The very best - Nordic Cleantech Open€¦ · Andre Lindvest Investment Manager Marble Invest...
28
Transcript of The very best - Nordic Cleantech Open€¦ · Andre Lindvest Investment Manager Marble Invest...
*Value is based on a package of up to five commercial licenses of each application.
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 and services offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document.© 2015 Autodesk, Inc. All rights reserved.
Your company is dedicated to solving the world’s epic challenges. Autodesk is committed to helping you succeed.
The Autodesk Cleantech Partner Program providescompanies like yours with an opportunity to accesssoftware that already empowers millions of engineers,architects, and design professionals worldwide.Design, visualize, and simulate your world-changingideas through Digital Prototyping and help bringyour innovative solutions to market faster and moreprofitably. With €120,000* of Autodesk® software for free, a better world just got a whole lot closer. Apply today at www.autodesk.co.uk/cleantech
A better world is closer than you think
3
04
06
08
10
12
12
13
13
13
14
14
14
15
15
15
16
16
16
17
17
17
18
18
18
19
19
19
20
20
22
24
25
Introduction
The Jury
Statistics, facts and key numbers
Case: Aqualyng
Case: ANS
The Top 25 Companies
3eflow AB
Aurelia Turbines
Bioextrax
Bioptech
BioSampler
Biosyntia
Cleanfield
Fourdeg
Free Energy Innovation
Greinon
Heliac
Icesolution
Nordic Power Convertors
Norsepower
Paxymer
PURIX
Quantum Electric
RecondOil
Refind Technologies
Savroc
Scandinavian Centriair
Txg Development
Watty
Waves4Power
Wirepas
About the competition
Analyzing previous competitors
Nordic Camp at Trolleholm Castle
About the NCO and the sponsors
The very bestEach year we vacuum the innovation environments in every corner of the Nordic countries to find the most innovative and cutting edge start-ups there are. This is what the Nordic Cleantech Open is all about: finding new exciting start-ups and speeding up their development by introducing them to our extensive network of international investors and industries.
The competition grows every year and this round, the fourth one, we had 111 valid applications! The quality of the applicants and their applications has also distinctly improved over the years. Out of the 111 applicants this year it would be fair to say that at least 80 were good enough candidates to make the top 25. In comparison, the first round of the Nordic Cleantech Open gathered only 76 applications in total of which perhaps 40 could be considered good enough to make the top 25.
Apart from great applying companies much of the strength in the competition lies in the jury. These, some 50 professionals, represent the most active and knowledgeable venture investors, industrial venture investors and governmental funds active within the cleantech field.
By putting the applicants in front of this jury we endeavor to give the cleantech companies the right advice, training and investment.
This is part of our philosophy, to join forces with the best of the best in order to achieve the best result for all involved, specifically for the cleantech entrepreneurs.
The main focus for this report is to introduce you to the top 25 companies from this years Nordic Cleantech Open. The very best from the Nordic cleantech start-up scene. Further we would like to share some statistics and follow-up on the development of the companies that have been in the top 25 from previous cycles. Also there are two great interviews, one with the second runner up from the first batch, Applied Nano Surfaces and one with Aqualyng, another successful Nordic cleantech company.
Enjoy!
*Value is based on a package of up to five commercial licenses of each application.
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 and services offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document.© 2015 Autodesk, Inc. All rights reserved.
Your company is dedicated to solving the world’s epic challenges. Autodesk is committed to helping you succeed.
The Autodesk Cleantech Partner Program providescompanies like yours with an opportunity to accesssoftware that already empowers millions of engineers,architects, and design professionals worldwide.Design, visualize, and simulate your world-changingideas through Digital Prototyping and help bringyour innovative solutions to market faster and moreprofitably. With €120,000* of Autodesk® software for free, a better world just got a whole lot closer. Apply today at www.autodesk.co.uk/cleantech
A better world is closer than you think
Design: Suscito.com. Cover photo: Markus Spiske / raumrot.com
4
We are thrilled about the jury of the Nordic Cleantech Open. In fact it is hard to imagine a more competent jury.
It consists of the most competent and relevant professionals, fully equipped to analyse and provide feed back to all the applications received in this years competition. The jury consists of 51 cleantech venture experts all in all, most of them representing venture funds or corporate venture funds with an investment focus on cleantech.
The jury members have worked very hard and did an excellent job, we received a total of 1318 individual company assessments, each consisting of 3 individual grading’s of the companies’ innovation, market potential and team. This means that the jury delivered 3954 votes! Each applying company was assessed by at least 11 jury members and most of the numerical assessments were also accompanied by written comments.
Peter Cook Senior Investment Officer IFC
Raoul ArvengasCorporate Venturing Investment Director, GDF Suez
Julien MialaretInvestment Director Idinvest Partners
Mikko HuumoManager Growth Projects Fortum
Axel NekhamPrograme ManagerSwedish Agency for Economic and Regional Growth
Paul DecraemerHead Cleantech Investment Practice, Capricorn Venture Partners
Joost WaeterloosCorporate Venturing - Technology Scouting EuropeThe Dow Chemical Company
Valérie FloridiaInnovation Director Europe EDF R&D, Performance Coach for start-ups & SME
Jarmo SaaranenChairman of the Board and Partner, VNT Management
Mary McCarthyPhd, Investment Manager SABIC Ventures
Vitaly LazorinFounder and CEOFuture Matters Venture Capital
Fredrik JonssonPartnerDeloitte
Michael NettersheimPhd, Investment Manager BASF Venture Capital
Nils LehmannSenior Cleantech Commercialisation and Venturing Professional, Carbon Trust
Ulf BojöSenior Investment Manager,NEFCO
Jakob WirbatzInvestment Manager Evonik Venture Capital
´
The jury of this year’s competition
The Jury
5
Hans EnocsonPresident and CEO General Electric Nordic Region
Toby MooreManaging PartnerImprimatur Capital Fund Management
Nicolas Maréchal-AbramManagerVeolia City Modeling Center
Andrus ViirgDirector, Enterprise Estonia, Silicon Valley
Giovanni RavinaInvestment ManagerGDF Suez New Ventures
Indrek KelderInvestment ManagerSmartCap
Juha LehtolaInvestment DirectorFinnish Industry Investment
Thorbjørn MachholmGroup Director, New Business & Business Support, Grundfos Holding
Mikael HannusVP BiorefineryStora Enso Biomaterials
Per EricsonVenture PartnerEnvironmental Technologies Fund
Karsten HøjbergBusiness Development Manager Cleantech, EMEA Autodesk
Tarja TeppoPartnerCleantech Invest
Jochen WermuthFounding Partner and Chief Investment Officer, Wermuth Asset Management
Åse TogeröSenior Development Manager, Sustainable Business Dev, Skanska
Magnus AgerströmManaging Director Cleantech Scandinavia
Olof BlomqvistProject ManagerCleantech Scandinavia
Linda ZhengGeneral Manager China Conduit Ventures
Casper HeijsteegSenior Partner, Wermuth Asset Management
Mari Pantsar-KallioDirector, Resource-wise and carbon-neutral society, SITRA
Kai EngelhardtHead of Corporate Venture Capital, MAHLE
Jakob Steen JensenNordic Entrepreneurship Lead, Climate-KIC
Nicholas ParkerManaging Partner and Co-Founder, Global Acceleration Partners
Terry YaoManaging Director Shanghai Electric Venture Capital
Therese LindsleyHead of Services Industry & CleantechInvest in Skåne
Aslak AndersenFinancial AnalystAgder Energi Venture
Binella VannesjöBusiness DeveloperSwedish Energy Agency
Heribert UhlSenior Investment Director, Robert Bosch Venture Capital
Andre LindvestInvestment Manager Marble Invest
Peteris TreimanisInvestment DirectorBaltCap
Viktor MengDirectorBscope
The jury of this year’s competition
The Jury
6 Statistics
More companies than ever applied to this round of the Nordic Cleantech Open, receiving 111 valid applications from a range of interesting companies.
Actually we have seen a steady growth in the number of applicants for each cycle of the competition, this being the fourth one.
The large number of applicants is a quality indicator for the top 25 and shows that the Nordic cleantech scene keeps delivering innovation year after year. In this batch only 23 % of the applying companies made it to the top 25 list, the other 86 companies also represent promising companies for the most part. However the jury found these 25 companies the be the most promising young innovative companies in the competition.
Number of applicants
120
100
80
60
40
20
02010/11 2011/12 2013/14 2014/15
Number of applicants for all the cycles of Nordic Cleantech Open
All the Nordic countries are represented amongst the applicants, a fact that we are very proud of. The number of applicants from each country is a much a result or rather an indicator of the size and quality of the cleantech start-up scene in each particular country. For this round the number of Danish applicants is larger than ever and also represent a larger percentage of the applying companies than ever, ending up representing 19 %.. Also the number of Icelandic applicants was larger than ever, this round 10 Icelandic companies applied representing 9 % of all applicants. The number of Finnish companies however decreased and only smaller this round. Only 15 Finnish companies applied.
Origin of applicants
Denmark
Estonia
Finland
Iceland
Norway
Sweden
2014/15
2013/14
2011/12
2010/11
0% 20% 40% 60% 80% 100%
Applying companies by countries, spread on the different segments
Regarding which cleantech segments the applicants represent, there have been some minor developments during the rounds. Although the spread between different segments have been quite stable there has been a slight increase in the share of applicants from some of the smaller segments; Advanced Materials, Manufacturing and Industrial and Energy Infrastructure. However what is clear is that, over the years the share of applicants within the previously largest segment renewable energy has declined.
Share of applicants in different segments
Advanced MaterialsAgricultureAir and EnvironmentEnergy EfficiencyEnergy GenerationEnergy StorageEnergy InfrastructureManufacturing and industrialRecycling and WasteTransportation and LogisticsWater and Wastewater
2014/15
2013/14
2011/12
2010/11
0% 20% 40% 60% 80% 100%
Applying companies spread on the different segments
The applicants from the different countries are quite well distributed among the different segments this year. There is some bias towards the Energy Generation segment among the applicants from Norway, Denmark and Iceland. Estonia has a majority of the applicants in the field of Energy Efficiency and Finland and Sweden.
Statistics, facts and key numbers
7Statistics
National spread of applicants on different segments 2014/15
Sweden
Norway
Iceland
Finland
Estonia
Denmark
Advanced Materials
Air and Environment
Energy Efficiency
Energy Generation
Energy Storage
Energy Infrastructure
Manufacturing and industrial
Recycling and Waste
Transportation and Logistics
Water and Wastewater
Applying companies from the different countries, spread on the different segments
The top 25The top 25 is distributed by countries in almost the same way as the 111 applicants are. Finland had a good year in this respect as 7 out of 15 applicants made it to the top 25. Estonia and Iceland were less fortunate this year as none of their applicants made it through to the top 25.
Top 25, Distribution by country
Top 25 divided by country and year
When looking, by segment, at all the 111 applications in comparison to the top 25, two segments generated more companies to the top 25 than expected. 36 % of the top 25 companies are in the segment Energy Efficiency while only 27 % of the 111 applicants are. This is similar to the situation of the last round were the Energy Efficiency segment also was highly represented in the top 25. The Air and Environment sector is also represented in the top 25 , 12 % of the top 25 companies are in the segment Air and Environment while only 8 % of the total applicants are. The segments with a small share of companies in the top 25 list are Advanced Materials, Energy Infrastructure, Energy Storage, Manufacturing and Industrial, Recycling and Waste, Transport and Logistics and
Statistics, facts and key numbersfinally Water and Wastewater.Compared to previous rounds the Energy Efficiency segment is continuously growing in importance in the Nordic Cleantech Open top 25. This year this segment is dominated by companies introducing quite new phenomena’s to save energy. Previously there have been a high presence of optimizing tools but only Fourdeg and Watty are examples of this type of technique this year. Further we have a great new power convertor from Nordic Power Convertors, a new electric engine design from Quantum Electric, a multi-hop mesh network from Wirepass, a de-icing system for wind turbines from Icesolution, brand new thinking regarding hot water distribution from 3eflow and led control systems from Greinon.
Top 25, Distribution by segments
Advanced Materials
Air and Environment
Energy Efficiency
Energy Generation
Energy Storage
Energy Infrastructure
Manufacturing and industrial
Recycling and Waste
Transportation and Logistics
Water and Wastewater
2014/15
2013/14
2011/12
2010/11
0% 20% 40% 60% 80% 100%
Top 25 divided in segment shares and year, %.
It is of course difficult, with certainty, to make conclusions on the entire Nordic cleantech start-up scene based only on the statistics above but the developments are in line with trends that we have seen and experienced also elsewhere. The interest in the Energy Generation segment is not quite as large as previously while interest in the Energy Efficiency segments remains strong.
2014/15
2013/14
2011/12
2010/11
Denmark
Finland
Norway
Sweden
CAN YOU GIVE ME A BRIEF DESCRIPTION OF YOUR COMPANY?We are a desalination company and we started in 1996 in the Canary Islands, Spain. The original founder of Aqualyng decided to build a hotel complex there, inclusive of golf courses, and was neither happy with the price nor the quality of the local water. He basically said we can do this better ourselves, founded Aqualyng and started to focus in particular on the energy recovery. Desalination is quite energy intensive, and particularly in the 90’s the energy consumption would represent a large portion of the water production cost. So, Aqualyng’s prime idea since the beginning has been our proprietary energy recovery devise, which basically recycles up to 98.5 % of all the energy in the brine, which is the waste water from the process. This reduces the energy consumption for desalination with more than 50%. This has been our main selling point since we started, that we produce water cheaper then the competition does. In 2002 we relocated the HQ back to Norway and in 2007 we established offices in both China and Dubai to get a foothold in these growing markets. Since, the main focus of the company has been large-scale projects on a BOOT (Build Own Operate Transfer) basis, where the end user product is water, not the equipment itself.
DESCRIBE THE PROCESS WHERE YOU TRANSFORMED YOUR BUSINESS MODEL INTO THE LESS COST INTENSIVE BUSINESS IT IS TODAY?Our shift from selling equipment to selling water is really the
key story behind Aqualyng today. We knew we had the most energy efficient solution on the market, but when you sell equipment then most clients, in the end, are only really concerned with the cost of the equipment. So, basically what Aqualyng did is put our foot where out mouth is: “we will sell you the water and we guarantee that we will sell you the water the cheapest possible”. In our BOOT business, we typically sign long-term water purchasing agreements with local municipalities and big industrial development zones, and guarantee a water tariff for the next 20-25 years. Aqualyng then take the full responsibility for plant design, construction, financing and plant operations, with the only responsibility for the off-taker being to pay the water bill.
The BOOT concept is the best way for Aqualyng to utilize our energy recovery technology, as we typically are able to sell water about 5 % cheaper than competition. In the markets that we work in now, typically India and China, the cost of water is extremely important and therefore our business model works in these markets. A BOOT project typically lasts for 20-25 years. In order to secure project financing, an underlying payment guarantee is required for the whole period. Projects that are backed by state or regional government, as is typical in China, normally has this built into the agreement. A desalination plant today is designed and built with 95 % of the equipment being off the shelf items. Pumps, membranes,pre-treatment systems etc. are typically bought from a set of
In this issue we interview Christian Wee, Managing Director and Global Business Development Director, Aqualyng. With this new series called “Moving Forward” we are giving you insight behind the stories of the most successful Nordic and Baltic cleantech companies. The purpose is to highlight and understand how these companies moved forward to their current market positions and also to learn from their approach to gain market shares. Every edition will address a specific case starting with customer finance models.
CASE: CUSTOMER FINANCING MODELS
MOVING FORWARD
CAN YOU GIVE ME A BRIEF DESCRIPTION OF YOUR COMPANY?We are a desalination company and we started in 1996 in the Canary Islands, Spain. The original founder of Aqualyng decided to build a hotel complex there, inclusive of golf courses, and was neither happy with the price nor the quality of the local water. He basically said we can do this better ourselves, founded Aqualyng and started to focus in particular on the energy recovery. Desalination is quite energy intensive, and particularly in the 90’s the energy consumption would represent a large portion of the water production cost. So, Aqualyng’s prime idea since the beginning has been our proprietary energy recovery devise, which basically recycles up to 98.5 % of all the energy in the brine, which is the waste water from the process. This reduces the energy consumption for desalination with more than 50%. This has been our main selling point since we started, that we produce water cheaper then the competition does. In 2002 we relocated the HQ back to Norway and in 2007 we established offices in both China and Dubai to get a foothold in these growing markets. Since, the main focus of the company has been large-scale projects on a BOOT (Build Own Operate Transfer) basis, where the end user product is water, not the equipment itself.
DESCRIBE THE PROCESS WHERE YOU TRANSFORMED YOUR BUSINESS MODEL INTO THE LESS COST INTENSIVE BUSINESS IT IS TODAY?Our shift from selling equipment to selling water is really the
key story behind Aqualyng today. We knew we had the most energy efficient solution on the market, but when you sell equipment then most clients, in the end, are only really concerned with the cost of the equipment. So, basically what Aqualyng did is put our foot where out mouth is: “we will sell you the water and we guarantee that we will sell you the water the cheapest possible”. In our BOOT business, we typically sign long-term water purchasing agreements with local municipalities and big industrial development zones, and guarantee a water tariff for the next 20-25 years. Aqualyng then take the full responsibility for plant design, construction, financing and plant operations, with the only responsibility for the off-taker being to pay the water bill.
The BOOT concept is the best way for Aqualyng to utilize our energy recovery technology, as we typically are able to sell water about 5 % cheaper than competition. In the markets that we work in now, typically India and China, the cost of water is extremely important and therefore our business model works in these markets. A BOOT project typically lasts for 20-25 years. In order to secure project financing, an underlying payment guarantee is required for the whole period. Projects that are backed by state or regional government, as is typical in China, normally has this built into the agreement. A desalination plant today is designed and built with 95 % of the equipment being off the shelf items. Pumps, membranes,pre-treatment systems etc. are typically bought from a set of
In this issue we interview Christian Wee, Managing Director and Global Business Development Director, Aqualyng. With this new series called “Moving Forward” we are giving you insight behind the stories of the most successful Nordic and Baltic cleantech companies. The purpose is to highlight and understand how these companies moved forward to their current market positions and also to learn from their approach to gain market shares. Every edition will address a specific case starting with customer finance models.
CASE: CUSTOMER FINANCING MODELS
MOVING FORWARD
international vendors that specialize in high salinity equipment. The energy recovery device is one of the areas where a company like Aqualyng can make a difference. Our device is well tested and has been used in projects in 3 continents for the past 16 years.
When Aqualyng look for financial partners and investments, it is typically at individual project level. Typically when we get a project an investment of 50-100 million US dollars is required, Usually 30 % of the investment is equity and the rest is from banks and other financial institutions. Aqualyng do that 30 % equity on our own but it is often beneficial to have local well-connected partners team up as equity
DO YOU ALWAYS BUILD NEW PROJECTS OR YOU ALSO USE YOUR TECHNOLOGY IN EXISTING PLANTS?Retrofitting our energy recovery device into an exciting plant clearly will reduce the cost of water production. We also offer O&M services for existing plant operators to reduce their O&M costs. So far we have mainly focused on new BOOT plants, but will in the future expand our focus to adding value to existing plant operations. HOW ARE THE FACTORIES RUN?During the initial phase we will staff the factory with our international team of desalination experts and use them to train local staff. After a couple of years of proper training then there is a whole local staffing that can manage the plant and only need an annual review from our international team. About 60 people are required to run a desalination plant, and in remote areas this is a very good work opportunity for the local people. WHO OWNS THE FACTORIES ONCE THE CONTRACTS END?It varies and depends on the contract type. The Water Purchase Contract will define if the plant is handed over to the off taker at the end of the contract period, or if the ownership remains with Aqualyng. WHO IS YOUR CLIENT BASE?At the moment it is about 50/50 between municipal and industrial clients. Historically we did smaller plants for private developments, and that is still a strong focus area. In China however, the typically client is a state owned industrial developments and we have had good success in that segment. In a market like India, we typically go after the private industrial projects, as the municipal projects tend to be EPC and not BOOT. So it’s fair to say that we target our strategy after the different market dynamics. WHAT HAVE BEEN THE MAJOR OBSTACLES?The main obstacle has historically been the perceived high cost of desalination compared to traditional surface water. This is however changing rapidly. Today, the cost of water from a desalination BOOT plant is about 1 US dollar, all inclusive. If you go back 10 years, the cost would have been more like 2 dollars, and with other water resources like ground water becoming less available, desalination is becoming a good financial alternative for many off takers that earlier would have found it too expensive. The main obstacle today is politics, different political fractions have different opinions on water, and large water projects often tend to be delayed.
HAVE THERE BEEN ANY FACILITATORS?First of all the concept of BOOT is gaining acceptance globally. In developing countries, a BOOT project means that the government does not have to invest 100 MUSD in a project, money that can rather be invested in other areas. On top of that, you get a guaranteed water quality and quantity, which the public appreciates. In addition, the cost of desalination has gone down dramatically in the last 10-12 years and therefor becoming more and more affordable to people in most parts of the world. HOW DID YOU SUCCEED IN SECURING INTERNATIONAL INVESTMENTS?It is a challenging environment, because you are making a long-term investment and your partners then will want to ensure that the money is safe. The key is to have a water-tight agreement with the off taker that secures the payment for the whole project period. Provided that is in place, there is a strong global interest in investing in long-term water projects. Local banks, international water companies and pension funds show interest in such investments.
HOW DID YOU ENTER THE INTERNATIONAL MARKET? We didn’t have a choice, as there is no need for desalination in Norway. The world has always been the market for our company, with a strong home base in an environment known for industrial developments.
When Aqualyng decide to establish itself in a new market, we typically invest 2 years in market research and business development through our international team before setting up the local entity. During that period we will work with existing partners, embassies, Innovation Norway and our investors to understand how to penetrate the market. When it is decided to establish an entity we hire local people who were already present in the market and with relevant background. We also deploy headquarter people where that is required. This is what we did in both Dubai and China in 2007-2008, and then in India in 2012.
WHAT ARE YOUR GOALS NOW FOR THE FUTURE?There are desalination opportunities all over the world, but we want to continue to focus on our selected key markets that are China and India. With our BOOT model, the best potential is in Asia, and that is also where we have the strongest foothold. We want to develop 1-2 new BOOT projects annually, and aim to be a leader in Asian desalination.Provided that the market is there, and there are no big bumps coming up, I’m very confident that we will succeed with our targets.
Interview by Nathalie Nebelius
Naturally we have a lot of business in GERMANY as well as in the US.
WHAT’S YOUR PRODUCT?We offer patented unique technology and products to reduce friction and wear. We have two product families, the ANS Triboconditioning® and the ANS Tricolit®. Every machine in the world, every system with moving parts, loses useful kinetic energy due to friction.
This is an increasing area of interest from various system builders since the demand for more energy efficient solutions is increasingly continuously. For example the auto industry has spent years reducing weight in order to reduce fuel losses. But the new light-weight materials are costly. And to further reduce weight has a high cost. This is one aspect that drives OEMs to look for other ways like friction reduction to increase fuel efficiency.The ANS Triboconditioning® is process that combines mechanical burnishing with a tribochemical deposition of a friction and wear reducing compound on the component surface. This tribofilm greatly improves the tribological performance. The boundary friction is reduced and the lubricant film strength is increased which gives a very beneficial friction and wear performance.
WHO IS YOUR CLIENT BASE?We are working all major auto clients and all the known brands. Most of the customers we work with such as BMW, Audi, Chrysler, Ford, GM, Volvo and Scania are based in Europe and the USA. Naturally we have a lot of business in Germany as well as in the US. We just recently opened a subsidiary in Germany and we are doing the same in the US right now.So, the auto OEM customers is one big segment but we also work with many of the major first tier sub-suppliers to these brands. Initially we focused more on heavy duty such as industrial vehicles and trucks but we have recent years moved more into passenger cars as well. Fuel efficiency is an increasing
area of interest for that segments. But there are more and more customers within other segments that are looking for friction and wear reduction. Segments like compressors, pumps, generators, hydraulic systems and bearings, conveyor etc… All systems where there are friction created by moving parts. HOW DID THE INDUSTRY PARTNERSHIPS COME ABOUT?We found partnerships and we have treated some components for testing. We found different ways to test and verify or technology by industrial application. In terms of finding suitable industry partners it was kind of a natural match making as more
Applied Nano Surfaces was founded in 2008 based on a PhD research study at the Ångström Laboratory at Uppsala. We are a very innovative company and our core offering is to provide cost efficient solutions when it comes to friction and wear reduction. Our vision is that we want to be the world’s best partner when it comes to friction and wear reduction solutions.
CASE: INDUSTRY PARTNERSHIPS
and more companies are looking for friction and ware reduction. It hasn’t been difficult to evoke interest. CAN YOU DESCRIBE YOUR STRATEGY REGARDING YOUR INDUSTRY PARTNERSHIPS NOW?We have several partnership with major suppliers. We bring them new unique technology and they bring business leadership in their segments. So this way it’s a natural win-win situation. Recently we sign a partnership agreement with Gnutti Carlo, global market leader in the development and supply of severe-duty and high performance valve train and fuel injection components, for instance. They enables us to access the world market and support our business expansion.Most of these partnerships are based on years of joint testing and development. These development studies are mostly done with some OEM end customers as well. So the signing of partnership agreements are really the result of many years of work and a sign that we now are ready to implement our solutions in serial production. DO YOU HAVE TO PAY FOR ALL THE TESTING WHICH IS NEEDED FOR EVERY CUSTOMER?We are paid for technology verifications. Our customers think it is so valuable to get this type of knowledge and solutions. I think one vital aspect to this is that we are really experts in tribology and have very good solutions. Tribology is a competence that is quit specific and doesn’t seem to be very common in the industry in general. So, we can help our customers in this area and provide good solutions with our technology. WHAT HAVE BEEN THE MAJOR OBSTACLES TO SUCCEEDING WITH INDUSTRY PARTNERSHIPS?The long lead times to prove our technology is a quit obvious obstacle, if you want to implement a new technology into your serial production then you really want to verify it first naturally. So the test protocols are very thorough and it can take years which can be challenging for us. We have been working with theses customers for quit some years now and are reaching really good results and we are moving forward with them which is really positive. With all new technology you do tests and you find out that
something can be improved and optimised, then you tweak it and you do a new set of tests and perhaps see an opportunity to improve it even further and so on so the process to develop the technology is very long. HAVE THERE BEEN ANY FACILITATORS TO SUCCEED WITH YOUR INDUSTRY PARTNERSHIPS?We have received quite a few nominates and awards throughout the years. This has given us publicity which has been beneficial and a facilitator for us. Then of course we have a very competent team which is very important. To be in different networks like cleantech groups have also presented us with good contacts and has helped us stick out a little bit extra. WHAT ARE THE BENEFITS WITH WORKING WITH INDUSTRY PARTNERSHIPS?The benefit is that we get to show our technology and this creates a long term relationship. Our product is not something you just pick of a shelf. We really become partners. With new technology it is always a development process and sometimes you can have a challenge on the way. If you sell products of the self maybe you only get one chance. When you have a partnership instead, you get a trust and confidence to stay on the task as well as support to work through the challenges. HOW DID YOU ENTER THE INTERNATIONAL MARKET?It has been quite natural. We started with the local customers in Sweden but then moved outwards which was natural. We have so many opportunities in Europe and North America so we have
focused on those regions first. We don’t want to spread thin so for now we are focused on the customers we have but a geographical expansion will come. WHAT ARE YOUR GOALS NOW FOR THE FUTURE?We have a plan to form more partnerships with first tier sub-suppliers and we have a long term strategy that we are following. We target to get more customers to adopt our technology and implement it into their production. With these implementations we will grow the revenue from license-agreements in addition to the project revenues we have.In the early stages of the company it was mostly about productifying our technology. Now it’s much more a question to form the partnerships and growing additional customers. DID YOU GET ANY PUBLIC FUNDING WHEN THE COMPANY WAS FORMED?We have very solid owners with a lot of industrial competence in FourierTransform, the Swedish state-owned venture capital company, and the Sixth AP Fund (the national pension fund). Also we have had several very positive projects with support from Vinnova. So there has been good support along the way which is crucial for a high tech start-up company like ours. Interview by Nathalie Nebelius
They enables us to ACCESS the world market and support our
business EXPANSION.
12 The Companies
3eflow develops and sells an innovative tap water flow solution. The technology offers complete removal of the need for hot water circulation to apartments. 3eflow technology auto-fills the pipeline only when you open the tap. The tubes are thus empty 98–99% of the time. The solution delivers increased comfort, 30% savings in water usage and huge energy savings. Additional positive effects include the fact that pipes most of the time are empty which guarantees absolute security against water damage and decreases the risk of legionella growth. The Nordic market alone looks very promising for this technology but the real opportunities lie beyond in even larger markets with water shortage issues and/or high energy prices. The technology is protected by 2 patent families while another 3 is in writing.
The company commercializes very efficient 450 kW gas turbine based on technology developed by the Lappeenranta University of Technology (LUT). The Aurelia turbine has higher efficiency than any other technology in its output class. The two-stage ICR (intercooler and recuperated) process used in the turbine is well known, but the technologies needed to fully implement this are new and innovative. Aurelia Turbines is the first company that uses this process in its products. This has been achieved through development of new technology for, among other things, bearing and control, which enable the turbines function. Target customers are O&G companies, industrial sites and residential CHP. The company will not sell the turbines directly to the end customers but utilises the local and/or regional distributors instead – this is typical for the industry. The company has already signed LOI’s for 245 turbines to be delivered during the first three operational years.
3eflow AB Sweden
Contact:[email protected]
Aurelia Turbines Finland
Contact:[email protected]
Top 25 Companies
13The Companies
Bioextrax is focused on the development and commercialisation of a unique bio-extraction platform technology, based on the selective lysis of microbial cell walls under mild conditions using a novel propriety microbial isolate. The technology platform can be used for the efficient extraction of PHA plastics (bio-based plastics), protein hydrolysates from protein rich waste, and bio-oils from micro algae. The technology also has applications for the production of hydroxy acid monomers from PHA, and nano granules for diverse applications. For PHA producers, which is the first application the company is targeting, the extraction technology allows for the extraction of PHA resins with a high purity, integrity and recovery, without the use of toxic solvents, and produces a sellable protein hydrolysate by-product. Producers will see process savings of up to 20%, with a faster, less energy intensive, less waste generating, and solvent free production process. The elimination of solvents will allow PHA producers to sell their products for more diverse applications.
Bioptech’s mission is to be market leading in preventing eutrophication, ensuring access to clean water, and to recycle phosphorus, thus securing food supply for a growing population. Phosphorous is the key element in eutrophication. Peak phosphorus is also approaching meaning that the world is running out of an irreplaceable nutrient for agriculture. Using innovative filter bed technology, Bioptech can both treat and recycle phosphorous in a cost effective and sustainable manner. The filter technology combines several reactive filter media, the core one being Polonite. This is the fruit of 20 years of cutting edge research and development at the Royal Institute of Technology (KTH). The material has a unique ability to adsorb all the available phosphorus. The filter also disinfects water and lessens odour. The technology is modular, scalable and cost-effective thus allowing it to be applied to all sources of phosphorus pollution. It is easy to operate and requires limited investment.
BioSampler offers solutions to increase productivity in the bioprocess industry. They enable optimization of the fermentation yield and offer tools to reduce other production costs. BioSampler’s core offering is a unique automated sterile sampling system. Sampling is a widely recognized productivity bottleneck in this industry. Samples are typically taken manually which leads to errors and risks to control processes accurately. Improper sampling also means a risk for contamination. BioSampler estimates that sampling problems exist in 15,000 bioreactors around the world. The automated sampling system can easily be assembled in all these existing reactors and pipelines. BioSampler’s sampling solution is compatible with commonly utilised analysing methods and sensors. It is also compatible with both small development scale reactors and production scale reactors of all sizes. The core technology is patented.
BioextraxSweden
Contact:[email protected]
Bioptech Sweden
Contact:[email protected]
BioSampler Finland
Contact:[email protected]
14 The Companies
Biosyntia produces chemicals using enzymes and cellular factories. This allows production of the same chemicals that are refined from oil today, only originating from renewable biomass instead. The key aspect of the technology is a selection system that allows only successful strain variants to be selected. This significantly reduces the time and cost needed to develop highly productive cellular factories. In one example, Biosyntia was able to screen over 16,000 potential vitamin-producing candidate cells in less than a week, and identified superior producing cells between them. Based on comparison to similar molecules, Biosyntia estimates a 40% reduction in production costs from switching to green production. Further, biological production is less prone to oil price fluctuations and easier to scale in volumes.
Cleanfield’s BioBox is an automatically driven installation, which removes or reduces organic pollution, especially hydrocarbons from large volumes of soil or sludge. It can be installed as a plug and play unit and can after completion of a cleaning service, be moved to a new location. The system utilise a number of sensors installed in the polluted material. The sensors constantly report on the progress in the biological process. Based on these on-line data a cocktail is mixed, containing only the necessary components needed, in order to optimize biological degradation. The resources used in the process are continuously reused, and will not leave any residuals after completion of the process. Each individual BioBox is controlled and supervised from a central point using internet, Since reporting to technicians and authorities are essential, this is done automatically or on demand.
Fourdeg’s solution improves the energy efficiency in district-heated buildings. Savings are in the span of 15–30% of energy use. Also indoor temperature quality is improved and the buildings maintenance becomes more pro-active. Finally the solution improves the efficiency in the district-heating network by levelling peak loads. Fourdeg is combining the currently available solutions for small buildings with a cloud software control which then brings the increased efficiency into large buildings. The solution is different from the current large building heat exchanger room solutions as Fourdeg manages each room individually. The game changer is the load-balancing interface, which makes the solution economically feasible also for district heating companies. Fourdeg has a Euro patent family pending for its solution architecture and key features.
BiosyntiaDenmark
Contact:[email protected]
Cleanfield Denmark
Contact:[email protected]
Fourdeg Finland
Contact:[email protected]
15The Companies
By taking the best from the solar industry crossing it with state of the art within the heat pump industry, Free Energy Innovation has developed HYSS – Hybrid Solar System. HYSS is capable of producing an entire buildings demand of hot water and heating all year round, even in the Nordic countries, without any supplementary heat source. The combination of the new generation of inverter controlled heat pumps and thermal solar panels, gives a SCOP (Seasonal Coefficient Of Performance) in the range 6–8, which is two times higher than a traditional ground source heat pump. Unique for the system is that a great part of the thermal solar energy is used to improve the efficiency of the heat pump and makes it possible to use the complete temperature range of the solar energy. High temperature is used for producing hot water, mid and low temperature solar energy is used to pre-heat liquid, from which the heat pump retrieves energy. A positive side effect is that the payback time for the investment in thermal solar is halved.
Greinon develops smart control system for LED lighting. The innovative component of the product is algorithms used for communication between lights and main server, and the competitive advantage is the system’s flexibility. The system saves up to 85% on energy and significantly cuts maintenance costs. The hardware can be embedded into lighting fixtures or installed as a stand-alone system. The software allows for remote control of the lights from computer or mobile device. The system adjusts the level of lighting depending on the need. Broken lamps and faulty units are also displayed, which ensures prompt and precise maintenance at low cost. Among possible features are using lights as Wi-Fi hotspots, burglar alarm, collecting statistical data of premises usage, adding light spectra that would enhance mood and increase productivity of people exposed to lighting.
Heliac posses the technology and IP-rights to roll-to-roll manufacture of concentrated solar plants at a 10 times lower cost than present glass-mirror based technologies. This technology has so far been demonstrated to work on a 1:10 scale model and to follow well-known physical laws. The technology is fully scalable and may be used to generate heat, cooling, electricity or steam. Predicted cost of heat is 25% of current fossil fuel based heat in Denmark and Germany and will be able to outperform natural gas and coal as the cheapest energy source for heating. The main innovation consists of three parts: a novel polymer foil based optical Fresnel element with 50% lower loss than current elements; a manufacturing method for the elements with lower cost and higher throughput; a planar plant design allowing for lower construction cost, less maintenance and less weight.
Free Energy InnovationNorway
Contact:[email protected]
Greinon Sweden
Contact:[email protected]
HeliacDenmark
Contact:[email protected]
16 The Companies
Icesolution has developed a microwave-absorbing coating and intends to offer it as a retrofit de-icing solution for existing wind turbines. Globally and annually, extra electricity worth 500 M€ could be produced if wind turbines were not suffering from icing problems. Over 10,000 large existing turbines lack de-icing functionality. Hot air circulation and electrical heating mats are technological alternatives, however, these solutions are difficult to implement on existing turbines. Even on new turbines, there are concerns about costly repairs, lightning sensitivity, energy consumption and time to de-ice. The solution enables increased production, on average +8%, and improved reliability and predictability of electricity production. There is also reduced risk of mechanical damage and fatigue by heavy ice loads. Payback times will be around 2 years.
Electric power converters is a 20 billion $ market. Such converters are in billions of chargers, LED lights and everyday products we never think of. Nordic Power Converters technology cuts the size of a power converters to a fifth and the cost in half while increasing lifespan 2–5 times. The company’s first focus will be on better LED power converters, where the products will be on the market by the start of 2016. Next they will provide smaller chargers and subsequently address other attractive market possibilities. The technology builds on radio frequency research to design new topologies. Resonances between energy storing elements are used to shape the voltages and currents in the circuit. Combined with accurate timing of the switching instant, zero voltage and/or current can be achieved. It is relevant for both AC/DC and DC/DC and currently up to 100 W.
Norsepower harnesses wind energy to serve the world’s shipping logistics. Cargo vessel fuel costs have more than doubled during the last 10 years, and future environmental regulations keep on the pressure. Norsepower has brought to market the first and only practical auxiliary wind propulsion solution. It can be retrofitted to at least 20,000 existing vessels and generate up to 30% fuel savings. The scientific fundamentals of the Norsepower Rotor Sail are based on the well-known physics first invented by Flettner and Savonius. Norsepower has modernized the original concept completely with, among other things, a composite structure of the Rotor Sail. This enables very good balance of the rotor and helps to minimize its power consumption. The first vessel pilot was started in late November 2014, when the 20-metre prototype Rotor Sail was installed on shipping company Bore Oy’s vessel Estraden.
IcesolutionNorway
Contact:[email protected]
Nordic Power Convertors Denmark
Contact:[email protected]
Norsepower Finland
Contact:[email protected]
17The Companies
Paxymer has developed a patented, novel, flame retardant system for polyolefin plastics. The technology is free from halogens, persistent, bio-accumulating and toxic chemicals. It is also free from carcinogenic and endocrine disrupting chemicals. The technology is based on functional polymers and is able to provide better mechanical and processing properties compared to conventional halogen free flame-retardants due to improved compatibility with the base resins. The company works mainly in the building, transportation and electrical and electronic industries focused on the European market. Paxymer has a worldwide patent on the novel flame retardant mechanism. In summation it improves usability of polyolefin plastics without compromising safety or environmental aspects.
PURIX offers a unique green ‘Plug&Play’ air conditioning system that offers a 1-to-1 functionality compared to conventional systems: The products replace electricity with heat, such as solar thermal or district heating, as the main energy input. This truly green alternative system offers tangible environmental benefits, such as reduced carbon emissions and water as natural refrigerant. As the first manufacturer worldwide of small green split systems, PURIX addresses the high volume market segments for air conditioning systems. A competitive equipment cost and pre-configured systems are the result of patented product design and engineering. For typical applications, the pay back period for a PURIX air conditioning system is 0 to 5 years.
Quantum Electric designs simple and robust electric motors for electric vehicles and industrial applications that operate with high efficiency and torque over a wide rpm range. The company’s big idea is the modular stator coil structure that saves manufacturing costs and creates an electric gearbox right in the motor itself. Traditional power transmission system based on mechanical gearbox technology e.g. planetary gear systems or reduction gears are often vulnerable for erosion, damage and normal wear and tear. These problems are totally eliminated in the design because there are no moving parts in the gearbox system. A method to change connections between basic electromagnetic components during drive enables this new electric gearbox technology with no rotary or moving parts.
PaxymerSweden
Contact:[email protected]
PURIX Denmark
Contact:[email protected]
Quantum Electric Finland
Contact:[email protected]
18 The Companies
RecondOil offers a closed loop for industrial use of lube oil. By using our remanufacturing technologies it is possible to extend the life of lube oil almost endlessly. The lube oil can be remanufactured either continuously on line, while it is used, or taken out of production and remanufactured. RecondOil offers complete process solutions including fully automatic process equipment and a unique separation booster technology. This enables the same oil to be sold over and over again, in a fully circular economy use. Two initial installations are running in industrial applications at Sandvik AB for several years, verifying the technology. Several new international cooperation projects are ongoing for different industrial use. The technology is scalable and global and ready for the next step.
Refind Technologies makes automatic sorting systems that organise the product flows in the reverse logistics chain. By visualising the products and its values in the entire value chain the systems helps reverse logistic companies, reuse and refurbishment specialists and recyclers to squeeze out us much as possible from all products to lowest possible cost.
Savroc offers a new metal surface plating technology using trivalent chromium. Savroc’s Triplehard plating method is the only cost efficient alternative to the current hard chrome technology. The technology improves the mechanical performance of demanding industrial applications, such as shock absorbers, hydraulic cylinders and valves. Triplehard coated parts will last longer as they resist better against wear and corrosion. The method also consumes less electricity and material, as the coating thickness is only a half compared with existing hard chrome coatings. The method increases the capacity 42 % in a shock absorber plating line giving a very short payback time of the investment. The Triplehard method is not hazardous to people and environment as it does not contain any toxic chrome acids that is used in existing hard chrome coating process.
RecondOilSweden
Contact:[email protected]
Refind TechnologiesSweden
Contact:[email protected]
SavrocFinland
Contact:[email protected]
19The Companies
Centriair is a company offering energy efficient alternatives to incineration for air treatment. The novelty of the Centriair system lies in the unique combination. A very high degree of separation of particles – oil, fat and solid particles to a micron size – is undertaken in a unique air lamella centrifuge. Destruction of vapours of volatile organic compounds as well as particles in the lower submicron range are treated using a highly efficient cold oxidation system. The high separation degree in the air lamella centrifuge enables the destruction of VOC vapours using cold oxidation that would otherwise be overloaded by particles in tough applications such as industrial frying. The starting segments are the industrial food production and Biogas/Waste industries and there are currently installations in a number of EU countries.
TXG Development offers the possibility to add up to three times more wagons on an existing train in cargo operations or passenger train operations. This is done with the TXG Eco Bogie, a smart recuperating bogie with energy storage on each wagon. The Eco Bogie can be retrofitted to existing wagons and the intention is to lease it to customers. The Eco Bogie will change the behaviour on the railway market totally. The alternative to the product is to use multiple locos and separate diesel electric shunting locos. The Eco Bogie works just as well with electrical, diesel or even steam loco. It works autonomously or in a system with other wagons. Train equipped with Eco Bogie can operate even at power cuts although only slowly. Passenger trains can go to an appropriate location to evacuate customers instead of being stuck on bridges, in tunnels or in urban terrain.
Watty is developing the next energy management tool, which will make it possible for everybody to make smart energy decisions. Getting an overview of energy spending today is very complicated, very expensive and very boring. You have to buy hardware plugs for every major appliance. Even then you cannot get things like stoves and electric boilers since they don’t have a plug. Watty can identify all of the energy use in a home with a single piece of low-cost hardware. This is a new paradigm in which advanced data analysis techniques is used to make the solution both low-cost and also very valuable, since it is possible to automatically identify which energy-saving actions or products that are suitable for each home. This requires world-class machine learning competence, which is where Watty stands out against other companies in the market.
Scandinavian CentriairSweden
Contact:[email protected]
TXG Development Sweden
Contact:[email protected]
Watty Sweden
Contact:[email protected]
20 The Companies
The wave energy industry is known for spectacular and expensive failures and nobody has yet demonstrated a financially feasible & safe system. However in contrast to the competition W4P challenges the status quo in renewable energy by partnering with leading actors to offer the world a cost efficient buoy based wave energy converter system. The system is proven in multiple ocean trials and many tank tests to survive the ocean with predictable results. The focus of the competitors revolves around newly invented components for conversion systems; generators, turbines or pumps while the buoy/floater is an afterthought. W4P has realised that this is expensive, slow and unpredictable. Now they think differently and use well proven standard components for the conversion system, while the development focus revolves around perfecting the buoy.
Wirepas Pino is all about uncompromised low power wireless networking for connecting things. Pino is a solution for multi-hop mesh network, boasting reliable and deterministic performance with scale up to millions of nodes without regression. With Pino, the nodes – and nothing else – are the network. All the nodes are similar, autonomic parts of the network. The network intelligence is local, making Pino the most reactive and adaptive solution in the dynamic radio environment. Pino is all-inclusive, automatic and completely independent of any third party network manager. With Pino, you can maximise your application efficiency and reliability and build a successful IoT service business.
Waves4PowerSweden
Contact:[email protected]
Wirepas Finland
Contact:[email protected] WIREPAS
Future Matters Venture Capital is a privately
held investment firm based in London, UK.
Our mission is to discover and fund
meaningful innovations in the areas of
life that matter most to people. Our name
reflects not only our business focus but also
our intent – to support and take an active
approach to create valuable companies today
from start-ups or ideas for the betterment of
our tomorrow.
Through a combination of early stage financing
and leveraging the international experience
of the management team, Future Matters
supports entrepreneurs to create successful
and viable businesses.
Future Matters Venture Capital was founded by Vitaly Lazorin. Vitaly is a well respected
international venture capital professional with over a decade long track record in the venture
capital sector and value added services to seed early stage companies in a variety of sectors
including: biotech, new materials and the internet. During this time Vitaly has developed a very
keen interest in the area of sustainable development and clean technology. He is a regular guest
and juror at forums and conferences covering these topics at a global level.
22
The previous top 25 – How have they performed since competing in the Nordic Cleantech Open?We have been gathering turnover statistics for all cleantech companies in Sweden, Finland and Norway. Denmark, Estonia and Iceland doesn’t have acceicble data unfortunately. By gathering the data from the previous top 25 companies it is possible to get a rather good idea of how the companies have performed since participating in the competition.
Combining the turnover figures with collected investments, gathered over the years, and general information intake we’d like to give an update on the development of the previous top 25 companies.
Nordic Cleantech Open top 25, batch 1, 2010-2011
For the first batch of the Nordic Cleantech Open, applying in 2011, we have good data in regards to the turnover development for 16 of the 25 companies. On average the companies have increased their turnover quite well since the start year. Average turnover have increased almost three times in the three years following the companies entry into the competition in 2010. Turnover development NCO top 25, first batch, K€ (n=16)
900
800
700
600
500
400
300
200
100
0
2009 2010 2011 2012 2013
Average turnover development of the first batch NCO companies, K€
The development in absolute numbers for the five best performing companies (largest increases of turnover in absolute numbers) is also impressive. There are definitely fast growers in this crowd.
Development, 5 best performing companies first batch, K€
4500
4000
3500
3000
2500
2000
1500
1000
500
0
2009 2010 2011 2012 2013
Turnover growth of the best performing companies from NCO batch 1, 2010/11 K€
The five fast growers in the diagram are (from the top 2013) Just Common Sense (up 181 % since 2010), Seaweed Energy Solutions (up 1316 % since 2010), SEEC (up 424 % since 2010), Sorbwater Technology (up 395 % since 2010) and Svenska Aerogel (up 255 % since 2010). Out of the 16 companies only two showed a negative turnover since applying for the Nordic Cleantech Open in 2010. Continuing on a negative tone, sadly six out of the top 25 companies have gone out of business since their participation in the competition.
In regards to investments our records show that out of the 19 surviving companies in the first batch top 25 for the Nordic Cleantech Open, 15 have attracted private equity investments since 2010. All in all three have had 23 of these investments, 11 of these were without disclosed amounts. The total value of the disclosed amounts was 29 million euros.
Also public funders have supported the companies. Out of the 19 companies 11 have received public funding since 2010. All in all they have received 6,9 million euros in 12 disclosed batches and additional funding in one undisclosed occasion.
Nordic Cleantech Open top 25, batch 2, 2011–2012
The second batch of the Nordic Cleantech Open companies have not yet experienced as high growth in absolute numbers as the first batch. We have data for 16 of the companies and since entering the competition in 2011 the average growth of these companies have been 50 %. This is by all means a great turnout and there is reason to believe that the really good results will come soon enough.
Analyzing previous competitors
Looking back
23
Turnover development NCO top 25, second batch, K€ (n=16)
400
300
200
100
0
2009 2010 2011 2012 2013
Average turnover development of the second batch NCO companies, K€
Cleantech companies take time to get to market and the second batch of companies are a full year behind the first batch.
In regards to fast growers there are great cases also in this bunch even though absolute numbers are smaller. The top five fastest growing companies 2011–2013 in absolute numbers are shown below.
Development, 5 best performing companies second batch K€
1000
500
0
2009 2010 2011 2012 2013
Turnover growth of the best performing companies from NCO batch 1, 2010/11 K€
The five fast growers in the diagram are (from the top 2013) ReTurn (up 37 % since 2011), Tomologic (up 574 % since 2011), ZEG Power (up 318 % since 2011), Ekolite (up 108 % since 2011) and Orexplore (up 208 % since 2011). Out of the 16 companies six showed a negative turnover since applying to the Nordic Cleantech Open in 2011. As these companies are very early stage, and the turnover figures, in most cases, are so small that they do not really reflect actual sales, the results should not be over interpreted. An another note, out of the 25 companies, there are only three companies that have gone out of business since their participation in the competition, which is half of the amount compared to the first batch of top 25 companies.
In regards investments our record shows that out of the 22 surviving companies in the second batch of the Nordic
Analyzing previous competitorsCleantech Open, seven have attracted private investments since 2011. All in all there have been 10 investments, one of these with non-disclosed amounts. The total values of the disclosed amounts are 13 million euros.
Also public funders have supported the companies., out of the 22 companies 14 have received public funding since 2011. All in all they have received seven million euros in 18 disclosed batches and additional funding in two undisclosed occasions.
Nordic Cleantech Open top 25, batch 3, 2013–2014
These companies participated in the competition so recently that the turnover data doesn’t actually show their development since they applied to the competition. The average turnover development for the 13 companies we have data for is anyway pictured below. Only one of the top 25 companies has gone out of business since their participation however, which is positive.
Turnover development NCO top 25, third batch, K€ (n=16)
300
200
100
0
2009 2010 2011 2012 2013
Average turnover development of the third batch NCO companies, K€
An interesting note is that the average turnover of the top 25 at the time of application is within the same size year by year. In batch one the average turnover 2010 was 303 K€, for batch two the average turnover 2011 was 299 K€ and for batch three the average turnover 2013 was 273 K€.
In 2013 and 2014, out of the 25 companies, three have received private equity funding. Two of the investments were with disclosed figures to a sum of 1 million euros and one was undisclosed. 12 companies received public fund-ing on 15 occasions amounting to a sum of 4,6 million euros. In one of the public funding occasions the amount was not disclosed.
Looking back
The Trolleholm Castle, originally build in 1538 is filled with original paintings, furniture and artefacts that creates the perfect setting for an event that is both relaxed and productive. An environment like this, so filled with spirits of
ancient times, has the ability to take the edge of your troubles and tensions of the present. Taking down stress levels really makes people focus. The castle has another terrific feature, everybody are captured together with next to no communication with the rest of the world (due to poorly working Wi-Fi). Sure we did not look the doors, people took walks in the beautiful environments but in general everybody was present all of the time and not just physically but also in spirit, something that is seldom seen at your typical investor event.
More than 20 members of the Nordic Cleantech Open jury (www.nordiccleantechopen.com/jury), representing venture funds, corporate ventures and governmental cleantech funders had dedicated their weekend to this event. This is the perfect volume potential investors and door openers to ensure that all the top 25 Nordic Cleantech Open entrepreneurs get a chance to talk to all the present investors. We really tried to keep the intimacy of the event by inviting only a smaller group and in
retrospect we are convinced it was a good strategy.The program was very dense with 20 company pitches and 6
other interesting presentations of various lengths already in the first day! However the day didn’t feel long much thanks to the innovative height and quality of the pitches as well as the variety of the solutions presented, which you can read more about at www.nordiccleantechopen.com. Further this years batch were vastly improved in regards to keeping their pitching time, perhaps somewhat due to the added pitch training that Cleantech Scandinavia offered this year to all top 25 companies leading up to the Nordic Camp. This provided plenty of time for networking, relaxing, sauna and the outdoor Jacuzzi for those interested.
The first day was rounded of with white clothed tables, candlelight and a great three-course dinner accompanied by excellent whines. To give all of the participants the rare opportunity to stay over at a castle, 2-4 people were put in one room and the organizers then left the party early, as we run out of beds. The evening seems to have unfolded well however it is unknown to us and prevents us to report on them. At least no reports of disturbing ghost have yet reached us, not even from the dog in room 14.
This, the fourth Nordic Camp at the Trolleholm Castle for the top 25 of the Nordic Cleantech Open has, all in all, been by far the best. It is hard to pinpoint exactly why this one was better than the previous ones. I guess it was the blend of participants that was just perfect!We would like to extend our gratitude to all our sponsors and partners who make this event possible; Autodesk, Climate-KIC, Estonian Development Fund, Future Matters VC, Innovit, Malmö Cleantech City, SABIC Ventures, SITRA, Swedish Energy Agency, Vinnova and Swedish Agency for Economic and Regional Growth.
Taking DOWN stress levels really makes people FOCUS.
NORDIC CAMP
It was a cold and misty morning when the invited group gathered by the rented bus in Lund, a small university townin the southern Sweden. After entering the bus and making a casual check that no one was missing the bus started. The group was taken on a 30 minutes trip out in the countryside and dropped of at Trolleholm Castle, one of over 200 castles spread out in the countryside of this region of Sweden.
–A GREAT WEEKEND AT TROLLEHOLM CASTLE
By
Olo
f Blo
mqv
ist,
Cle
ante
ch S
cand
inav
ia.
25
In the Nordic Cleantech Open process we vacuum the Nordic countries each year in search for new innovative and promising cleantech companies. We leave no stone unturned in this quest and the constantly rising number of applicants is prof that our reach is improving year by year. Our opinion is that the Nordics is where it happens when it comes to new cleantech solutions. No other region in the world can match the numbers or quality of cleantech start-ups that we se in the Nordics. However there are problems in developing these small companies into success cases. The problems include capital shortage, not knowing the right people and the knowledge of how to go to market. For us at Cleantech Scandinavia and for our jury, partners and sponsors in the Nordic Cleantech Open we see this as opportunities. The shortcomings of the Nordic financial markets leave openings for investors to contribute to the future successes of these Nordic cleantech companies at comparatively low costs. Also the competences that “smart money” can provide for these companies will give great payback on investments. We see our role primarily as providing the contacts needed. It is an opportunity to be a small part of something great.
The Nordic Cleantech Open is an initiative aiming to strengthen the early stage, innovative cleantech companies in the Nordics. We do this is several ways. First of all, the top 25 is a way to highlight the most promising companies and providing them with a quality stamp. As the top 25 have been chosen among more than 100 companies and using the combined competence of the Nordic Cleantech Open jury members, this quality stamp is solid. Secondly, we upgrade the companies in the competition. All the competing companies are given feedback and grades from the jury which is a great as this reveals the strengths and weaknesses of the businesses and give the entrepreneurs the opportunity to address needed issues. For the top 25 we provide a more extensive upgrading program, this year we have focused on pitch training but also provided training in industrial sales. The most important part of participating in the Nordic Cleantech Open is however the people you will get connected to. This includes the jury as well as other actors the companies get to meet along the way. This is the forth round of the Nordic Cleantech Open competition and it has so far been a great success as have the previous rounds. All in all, we think that participation in the competition gives great value, at the cost of just a minimum of time, to any start-up in the cleantech field.
Malmö Cleantech City Award is a sub-competition within the Nordic Cleantech Open awarding solutions within the fields of building material, energy efficiency in buildings and soil remediation. This sub-competition have its own prices, awards
and jury but competitors in it also automatically compete in the Nordic Cleantech Open with the same application.
We are continuously looking for sponsors, experienced jury members and other actors to collaborate with us in order to make the competition better and to further develop the value of the initiative for the competing teams. In return we offer connections with the Nordic cleantech start-up scene, visibility and a lot of fun in along the way!
If you want to be part of the Nordic Cleantech Open please contact: [email protected].
About the Nordic Cleantech Open
About Cleantech ScandinaviaCleantech Scandinavia runs an internationally established network of investors, industrials and public actors, all with an interest in Nordic Cleantech. During our eight years in business we have become a trusted source of cleantech-related investment opportunities, business intelligence, investment statistics and we are a renowned provider and promoter of Nordic Cleantech.
Today we have some 70 members including venture funds, industrial ventures from leading multinational companies and goverment organisations. We have members from Scandinavia, Continental Europe, China, North America and other locations. In addition to the network activities, we also offer consultancy services on an individual assignment basis. Examles of such services are:
Sourcing and evaluation. We offer sourcing of cleantech innovation solutions to industry companies, investors and others. We also offer support with evaluation and expert opinion of these innovations.
Testing & Validation. We offer cleantech companies, investors and industry to test their innovations in a real environment and to validate the technologies through our user groups.
Acceleration. We offer cleantech companies and their investors a platform to accelerate their companies on the global market with the goal of a sustainable growth.
About NCO
26
Partners
SitraThe Finnish Innovation Fund Sitra is a future-oriented organisation that promotes Finland’s competitiveness and the well-being of the Finnish people. We anticipate societal change, try out new operating models and accelerate business activities aimed at creating sustainable well-being.
Klak InnovitKlak Innovit is an independent center for innovation and entrepreneurship, for energetic and ambitious people with good business ideas. The main emphasis is placed on supporting entrepreneurs and start-ups which are formed at Icelandic universities. Klak Innovit’s operations are diverse, but rich emphasis is placed on building an open and creative venue for imaginative and well-educated people, and creating a positive and encouraging environment for people to gain experience and succeed in their field.
Clean CLEAN is the Danish cleantech cluster, and one of the leading clusters globally. CLEAN is our official partner in Denmark.
Malmö Cleantech City Malmö Cleantech City ensures that environmental engineering prospers in Malmö. Malmö Cleantech City is a partner of Malmö Cleantech City Award.
Sponsors
The Nordic Cleantech Open is generously supported by the following organizations. Without their support this would simply not be possible.
Sitra The Finnish Innovation Fund Sitra is a future-oriented organisation that promotes Finland’s competitiveness and the well-being of the Finnish people. We anticipate societal change, try out new operating models and accelerate business activities aimed at creating sustainable well-being.
Swedish agency for Economic and Regional GrowthThe aim of the Swedish Agency for Economic and Regional Growth – Tillväxtverket – is to achieve more enterprises, growing enterprises and sustainable, competitive business and industry throughout Sweden.
Swedish Energy AgencyThe Swedish Energy Agency is a Swedish governmental organisation with an overall responsibility of promoting sustainable energy systems through the use of renewable energy, energy efficient technologies, a smarter end-use of energy, and mitigation of climate change. The Agency is also the most active public financier of early and growth stage cleantech companies in Sweden through a system of grants and soft loans.
Vinova Vinnova develops Sweden’s innovation capacity for sustainable growth and benefiting society. Vinnova is a funding partner of Malmö Cleantech City Award.
Future Matters Venture Capital Future Matters Venture Capital is a seed and early stage investments fund focusing on biotech, consumer internet and waste treatment. Future Matters Venture Capital is a sponsor of Nordic Cleantech Open.
Sabic Ventures Sabic Ventures is a corporate venture and a sponsor of the Nordic Cleantech Open. SABIC is ranked among the world’s largest petrochemicals manufacturers.
Autodesk Autodesk is a world leader in 3D design, engineering, and entertainment software and services. Autodesk is a sponsor and partner to the Nordic Cleantech Open
Climate KICis Europe’s largest public-private innovation partnership focused on climate innovation to mitigate and adapt to climate change. Climate KIC is a sponsor of Nordic Cleantech Open.
Estonian Development Fund Estonian Development Fund is a state-run public institution, the aim of which is to support the development of the Estonian economy. To achieve this, we invest into innovative Estonian companies and support the birth of such companies.
Partners & Sponsors
Thank you.We are looking forward
to welcome you next year.
HELPING NEW VENTURES SUCCEED If you have developed a new technology or a disruptive innovation that’s gone beyond idea stage, we’d like to talk.At SABIC Ventures, we focus on innovations within unproven technologies. If your concept meets our strategy and we can see the potential, we will partner with you, help you scale up and develop it into a product that people want to buy.
Begin realizing your innovative vision at sabic.com/ventures
© 2015 Copyright by SABIC.All rights reserved.
SABIC_VENTURES_AD_01.3 A4 AW.indd 1 17/04/2015 11:29
