which together account for 50 out of the 56 deals in this section.

.27PUBLIC FUNDING

pUblIC fUNDINg

OVERVIEW OF PUbLIC FUNDING bY YEAR, 2007 – 1H 2011

28 81 82 96 56

9.8 56.2 117 121.1 31.8

Total Number of Deals

Total amounts, EUR, mln

20

07

20

08

20

09

20

10

1H

20

11

Average amount per deal*

*Average amount per investment is calculated including all deals, except the ones with undisclosed amounts

0.4 0.7 0.71.4 1.3

No one dominating segment can be singled out, but energy related technologies

traditionally received the most attention – 80% of all funding. Most active

financiers, especially in Denmark and Sweden are Energy Agencies, which also

explains the funding distribution.

Within the energy sector, several technology areas can be highlighted:

- Biomass-based heat and power generation, represented by Danish Dall Energy,

Dantherm Power, Haldor Topsøe, Swedish Meva Innovation and Finnish GasEk.

- Thermal solar energy developers, represented by Swedish Solarus, Danish

Cenergia and Norwegian Catch Solar Energy.

- And perhaps the most popular segment: Wind power, and unlike private

investors who favoured wind power developers, public grants were directed

to improving current technologies and testing new methods, materials and

infrastructure. Companies in this category were Danish FORIDA Development,

Fiberline Components, Ib Andersen Industri, Liftra; Swedish WindVector and

Hexicon; and Finnish Mervento and WinWinD.

Outside of the energy segment, water technologies have also been supported with

five Danish companies and one from Sweden and Norway respectively receiving

grants.

.28

PER CLEANTECh SEGMENT


OVERVIEW bY CLEANTECH SEGMENT

ADVANCED MATERIALS

1%% Of Total Sum

Number of Deals: 3

Amount: 0.3

3%ENERGY EFFICIENCY

% Of Total Sum

Number of Deals: 6

Amount: 0.2

ENERGY GENERATION

33%% Of Total Sum

Number of Deals: 19

Amount: 10.8

ENERGY INFRASTRUCTURE

12%% Of Total Sum

Number of Deals: 10

Amount: 3.8

TOTAL AMOUNT: 32.8 MLN EUR

WASTE AND

WASTEWWATER

12%% Of Total Sum

ENERGY STORAGE

32%% Of Total Sum

Number of Deals: 6

Amount: 10.5

Number of Deals: 7

Amount: 3.7

TRANSPORTATION AND LOGISTICS

7%% Of Total Sum

Number of Deals: 4

Amount: 2.5

.29

Number of Deals: 6

Amount: 10.5


A new category is introduced in this report that helps reflect the purpose of the

majority of grants: RD&D – Research, Development and Demonstration. This

category describes grants and other types of public financial support distributed

for RD&D purposes to cleantech companies which themselves can be on various

development stages (note for example companies like Danish Haldor Topsøe and

Finnish WiWinD, both of them are later stage companies but receive grants to

develop technologies from a new concept). In general statistics this category will

be counted together with “Seed” stage, as opposed to in the expansion stage,

which would otherwise have been the case. This example is rather common in the

Nordic context, particularly in Denmark.

We will also keep track on how this portion of the segment is developing as this

says something about the early stage cleantech pipeline as well as the innovation

ability and spin-out potential of the more established cleantech companies.

The distribution of funding by development stage shows that the main focus of

public financiers is on facilitating development of new technologies, which together

with the demonstration phase is a stage when public funding often needs to

replace rather than compliment venture capital investors. The overall goal of public

financiers is therefore common in all Nordic countries, but each country is leading

their own way towards achieving this goal.


22%

R&D

COMMERCIALISATION

SEED

65%% Of Total Sum

% Of Total Sum

11%% Of Total Sum

OVERVIEW bY DEVELOPMENT STAGE

EXPANSION

2%% Of Total Sum

Number of Deals: 2

Amount: 0.7

Number of Deals: 15

Amount: 7.1

Number of Deals: 18

Amount: 3.7

Number of Deals: 21

Amount: 21.3

TOTAL AMOUNT: 32.8 MLN EUR

PUBLIC FUNDING

.30

PER COUNTRYDenmark has truly become the public funding powerhouse of the Nordics. Both

numbers and amounts of investments started increasing since 2009, and do not

seem to stop. A new public fund, Fornyelsesfonden, started operating in 2010,

and have granted financial support to not less than 20 cleantech companies.

Another strong funding institution is Højteknologifonden, which has a funding

model that requires cooperation between a smaller company, larger industrial

player and a research institution and has Energy and Environment among its

main focus areas. A third institution that has a crucial role in cleantech financing in

Denmark is the Danish Energy Agency, which through its EUDP – Development

and Demonstration programme for Energy Technologies – finances dozens of

projects. The scope of EUDP is rather wide with sectors of bioenergy (biomass

and biogas), fuel cells, ocean energy, CO2 capture and storage, energy efficiency,

geothermal power, solar energy and wind energy. Funds are disbursed on a

project basis, and may be received by a single cleantech company, or by a group

where a cleantech company is one of the parties. It is often significant single

digit amounts in Euro millions that are granted for projects. For example, Green

Hydrogen will be receiving over EUR 6 mln to develop an electrolysis technology

to extract hydrogen for fuel (the grant is marked as under approval, therefore it is

not included into the top 5 list as yet).

Cleantech is therefore a clear focus area in the Danish public funding system,

and the system itself is transparent and rather straightforward. Among the deals

reported in this section, Danish companies received 90% of all public funding,

with a high average per investment amount of EUR 1 mln. The number of deals

recorded for Denmark in the first six months of 2011 is almost the same (29

against 31) as for the whole of 2010, which indicates a clear growth.

Sweden showed somewhat the opposite result: with a comparably large number

of deals Swedish companies received 10 times less funding than their Danish

counterparts, with an average of EUR 0,2 mln! This number has also driven

the total average back to 2008 level of EUR 0,7 mln. Compared to Denmark,

Sweden as well as Norway has a less streamlined approach to cleantech

financing. A Swedish counterpart to the Danish Energy Agency has several

financing mechanisms including grants according to segment-specific one-

time programmes, such as for example electric vehicle related technologies

or improved materials; as well as soft loans. Those grant programmes are not

exclusively targeted at SMEs, but the whole range of actors from universities

to large corporations are united under the same list. The largest contribution

to a cleantech SME registered in this report from the Swedish Energy Agency

corresponds ca EUR 0,5 mln. Other public financiers such as Innovationsbron,

Vinnova and partly Tillväxtverket do not discriminate technology areas, and

cleantech, although often identified as such, does not have a separate account

A similar situation exists in Norway, with generalist financiers such as

Forskningsrådet and Innovation Norway who do not discriminate based on

technology area, and Enova, who usually finances larger energy-related grants,

also not cleantech SME-specific. Norwegian figures are underestimated in this

report mostly because the data from those larger financiers has not yet been

available. * 50% or more of the deals are with undisclosed amounts

**Average amount per investment is calculated excluding the deals with undisclosed amounts

The situation in Finland tends to be underestimated. The Finnish government

provides their SMEs with financial support, but most of the information that

comes out excludes financial information. Tekes, the governmental agency that

runs support mechanisms for research, development and demonstration of new

technologies, financed 71 young innovative companies for EUR 104 mln during

2010. A significant portion of these are certainly cleantech, but this information

comes very late in the reporting process for the authors of this report, namely

after the year-end. So, detailed data for 2011 will only be available in 2012.

Structurally there are several mechanisms Tekes is using to reach out to

cleantech companies: general R&D grant programmes; through a specially

established funding programme GROOVE – Growth from Renewables 2010–

2014, which currently has 20 on-going projects within cleantech companies;

and through VIGO - an accelerator programme in cooperation with Cleantech

Invest which combines equity financing, public grants and management support

services for early stage cleantech SMEs. In some cases when names of

receiving companies are known, they are included into this report, but all with

undisclosed financial information have been excluded.

DENMARk

90%% Of Total Sum

Number of Deals: 29

Amount: 29.6

FINLAND

n/a% Of Total Sum

Number of Deals: 4

Amount: undiscl

SWEDEN

9%% Of Total Sum

Number of Deals: 21

Amount: 2.9

NORWAY

1%% Of Total Sum

Number of Deals: 2

Amount: 0.3*

OVERVIEW bY COUNTRY TOTAL AMOUNT: 32.8 MLN EUR

.31PUBLIC FUNDING

TOP 5 PUBLIC FUNDINGSince 90% of investments in this section come from Denmark, it is logical that

top 5 largest public grants come from the Danish financiers, namely the Danish

Energy Agency and Højteknologifonden. All companies have a clear energy focus

but represent different technology areas: co-generation, CO2 recycling, hydrogen

processes, innovative wind towers and fuel cells. 6 companies have received

funding for 2 projects already under the first six month of 2011: Amminex,

CoMeTas, Dantherm Power, Haldor Topsøe, Dall Energy and Green Hydrogen,

which are all present in the top list. These combined contributions present a very

significant amount of funding, which certainly serves as a replacement, or a

necessary contribution to private funding for those companies, allowing them to

develop faster and with less risk of falling short of financing.

# Company name Segment Product / service Amount Investor

1 Dantherm Power (DK) Energy Generation Fuel flexible CPH EUR 2 mln Danish Energy Agency EUDP

2 Haldor Topsøe (DK) Energy Generation Natural gas from CO2 EUR 1,8 mln Danish Energy Agency EUDP

3 Green Hydrogen (DK) Energy Storage Improvement of alcaline electrolysis,

hydrogen extraction

EUR 1,6 mln Hoejteknologifonden (plus a EUR 6 mln

grant from the Danish Energy Agency

EUDP under approval)

4 FORIDA Development

(DK)

Energy Infrastructure New type of tall windpower towers EUR 1,6 mln Danish Energy Agency EUDP

5 IRD Fuel Cells (DK) Energy Generation Independent micro power production EUR 1,4 mln Danish Energy Agency EUDP

.32

.33NEW FUNDS

NEW fUNDS

Last year we reported on five new VC funds being established with cleantech as

main or part of their focus and one new public fund, three of them specifically

dedicated to seed stage financing in Nordic countries. Two of those funds have

been raised in Denmark, and three in Finland. In the first half of 2011 two new

VC funds for technology companies have in turn been raised in Norway. One

seed stage fund: Springfondet – a joint venture between Oslo Innovation Center

and Kistefos AS and a larger growth stage fund under Energy Ventures. Both

funds are not cleantech-specific, but include cleantech companies in the potential

investment scope. UK-based international Zouk Capital has also announced a

closure for the largest European private cleantech fund where Nordics is included

into the scope.

New fundraising activity is a very positive sign among other weaker trends, and it

remains to be seen if cleantech companies will get a share of this available funding

in the coming year.

Fund Manager Name Amount Participants Profile

Zouk Capital, UK Cleantech Europe II EUR 230 mln International undisclosed Cleantech growth companies - expansion

stage. Geography: UK, German-speaking

countries, the Nordics, France and

Benelux

Energy Ventures,

Norway

Energy Ventures IV LP USD 350 mln Temasek, Argentum, KLP, Keppel,

Klaveness Invest AS, Storebrand, Jebsen

Asset Management AS and DnBNOR and

others

Energy, petroleum - related technologies.

Geography: global

Springfondet, Norway Springfondet II NOK 100 mln Kistefos and Oslo Inovation Centre Early stage technology companies, about

10 over 3 years. Geography: Norway

As predicted last year, exits and M&A activity has increased significantly in 2011.

For the first six months, five significant exits on the Nordic market and several

M&A deals can be reported. Although far from all deal details are disclosed

publicly, namely, only one exit case – The Switch – was accompanied by an

amount, increasing exit activity points to a sought after development on the

market. There are companies relevant for the exit market and it is time for many

investors to seek exit opportunities. The profitability and success of the exits may

be a matter for speculation, and unlike most equity investments, it is often more

difficult to obtain detailed information about exits.

A large exit that was a highlight of the spring was the EUR 190 mln deal

announced in March 2011 – where Finnish The Switch was sold to US-based

American Superconductor. This exit should have become an exemplary success

yielding exceptionally high Return on Investment for a group of Finnish venture

capitalists that included VNT Management and Finnish Industry Investment. The

full payment of this deal has however been delayed and by the time this report

was being published (August 2011) was not yet finalised. The deal remains in place

and we will of course report on the outcome of this.

Another exit, which also involved an American industrial buyer, Fairchild

Semiconductor purchasing Swedish company TranSic, was reported to yield a

50% profit on the SEK 15,8 mln (ca EUR 1,6 mln) investment made by one of the

exitors, Industrifonden. The initial investment was made in June 2008.

A divestment that Investinor made shortly before Think announced default and

restructuring in Norway, included exchange of Think’s shares to the shares of

.34

the American public company Ener1, which became a largest single owner and

supplier of Think.

Lacking good quantitative data from other exits, it is still possible to use the

qualitative information to draw some conclusions from the exit and M&A activity of

the first six months of 2011:

- Venture capital exits, and larger industrial companies are buying. A successful

exit so far has proven to be an industry sell: a cleantech growth company is

acquired by an established industrial player and is integrated into the larger

corporate system bringing innovation and fresh market opportunities. No

successful IPOs as exit tool can be named in the past few years, and although

there is an interest from larger foreign financial groups, no institutional buyouts

took place so far.

- Geography of the buying industrials: 4 out of the 5 are based in or linked to the

USA and one company, Saint-Gobain, is from France. Large industrials from

larger foreign markets consider Nordic technology companies a valuable asset

in expanding their cleantech expertise and profile.

- M&A activity between growth stage cleantech companies becomes noticeable

with several full acquisitions such as in cases of Swedish Cortus and Norwegian

Goodtech, and with purchasing a REC production facility in Sweden by

Norwegian Innotech Solar. It indicates that the regional market is becoming

developed enough to allow for expansion opportunities through M&As

ExITS

.35

Cleantech Company Product / service buyer Seller

TranSiC, Sweden Power transistors for electric

motors

Industrial

Fairchild Semiconductor, USA

International undisclosed

Industrifonden, Volvo Technology Transfer, Midroc New

Technology

The Switch, Finland Permanent magnet

generators and transformers

Industrial

American Superconductor, USA

Venture Capital, Finland

VNT Management, Finnish Industry Investment and

others

Arctic Solar Engineering,

Norway

Solar thermal collector Industrial

EGPI Firecree, USA

Venture Capital, Norway

Incitia Partners and others

Götaverken Miljö, Sweden Flue gas cleaning and energy

recvery

Industrial

Babcock & Wilcox Vølund, Denmark/

USA

Pension Fund, Sweden

6 AP Fond

CruSIN, Norway Reusable ceramic crucibles

for the PV industry

Industrial

Saint-Gobain, France


Såkorninvest Midt-Norge AS, E-CO Norne AS, SINTEF

Venture AS, SSCS Invest & Property

REC Solar Module Factory,

Sweden

Solar cells production factory Cleantech Company

Innotech Solar and Perfekta Solar

Industrial, Norway

REC

GEP Group, Sweden Engineering consultancy Cleantech Company

Cortus, Sweden

Acquisition

Troll WindPower, Norway Wind power Cleantech Company

Goodtech, Norway

Acquisition

Think Holdings, Norway Electric vehicles Industrial

Ener 1, USA


Investinor

ExITS

ANNExES

To ensure transparency, Cleantech Scandinavia wishes to publish the list of both

investors and cleantech companies that were included in the statistical overview

and analysis presented in this report. However, to protect the exclusivity of the

data that our work is based on, details about individual investments/deals are not

provided here. In some cases, this information is publicly available and can be

found online.

The number of companies listed here (76) is lower than the reported total

number of investments (85), due to the fact that several companies were

counted more than once if they had closed several financing rounds and/or

raised both private and public funding during the year.

List of Nordic cleantech companies having received private and/or public funding in the first half of 2011

.36

ADVANCED MATERIALS (6)

Arboritec Sweden www.arboritec.se

Biopolymer Products of Sweden Sweden www.biopolymer.se

BT Wood Finland www.btwood.com

Deflamo Sweden www.deflamo.se

I-Tech Sweden www.i-tech.se

Ultranat Finland www.ultranat.fi

Air and Enironment (1)

Amminex Denmark www.amminex.net

ENERGY EFFICIENCY (14)

Airec Sweden www.airec.se

Aluwave Sweden www.aluwave.com

Enrad Sweden www.enrad.se

Fionia Lighting Denmark www.fionialighting.dk

Glo Sweden www.glo.se

Iptronics Denmark www.iptronics.com

Lighten Denmark n/a

LightLab Sweden Sweden www.lightlab.se

Merus Power Dynamics Finland www.meruspower.fi

NordIq Sweden www.nordiq.se

Parans Solar Lighting Sweden www.parans.com

Pilum Sweden www.pilum.se

Plan Energi Denmark www.planenergi.dk

SenSic Sweden www.sensic.se

ENERGY GENERATION (27)

Biosling Sweden www.biosling.se

Catch Solar Energy Norway www.catchsolar.net

Cenergia Denmark www.cenergia.dk

ComBigaS Denmark www.combigas.dk

Dall Energy Denmark www.dallenergy.com

Dantherm Power Denmark www.dantherm-power.com

Edo Biotech Sweden www.edobiotech.com

GasEK Finland www.gasek.fi

Greenfield Wind Sweden www.greenfieldwind.com

Greenvironment Finland www.greenvironment.fi

Haldor Topsøe Denmark www.topsoe.com

Havkraft Norway www.havkraft.no

HiNation Sweden ww.hination.se

HS Kraft Sweden www.hskraft.se

IRD Fuel Cells Denmark www.ird.dk

Mervento Finland www.mervento.fi

Meva Innovation Sweden www.mevagroup.se

Minesto Sweden www.minesto.com

Rindi Sweden www.rindi.com

Seaweed Energy Solutions Norway

www.seaweedenergysolu-

tions.com

Sol Voltaics Sweden www.solvoltaics.com

Solarus Solkraft Sweden www.solarus.se

Taurus Energy Sweden www.taurusenergy.eu

Triventus Sweden www.triventus.com

Vigor Wave Energy Sweden www.vigorwaveenergy.com

Winwind Finland www.winwind.com

ENERGY

INFRASTRUCTURE (10)

Chargestorm Sweden www.chargestorm.se

Fiberline Composites Denmark www.fiberline.com

Flexenclosure Sweden www.flexenclosure.com

FORIDA Development Denmark n/a

Grid Manager Denmark www.gridmanager.dk

Hexicon Sweden www.hexicon.eu

Ib Andresen Industri Denmark www.iai.dk

Liftra Denmark www.liftra.com

Ortosense Wind Power Denmark www.ortosense.com

WindVector Sweden www.windvector.com

.37ANNExES

ENERGY STORAGE (8)

Enfucell Finland www.enfucell.com

Green Hydrogen Denmark www.greenhydrogen.dk

LeanEco Denmark www.leaneco.dk

myFC Sweden www.myfuelcell.se

ReformTech Sweden www.reformtech.se

ReVolt Technology Norway www.revolttechnology.com

Serenergy Denmark www.serenergy.dk

Topsoe Fuel Cell Denmark www.topsoefuelcell.com

Dolprop Industries Sweden n/a

ECOmove Denmark www.ecomove.dk

Organisations listed below are Nordic and international investors and public

organisations who have invested, co-invested or granted funding to Nordic

cleantech companies in the first half of 2011. Individual investors and business

angels are not included here, as their names usually remain confidential.

However, they account for a number of relatively smaller investments than

those involving venture capital firms. The number of investors listed does not

correspond to the number of companies because in some cases there were

several co-investors, and numerous funds and public agencies made more than

one investment.

VENTURE CAPITAL / PRIVATE EqUITY

List of private investors and public financiers of Nordic cleantech companies in the first half of 2011

Almi Invest Sweden www.almiinvest.se

BW Ventures Norway www.bwventure.com

Chalmers Innovation Seed Fund Sweden www.chalmersinnovation.com

Cleantech Invest Finland www.cleantechinvest.com

Creandum Sweden www.creandum.se

Dalslands Sparbank Sweden www.dalsbank.se

Environmental Investment

Partners III USA/Poland www.eip.com.pl

Fjord Invest Norway www.fjordinvest.no

Foundation Asset Management Sweden www.fam.se

GU Holding Sweden www.holding.gu.se

Håfreström Business Park Sweden www.hafpark.se

Industrifonden Sweden www.industrifonden.se

Inventure Finland www.inventure.fi

Investinor Norway www.investinor.no

K-Svets Ventures Sweden n/a

KL Ventures Sweden www.klcapital.se

KTH Chalmers Capital Sweden www.kthchalmerscapital.se

Pontos Finland www.pontos.fi

RWE Innogy Germany www.rwe.com

Sunstone Capital Nordic/Intern. www.sunstonecapital.com

Sustainable Technologies Fund Sweden www.stechpartner.com

Teknoseed Sweden www.teknoseed.se

Volvo Technology Transfer Sweden www.volvo.com

INDUSTRIAL INVESTORS

Faurecia France www.faurecia.com

Fischer Eco Solutions Germany www.fischer-group.com

Senmatic Denmark www.senmatic.dk

Stolt-Nielsen Norway www.stolt-nielsen.com

PENSION FUNDS

6 AP Fonden Sweden www.apfond6.se

PUbLIC FUNDERS

Carbon Trust UK www.carbontrust.co.uk

Danish Energy Agency EUDP Denmark www.ens.dk

Eureka EU www.eurostars-eureka.eu

Förnyelsesfonden Denmark www.fornyelsesfonden.dk

Hoejteknologifonden Denmark www.hoejteknologifonden.dk

Innovation Norway Norway www.innovasjonnorge.no

Innovationsbron Sweden www.innovationsbron.se

NER300 EU Programme EU ec.europa.eu/clima/funding/

ner300/index_en.htm

Swedish Energy Agency Sweden www.energimyndigheten.se

Tekes Groove Finland www.tekes.fi/groove

Vinnova Sweden www.vinnova.se

WASTE AND RECYCLING (2)

Scanacon Sweden www.scanacon.com

Scandinavian Enviro System Sweden www.envirosystems.se

WATER AND WASTEWATER (7)

Aquaporin Denmark www.aquaporin.dk

CoMeTas Denmark www.cometas.dk

DMA Ecosystems Denmark www.dmaecosystems.com

Ecowat Norway www.ecowat.com

Ocean Saver Norway www.oceansaver.no

Picoterm Sweden www.picoterm.com

Sorbisense Denmark www.sorbisense.com

TRANSPORTATION AND LOGISTICS (2)

ABOUT ThIS REPORTCleantech Scandinavia is a private membership network of investors and affiliated

cleantech professionals designed to provide cleantech knowledge, contacts and

investment opportunities; be a coordinating voice to promote to Nordic cleantech

sector; and drive cleantech innovation and growth in the Nordic countries.

Cleantech Scandinavia offers its members a series of networking and pitching

events, business intelligence research and reports including Nordic cleantech deal

flow statistics, and hosts a database of investment opportunities in the region.

This report has been prepared exclusively for Cleantech Scandinavia members.

It can therefore not be distributed further, whether in parts or as a whole, without

prior permission from Cleantech Scandinavia.

Please contact us or visit our website for further information.

Cleantech Scandinavia

Magle Stora Kyrkogata 7

223 50 Lund

Sweden

[email protected]

www.cleantechscandinavia.com

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Documents

NORDIC DEAL FLOW · 115,8 million euro in funding 85 deals closed 3 new funds nordic deal flow 1st half-year 2011