Out of the gate - Cleantech...

Out of the gate25 Nordic Cleantech

Expansion Opportunities

cleantechscandinavia.com

02

Cleantech ScandinaviaMagle Stora Kyrkogata 7223 50 LundSweden

www.cleantechscandinavia.comCopyright © 2011

Contents

Page Section

04 - 05 Introduction

06 - 07 Top Ten Reasons the Nordics are Global Cleantech Leaders

08 - 09 Cleantech and Stockholm Region

10 - 11 Copenhagen is “short” for cleantech

12 - 13 Later Stage Nordic Cleantech - Who are these 25 companies?

15 - 41 Profiles of the 25 companies

03


The share of Nordic Cleantech in the global cleantech investments in 2007- 2010 was between 5 and 8%

04

About this publication

This publication has been prepared in February 2011 by Cleantech Scandinavia with support from Stockholm Business Region Development, Copenhagen Capacity and Autodesk. “Out of the Gate: 25 Nordic Cleantech Expansion Opportunities” is a presentation of the cleantech later stage scene in the Nordic region.

Why Nordic countries have been and will continue being successful adopters of clean technologies; how Capital regions in Sweden and Denmark help cleantech companies establish themselves; what is “later stage” in Nordic cleantech – answers to these questions are given throughout this report.

Profiled in this publication is a selection of 25 Nordic companies, which we believe to be future success stories. Companies, who actively seek expansion and growth opportunities on foreign markets, open for international partnerships and investor contacts.

This publication is targeted primarily at the international audience and will be presented at the Nordic Cleantech Showcase at London Stock Exchange and at Cleantech Capital Day in Copenhagen. We wish you a useful and enjoyable read, and welcome your feedback!

Magnus AgerströmManaging Director at Cleantech Scandinavia

Introduction

02 05


By Shawn Lesser & Alexander Lidgren

Finland, Sweden, Denmark, Norway and Iceland: These five countries are quite different from the “inside” – their economies have different structures, they use different currencies, even languages are not as similar as it might seem which often makes people resort to English in business discussions. The culture and mentality is certainly not the same. So why do we talk ‘Nordics’ and promote a common identity? Because despite the differences, there is a greater historical and social resemblance in this part of Europe that makes business relationships run smoother. Moreover, to the outside world, the Nordics (or Scandinavia) is a much stronger brand that helps putting those countries on the map. Together, these five countries have become the global leaders within the international cleantech industry. It is necessary to see what has made this geographic location stand out above the rest when it comes to clean technologies, including renewable energy and energy efficiency.

06


01Not so small when combined. As pointed out by the Nordic Innovation Centre: The Nordic region combined is the world’s tenth largest economy. This gives a critical mass when it comes to finding deals, entrepreneurs and co-investors.

02

Big industrial actors in the cleantech race. The clean-tech sector in all Nordic countries benefits from a number of established industries throughout the region that help to invest in, manufacture and produce items that can be used in the race for clean technologies around the world. These sectors throughout the Nordic countries that have adopted cleantech attitudes include the Swedish automobile industry, oil and gas companies throughout Norway, Finnish information technology and precision electronics, and geothermal industries throughout Iceland.

03High environmental awareness and corresponding economic instruments. Both factors have greatly contributed to the development of what was first “alternative” energy sources. The Society of Nature Conservation, World Wide Fund for nature, and Greenpeace have some 500,000 supporters and members in Sweden, a country with a total population of 9 million. Denmark is a clear example of the latter taking the lead in race for wind power in the European Union (with 26% of the national generation capacity allocated to wind in 2009)

04Strong cleantech research. The cleantech sector has strong routes in technical research institutions such as VTT in Finland, DTU in Denmark, KTH and Chalmers in Sweden, with new materials and renewable energy related research on top of their agendas.

05Public money boosts cleantech in the right places – Research and development and demonstration plants. In all the Nordic countries, there is significant public support to the cleantech sector. Tekes and Sitra in Finland, Swedish Energy Agency and Vinnova in Sweden, Fornyelsesfonden and Danish Energy Agency in Denmark, as well as Norwegian Enova and Innovation Norway are good examples. Many of them are targeted specifically to renewable energy and energy efficiency technologies, with energy authorities being the most generous funders in Sweden and Denmark (providing over 80% of public funding share in 2009).

Top Ten Reasons the Nordics are Global Cleantech Leaders

06Internationalisation a necessity. For companies from the Nordic region, international expansion is not an optional benefit, but rather a prerequisite for success. Home markets are often too small to build up a solid customer base, and, especially for capital intensive energy technologies, there is not enough public funds and risk financing available for commercialisation of those technologies. As a consequence, foreign markets, primarily within the EU, are targeted by most cleantech companies early on in their development cycle. This process is starting to become well facilitated by participation of a foreign venturecapitalist base with good market knowledge and industry contacts. During the last four years we have observed growing interest from international industrial and venture capital towards companies in the Nordics: four out of five largest investments in Nordic cleantech companies in 2010 involved non-Nordic capital.

07Others have done it – so can I. Not to be underestimated is of course a currently thriving technology - entrepreneurship culture in general. The Nordic countries are home to recent international success stories on the general technology scene - Skype, MySQL, Spotify as well as internationally renowned cleantech companies REC, Vestas and Vacon. This provides entrepreneurs with role models, inspiration and mentors. Because the area is ripe for entrepreneurship opportunities, many newer cleantech companies look to not only invest in these countries, but also build their own businesses there.

08Strong local venture capital community to syndicate with. A number of established venture capital funds in the Nordics now have cleantech as the main or one of the prioritised investment areas: funds like Northzone, Sustainable Technologies Fund, Stora Enso Ventures, IKEA Greentech, BankInvest, Vaekstfonden, VNT Management, Energy Future Invest, Volvo Technology Transfer – to name just a few – have been actively investing in cleantech growth during the past several years and back some of the companies profiled in this publication.

09Now is the right time to invest. We have only seen the first wave of growth in the Nordic cleantech sector. Turn-over is growing among members portfolio companies and through initiatives such as Nordic Cleantech Open, a promising pipeline of new start-ups can be recognized. Exits and success stories have started to emerge (such as Swedish Solibro, providing their backer with 30 MEUR in profit over five years). With evaluations reasonable after the financial crunch and several success stories in the making but not yet exited, now is the time to invest.

10 Utilization of what they have. The most telling example is Iceland, a country geographically set apart from the rest, whose isolation has pushed them to look into renewable energy sources partly because of the increased price of shipping over fossil fuels. Iceland is more than 80% reliant now on renewable energy sources, mainly utilising their abundance of geothermal power. All the Nordic countries, whether it be bioenergy, wind, water, sun, or geothermal, know how to look at what they have and utilize it to the utmost degree to get the renewable energy they need.

About the authors Shawn Lesser & Alexander Lidgren

Shawn Lesser is the president and founder of Atlanta-based Sustainable World Capital, which is focused on fund-raising for private equity cleantech/sustainable funds, as well as private cleantech companies and M&A.

He is also a co-founder of the GCCA Global Cleantech Cluster Association, and can be reached at [email protected]

Alexander Lidgren is the chairman and co-founder of Cleantech Scandinavia, a membership network providing investors and affiliated cleantech professionals with business intelligence, networking and deals in the Nordic and Baltic countries. He can be reached at [email protected]

07


In 2009, 82 cleantech investment deals amounting to 171 Million Euro were made in Sweden. A large number of the innovative companies, that attract the investors’ attention, are located in the Greater Stockholm Region, where 48 municipalities closely co-operate in promoting the region in contacts with foreign investors. The region is well known for the large number of internationally known environmental R&D institutes and a very strong cleantech cluster featuring a high level of innovation and unique systemic expertise across the 11 cleantech segments.

A recent success story is the Chinese capital investment of 10 Million USD in Diamorph AB and its new material innovation originating from the Royal Academy of Technology. Another significant R&D investment is to be found at the Linköping University. There a strategic co-operation with the Japaneese investor EL-SEED has resulted in a capital investment of 50 Million SEK into a new LED lighting technology company.

A number of innovative companies at the high-tech incubator, Stockholm Innovation & Growth, have attracted foreign investments and co-operations. The innovative quality detector for biomass, Mantex received a second investment of 20 Million SEK from the German company RWE Innogy and a few public investors. In 2010 the water technology company Predect entered several foreign markets and became an IBM Smart Camp Competition finalist. The cutting edge solar technology companies NLAB Solar, Solarus and Midsummer, have all received investments and established either production units or strategic global alliances.

The fast growing cleantech investment sectors in the Stockholm region- bioenergy, energy efficiency and batteries- display several cutting edge technologies such as Chemrec, Climatewell, Chromogenics, Capital Cooling, Cellkraft, Nilar and Hexaformer. The USA battery company Boston Power has just entered the Stockholm market.

08


Also the new fuel technologies show a rapid domestic and global growth. The growing market demand for biogas has resulted in a flow of investments in the regional biogas production capacity and infrastructure. Tens of new projects are now open to investors and technology suppliers. Some of the Swedish technology leaders, the Scandinavian Biogas and Scandinavian GTS that have attracted large Asian partners have now started their operations in Asia.

In the largest of Stockholm´s flagship projects, the sustainable Royal Sea Port, the energy giants, Swiss ABB and Finnish Fortum, start investing in a unique smart grid application for energy smart housing district. The total investment is 40 Billion Euro. The new development as well as the Pan-European R&D project InnoEnergy, will attract and encourage investments from foreign suppliers of innovative solutions for small scale energy generation, efficiency and monitoring.

In 2010 the Stockholm Region has received a number of company establishments in the field of renewable energy. The German wind power company RE Power and the lighting technology consortium from Taiwan, Green Leaf Technology have opened their Scandinavian headquarters in the Stockholm Region.

Cleantech and Stockholm Region

PHO

TO: J

EPPE

WIK

STRÖ

M

Invest in Stockholm – home to environmental innovation

Welcome to the innovative and profitable cleantech market in the first European Green Capital Stockholm offers investment opportunities and new technologies in the growing areas of new fuels, renewable energy, smart grids and energy efficiency. In 2010, Stockholm was appointed as the first ever European Green Capital by the European Commission.

Stockholm Business Region Development is the official investment promotion agency of Stockholm. We provide you with professional assistance regarding investment opportunities in the Stockholm region – free of charge. Read more at www.stockholmbusinessregion.com

Find your Swedish partner and best technology at Stockholm Environmental Technology Centre www.smtc.se


“The Nordic region combined is the world’s tenth largest economy” - Nordic Innovation Centre.

10

For the past 40 years, Denmark has been synonymous with innovative cleantech solutions and world-class green high-technology. It began with wind technology as a solution to the 1970s oil crisis, but since then the Danish cleantech sector has evolved and now offers technologies within all types of sustainable energy and climate-friendly solutions to business and private consumers.

Both the Danish cleantech sector and the political system are very open to foreign actors. There exists a great understanding of the fact that Danish companies need foreign partners and collaborators to retain their global position as leader within cleantech solutions. As such, this openness paves the way for foreign companies in Denmark and lets them become a part of the growing Danish cleantech industry.

As such, an increasing number of foreign cleantech companies choose to establish a business entity or form partnerships in Denmark to become a part of the growing Danish cleantech market, industry and knowledge environment.

There is a strong international interest in the Danish cleantech sector. One reason is that the Danish energy system is considered to be trend-setting for future energy systems in Europe, North America and Asia in terms of integration of sustainable energy while one of the world’s highest levels of security of supply is ensured. Adding to that is the Danish political goal of creating an energy system free of fossil fuels. The Danish development is particularly interesting to those companies that have solutions, knowledge and products that can help the Danish and global communities achieve such ambitious goals. In a global setting cleantech companies operating in Denmark are ensured a stable political environment even with changing political leadership, which is very important for companies investigating new markets for their international expansion.

Large cleantech cluster strengthens Danish cleantech The Copenhagen Cleantech Cluster (CCC) is precisely the result of the Danish focus on cleantech. CCC is the outcome of a cooperation between 40 of the country’s largest companies, knowledge institutions, municipalities and professional organisations. In 2009, they joined forces to create a single point of entry to the Danish cleantech sector. Overall, CCC is financed by 19 million euro over a five year period and the money comes from a number of public institutions. Today, CCC counts more than 200 members, all engaged in a wide range of cleantech related activities ranging from Smart Grids, recycling of waste to sustainable urban development. CCC serves as the unifying umbrella for all the members and provides them with services within networks, events, knowledge-sharing activities among many other activities.

Copenhagen Capacity was awarded the UN prize “UNCTAD Investment Promotion Award 2010” for excellence in promoting green. In 2009, the World Bank awarded Copenhagen Capacity as the World’s Best Regional Investment Promotion Agency.

Extensive experience with foreign companies

One of the initiators behind the CCC project is Copenhagen Capacity which is the Danish Capital Region’s official inward investment agency. The services provided by Copenhagen Capacity are free of charge and open to all foreign-owned companies and include business information, cost/quality analysis and benchmarks, business set-up and access to an extensive network of consultants, authorities and businesses. Copenhagen Capacity’s 17 years of experience is helping foreign companies locate to Copenhagen and Zealand, where most of the Danish cleantech industry resides.

Copenhagen is ”short” for cleantech

Nicolai Sederberg Rotboell Head of Secretariat Copenhagen Cleantech Cluster E-mail: [email protected] +45 2949 4561

Stephan Skare Nielsen Business Development Manager - Cleantech Copenhagen Capacity E-mail: [email protected] +45 6162 6467

11


Investing in your future

THE EUROPEAN UNION

The European RegionalDevelopment Fund www.cphcleantech.com

www.copcap.com

Contacts:

Links:

In this report we are particularly aiming at highlighting a specific part of the cleantech sector in the Nordic countries –companies in the so-called later stage of business development. What do we mean by “later stage”? A broad term, it is used to describe technology companies who have a customer ready product and have started selling, who have already raised equity capital or have a history of organic growth and either are already profitable or have a clear road to profitability. At the same time, those companies should still be facing big growth plans, often seeking to raise more capital to ramp up production and sales abroad. In the context of this report it also means that those companies have a strong a pronounced interest in internationalisation. So, later stage is a combination of a certain technological safety, customer interest and a continued high growth.

During four years of Cleantech Scandinavia’s experience we noticed a constantly growing interest of international investors towards companies in this stage – and it is finally starting to match an increasing portion of the Nordic dealflow, companies that have managed commercialisation and are in need of growth capital in the sizes often lacking on the home market.

There is, however, no single recipe for finding a great later stage investment opportunity.

The market in the Nordics is diverse, taking into account that cleantech is a relatively young and constantly developing field, there are certain differences between technology areas and market segments. Let us look at the 25 companies presented in this report. Selecting these companies we have been relying on our extensive network of contacts in the Nordics, as well as the companies having expressed a wish to be included. Not providing a rating or calling it a top 25 list, we are certain that it is a selection of some of the most interesting investment opportunities currently on the Nordic market, who seek growth internationally and aim at repeating success stories of REC or Vestas in the near future.

12


We also consider this selection of companies to be fairly representative of the later stage scene in the Nordic countries from a sector and technology perspective, as well as by type of companies included. The “latest stage” companies are often in the category of “suppliers and enablers of cleantech” – companies whose products and services feed into cleantech industry allowing more efficient processes. Companies in this category are numerous in this report, they have strong and often already internationally set up sales, such as Finnish The Switch and BaseN, Swedish SenseAir and Flexenclosure. Those companies are closer to a potential exit. Next are three companies in the “advanced recycling” field: Norwegian Metallkraft and Innotech Solar, both working with the fast growing solar energy industry, and Finnish battery recycler Akkuser. Technologies represented by these three companies have a potential to greatly contribute to material recovery efficiency in high-tech sectors.

Perhaps the least advanced in terms of development and sales are energy technologies. On the other hand, it takes longer to put a technology from lab to the field in the energy sector, and incomparably larger investments are required even before the technology is commercialised. Swedish Vertical Wind and Finnish Mervento both have an innovative approach to wind energy, and both are in the beginning of establishing sales process, but they have gone a long way to come to this point (when wind power companies start full scale sales, they jump out of the minor league and quickly become large, like Finnish WinWind or Danish LM Windpower, who could have been in a similar listing just 2 years ago). It tends to be a feature of energy technologies that they are expensive and can be more risky, but also highly promising and with a clear and big market if and when they succeed. It is also worth mentioning that only representatives of wind and biofuels technologies are represented in this selection: wave and tidal power, advanced liquid biofuels, and most of the advanced solar energy companies we have come across are still in earlier development stages.

Later stage Nordic cleantech – who are these 25 companies?

Another distinct group of companies works with innovative technologies in the areas of hybrid and electric vehicles. Drivetrain technologies alternative to burning carbon (which have developed outside, or spun out of the large automotive firms) are just climbing out of the technology testing phase. Despite public support and legislative pressure, market access can be rather difficult and is associated with huge switching costs, particularly for commercialisation of fuel cells and alternative battery systems, technologies represented here by the Danish H2 Logic and Swedish Alelion Batteries and Effpower. Crucial for companies in these areas seems to be to find profitable customer segments early and develop the market from there. All of these companies have managed to do that and have a focused and successful sales development. Also in this case large investments have been attracted earlier in the development process, for example Alelion Batteries that have raised two funding rounds in 2010, at a combined EUR 5 million.

Water technologies and advanced materials sectors are somewhat similar: there are a lot of early stage innovations that take time to reach the market. Both sectors often need international sales to take off, since there are virtually no water problems at the Nordic home markets, and industrial processes in which to implement new materials are limited in numbers and scale. The material and water companies in this report are aware of this and are well positioned on their respective markets.

So, although difficult to draw a common line across sectors, it is possible to find sound investment cases in all Nordic countries. In general we believe it is important to understand the position of the technology in relation to the mainstream of the application segment.

13 The second main point is that for later

stage companies to be there, early stage companies have to receive investments. Cleantech Scandinavia has been collecting dealflow statistics in the Nordic region since 2007, and according to our findings a positive trend is unfolding. The growth in seed- and early stage investments that was observed between 2007 and 2008 (from 10% to almost 20% of all funding, and from 40% to 51% in the number of deals) was threatened in 2009 due to recession. A much larger demand for later stage investments appeared that year, leading to a decrease in early stage funding back to the levels of 2007. However, the data for 2010 presents a highly optimistic growth trend with almost a third of all funding – 32%, and over a half of deals in number – 53%, allocated to seed stage companies. It is also important to note that the total amounts invested have been growing every year since 2007, so in absolute terms there was a consecutive increase in capital inflow.

Given this trend continues we will see more companies enter later stage in the coming 2 years. In our opinion it is essential to have strong and competent capital targeted at different technology areas and development stages to ensure sustainable growth of the cleantech sector. It is also important to provide entrepreneurs with success stories they will want to follow in this business, and we are convinced that many of the companies in this report will become success stories very soon!


14

Contrary to the global trend of decline, in 2009 cleantech investments in the Nordics grew by 23%

Enablers and suppliers to cleantech

BaseN, FinlandSmart grid monitoring

Chempolis, FinlandBiorefining solutions for industrial scale

Flexenclosure, Sweden Renewable energy solutions for telecom masts

Hexaformer, SwedenEnergy efficient transformers

Norstel, SwedenSilicon Carbide wafers for power electronics

NorWind, NorwayOffshore wind foundations

OCAS, NorwayAnti-collision radar systems

Pro Analysis, NorwayOil in water monitors

SenseAir, SwedenInfrared gas sensors and controllers

The Switch, FinlandPermanent magnet generators and energy converters

Energy conversion

Capital Cooling, SwedenDistrict cooling concept

Mervento, FinlandDirect drive wind turbines

Photosolar, DenmarkTransparent solar shading

Stirling DK, DenmarkBiomass fuelled cogeneration plants

Vertical Wind, Sweden Vertical axis wind turbines

Batteries - vehicles

Alelion Batteries, SwedenBattery systems, particularly for EV applications

Effpower, SwedenEnergy storage systems for hybrid vehicles

H2 Logic, DenmarkHydrogen and fuel cell technology and infrastructure

Advanced recycling

Akkuser, FinlandRecycling of batteries

Innotech Solar, Norway Repowering of non-prime solar cells

Metallkraft, Norway Recovery and recycling of SiC slurry

Water and wastewater treatment

AquaZ, DenmarkWater purification and desalination

Clewer, FinlandDistributed wastewater treatment for households

New materials

Beneq, Finland Advanced thin film coating technology

OrganoClick, SwedenCellulose-based materials from bio-fibres

15

25 selected companies by technology sector


Profiles of the 25 companies

Name of the company: BaseN CorporationLocation: Helsinki, FinlandFoundation year: 2001Website: www.basen.net Contact: Pasi Hurri, President & CEO

Core business

BaseN is an international measurement service provider, dedicated to a large scale infrastructure monitoring and management. BaseN offers a complete portfolio of services that monitor, measure, analyse and forecast massive data flows, which provide real-time network metrics and alerting functions through tailored web based customer portals.

Benefits

The services are based on BaseN’s proprietary BaseN Platform, which opens up new possibilities in energy and environment measurement due to its ability to integrate sensors and other measurement devices such as electric, water and gas meters into one system. The BaseN platform is the most scalable, resilient and reliable architecture on the market and aims to be the measurement platform for transforming the Smart Grid into reality.BaseN has developed its system for large telecom networks and has applied the same new generation technology to the Cleantech market and can immediately make real time data available to multiple users – e.g. consumers – organisations and households – in cost efficient way. Smart Meters are being deployed in the millions across the globe and BaseN has a software platform already operational which is currently measuring the equivalent of more than 10 million Smart Meters every minute. The data is made available to BaseN’s customers in real time, viewable on the web in less than a minute.

17


Market development

BaseN is an international company with commercial offices in the USA and several European countries. The company has a global sales network. It has built a strong network of partners and customers who include large industrials, telecom and energy companies such as Ahlstrom, Fortum, Vattenfall, Stora Enso, Amcor and BT Infonet.

BaseN has already proven that it can grow its business organically and have developed a cash flow positive business that needs no outside funding for its current run rate. However, the opportunity in the Smart Grid space is such that tier 1 investor could leverage BaseN in an unprecedented way. This is due to inevitable tackling of current systemic energy waste. This is the first time when the pressure from the national regulators and industry is parallel.



18



Name of the company: Chempolis Ltd. Location: Oulu, Finland Foundation year: 1995 Website: www.chempolis.com Contact: Paula Paananen, Director Environment & Communications

Core business

Chempolis’ core products are the two patented biorefining technologies: 1) formicobio™ for the production of cellulosic ethanol and biochemicals from non-food biomasses and 2) formicofib™ for the production of papermaking fibres (i.e. pulp) and biochemicals from non-wood biomasses.

Benefits

The business is to deliver formico® biorefineries, which make sustainable results using non-wood and non-food biomasses. Licensing of formicobio™ and formicofib™ technologies is an essential part of the deliveries. Compared to other available technologies, Chempolis’ formico® technologies offer an opportunity for highly profitable and environmentally sustainable biorefining. Driving forces for the production of cellulosic ethanol include reduction of CO2 emissions of transportation, decline of oil resources, and securing sourcing of transportation fuels. Current production of non-wood pulp consumes huge volumes of groundwater, pollutes waterways severely, and causes CO2 emissions. Production of wood pulp consumes forest resources and transportation of papermaking fibers across the globe causes CO2 emissions. Chempolis’ formico® technologies enable higher revenues and reduced operating costs while CO2 emissions and other pollution to atmosphere and waterways can be eliminated practically completely. Simultaneously, local biorefining provides jobs and incomes to rural areas that are typically under-developed in Asian countries resulting in integration of social, environmental and economic sustainability.

Market development

Governments all over the world have set mandatory targets to use increasing volumes of biofuels in transportation (especially cellulosic ethanol). For example, the Renewable Fuels Standard of USA and 11th five-year plan of China require annual productions of 60 and 10 billion litres of cellulosic ethanol by 2020, respectively. Reaching such volumes offers a huge market opportunity for the Chempolis’ formicobio™ technology.

Rapidly growing demand for paper in Asia has increased the demand for papermaking fibres. At the same time, production of papermaking fibres from non-wood biomasses has been and will further be cut down due to environmental and economical reasons. In many Asian countries (especially China and India), non-wood biomasses has been the most important source of virgin fibres. To correct this imbalance, huge volumes of wood pulp and recycled paper are being imported from South and North America. However increasing of such imports in not sustainable and new production capacity of 20 million tons/a (Mt/a) of pulp should be constructed by 2020 in China alone. Such a demand for new capacity offers a huge market opportunity for the Chempolis’

formicofib™ technology.


Name of the company: FlexenclosureLocation: Stockholm/Lidköping, Sweden; Nairobi, KenyaFoundation year: 2007Website: www.basen.net Contact: Per Grunewald, Chairman of the Board

Core business

Flexenclosure is a clean tech company in the telecom infrastructure industry. Flexenclosure provides turn-key modular telecom site solutions that are flexible, prefabricated and quick to install. The four product areas are Switching Stations, Heavy Duty, Mobile Site, and the flagship product E-site.

Benefits

E-site is a site solution mainly powered by renewable energy sources (sun and wind) and with an intelligent control system that can radically reduce diesel consumption, CO2 emissions, maintenance visits and operating expenses. Flexenclosure received the Green Telecoms Award at AfricaCom in Cape Town in 2010 and in 2008 the company was named the most innovative carrier and infrastructure company awarded at the Mobile World Congress in Barcelona.Approximately 70% of new telecom sites are being built in rural areas (emerging markets). Solutions like the E-site will not only reduce the diesel consumption by up to 90%, it will also help network operators to drastically cut down their energy OPEX costs.The emissions from a standard, rural diesel powered telecom site are approximately 50 tons of CO2 annually. With E-site, more than 40 tons can be saved. GSMA estimates there will be 639,000 off-grid sites and 118,000 of them will be running on green power by 2012. Using the E-site technology for green power, potentially 5,000 MegaTonnes of CO2 could be saved globally per annum.

E-site’s “brain”, the advanced control system Diriflex, is the key factor in pushing the renewable energy proportion up to and even above 90% instead of the maybe 60% one would get by simply mounting a wind turbine and solar panels on a normal telecom site.

19


Market development

Flexenclosure has invested approximately 15-20% of its turnover in product development since 2006. Trials of E-sites have been on the market since early 2009.

Flexenclosure is based in Lidköping, Sweden, with offices in Nairobi, Kenya and Johannesburg, South Africa. Flexenclosure has delivered 8,000 telecom site solutions to network suppliers, operators and contractors since 1989. Customers are global telecom companies like Ericsson, Zain, MTN and Telenor.

Flexenclosure has major ongoing rollout projects for Switching Stations in Sudan and Ghana, while E-site is being rolled out in various places in eastern, western and southern Africa. An increasing interest for E-site and Switching Stations is also seen in Asia and Latin America, while the focus market is still Sub-Saharan Africa.

In many countries in e.g. sub-Saharan Africa the grid is unavailable or not reliable outside the main cities, and currently diesel generators provide the main source of power leading to energy costs for running mobile networks that could be as high as 40-50% of total OPEX. E-site provides a sustainable solution with energy OPEX reduction of up to 90% that could completely change the conditions and possibilities for operators expanding in to low ARPU areas. In addition to massive savings in operational costs, there are huge potential reductions in carbon emissions.



20



Name of the company: HexaformerLocation: Västervik, SwedenFoundation year: 2004 Website: www.hexaformer.com Contact: Thomas Türk, CEO

Core business

Hexaformer produces a range of large scale transformers based on its innovative and patented symmetrical core design, which results in a transformer that is superior to conventional technology in all important aspects.

Benefits

Hexaformer offers the most energy efficient transformers (and reactors) on transformer market. As transformers have lower energy losses than competition, a higher price could be charged to the end customers, and simultaneously there is a reduction in raw materials use at the production stage, which means material cost saving. Therefore a higher gross margin can be achieved compared to competitors.

The uniqueness of the technology is derived from the shape of transformer’s core, which is wind into 3 steel rings (which in turn consist of 3 steel rings, i.e. 9 steel rings altogether). There is no steel scrap in production. Conventional 3 phase transformers are made up of between 4000 – 5000 pieces of steel sheets, which are stacked together in a very clumsy and time consuming manufacturing process with relatively large steel scrap.Environmental benefits are:

1. Lower energy losses (primarily no-load losses, but also lower load losses) = less CO2

2. Less raw material, primarily steel, needed to produce the transformers

Hexaformer also works with licence agreements to other transformer manufacturers.

Market development

Hexaformer has a customer base in Sweden and abroad, including such companies as E.ON, Vattenfall, Atlas Copco, Scania, Jämtkraft, Balfour Betty Rail. Recently orders and licence agreements were received form Ireland and India. Company’s own production facility is located in Västervik, Sweden, and over 2000 transformers are now installed in the field. Continuous efficiency improvements are being made as well as developing “add-ons” to transformers (e.g. transformers with reactors, transformers with fuses and breakers etc), with technological proof of concept having been verified by both customers, academia and through various due diligences.


Name of the company: NorstelLocation: Norrköping, SwedenFoundation year: 2005Website: www.norstel.com Contact: Iain Jackson, CEO

Core business

Silicon Carbide wafers for applications in power electronics, especially for hybrid vehicles, and for high frequency electronics, especially mobile infrastructure.

Benefits

Silicon carbide is a novel semiconductor material that offers big advantages when used in energy conversion applications. Silicon carbide’s fundamental properties mean it has only half of the energy losses compared to the same solution implemented with today’s best in class silicon technology. In addition its ability to continue to operate at much higher temperatures and current densities than silicon give it ideal properties for a number of demanding power electronics applications. The biggest market is expected to develop in hybrid vehicles where the combination of energy efficiency, reduced cooling requirements and smaller size can give fuel efficiency improvements greater than 10% compared to the same vehicle designed with conventional silicon technology.Other applications include energy conversion in solar, power transmission and applications with demanding environmental conditions.In the biggest market in hybrid vehicles silicon carbide will realise fuel efficiency improvements compared to conventional silicon technology. This has the additional direct benefit of reduced CO2 emissions.In the future silicon carbide can extend its reach to a whole range of applications. Norstel providing high quality cost effective wafers to this ecosystem will benefit not just our direct customers, the semiconductor device manufacturers, but the complete food chain through to end systems such as hybrid vehicles.

21


Market development

Norstel’s own production plant operates in Sweden since 2006, and is one of the most modern and advanced facilities existing in the world today that is focused purely on producing single crystal SiC materials. Norstel also offers SiC epitaxy layers, both on its own substrates and as service business on customer supplied substrates. Norstel’s customers are semiconductor device companies worldwide especially those working in power electronics with SiC.



22



Name of the company: NorWind Installer AS Location: Bergen, NorwayFoundation year: 2007 Website: www.norwind.noContact: Simen Hesleskaug, CEO [email protected]

Core business

Safe, predictable and efficient transportation and installation of offshore wind foundations using advanced DP based offshore construction vessels.

Benefits

NorWind Installer combines advanced engineering and vessel designs from the North Sea offshore supply industry with specialised techniques and procedures developed for repetitive installations of foundations to offer the speed, capacity and predictability required for offshore wind to meet competitive cost levels to other energy sectors.

We continuously develop tools and procedures for efficient utilisation of existing offshore construction vessels. In cooperation with Ulstein Design and Ulstein Sea of solutions, NorWind Installer is developing a specialised vessel to perform safe, efficient and predictable installations in the harsh weather conditions in the North Sea all year around.

In 2009, NorWind Installer was the main foundation contractor at Germany’s first offshore windfarm, Alpha Ventus in the North Sea 45 km off the German coast. NorWind Installer successfully installed six foundations at the world’s first offshore wind farm based on jacket foundations lowered onto pre-installed piles. NorWind has proven that the installation of far offshore wind farms is technically feasible, even under difficult conditions using advanced subsea operations.

Market development

Our target market is the offshore wind industry in Europe, especially the German and UK sector of the North Sea. NorWind Installer services and capabilities may also be offered to other offshore and subsea projects where repetitive installation and logistics operations are combined and key to success. NorWind Installer has a strong financial and industrial backing from its established owners from the Norwegian shipping, renewable and utility.


Name of the company: OCASLocation: Oslo, NorwayFoundation year: 2000Website: www.ocas-as.noContact: Karine Pignatel, CFO

Core business

Obstacle Collision Avoidance System (OCAS) was founded by two former military pilots who saw the need to increase current marking standards and developed a ground based obstacle warning system that is setting new standards for safety and environmental compliance in the area of Obstacle Marking and Lighting.

Benefits

The OCAS system is based on advanced 3D radar technology. It provides both visual and audible warnings to aircraft on potential collision course towards obstructions such as wind turbines, power lines or communication towers. OCAS improves flight safety and the environmental profile of obstructions by eliminating light pollution.The radar detects and tracks aircrafts in the vicinity of a wind park based on 3D speed vector and manoeuvre; calculates time to potential impact with obstacle and activates obstacle lights and optional VHF audio warning when it is required for safe evasive manoeuvre.

All wind parks with installations higher than 100 meters are required to comply with national obstruction marking rules, including obstruction lights, which especially in populated areas becomes an environmental and aesthetical challenge. The OCAS system is the only low-cost 3D radar on the market at the moment and is the only approved substitute to light emergency markings. The system therefore provides constant protection regardless of local visual conditions and without specialised equipment requirements for the general aviation community.The system design incorporates extremely low energy consumption requirements for all modules allowing the solution to be solar powered reducing installation costs in areas with no electric supply capabilities.

23


Market development

The OCAS product is currently approved in the USA, Canada and Norway and is in the process of approval in Germany and Sweden. 52 approved and operational systems are installed with 13 radar units currently under installation for wind parks and over 350 units in the sales pipeline.

Currently the target markets are the Nordics, the USA and Canada, but in short term perspective OCAS is planning to start operations in the UK, other European regions, China and other countries. Currently OCAS employs 30 people.



24



Name of the company: Pro AnalysisLocation: Bergen, NorwayFoundation year: 1996 Website: www.oilinwater.net Contact: Sigurd Bekkevold, Finance Manager

Core business

ProAnalysis AS is a supplier of high-quality online Oil in Water monitors for application in produced water treatment in the Oil and Gas industry with its proprietary high tech Argus® technology.

Benefits

The main benefits of the Argus technology are: in-line probe design that eliminates the need for bypass lines which cause high maintenance and unreliable measurements; on-line measurement that enables immediate response to change in oil in water levels. Technology also enables high pressure and multipoint oil in water monitoring, giving significant benefits to operators in process management.Technology has an accurate, robust and stable measurement principle, and has low life-cycle costs due to automated self-cleaning.Installing ProAnalysis’ Argus® oil in water monitors, allows the operator to:

I• ncrease oil production and improved performance

Significantly reduce cost associated with •manual sampling and laboratory analysis

Reduce the use of chemicals in water •treatment systems

Reduce oil content in produced water •and oil discharge

Rapidly increased environmental focus, requirements and enforcement combined with a transition to tail-end oil production in many areas, with strongly increasing water volumes produced with the oil as the reservoirs are emptied makes precise monitoring of oil in water content a challenge and an attractive business opportunity.

The market for high-end oil in water monitoring is expected to grow and stabilise at NOK 500 million annually from 2015.

Market development

ProAnalysis introduced the Argus technology to the Norwegian market in 2005, and is rapidly gaining acceptance as the leading supplier of oil in water analysers in this market. The technology was introduced to the international market in 2008.

Pro Analysis has strong industrial partners and customers such as Statoil, Conoco Philips, Shell, Maersk. The company currently employs 12 people.


Name of the company: SenseAir ABLocation: Delsbo, SwedenFoundation year: 1993Website: www.senseair.se Contact: Arvid Egeland, CEO

Core business

SenseAir is one of the world’s leading companies in developing and manufacturing of maintenance - free infrared gas sensors, with focus on low-cost reliable CO2 measurements. The proprietary technology s based on the principle of infrared absorption of radiation.

Benefits

CO2 sensors are utilised within 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. Exceptional quality and robust design has also placed SenseAir CO2 sensors at the forefront of industrial and agricultural process control. Applications include food processing, packaging, transportation and overall yield improvements when applied to chicken incubators, cooling containers, green houses, etc. SenseAir is increasingly working together with partners in the medical and pharmaceutical sectors, for example in captometry and incubators.

The application of CO2 sensors can increase process efficiencies, hence reducing energy costs for the customers, as well as decreasing environmental impact. For example, using CO2 based demand controlled ventilation has a considerable positive effect on energy saving. This is most noticeable when it is incorporated within climate control of spaces with varying load such as airports, schools, shopping centres, sports facilities, cinemas, offices, etc.

The diversity of these markets bears testament to the extensive product range and stringent quality control which remains at the forefront of SenseAir business ethos.

25


Market development

The target customers are OEMs of gas and climate controlling devices. SenseAir has a sales office in China in operation since 2009 and customers such as Shanghai’s new airport. 2010 a sales office also opened in Tucson, Arizona. In addition, a comprehensive network of worldwide distributors provides advice and technical support for all SenseAir products. This is of great value to OEMs when exporting equipment incorporating SensAir sensors.

SenseAir CO2 sensors have been installed in numerous schools, cinemas, sports centres, hospitals, offices and other public buildings including parliaments and international airports across Sweden, Germany, the UK, Finland, Norway, China, Russia and other countries in Europe and East Asia. These sectors have each contributed to the rapid but controlled growth of SenseAir. This has been achieved despite the worst global recession for decades.



26



Name of the company: The SwitchLocation: Headquarters: Vantaa, Finland; model factories: Lappeenranta and Vaasa, FinlandFoundation year: 2006 Website: www.theswitch.com Contact: Dag Sandås, CFO

Core business

The Switch is the technology leader for elecThe Switch is the technology leader for electrical power conversion in new energy and energy conserving applications. We supply permanent magnet generators and full-power convertor packages for renewable energy generation such as wind power, solar energy and related applications. Our technology enables reliable grid compliance and increased energy yield, and our solutions contribute to the battle against climate change.

Benefits

Wind park owners and utilities demand high quality and efficient power generation that complies with standards that are constantly moving to become more stringent. We at The Switch have made a clear strategic decision to focus on PMG technology for its wind turbine drive trains due to all the favourable advantages of the technology when used to harness energy from wind power. We are now making this technology commercially viable for the leading global wind turbine manufacturers.

In September 2010, we launched our second-generation full-power converter, where reliability was taken to a completely new level allowing turbines to keep generating power, without tripping and standing still. The fault ride-through and other special built-in protective components comply with the strictest international regulations in the industry today.

Our purpose-built and tailored key components are provided for each application area to match customers’ requirements and ensure high efficiency and availability leading to the highest achievable productivity.

The efficiency of power conversion is a key issue in successful development of renewable energy sources, and The Switch is the partner of choice for complete multi-megawatt power generation with the promise to offer optimised solutions.Asian countries resulting in integration of social, environmental and economic sustainability.

Market development

Founded in 2006, The Switch has been quickly gaining power throughout the renewable energy industry and established offices around the world including Finland (headquarters), China, Denmark, India, Germany, Spain and the US with a total of 272 employees. Various companies are now turning to The Switch for a fast-tracked presence in the market thanks to the ready-to-deploy PMG and full-power converter packages.We have carried out a number of successful projects in onshore and offshore wind power together with some of the leading companies in Norway, Germany, and China, where The Switch has a wide customer and supplier base.


Name of the company: Capital CoolingLocation: Stockholm, SwedenFoundation year: 2002Website: www.capitalcooling.seContact: Pär Dalin, CEO

Core business

Capital Cooling develops and carries out large scale district cooling and sea water air conditioning (SWAC) projects. Today the company has a leading position within the growing segment of district cooling and has been engaged in more than 50% of the district cooling developments in Europe.

Benefits

Capital Cooling develops and invests in new district cooling projects. In addition to acting as a co-investors, we provide project development services to our partners including identification and evaluation of business prospects.

The main idea of district cooling is to use local sources for cooling, that otherwise would be wasted or not used, in order to offer the local market a competitive and high-efficient alternative to traditional cooling solutions. The centrally produced district cooling can reach 5–10 times higher efficiency than conventional local electricity-driven equipment and has lower operational costs, higher operational reliability and availability.

With 5-10 times higher energy efficiency the CO2 impact can be reduced with 80-90% compared with conventional cooling. Also the effluents of hazardous Freon can be reduced to the same extent.District cooling has a high degree of operational reliability (up to 99,9 %) as well as accessibility that makes it suitable for demanding facilities such as hospitals, data centres, industries and airports.

27


Market development

Conclusions from the EU report Ecoheatcool, 2006: It’s financially feasible for District Cooling to reach a market share of 25% of the cooling market resulting in a 45 million tons annual reduction of CO2 in EU. Target customers for Capital Cooling are Infrastructure Investors, Facility Management & Real Estate Development Companies in Europe, North America and Middle East. During 2010 Capital Cooling made its first investments “Capital Cooling Invest I” in the District Cooling development project in Honolulu, HI, USA. http://honoluluswac.com

Energy conversion


28


Energy conversion

Name of the company: Mervento OyLocation: Vaasa, FinlandFoundation year: 2008 Website: www.mervento.com Contact: Patrik Holm, CEO

Core business

Mervento develops and delivers advanced direct drive multi-megawatt wind turbine power plant solutions for onshore, near shore and offshore applications. Mervento is a system integrator with complete know-how of wind turbine power plant processes.

Benefits

MERVENTO 3.6-118 direct drive permanent magnet wind turbine has the best power curve in power class 3-4 MW. It has direct drive power train for high efficiency and reliability as well as medium voltage full power converter fulfilling all known grid codes. Technical solutions and integrations enable the investment cost to be kept at a low level compared to other direct drive designs. Consumable parts are easily exchanged on-site, and no maintenance operation requires the nacelle to be removed from the tower. The innovative design minimises traditional problems, such as noise, weight and expensive maintenance.

High availability, low operating and maintenance costs and a long lifetime, along with reliable and innovative solutions, ensure a high energy production and fast return on investment.

Market development

Mervento’s customers are primarily utility companies and independent power producers (IPP) initially in Finland, Sweden, Norway, the UK, Ireland and France. Mervento’s target is to be a technology leader in wind turbine direct drive technology and the leading global provider of multi-megawatt direct drive wind turbine power plant solutions.

Mervento is one of the biggest start-up companies in Finland. The first MERVENTO 3.6-118 wind turbine will be started up by October 1, 2011 in Finland.


Name of the company: Photosolar A/SLocation: Taastrup, DenmarkFoundation year: 2003Website: www.photosolar.dk Contact: Carsten Haake, Managing Director

Core business

PhotoSolar develops and markets advanced

transparent solar shading and photovoltaic solutions based on its MicroShade™ product.

Benefits

Photosolar was founded as a spin-off from the Danish Technological Institute following an idea to integrate transparent solar cells in glass facades of buildings and provide the function of solar shading in the same solution. MicroShade™ was successfully launched on the market in 2009. It is the new generation of integrated solar shading for glass facades. It provides effective and environmentally friendly solar shading for primarily non-residential buildings, removing 90% of the unwanted heat load when shading is needed the most – in the summer time – while allowing a positive energy inflow in the heating season. Despite its progressive function, MicroShade has no moveable parts, requires no control and is maintenance free. It cuts direct solar radiation and improves the indoor climate while considerably reducing the energy needed for cooling and ventilation. It replaces exterior shading devices and reduces or eliminates the need for cooling equipment.

The micro lamellas in the MicroShade™ strip filter the sunlight according to the same principle as ordinary blinds. Sunlight incident at low angles passes relatively unimpeded through the lamellas while solar radiation incident at high angles is effectively blocked. During the summer, when the angle of the sun is high, the shades block more of the incident radiation than during the winter. In the next product generation which still under development, solar cells will be applied to form a product which is designed to provide all the benefits of MicroShade and in addition transfer the unwanted and shielded energy load into sustainably produced electricity. This energy may be used for instance for the buildings air conditioning, as power generation will be at its highest when cooling is needed the most.

29


Market development

MicroShade™ was introduced to the market in 2009 and has been since installed in a number of reference sites in offices and schools. For the further development of the concept, PhotoSolar cooperates with among others the Danish Energy Agency and internationally recognised architects 3XN. Currently sales offices are set up in Denmark and Germany.


Energy conversion

30


Name of the company: Stirling DKLocation: Lyngby, DenmarkFoundation year: 2004 Website: www.stirling.dk Contact: Dr. Lars Jagd, CEO

Core business

Stirling DK offers a range of Stirling engines capable of converting low-value biomass into high-value, clean electricity and heat in small scale power applications.

Benefits

Stirling DK offers biomass fuelled, Stirling engine based, combined heat and power plants which convert biomass (such as e.g. wood chips, straw and other agricultural by-products such as coconut shells, rice shells, etc) into CO2-neutral heat and power. Applications include in principle any large building, small society, or industrial facility with a heat demand. Stirling DK’s plants replace or supplement the existing heating system. Another, even larger, market is the diesel genset market for power generation in isolated areas and development countries. In such markets, Stirling DK’s technology is highly disruptive.In the segment for distributed power generation (electric output 10-500 kWe) from biomass sources there has, until now, been a technology gap with no feasible alternative technologies present. Hence, power production in this range, is based on diesel gensets. Because Stirling DK’s solutions are (1) fuelled by CO2-neutral sources thus generating CO2-neutral power and heat, (2) a combined heat and power technology securing a 90% energy utilisation, and (3) a technology for distributed energy generation whereby transmission losses are minimised.

Market development

The initial target market is European countries, primarily Denmark, Germany and Italy – and has a number of installations successfully operating in these countries. First commercial plants have been put in operation in those countries during 2008 - 2009.


Energy conversion

Name of the company: Vertical WindLocation: Uppsala, SwedenFoundation year: 2001Website: www.verticalwind.se Contact: Björn Hellström, CEO

Core business

A new generation of wind turbines with vertical axis, where the generator is direct-driven and placed at ground level.

31


Benefits

The robust and simple technology with few moving and sensitive parts compared to conventional wind turbines, gives a higher availability and reliability as well as lower cost for maintenance, because the generator is placed on the ground level. The turbine does not need a pitch or a yawing mechanism and the direct driven generator eliminates the need of a gearbox. Furthermore, this type of wind turbine is quieter than its horizontal counterpart.

Market development

A small prototype was completed in 2006, and the first small scale product delivered to customer Ericsson AB in 2008. In 2010 the first 200kW installation was delivered to the energy company in the South of Sweden. It was connected to the grid April 2010 and is a first of total 4 200kW VAWT ordered for this site. The Swedish energy Agency contributes to the park that will generate input for the launch of a development project for a large-scale wind turbine. Erection of the 1,4 and later a 3 MW turbine is planned to 2013 and 2015.


Energy conversion

32


Name of the company: Alelion Batteries ABLocation: Nödinge, SwedenFoundation year: 2006 Website: www.alelion.comContact: Torbjörn Sundström, CEO

Core business

Alelion offers complete energy storage systems based primarily on Li-ion batteries customised for midsize applications, electric vehicles and renewable energy systems.

Benefits

Alelion’s products are advanced, modular, scalable and cost efficient energy storage systems and components in the energy sector, electric vehicles and midsize applications. Alelion uses automotive technology for control systems and modern digital control for power conversion bringing them to energy applications. This gives a unique cost structure and reliable system performance.

The new Lithium battery technology gives opportunities to improve the energy storage in renewable energy systems and create whole new applications and better use of the energy. Alelion also creates possibilities to replace small gas engines with batteries due to the fact that they can be charged very quickly providing the continuous use of the devices.

Market development

Own production facility has been in operation since 2009, and it can produce all types of Alelion batteries. Alelion is involved in several customer testing projects with products such as an electric Fiat 500, electric motorcycles, wheelchairs, golf carts, cleaning machines, LED lamp systems and other small and medium sized electronic devices.



Name of the company: EffpowerLocation: Gothenburg, SwedenFoundation year: 1999Website: www.effpower.com Contact: Per Svantesson, CEO

Core business

Effpower provides a cost effective battery and energy storage solutions for demanding applications in mild hybrid electric vehicle segment.

Benefits

Effpower battery solution is designed for hybrid electric vehicles that require high power output during limited time. The high power rating enables power boost at acceleration and a capability to store braking energy, so called regenerative braking. In addition to the high power rating, the bipolar battery design is robust and offers very good cycling ability and design flexibility.

The technology is based on lead-acid chemistry in a bipolar arrangement with lead-infiltrated-ceramic bipolar plates as partitioning walls between the cells. In the bipolar concept the battery cells are connected in series and are fully modular, allowing manufacturing of compact high voltage batteries.

33


Market development

Effpower’s development is supported by strong players in the Swedish automotive market such as Volvo Technology Transfer and Fouriertransform, and the company is also cooperating with the leaders on the Swedish heavy duty vehicle market Volvo Trucks and Scania. During 2010 the new production capacity has been built up in preparation for bigger production volumes by 2012.

Based on experience and competence built up from mild hybrid applications with a bipolar Effpower battery, the company is now expanding its business offering to also include customised energy storage systems with alternative energy storage solutions Effpower can thereby offer a full range of energy storage systems covering the customers’ different application needs.



34


Name of the company: H2 Logic Location: Herning, DenmarkFoundation year: 2003 Website: www.h2logic.com Contact: Jacob Krogsgaard, CEO

Core business

H2 Logic is a leading European developer and manufacturer of hydrogen and fuel cell technology. H2 Logic main products are fuel cell systems for materials handling and hydrogen refuelling stations for refuelling of cars and materials handling vehicles

Benefits

The products offered by H2Logic are: fuel cell hybrid systems delivering electricity for propulsion for forklifts and road vehicles, and Hydrogen refuelling stations (HRS). In materials handling vehicles such as forklifts, an electric drive system is preferred compared to Internal Combustion Engines (ICE) based on LPG or diesel. Electric forklifts have higher energy efficiencies, low noise, low vibrations and zero emissions. However the low energy density and long recharge time of batteries makes ICE the preferred choice in heavy duty forklift trucks where batteries are insufficient. Using a fuel cell hybrid electric system from H2 Logic heavy duty forklifts can be operated zero emission like with batteries whilst still having the operation range, short refuelling time and long life time as a combustion engine forklifts. The future cars are electric. Batteries are however the main challenge for the success of electric vehicles. Fuel cell cars are electric cars where electricity is supplied from a fuel cell that uses hydrogen as a fuel. In a fuel cell car, hydrogen, up to 700 km range, can be refuelled in 3 minutes on a HRS. Battery-electric cars are expected to be replacements of the secondary cars in families, while the primary car with long operation range will be hydrogen cars.

H2 Logic is among the few supplies that today have documented to comply with SEA J2601 standard for fast and reliable hydrogen refuelling.

Market development

In both business areas of Fuel cell systems and HRS, H2Logic has become a significant player in the European market. Several Hydrogen refuelling stations have been enabled in Denmark, Norway and Greenland. Currently (January 2010) H2 Logic has 4 hydrogen refuelling stations in order for refuelling of hydrogen cars. Market objective is to have a national station network in Denmark (10-15 stations) and south Norway (7-10 stations) in 2013. Dialogue with 5 automotive OEMs are ongoing to make Scandinavia an early region for market introduction of hydrogen cars in 2013-2015.H2 Logic has a partnership with forklift truck manufacturer Dantruck, where the Dantruck 3000-H2, the world’s first fully integrated hydrogen forklift truck is expected to be realised in May 2011. H2 Logic has secured funding for demonstration of 35 fuel cell forklift trucks in 2011-2012 and letters of intent for purchase of 5-10times that amount. H2 Logic also has cooperation with MULAG, a leading German manufacturer of airport materials handling equipment. MULAG and H2 Logic is expected to release a hydrogen fuel cell tow tractor in the summer of 2011. A hydrogen tow tractor can today (without subsidies) match the total cost of ownership of a hybrid tow tractor.



Name of the company: AkkuSer LtdLocation: Nivala, FinlandFoundation year: 2006Website: www.akkuser.fi Contact: Jarmo Pudas, Managing Director; Tommi Karjalainen, Operation Manager

Core business

Recycling of different kinds of batteries based on Dry-Technology such as crushing and gas treatment, which achieves high levels of materials recycling.

Benefits

AkkuSer offers the full chain of recycling technology starting from sorting, which makes it possible to recycle a mixed stream of batteries. It is possible to recycle different sorts of batteries and accumulators: laptop, mobile phone and other portable batteries. It is done based on Dry-Technology - without chemicals, without heat and without water. The process is therefore very energy efficient with energy use of 0,3 kWh/kg of metal. Therefore AkkuSer was awarded by European Business Awards for the Environment 2008.The first recycling plant is located in Finland and it is ISO 14001 and ISO 9001 certified. End products are pure materials which are easy to use at metal or chemical factories.

35


Market development

During 2010 the plant handled up to 2000 tonnes of batteries primarily from Finland, but also from Austria, Slovakia and Estonia. Akkuser also works in partnership with main recycling companies in the Nordic region. Growth in production of batteries, including the electrical vehicle market, together with tightening recycling and WEEE legislation in Europe provides a solid potential for steady and predictable market growth.

In addition, several countries have shown their interest towards AkkuSer and new contracts have already been made with companies from Poland and New Zealand. Most of the recycled batteries are alkaline batteries which consist more than 80 % of all materials. Currently used technologies are outdated and facilities are operating in their top capacity limits. One of the biggest facilities in Europe has already been shut down. That is why AkkuSer has been developing a new alkaline recycling technology for the last two years. This has required R&D investments and cooperation with universities and technology centres. The further actions to achieve the final model will be done during 2011 and a new metal recycling equipment for the process will be designed and to be installed in Finland in the proximity of the potential customers during 2011-2013. This facility will serve all Scandinavian market areas of alkaline batteries.

AkkuSer has been recognised in the international Deloitte Technology EMEA Fast 500 2010 series amongst the companies across Europe, the Middle East and Africa. The achieved rank was 168.


Advanced recycling

36


Name of the company: Innotech SolarLocation: Narvik and Oslo, Norway; Munich, Halle, Zurich and ShanghaiFoundation year: 2008 Website: www.innotechsolar.com Contact: Thor Christian Tuv, CEO

Core business

Innotech Solar invented a process and technology for repowering the non-prime shunted solar cells, which constitute about 1-3% of all industrial solar cell production, providing the opportunity to greatly increase production efficiency.

Benefits

The so-called shunted solar cells, meaning solar cells with too small or too large electrical short circuits, can cause problems to operation of solar modules and end up in the “scrap” category. Innotech Solar can convert scrap solar cells to fully functional cells. This means on a global basis a potential to increase the solar energy related material efficiency by 1-3%, and thus improve the overall industry effectiveness. For each GW of solar cell production, we could generate an extra 10-30 MW, and with the rapid growth of the solar sector it becomes a very interesting business opportunity. Innotech Solar also develops, constructs, and delivers medium to large-scale photovoltaic projects.

Market development

The first production facility started operations in Norway in 2009. During 2010 Innotech Solar entered the strategic partnership with one of the largest solar cells manufacturers Q-Cells for the exclusive purchase of non-prime cells for conversion. With representative offices in Norway, Germany, Switzerland and China ITS has excellent market access. The second European production plant is now under construction in Halle, Germany. ITS currently sells in Europe, the US and China.

The first ITS solar power plants have been already connected to the grid in Spain and Germany, and there are several ongoing projects. The Global Photovoltaic (PV) market has grown by 30-40% p.a. over the last 15 years. Growth in 2010 is estimated to reach 100%.


Advanced recycling

Name of the company: MetallkraftLocation: Kristiansand, NorwayFoundation year: 1999 (with operations from 2007)Website: www.metallkraft.no Contact: Øyvind Mølmann, CFO

Core business

Metallkraft provides a technology for recovery of silicon carbide based slurry used for cutting silicon wafers.

Benefits

In close cooperation with its long-term partners in the wafer manufacturing industry Metallkraft commissions new production facilities on-site or in close vicinity to our partners’ wafer production plants.

The Metallkraft production process has a high recovery rate and offers both cost and environmental benefits to our customers. In addition to slurry recovery, Metallkraft supplies slurry handling and distribution systems that can be fully integrated with the Metallkraft slurry recovery process.

37


Market development

BThe company was built on more than ten

years of research and development in slurry recovery. Currently Metallkraft’s production facilities are located in Kristiansand, Norway, Yangzhou, China and a new plant was opened in April 2010 in Singapore. At the start of 2011 Metallkraft has over 200 employees.

Going forward it is expected that the majority of the wafering in the world will take place in China and other Asian countries and this coincides with Metallkraft’s further growth prospects in the short and medium term.

Metallkraft is backed by a strong group of Norwegian and international venture capital and industrial investors such as Black River, Convexa, Hafslund, Capricorn Venture Partners, Investinor, Climate Change Capital and others, and has successfully raised over EUR 100 million through several growth funding rounds. Sales tripled from 2009 to 2010 and is planned to triple again in 2011.


Advanced recycling

38



Name of the company: AquaZ A/SLocation: Nordborg, DenmarkFoundation year: 2006 Website: www.aquaz.dk Contact: Jørgen Steen-Pedersen, CEO and President

Core business

AquaZ develops a cost-effective aquaporin membrane technology, which dramatically increases the efficiency of water purification, especially sea water desalination.

Benefits

The technology is based on the unique and robust AquaZ membrane concept with its highly effective layer of redundant Nano Membranes with incorporated Aquaporins. The Aquaporin protein regulates the influx and efflux of water molecules from live cells and has been “programmed” by nature to let only H2O in and out of the cells. This efficient “sluice mechanism” is what AquaZ encapsulates and utilises in membranes for water purification. Purification process can be gravity-driven and may increase water throughput by 5-10 times compared to traditional state of the art desalination technologies, making seawater finally a viable economical alternative for freshwater for human consumption and thus help solving the global potable water scarcity challenge. Some of the benefits/advantages of AquaZ membrane technology in comparison to current state-of-the-art membrane technologies are:

5-10 times higher water flow rate•

Energy efficiency – loss of membrane •pressure is 3 to 5 times lower

A single-stage water purification •technology

Production price is equivalent to that of •other state-of-the-art membranes

Can be retrofitted•

Market development

Some of the market sectors targeted by AquaZ in the short-term are small-scale processes for survival & military, outdoor & leisure and pharmaceutical R&D applications, as well as longer-term plans for larger-scale plants for seawater and brackish water desalination, ultrapure water and other pharmaceutical applications. First commercial membrane will be launched end of 2011 for small-scale processes. The technology of AquaZ has been awarded numerous international business and innovation awards – among others:

2009 and 2010 – selected for the “Cleantech 100”, •list published by the Guardian and Cleantech Group featuring the 100 most promising cleantech companies in the world and “Nordic Cleantech 50

2010 – awarded distinction in the GWI 2010 •Technology Idol Competition

AquaZ is a company with a global approach. •Headquarter is located in Denmark, and the subsidiary, AquaZ, Inc., is in Cincinnati/OH, US.


Name of the company: Clewer Marketing LtdLocation: Riihimäki, FinlandFoundation year: 2009Website: www.clewer.com Contact: Pasi Aaltonen, MD

Core business

Clewer produces wastewater treatment systems based on RBBR-system, Rotating Bed Biofilm Reactor. This is patented way to use carrier technology, where micro-organism growth operates on the surface of the carriers and carriers are rotating in the tank.

Benefits

Clewer’s wastewater treatment system is a new kind of bio process for waste water treatment. It is CE-tested in Finland. RBBR-reactor has many benefits: Fill-up ratio 90% with carriers means big mass of bacteria. Rotation is created with the same air which is given for the bacteria and therefore it is highly efficient both for bacteria and for economy. Rotation is gentle for the carriers and reactor is self cleaning.

Combined to reactor there are septic tank and pump well. These three items circulate the water before letting clean water out. Circulation boosts cleaning re-sults further and gives more benefits: Very long empty-ing interval of the sludge in septic tank, as circulation compacts sludge. Because of circulation there is high quantity of clean water in system and it gives ability to handle peak loads and all cleaning detergents used in households.

Clewer has developed an optical sensor, which con-tinuously measures turbidity of the clean water. This is good and reliable way to check that system not only works but really cleans the water. Control unit sends information once in a day to server, from which customers can follow their own systems. Besides water cleaning quality they can read daily flow and control messages. Naturally there is alarm system. For users the Clewer system is very easy to use: No ac-tive maintenance needed, very long emptying interval of septic tank, low electricity consumption, no matter if there are periods without load or with very small load. If user is interested, they can see data about system operation via Internet.

39


After treatment in system the out flowing water can be safely released into the environment without extra measures. Septic tank collects sol-ids and Phosphorus, and Control unit calculates when it needs emptying. Clewer system is suit-able for small private houses, holiday houses, group of houses, villages, car wash water clean-ing and recycling, fish farm water cleaning and recycling, etc.

Market development

The product has worldwide markets and Clewer Marketing is expanding sales network. The product is currently licensed in Finland, Spain (incl. South America, Portugal, Spain and certain arabic countries), Estonia and the USA. Installations have been done in Finland, Spain, Italy, USA and Colombia.



40


New materials

Name of the company: BeneqLocation: Vantaa, FinlandFoundation year: 2005 Website: www.beneq.com Contact: Risto Laakso, CFO

Core business

Beneq is a nanotechnology driven company having its business focused on supplying industrial equipment and technology for functional coating applications.

Benefits

The key market areas are in the areas of glass coatings, photovoltaics and thin films for industrial applications. Examples of the applications include:

nCLEAR® - barrier layers on glass, •passivation and hermetic barrier coatings on plastics and metals, flexible electronics;

nCLEAN - self cleaning glass and •ceramics;

nERGY - Low-e, TCO, solar control, •photovoltaics;

- nOPTO - optical coatings.•

Beneq also offers equipment for the above mentioned applications on the scale from R&D and testing to in-line and manufacturing processes. nHALO and nAERO aerosol coating technologies address the limitations of today’s technologies by introducing real nanotechnology to industrial high temperature coating processes. The advantages of nHALO/nAERO applications offered by Beneq for low-e, solar control (UV, IR), self-cleaning, barrier coatings and TCO for photovoltaic applications are:

cost savings (investment as well as operational costs •compared to competing technologies)

new value added products•

The strengths of ALD-technology include extreme surface conformity, pinhole free films, repeatability and precision. With these technological benefits the commercial benefits are e.g. improvement in efficiency of solar energy production.

The technology behind nHALO and nAERO applications is fully based on Beneq’s own innovations, which are widely protected by own IPR.

Market development

The primary target customers are the glass industry, photovoltaic and OLED industries. Beneq currently employs over 60 people in its headquarters in Vantaa, Finland and in its sales offices in Germany, China and USA. The company has exhibited an average annual growth rate of 93% during the last three years. The first industrial deliveries were made in 2009, and the turnover nearly doubled between 2007 and 2009 every year reaching EUR 10 million in 2010. The company is currently moving from piloting to industrial production.


Name of the company: OrganoClickLocation: Stockholm, SwedenFoundation year: 2006Website: www.organoclick.com Contact: Mårten Hellberg, CEO

Core business

OrganoClick develops and manufactures biofiber materials and chemical products based on its proprietary technology for modification of cellulose fibres. The product pipeline spans from novel biomaterials for use in industrial and consumer applications to unique chemical products used to improve functions such as hydrophobicity of textiles, fungal and fire protection for wood, and enhanced mechanical properties for paper, packaging materials.

Benefits

The proprietary technology platform developed by OrganoClick is composed of several unique processes for environmentally friendly modification of bio-fibres. Using mild and environmentally friendly organocatalytic reactions functional groups are attached to the fibres.

The functional groups can give the material enhanced functions such as hydrophobicity, improved mechanical properties, flame resistance and fungal protection. This gives opportunities to both develop completely new environmentally friendly materials for various applications, and improve old products by adding new functions to them or enhancing the effect of chemicals currently in use.

Development of new materials such as water resistant textiles can reduce the amount of fluorocarbons currently used in the textile industry. Another application is the recently launched wood preservative OrganoWood™ which are used in order to protect wood from fungal decay and fire in one application. As a completely non-toxic product it may reduce the amount of biocides such as cupper-chrome-arsenates (CCA’s) and creosote that are currently in use to protect wood.

41


Market development

The initial target customers are cellulose based industries such as paper and packaging manufacturers, textile manufacturers and wood product manufacturers in the Nordic region. During 2010 OrganoClick also started international sales and cooperation agreements in Turkey and Egypt. The first own production plant is being built in Stockholm, Sweden and will start production in Q1 2011.

The first products that will be launched on the market and produced by the company is OrganoWood™, a wood preservative that prevents fungal decay and fire in wooden materials. Another product is a new biopolymer based binder for the nonwoven industry which has been co-developed with a nonwoven manufacturer. In addition, OrganoClick expects to launch its water repellent system for textiles during 2011 where the company currently works with some major users of textiles in Sweden.

New materials



Are you an early-stage clean technology company?

Do you need CAD software to visualise your ideas?

Apply to receive Autodesk software valued at up to 120.000 EUR.

As a “clean tech” company, you are developing technologies that offer the promise to create a more sustainable world while transforming our economy, such as:

• traffic monitoring solutions

• bioplastics made from sewage sludge

• new solar cell technology

• or other technological innovations that address environmental problems

Autodesk is the design engine that accelerates the clean tech revolution.

Through the Autodesk Clean Tech Partner Program, you can create digital prototypes of your ideas, which helps to bring them to market faster and more profitably.

Join the Autodesk Clean Tech Partner Program today.

Apply here: www.autodesk.co.uk/cleantech

Autodesk is a registered trademark of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names or trademarks belong to their respective holders. Autodesk reserves the right to alter product offerings and specifications at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document. © 2010 Autodesk, Inc. All rights reserved.

AUToDEsk sUPPoRTsCLEAN TECH sTART-UP CoMPANiEs

Clean Tech_Anzeige_engl_DinA4.indd 1 21.10.10 10:30


43

Aboout Cleantech Scandinavia

Cleantech Scandinavia is a privately held membership network of investors and affiliated cleantech professionals, which provides market knowledge, contacts and investment opportunities in the Nordic and Baltic countries.

Cleantech Scandinavia endeavours to create and enhance regional cooperation in the cleantech industry and helps investors build up knowledge of the sector.

Cleantech Scandinavia Magle Stora Kyrkogata 7223 50 LundSweden

[email protected]

Sponsors

Susc

ito

Co

mm

unic

atio

ns A

gen

cy, w

ww

.sus

cito

.se

Out of the gate - Cleantech...

Documents

Transcript of Out of the gate - Cleantech...