emerging cleantech sector · 2015-05-18 · key factors and actors in the cleantech area 3 - 4...
TRANSCRIPT
EmErging ClEantECh
SECtor in the Baltics
an introduction report
The founding members of Cleantech Scandinavia in the Baltics are:
arengufond (estonia),
Baltcap (estonia – latvia - lithania),
Borenius Group (Finland - Baltics),
conor Venture partners (Finland),
eko investors (latvia),
enterprise estonia (estonia)
and litcapital (lithuania).
0 content
introduction 1 - 2
Key factors and actors in the cleantech area 3 - 4
public organisations 5 - 6
private investors 7 - 10
incubators and start-up activity 11 - 15
cleantech companies 16 - 18
opinions and insights 19 - 26
EmErging ClEantECh SECtor in thE BaltiCSan introduction report
three countries on ”the other
side of the sea”, the so-called
Baltic states: estonia, latvia and
lithuania, have been on an excit-
ing journey of independent dem-
ocratic development for the past
two decades. they have been
advancing rather fast in terms of
market economy and european
integration, and have made great
progress in many areas.
We at cleantech scandinavia
have been closely monitoring
and agitating the cleantech sec-
tor in scandinavia since 2007,
and have seen an increasing
number of indications that the
Baltics are becoming more vi-
able on the cleantech scene. We
also had a number of expres-
sions of interest into this region
from our existing members. all
things considered, we thought
it was about time we all have a
check on what is going on in the
cleantech area in the Baltics, and
to enrich our network with con-
tacts, investment opportunities
and expertise from this region.
this report marks the launch of
cleantech scandinavia in the
Baltics as we from now on are
happy to include these countries
in our coverage of deals, invest-
ment opportunities and business
intelligence. We hope you enjoy
the reading.
The purpose of this report is to
introduce the emerging clean-
tech sector in the Baltic states,
describe the current situation
and identify and profile some
of the main actors and points of
growth on the cleantech scene,
including profiling several clean-
tech companies. The founding
members have contributed a lot
to our understanding of the situ-
ation, and some of them have
also shared their experience and
viewpoints in a number of inter-
views presented in this report.
This was Cleantech Scandinavia’s
first take in doing research in
this region, and we will definitely
continue to work on it. In par-
ticular, we will include dealflow
information from the Baltics into
our upcoming dealflow reports.
throughout the report the term
‘Baltic countries’ will be used
quite often, especially when
pointing out similarities or com-
mon trends. it doesn’t mean that
we do not recognise the dif-
ferences that exist in the three
countries, and more specific
issues are addressed on the na-
tional basis, but similarly to the
use of ‘nordic’ or ’scandinavian’
when we refer to this region, we
introduCtionthink that such a common identi-
ty helps seeing shared strengths
and provides a more advanta-
geous representation particularly
on an international scene.
to give a general perspective,
the Baltics in a nordic compari-
son, is a relatively small region:
it is 2,5 times smaller in physical
area size than sweden, and 6,9
million inhabitants combined in
the three countries. historically
the three countries share a lot:
each will celebrate 20 years of
official independence from the
soviet union in 2011, and al-
though each country had its own
challenges, all went towards eu-
ropean integration and became
members of the european union
in 2004.
the market economy as well as
corresponding financial institutions
are therefore very young, but have
been developing rapidly through-
out the 1990s with the support
from the european Bank of recon-
struction and development and
other eu organisations. estonia will
be the 17th country to adopt euro
from the 1st of January 2011. latvia
and lithuania will follow, but the
date is not yet defined.
recent recession hit the Baltic
countries hard, and undermined
both the economic situation as
well as financial image of the
countries. But the damage was
not irreversible and, as also
confirmed by some of our inter-
viewees, there is renewed finan-
cial activity and growing interest
from foreign investors.
to conclude this general intro-
duction we present brief country
profiles.
1 Introduction
2 Introduction
Population: 1,34 million*GDP per capita in 2009: $17,908*Main cities: Tallinn, Tartu, Narva
Structure of the energy system: Absolute
majority of electricity production comes
from burning oil shale. Until 2008 only un-
der 1% of consumed energy derived from
renewable sources such as hydropower
and wind, but during 2009 it increased
to up to 6,1% mostly due to the increased
use of CHP plants based on wood fuel
and a 47% growth in wind power installa-
tions. By the end of 2009 the installed ca-
pacity for wind energy in Estonia reached
142MW.** The most promising renewable
energy resources in Estonia are wind and
biomass.***
* Data source: International Monetary Fund, www.imf.org
** Data source: Estonian Wind Energy Association, www.tuuleenergia.ee
*** Data source: EBRD Renewable Energy Initiative, www.ebrdrenewables.com
EStonia
Population: 2,26 million*GDP per capita in 2009: $14,254*Main cities: Riga, Daugavpils, Liepaja
Structure of the energy system: 74% of
electricity is produced by hydropower
and renewable energy sources in 2006
represented 33% of the primary energy
share. Latvia has good wind energy po-
tential with over 500 MW being technically
feasible, mostly on the Baltic coast. Over
20 MW of wind energy capacity has been
installed by 2009.** Latvia is also a the
largest in the Baltics producer of wood
pellets, but the majority of produce goes
on export to other European countries.
* Data source: International Monetary Fund, www.imf.org
** Data source: EBRD Renewable Energy Initiative, www.ebrdrenewables.com
latvia
Population: 3,33 million*GDP per capita in 2009: $16,542*Main cities: Vilnius, Kaunas, Klaipeda
Structure of the energy system: Electric-
ity production in Lithuania has long been
dominated by nuclear power until on the
last day of 2009 the last reactor of In-
galina power station was shut down. At
the moment a new gas powered station
is being built, and the country remains
dependent on imported primary energy
resources. The target for renewable
energy use was set at 12% in 2010, and it
is constituted primarily from small hydro-
power, wood-based biomass and waste-
to-energy installations. By the end of 2009
about 81 MW of wind energy capacity was
installed, and the plans for 2010 were to
increase it up to 200 MW.**
* Data source: International Monetary Fund, www.imf.org
** Data source: EBRD Renewable Energy Initiative, www.ebrdrenewables.com
lithuania
3 Introduction
KEy faCtorS and aCtorS in thE ClEan-tECh arEa
cleantech is not yet a wide-ly used concept across the Baltic states but it is gradu-ally being adopted as more companies start reaching out to international markets and identify themselves with it. commonly the sectors of ‘environmental technologies’ which constitute cleantech are being named separately such as for instance ‘energy efficiency’ or ‘renewable energy generation’. in cases
like business competitions or start-up dedicated events, cleantech companies are joined with ict and biotech peers under a simple ‘tech’ definition. there are several factors however that provide a good basis for development of the cleantech sector as well as successful interna-tional commercialisation of technologies:
4 Introduction
» Good technical education base
with universities such as Tallinn Uni-
versity of Technology, Kaunas Univer-
sity of Technology, Tartu University
and Riga Technical University con-
ducting high class research and high
quality engineering education.
» Due to the fact that all three coun-
tries are members of the European
Union the main legislative driving
forces such as renewable energy tar-
gets and framework legislation is the
same as in other European countries.
It creates a solid basis for incen-
tives in reducing CO2 emissions and
other forms of environmental impact.
It also implies that in the framework
of the common European market
there are no significant barriers for
international investors to participate
in deals. European Union provides
significant financial support through
several mechanisms such as grants
through Structural Funds as well as
through investments and loans from
institutions such as European Bank
for Reconstruction and Development,
European Investment Fund, European
Investment Bank and Nordic Environ-
ment Finance Corporation.
» A recent initiative JEREMIE (Joint
European Resources for Micro to
Medium Enterprises) was launched
by the European Commission and the
European Investment Bank group to
improve SMEs’ access to funding,
using EU Structural Funds framework
2007 - 2013. As a result of this, six
funds, three Latvian and three Lithu-
anian, have signed agreements with
the EIF during 2010 and now manage
a venture capital pool totalling approx
100 million Euro. Funds involve local
actors as well as international play-
ers such as SEB Venture Capital, LHV
Asset Management, Swedbank Asset
Management and DnB NOR Asset
Management in Lithuania; and Parex
Asset Management, Hipo Fondi, LKB
Krajfondi and Pirmais Slegtais Pensiju
Fonds in Latvia. There are two types
of funds: venture capital and busi-
ness angel funds, and they range in
size from 3 to 30 million Euro. The
programme is designed for 5 years
investment cycle and the size of the
investments will be up to 3 million
Euro per one company.
» Securing reliable energy supply
and energy independence is a major
driver for the governments to develop
new energy related technologies. This
creates a big and secured market for
applications such as energy efficiency
solutions in industry as well as im-
proving energy efficiency in buildings;
development projects in wind energy,
solar energy and various biomass-
based energy solutions.
» Production of renewable electricity
is incentivised in all three countries
through feed in tariff systems, at
different price levels. These systems
have been undergoing revisions lately
and price levels have been adjusted.
5 Profiles
The Estonian Development
Fund was launched in April
2007. It was created by the
Estonian Parliament with the
purpose of initiating and sup-
porting changes in the Esto-
nian economy and society that
would accelerate modernisa-
tion of the economic structure,
lead to growth in exports and
contribute to creating new
jobs requiring high qualifica-
tions. Informally called ‘Sitra
of Estonia’, the fund made
seven investments so far,
among them two cleantech
companies BiotaP and Goli-
ath Wind. Arengufond has the
following investment strategy:
arengufond
Website
www.arengufond.ee
Location
Estonia
enterprise
Website
www.eas.ee
Location
Estonia
PuBliC organiSationS
profit-oriented investments
with duration from 3-5 years;
co-investing with private inves-
tors on equal terms; and the
target companies have to show
potential for fast international
expansion and whose growth
requisites are based on a
unique idea, business model,
invention, technology or market
opportunity.
Read the interview with Kakko,
Head of investment Division
at Arengufond further in this
report.
Enterprise Estonia was es-
tablished by the Ministry of
Economy and is responsible for
a wide range of tasks related to
regional development, invest-
ment and trade in Estonia as
well as tourism promotion. It
is one of the largest institu-
tions within the national sup-
port system with a budget of
831 million Euro (2007-2013)
and 300 employees and is a
national responsible authority
for managing the EU Struc-
tural Funds. Enterprise Estonia
provides grants, advice and
partnership opportunities for
entrepreneurs, R&D institu-
tions and the non-profit sector.
Enterprise Estonia has a global
network of offices.
Read the interview with Andrus
Viirg, Director of Enterprise
Estonia’s Silicon Valley Office
further in this report.
6 Profiles
The objective of the Invest-
ment and Development Agency
of Latvia (LIAA) is to promote
business development by
facilitating more foreign invest-
ment, in parallel increasing
the competitiveness of Latvian
entrepreneurs in both domes-
tic and foreign markets. After
Latvia’s accession to the EU,
the Agency needed to adopt
new methods and tools, includ-
ing the effective utilisation of
investment and development agency of latvia
Website
www.liaa.gov.lv
Location
Latvia
enterprise lithuania/invest in lithuania
Website
www.lda.lt
Location
Lithuania
resources from EU Structural
Funds. It supports companies
in Latvia trading internationally,
as well as overseas businesses
seeking partners or locations
in Latvia; administrates state
support programmes for entre-
preneurs, co-financed from EU
Structural funds. The Agency
also provides assistance in
selection and implementation
of investment projects as well
as legal assistance.
Lithuanian Development Agen-
cy (LDA) has been restrctured
into two public organisations:
Invest Lithuania and Enterprise
Lithuania, responsible for each
of their respective areas. Invest
Lithuania is the main national
institution in charge of attract-
ing foreign investment to Lithu-
ania, as well as developing the
attractive economic image of
the country abroad. Enterprise
Lithuania is responsible for pro-
motion of exports of Lithuanian
goods and services. The com-
pany is involved in a variety of
international projects and local
initiatives: Competitiveness
Center, Clusters competence
network, Exporters’ Academy,
which is giving an impact on
knowledge, market intelligence
and competences in each spe-
cific industry.
7 Profiles
PRIVaTE invEStorSprivate equity and venture
capital activity in the Baltic
countries has been developing
since the middle of the 1990s
and a number of local fund have
been raised with participation of
european financial institutions
such as european investment
Fund and eBrd. nordic financial
actors such as seB, swedbank
and dnB nor have become one
the most active investors in the
Baltic countries. on the venture
capital side, there are several
established local players in the
region such as for example Balt-
cap, ambient sound investments
and askembla, as well as recently
established funds such as litcap-
ital. an overview of what we have
found to be cleantech-relevant
private investors in the Baltic
countries is presented here.
among foreign investors tradi-
tionally Finnish funds have been
most active in the region, partic-
ularly in estonia, with funds like
conor Venture partners and Vnt
Management having invested in
estonian cleantech companies.
“For VNT Management the Baltics is not the pri-mary region of operations, but we are always look-ing into this region with interest. I think that they have a good platform for developing new technol-ogy businesses by bringing together their research ex-pertise. These are small but interesting countries, and I particularly appreciate the positive attitude of their young entrepreneurs.”
Vesa Sadeharju, Partner at
VNT Management, Finland. VNT
Management has one cleantech
company from Estonia in portfolio
– Elcogen.
here are some examples of clean-
tech deals that took place in the
last couple of years:
» in august 2008 the estonian
solid oxide fuel cell developer
elcogen received a 2,5 million
euro investment from Finnish
Vnt Management through its
cleantech fund power Fund ii.
» estonian development Fund
(arengufond) during 2009
invested into two estonian
cleantech companies: 13,1 mil-
lion estonian kroons (o,8 million
euro) in the innovative environ-
mental monitoring company
Biotap; and 7,8 million estonian
kroons (0,5 million euro) into
wind turbines developer Goliath
Wind, together with powerdrive
ltd.
» in august 2009 estonian – aus-
trian photovoltaic developer
crystalsol received a 2,5 million
euro investment from a nordic
consortium of investors, Finn-
ish conor Venture partners and
norwegian energy Future invest.
8 Profiles
PRIVaTE invEStorS
BaltCap was established in
1995 and has since become
one of the leading private eq-
uity and venture capital inves-
tors in the Baltic States with of-
fices and operations in Estonia,
Latvia and Lithuania. BaltCap
supports strong management
teams and companies with a
vision to grow in the Baltics
and beyond. BaltCap made so
far 39 investments out of which
24 are now fully exited, and
managed in total about 190
million Euro. BaltCap works
with a broad investment scope
but has a strong interest in
Baltcap
Website
www.baltcap.com
Location
Baltics
litcapital
Website
www.litcapital.lt
Location
Lithuania
technology companies in-
cluding cleantech. BaltCap is
currently setting up two VC
funds established under the EU
JEREMIE initiative, which are
dedicated specifically to invest-
ing into SMEs in Latvia and
Lithiania. Lithuania SME Fund
amounts 20 million EUR and
in Latvia BaltCap will manage
later stage growth dedicated
fund, and it is expected to
reach 30 million Euro.
Read the interview with Peeter
Saks, Managing Partner at Balt-
Cap further in this report.
LitCapital is an SME expan-
sion capital fund dedicated to
investing in Lithuanian SMEs.
The fund was launched on 31
May 2010 and its current size
is 20 million Euro. The corner-
stone investor is the European
Investment Fund. It is one
of the two funds established
under the JEREMIE initia-
tive, in this case focusing on
companies in the early growth
stages. The Fund will consist
of 14 million Euro provided by
the European Investment Fund
and 6 million Euro raised from
institutional and private inves-
tors. Investment size per com-
pany will be between 1 and 3
million Euro. Targeted sectors
are fast moving consumer
goods (FMCG), IT, medtech/
healthcare and cleantech. Lit-
Capital’s team has more than
10 years investment experience
in the Baltic countries in private
equity sector.
Read the interview with Šarunas
Šiugzda, Founder and Manag-
ing Partner of litCapital further
in this report.
eko investors
Website
www.ei.lv
Location
Latvia
Eko Investors is a fund and
company management compa-
ny, established in 2000, which
has managed two venture capi-
tal funds, and has made more
than 30 start-up and expansion
stage companies in Latvia.
Eko Investors offers invest-
ments, along with managerial
and strategic support for new
and high potential companies,
investing up to 1 million Euro in
each enterprise. The First Eko
Fund specialised in companies
in the waste management and
recycling industries and was
invested in 2004 having made
13 investments. The Second
Eko Fund has general scope
and was founded in 2006 with
participation of the European
Structural Funds. It has in-
vested in 16 companies for the
total amount of 9 million Euro.
Among Eko Investors’ current
and exited portfolio companies
are ten waste management and
recycling companies.
Conor Venture Partners is a
technology focused venture
capital fund and management
company. Conor invests in
early-stage companies origi-
nating from Finland, Sweden
and the Baltics. Investment
areas include information and
communications technology,
embedded software, semicon-
ductor technology, electronics,
new materials and optics. In
May 2010 Conor announced
the first closure of its new
fund Conor Technology Fund
II which raised 46,5 million
Euro and will be invested in
early-stage tech companies in
the Nordics and Baltics. Cur-
rently Conor has one portfolio
cleantech company in Estonia,
a photovoltaics srart-up Crys-
talsol. Conor Venture Partners
went in Crystalsol in 2009
with 2,5 million Euro together
with Norwegian Energy Future
Invest.
Read the interview with Jari
Mieskonen, Managing Partner
of Conor Venture Partners fur-
ther in this report.
Ambient Sound Investments
was established in 2003 as
an equal partnership by four
founding engineers at Skype
Technologies to hold a minority
stake in Skype, and now oper-
ates as a private investment
vehicle. Today the company
is managing 100 million Euro
of the partners’ assets and
growing an independent invest-
ment vehicle as well as an
incubator for developing ideas
in-house. Investment focus is
very broad, but knowledge-
based and technology com-
panies constitute the portfolio.
The fund currently has 24 port-
folio companies, among them a
cleantech company Clifton.
9 Profiles
conor Venture partners
Website
www.conor.vc
Location
Finland
Wnp project
Website
www.wnb.ee
Location
Estonia
ambient sound investments
Website
www.asi.ee
Location
Latvia
in technology companies in
the early stage, up to 1 mil-
lion Euro per company with a
maximum investment period of
5 years. Among WNB Project’s
ten portfolio companies is
Estonian wind power company
Goliath Wind.
WNB Project is an active pri-
vate equity and venture capital
firm that specialises in invest-
ments in early-stage compa-
nies with strong management
team and growth potential.
The company was established
in 2007 and is based in Tal-
linn. The firm invests primarily
10 Profiles
Imprimatur Capital manages
two specialist technology seed
and start-up funds under the
JEREMIE initiative: Imprimatur
Capital Seed Fund and Im-
primatur Capital Technology
Venture Fund. These funds
aim at providing early-stage
(seed and start-up) financ-
ing for innovative micro, small
and medium size companies
imprimatur capital
Website
www.imprimaturcapital.com
Location
Latvia – the UK
askembla asset Management
Website
www.askembla.se
Location
Estonia
in Latvia engaged in innova-
tive technologies such as food
technology, ICT, life science,
medical devices, materials
science, nanotechnology, new
energy and the environment.
International market potential
is one if the key factors for
choosing investments. Impri-
matur Capital has offices in the
UK, Latvia and New Zealand.
Askembla Asset Management
is a private equity firm focusing
on investments in growth com-
panies in Central and Eastern
Europe. It was established
in 1994 and has offices in
Sweden and Estonia. To-date
Askembla invested over 100
million Euro in the Baltic region,
and is currently raising its third
private equity fund dedicated
to investing in the Baltics. The
investment focus is on later
stage companies and is not
limited to technology sectors.
Currently there are no clean-
tech companies in its portfolio.
11 Profiles
inCuBatorS and Start-up aCtivityseveral established science
parks operate across the Baltics
along with a few newly opened
and planned ones. here we list
the most relevant science parks
and incubators who have some-
what a focus on cleantech-relat-
ed technology areas and have
services directed to investors.
three of presented science parks
already host cleantech compa-
nies (for companies’ descrip-
tion see next chapter). Business
models of most incubators are
similar to the ones used in other
european countries and include
providing office space, business
development assistance and con-
sulting services.
there is an increasingly buzz-
ing start-up activity as well as a
number of enthusiastic start-up
related organisations such as
estonian startup leaders club
(www.startupclub.edicypages.
com) and Garage 48 (www.
garage48.org) who promote
entrepreneurship hands-on, mo-
tivate and educate young entre-
preneurs. arctic startup (www.
arcticstartup.com) an informa-
tion hub and web-community
founded in Finland, is also ac-
tively involved in the Baltics.
Most of the activity is naturally
concentrated in and around the
ict sector but other technology
start-ups participate as well.
12 Profiles
Tehnopol is the largest busi-
ness incubator and science
park in Estonia. It is located in
Tallinn and hosts 150 com-
panies, Tallinn University of
Technology, IT College and a
VC fund Ambient Sound Invest-
ments. Tehnopol’s mission is
tehnopol
Website
www.tehnopol.ee
Location
Estonia
tartu science park
Website
www.teaduspark.ee
Location
Estonia
to increase competitiveness of
innovative knowledge-based
companies by offering them
high-quality services and in-
frastructure. Established in the
beginning of the 2000s, it now
hosts cleantech companies
such as Crystalsol and Yoga.
Tartu Science Park is the old-
est science park in the Baltics.
Established in 1992, it is linked
to Estonia’s biggest university,
University of Tartu, which car-
ries out R&D activities in many
sectors including physics,
chemistry and engineering. The
main goal of the Science Part
is to provide a variety of ser-
vices needed in the process of
R&D commercialisation. Today
Tartu Science Park hosts one
cleantech company, Clifton.
SeedBooster is the Estonian
Development Fund’s interna-
tional virtual business incubator
whose objective is to unleash
the international potential of
ambitious business projects
and develop them further until
they are mature for venture
capital financing. SeedBooster
was initiated with the purpose
of encouraging business ideas
that are innovative and have a
global perspective while realis-
ing the business potential of
many Estonian start-up com-
panies. No cleantech compa-
nies so far.
seedBooster
Website
www.arengufond.ee/eng/Vc/seedbooster
Location
Estonia
13 Profiles
Latvian Technological Center
was established in 1993 and
became the first technologi-
cal centre in the country. It is a
business acceleration centre,
which stimulates establishment
and growth of knowledge-
based SMEs by creating
latvian technological center
Website
www.innovation.lv/ltc
Location
Latvia
Ventspils high technology park
Website
www.vhtp.lv
Location
Latvia
relationships between research
and industry as well as encour-
aging companies for interna-
tional cooperation. Hosts one
cleantech company, Vizors.
Ventspils High Technology
Park was founded in 2005 and
in 2006 opened a Business
Incubator particularly for the
development of companies
in the field of ICT, electron-
ics and engineering. The Park
plays an important role in the
development of the Ventspils
area and is actively involved
in various international co-
operation projects. The park
hosts a local energy company
and a number of providers of
engineering and production
services.
Ktu regional science park
Website
www.ktc.lt
Location
Lithuania
KTU regional Science Park was
established in 1998 with an in-
tention to increase an efficiency
of research and development
activities at the Kaunas Univer-
sity of Technology. Its services
include business and tech-
nology transfer consultancy,
technical-administrative ser-
vices, organisation of work-
shops and training courses for
entrepreneurs. No cleantech
companies so far, most of the
resident companies in the Park
represent ICT and technical
consulting branches.
14 Profiles
Kaunas High-Tech and Infor-
mation Technology Park was
established in 2002 and is
connected to Kaunas Univer-
sity of Technology. The centre’s
activity is focused on the crea-
tion and implementation of new
high technologies: biotechnolo-
gy, ICT, environment protection
and renewable energy sources
Kaunas high-tech and information technology park
Website
www.techpark.lt
Location
Lithuania
Klaipeda sci-ence and tech-nology park
Website
www.kmtp.lt
Location
Lithuania
into industry, the establishment
of the innovation companies,
the innovation projects use in
commerce. Currently there are
no strictly cleantech companies
in the Park, but it hosts Kaunas
Regional Agency of Energy,
which works with promoting
energy efficiency and use of
renewable energy sources.
Klaipeda Science and Technol-
ogy Park was founded in 2002
in cooperation of Klaipeda
University and the Ministry of
Economy of The Republic of
Lithuania and first opened for
companies in 2004. At present
the Park has more than 40
companies, public enterprises
and branches of international
companies acting in the in-
novation environment and the
global market. During the
seven years of work the Park
has established a wide network
of partners in all continents
enabling boundless collabora-
tion possibilities. It carries out
intense project activities en-
hancing entrepreneurship and
is actively working in the fields
of technology transfer and
transport development. Among
resident companies is a pro-
ducer of LED lighting solutions
Ekolaitas, www.ekolaitas.lt.
sunrise Valley science & tech-nology park,
Website
www.sunrisevalley.lt
Location
Lithuania
A developing science park con-
nected to University of Vilnius
and Vilnius Technical Univer-
sity. Open in 2008, it plans to
combine physical infrastructure
with the provision of a range of
support services such as busi-
ness incubation, risk capital
financing, R&D and product
development, entrepreneur
development and management
training. Currently there are no
resident cleantech companies,
but the Park hosts Lithuanian
Renewable Resources Energy
Association.
15 Profiles
affiliatEd profESSionalS
Borenius Group is a group of
law firms which operates in
Finland and all three Baltic
countries. The companies in
the Borenius Group include
Borenius & Kemppinen in Fin-
land, Luiga Mody Hääl Bore-
nius in Estonia, Liepa Skopina
/ Borenius in Latvia and Foigt
& Partners / Regija Borenius in
Lithuania. Companies’ practice
covers all areas of corporate
and business law, specialising
particularly in commercial law,
Borenius Group
Website
www.boreniusgroup.com
Location
Finland – Baltics
M&As, intellectual property and
employment law among other
areas. Particular interest is
taken in technology innovation,
including cleantech. The Group
has hands-on experience in
the local markets in the Baltic
countries and a solid track
record.
Read the interview with Maria
Carlsson, Specialist Partner at
Borenius Group further in this
report.
16 Profiles
Clifton is a high-tech company
producing gallium arsenide
semiconductor structures for
power electronics. Clifton’s
main products are gallium
arsenide p-i-n rectifier diodes.
Due to Liquid Phase Epitaxy
(LPE) process they provide bet-
ter temperature performance
than competing Si, SiC and
GaN products. Lower power
clifton
Website
www.clifton.ee
Location
Estonia
Yoga
Website
www.yoga.ee
Location
Estonia
consumption, greater recovery
speed, wider operating tem-
perature range, lower weight,
smaller dimensions, better radi-
ation hardness - these features
of our products are needed in
most of high-tech power elec-
tronics solutions from automo-
tive and household appliances
to military, aviation and space.
Yoga offers an Intelligent Build-
ing System for various types of
buildings. Yoga IB is a build-
ing management system that
makes indoor environments in
buildings more comfortable,
secured and efficient. It gives
total control over the prem-
ises and provides convenient
access through web-browser,
smartphone or even TV, as well
as saves energy whenever it
is possible. Yoga IB provides
the demand side control for
the smart grid providing user
interface to automate smart
grid connectivity. Dynamic tariff
information is provided to users
and according to the user-
defined preferences, home
appliances, factory processes
and other devices are targeted
to consume energy during rec-
ommended tariff zones. That
enables to even the load of the
grid bringing better reliability
and save money for the end-
users willing to contribute.
crystasol
Website
www.crystasol.com
Location
Estonia – austria
Crystalsol develops an entirely
new type of flexible photo-
voltaic technology. The pat-
ented technology combines the
advantages of high efficiency
single-crystalline materials and
low cost roll-to-roll produc-
tion. The technology is based
on decades of research for the
Russian military and Philips
semiconductor know-how from
the 1960s. The core innova-
tion is the light absorbing layer
made of a patented new crys-
talline semiconductor powder.
The light absorbing active layer
of the modules is a so-called
Monograin Membrane: crystal-
line semiconductor particles
with a typical diameter of 30
to 60 μm arranged as a single
layer fixed by a polymer film.
CleanteCh Companies
Elcogen is developing Solid
Oxide Fuel Cells (SOFC) and
will produce single SOFCs
and stacks based on propri-
etary technological solutions.
Elcogen works in strategic
partnership with two leading
Estonian research institu-
tions, the Institute of Physical
Chemistry of the University of
Tartu and the National Institute
elcogen
Website
www.elcogen.com
Location
Estonia
Biotap
Website
www.biotapristine.com
Location
Estonia
of Chemical Physics and
Biophysics. Elcogen devel-
ops planar anode-supported
SOFCs, using gadolinia-doped
ceria electrolytes. The target
market is 1-100kW station-
ary applications, such as grid
parallel residential, commercial,
industrial and off-grid remote
applications.
BiotaP develops and produces
high precision data test sys-
tems for analysing environmen-
tal conditions of, for example
earth, using various microor-
ganism communities. Micro-
organisms represent 2/3 of
life and contain vast biological
diversity that is the product of
an estimated 3,8 billion years
of evolution. In many environ-
ments, as many as 99% of the
microorganisms cannot be cul-
tured by standard techniques,
and the uncultured fraction
includes diverse organisms
that are only distantly related to
the cultured ones. Therefore,
culture-independent methods,
like metagenomics, are essen-
tial to understand the genetic
diversity, population structure,
and ecological roles of the ma-
jority of microorganisms. The
main services of BiotaP are
design and production of PCR-
based environmental monitor-
ing test kits; environmental
diagnostics service based on
high throughput sequencing
methodology; and technology
license sales for production of
test kits for specific environ-
ment- geographical location
combinations.
17 Profiles
18 Profiles
Visors develops and manufac-
tures a supervision technology
for vehicles that allows moni-
toring of fuel consumption and
losses and helps save fuel.
Based on the findings of long-
term research in the sphere,
Visors elaborated a method
protected by three patents that
provides for a +/- 1% accuracy
of fuel level monitoring at a
Vizors
Website
www.vizors.lv
Location
Latvia
constant temperature with high
sensitivity levels. The method
provides exact monitoring of
the actual volume of fuel filled
in, consumed and remaining in
the tank.
Goliath
Website
www.goliath.ee
Location
Estonia
Goliath Wind OÜ develops
a new type of cheaper and
more efficient wind turbines.
Conventional turbines include
gearings, which are the weak-
est link in their construction,
and in the case of turbines with
direct drives their shortcomings
are massive size and mate-
rial intensity. The company’s
goal is to reach wind turbines,
which are lighter, more durable
and with a starting capacity of
1,5 MW, and would give 15-
20% cheaper electricity than
is currently available for wind
turbines. The new technologi-
cal development is based on
an idea developed by Professor
Ed Spooner from Durham Uni-
versity and in the team are key
persons with an international
outreach..
19 Interviews
opinionS and inSightS
Interview with Peeter Saks, Managing Partner at Balt-Cap, Estonia.
Is cleantech a recognisable invest-
ment category and an identity in the
Baltic countries?
There is still no common definition
that unites all those different sectors
joined under “cleantech” umbrella.
We speak about specific technolo-
gies in energy efficiency or waste
management, but do not bundle them
together. So, “cleantech” might very
well become a new word that people
will start using.
What is the relationship between the
Baltic countries and the Nordics?
We think of the Nordic countries as
our closest neighbours both from the
point of view of location and culture,
and there are naturally many ties that
unite the two regions. We have a
strong cooperation between Estonia
and Finland, and in fact BaltCap was
started in Finland back in 1995, but
since then has become a fully Baltic
entity. We work closely with some
investors from the Nordic countries
and would like to expand our contacts
further as well. In the recent months
we also feel the interest from Nordic
investors, perhaps because the gen-
eral economic situation starts looking
better.
How would you assess the innovation
potential and climate?
In the Baltics we have a high qual-
ity technical education and research,
there are inventions and innovations.
However there seems to be a gap on
the way between coming up with an
invention and building a company.
Many young entrepreneurs are going
into IT, while in fact there is more
money and a greater need in clean-
tech area, but we need to adopt the
knowledge and mechanisms that will
help innovative ideas become func-
tional companies and apply public
financing more efficiently. We need
more business angels and financial
solutions that will support entrepre-
neurs.
What are the prospects for clean-
tech growth and which sectors are
most interesting at the moment?
There is sufficient government com-
mitment towards energy efficiency
and renewable energy generation. For
example feed-in-tariffs for wind power
and bioenergy co-generation have
been adopted in all three countries,
and related policy frameworks are the
same as in other EU countries. There
are already several wind power de-
velopment projects, particularly along
the Estonian coast, and more projects
are being planned, so wind, particu-
larly offshore, is definitely a promising
area. Other areas are recycling and
waste management, improvements in
wastewater treatment and water pu-
rification, as well as of course energy
efficiency. In all those areas we also
have policy incentives and potential
for governmental support.
How would you characterise entre-
preneurs?
We have smaller companies who
have innovative solutions with great
technical expertise and good busi-
ness knowledge. What is still lacking
in many managers however is the
expertise of how to internationalise
the business, how to reach out to
foreign investors and clients, which is
really needed. The example of Skype
is quite characteristic – built up on
Estonian technology, but it took busi-
ness developers from the US to make
it big. Building up entrepreneurial
competence and knowledge about
marketing abroad will help many com-
panies grow. Local markets are too
small to provide enough space for real
growth, but perhaps if we look at the
markets of the Baltics and Nordics to-
gether, it will be a good start for many
potential success stories!
Is it politically correct to call Estonia,
Latvia and Lithuania Baltic countries?
I would say it is. It is similar to how
you use words Scandinavian or Nor-
dic. Perhaps there are more differenc-
es between the Baltic countries when
it comes to language and culture than
in case of the Nordics, but we prefer
not to emphasise them. In BaltCap we
use it and we think it’s good.
20 Interviews
produce quite a substantial number
of engineers and scientists. A num-
ber of newly launched venture capital
funds in Lithuania will stimulate the
development of innovative cleantech
companies.
How would you characterise the gen-
eral investment climate – have the
Baltics recovered from the recession?
The Baltic countries, including
Lithuania, have lived through the most
severe economic recession since the
restoration of independence. Now
the survived businesses acknowledge
that the worst is behind and little
by little plan for the future growth,
although this time not looking at as
aggressive development as it used
to be five years ago. While the most
difficult economic/social issue is high
unemployment, export-oriented com-
panies have already presented very
impressive recovery stories and start
telling that there is shortage of certain
specialists.
Most of clean energy related start-ups
are co-financed by the EU structural
funds support. Wind mill parks are
very well financed by banks. More
sophisticated investments are not so
many yet.
How would you characterise Lithu-
anian entrepreneurs?
Lithuanian entrepreneurs are well
educated, usually with some engi-
neering educational background. They
are very eager to do everything by
themselves. Sometimes an ambition
to expand globally is missing. At the
same time they tend to overinvest.
They are also very creative in finding
various ways to overcome obstacles
and manage to survive.
Is there governmental support in the
areas of energy and environment?
Lithuanian Government puts a lot of
effort in the so called energy inde-
pendence topic, which stimulates
energy related cleantech invest-
ments. Lithuania also has to follow
its commitments to the EU regarding
green energy generation levels, waste
recycling, waste water treatment, etc.,
which also stimulate the cleantech
investments. The area definitely has a
good future.
are there any particular policy instru-
ments in Lithuania that are particu-
larly beneficial for cleantech sector?
Solar energy and wind energy gen-
eration have very attractive prefer-
ential subsidised tariffs. The Ministry
of Economy declares its focus onto
technological and innovative invest-
ments which it tries to support very
much through the distribution of the
EU structural funds. The ministry also
intends to launch an additional early
stage seed and start-up venture fund.
They have an ambition to attract more
early stage technological investments
from the neighbouring countries by
improving the incubators infrastruc-
ture and increasing seed funding. Ten-
der process for international partners
will soon be announced.
Interview with Šarunas Šiugzda, Found-er and Manag-ing Partner of LitCapital and
President of Lithuanian Venture Capital associa-tion, Lithuania.
What is LitCapital?
LitCapital is an SME expansion capital
fund, investing only in Lithuania. The
fund was launched on 31 May 2010.
The current fund size is 20 million
Euro, and the cornerstone investor
is the European Investment Fund.
Investment size per company is be-
tween 1 and 3 million Euro. Targeted
sectors are fast moving consumer
goods (FMCG), IT, medtech/health-
care and cleantech. LitCapital’s team
has more than 10 years investment
experience in the Baltic countries in
private equity sector.
Is ‘cleantech’ a recognisable brand?
Cleantech is yet an evolving cat-
egory in the Lithuanian investment
landscape. Mostly it is related to the
energy sector: biomass energy pro-
duction, wind and solar energy. Waste
recycling segment is also developing.
How would you assess the cleantech
innovation potential in Lithuania?
Cleantech innovation potential is quite
good and promising. Lithuania has
the largest and rather well developed
industrial sectors compared to other
Baltic countries. Vilnius University and
Kaunas Technology University also
21 Interviews
Interview with andrus Viirg, Director of Enterprise Estonia’s Silicon Valley Office, Estonia/USa
Which role does Enterprise Estonia
play in the innovation system?
Enterprise Estonia was set up by the
Ministry of Economy in 2001 and is
responsible for a wide range of tasks
related to regional development,
investment and trade as well as tour-
ism promotion. We operate several
mechanisms of public funding such
as export promotion grants, product
development and innovation grants
to companies as well as universities
and research institutions. Since 2004
when Estonia joined the EU, Enter-
prise Estonia has become a responsi-
ble national authority for disbursement
of the EU structural funds. We are
managing virtually all public funding
that is being directed to business
growth and innovation in Estonia.
Enterprise Estonia also has 10 offices
abroad, including the Nordic coun-
tries, China, Russia and the USA, with
a wide network of contacts on local
markets.
How would you assess innovation
potential in Estonia when it comes to
cleantech?
I think the development potential is
very high and there is already a small
but viable cluster of companies in
cleantech especially in the area of en-
ergy efficiency related IT applications
and software and new energy solu-
tions such as fuel cells and solar cells
development. The energy system in
Estonia is largely based on burning
oil shale and there is a lot of research
on e.g. improving energy efficiency
of the processes. We see a good
export potential of these technolo-
gies as well. There are universities
with strong engineering and technical
base, particularly the Tallinn University
of Technology which hosts the EU
centres of excellence for Solar Energy
Materials and Computer Science, and
Tartu University which is leading in
physics and chemistry subjects.
How would you characterise in-
novation climate from the financial
perspective?
22 Profiles
We have a positive outlook and there
is a lot of public interest in develop-
ing the innovation potential of our
country. Enterprise Estonia’s financing
budget for the period of 2007 – 2013
is 800 million Euro. We support many
interesting projects such as centres
of excellence in the areas of IT and
biotech, spinout programmes from
universities and industries. From the
policy perspective, there are incen-
tives for producing green electricity.
You are based in the US, how do
foreign investors view Estonia?
The majority of foreign investors so
far have been Swedish and Finnish
companies who invested in areas
strategic for their home markets,
such as for example IT, banking, pro-
duction and pulp and paper industry.
Estonia has been used maybe a bit
too much as a production base for
European companies, and now we
aim at a broader presentation of
the country as a transportation and
logistical hub and service provider.
The energy sector is also becoming
interesting for investors due to expan-
sion of electric grids and construction
of new power plants.
It is quite easy for investors to estab-
lish contact with entrepreneurs – Eng-
lish is widely spoken in Estonia, and
one of the tasks of our work abroad is
to help Estonian entrepreneurs learn
the trade of pitching and doing busi-
ness internationally.
How important is cooperation with
the Nordics countries?
This cooperation comes naturally,
especially with Finland. However,
being based in the Silicon Valley I
feel it even more. We have a close
circle of representative offices
of Nordic business development
organisations such as Innovation
Norway, Innovation Center Den-
mark, Tekes and Vinnova which
we call ’Silicon Vikings’. In the US
it helps to be placed on the map
faster.
Interview with Heidi Kakko, Head of Investment Division at arengufond, Estonia
What are the main activities of
arengufond and its financing mecha-
nisms?
Arengufond / Estonian Development
Fund activates the start-up entrepre-
neurship and venture capital market
by investing together with private
investors into companies with inter-
national ambition. The Fund is open
to the opportunities in the seed and
start-up phase in all industries and
sectors at the maximum investment
size of 3 million Euro per company
and takes a holding of 10 to 49% in
return for the investment. Investments
are made into companies showing
potential for fast international expan-
sion and whose growth requisites are
based on a unique idea, business
model, invention, technology or mar-
ket opportunity that has realistic pos-
sibilities in the market. Investments
are based on commercial reason-
ing, i.e. they must be profit-oriented
and economically viable. Investment
periods range from 5-7 years. Typi-
cal investee companies have passed
the product development stage and
have either entered or are entering the
market.
Estonian Development Fund is also
a think tank for foresight of Estonia’s
growth perspectives, including the
potential of greentech, cleantech and
energy.
How would you assess cleantech
innovation potential in Estonia and
other Baltic countries?
Cleantech is generally viewed just as
any other business. Neither business-
men nor general public make any
special exceptions to one or other
case just because it is cleantech. Of
course, in particular fields and in case
of particular players, attitudes can be
different. For example general public
is not very enthusiastic about wind
energy due to visual and noise pollu-
tion and heavy subsidies. This does
not mean that innovation, entrepre-
neurship and cleantech do not come
together in Estonia. Though in both
science and business fields cleantech
globally is “hot”, it also means that a
case in cleantech has to be a good
business opportunity. The invest-
ments due to ethical reasons rarely
find investors or those projects exist
as non-profit initiatives, supported by
specialised funding from public sector
or other than private sources.
How would you characterise the in-
novation climate and the seed fund-
ing accessibility?
Definitely, currently there are neither
enough entrepreneurs nor seed capi-
tal for innovative start-ups in Estonia,
and not only in cleantech industry. But
the market is improving from both the
supply and demand side. Currently
there is a wide range of grants avail-
able from Enterprise Estonia, several
incubators and other forms of coop-
eration at universities and some seed
and start-up capital from local angels
and local/international institutional
investors. The major bottleneck from
the investors’ point of view is current-
ly the low awareness and insufficient
experiences of start-up entrepreneurs,
bringing along a low quality of prepa-
ration and execution and the lack of
ambition in many projects.
What is your opinion about the exist-
ing legal framework for cleantech
development?
Public sector has been quite active in
past few years, also there are some
non-profit groups, making perhaps
even more impact in preparing for the
policy-making and the change in at-
titudes. There are not too many “hard”
policies in place to force cleantech
into society and economy – the cur-
rent approach is more encouraging
instead of forcing.
Which policy instruments are par-
ticularly beneficial for the cleantech
sector?
There are some regulations set in the
energy sector regarding the sustain-
able energy sources like wind energy,
still on a small scale, but posing an
additional burden to the consumers.
The legal/policy instruments should
focus to enable the usage and imple-
mentation of cleantech solutions that
would pose a long-term sustainable
and economic effect.
What do you find particularly inter-
esting and promising in Estonia?
The country-wide campaign “Teeme
ära! – Let’s Do It!”, which has grown
into an international scale, has proven
that the community-led interest and
initiative could make big things hap-
pen. I would say that the Estonian
society is open and curious in regard
to new innovative cleantech solu-
tions, however the cost component
is a decisive factor in several cases
to impact the real implementation of
those technologies. On a state-level
I would see a focussed cleantech-
program combined with the special-
ised financing for commercialisation of
new technologies via start-ups would
make a real difference and give a
faster pace to the development of that
field, both in Estonia and the other
Baltic countries.
23 Profiles
24 Profiles
Interview with Jari Mieskonen, Managing Partner at Conor Venture Partners, Finland
How is Conor Venture Partners in-
volved in the Baltics now?
Conor has been active in the Baltic
states since 2008. We are an active
member of Connect Estonia, frequent
speaker at venture related seminars
and Arctic Startup’s events. Conor
currently has one investment in the
region.
What is similar or different compared
to your home market, and what is
interesting in the Baltics?
What is similar is a relatively small
internal market, and the difference is
total absence of internal Fortune 500
companies. At the same time the en-
trepreneurial spirit of recently capital-
ized nations is fresh and living.
How would you assess the innovation
potential in the Baltic countries, when
it comes to cleantech?
Cleantech is not yet a specific category
in the Baltics. There are though num-
ber of companies operating in those
technology areas. Potential for new
innovations rely on fast adoption
capabilities. Since the infrastructure is
still developing, there is a need for new
development.
How would you characterise entre-
preneurs?
They are enthusiastic but inexperienced.
Which is the main challenge of start-
up entrepreneurs in the Baltics?
Start ups are suffering from lack of local
cornerstone customers. Recession left
some scars to young capitalism, but
young nations are eager to move on.
25 Profiles
Interview with Maria Carlsson, Specialist Part-ner at Borenius & Kemppinen, Finland
How is Borenius involved in cleantech
sector in the Baltic countries?
Borenius Group has advised clients in
the Baltic countries (especially Esto-
nia) in several cleantech projects with
a focus on renewable energy (wind,
biogas) in particular with regulatory
advice, due diligence work and work
in the sphere of emissions trading.
Is ”cleantech” already an established
category?
Although many companies are keen to
define themselves as “cleantech” from
a marketing perspective, “renewable
energy” is the most common term
used, which also correlates with the
fact that the energy sector is the most
prominent sector in the Baltics at this
point when considering cleantech as
a whole.
How would you assess cleantech
innovation potential in the Baltic
countries?
We see great potential in the Baltic
countries. There is a rising awareness
for environmentally friendly production
among companies in basic industry
fuelled by EU environmental pro-
grammes such as emission reduction
mandates etc, and in the start-up/ear-
ly stage field, there are many interest-
ing innovations/ideas - although these
very often lack the venture funding to
bring them forward.
What is the general investment and
business climate – have the Baltic
countries recovered from the reces-
sion?
This varies very much according to
country. Estonia is recovering well
from the recession, with several
foreign investments pouring in and
exports on the rise. The entry into the
Euro system in 2011 is also keenly
anticipated to bring a lift for Estonia.
In Latvia, after many governmental ex-
pense cuts announced last spring, the
government won a continued man-
date this autumn which sends out a
clear signal that reforms will continue
and Latvia is on its way to recovery. In
Lithuania, recovery is slow, but there
are many interesting government
initiatives aiming to promote scientific
development in i.a. the cleantech
area.
What is your opinion about the legal
framework for cleantech develop-
ment?
Generally speaking, there has so
far not been a wide willingness to
promote clean development mecha-
nisms from a regulatory standpoint.
However, in Latvia, a new umbrella
renewable energy act is expected to
be passed shortly, which would intro-
duce uniform rules of state support
for renewable energy producers.
are there any legal/policy instru-
ments which benefit the cleantech
sector?
Although many interesting policy
initiatives exist (such as the Latvian
government’s target to increase
renewable energy consumption from
30% to 40% by 2020), few very con-
crete legal instruments are in exist-
ence today.
What is particularly promising in the
Baltic countries?
There is definitely space to grow in
the Baltic cleantech markets!
26 Profiles
Interview with Matti Hyyrynen, Head respon-sible for the Baltic states at the European Bank for Reconstruction and De-velopment
Which are the main principles of
EBRD’s work and what kind of pro-
jects do you participate in?
Environment has always been high
on our agenda with about 20% of all
investments directed to environmental
improvements in various industries,
and all projects being screened for
environmental impact. Since the start
of EBRD’s activities we have invested
54 billion Euro in almost 3,000 pro-
jects in our countries of operation.
In the Baltics our cumulative invest-
ments to date have totalled over 1.6
billion Euro. Contrary to a common
myth, up to 75% of our investments
are made in the private sector. We
finance typically fairly large projects
with our share being not more than
35% and preferably not less than 10
million Euro, therefore we cannot do
direct investments in SMEs. However,
close to 20% of our investments are
made in the form of equity, and EBRD
is a principle investor in such equity
funds as for example BaltCap and
Askembla in the Baltics.
How would you characterise the
investment climate in the Baltics?
It is difficult to pass a universal judge-
ment and there are different opinions,
but definitely the financial crisis hit the
economies of those countries hard. At
the same time, in 2009 we have done
more business in the Baltics than in
any year since our activities began in
1991, and expect to have even more
volume this year.
What is the situation with seed and
growth funding for start-up compa-
nies?
Small and medium sized enterprises
are very important for the economies
of the Baltic countries and EBRD is
supporting those funding structures
by working with banks and equity
funds. Financial crisis has affected
early stage financing quite seriously
and I cannot say it is readily available
for many companies at the moment.
However, in 2010 funds addressing
this need were established in all three
Baltic countries with the support of
the European Investment Fund.
Which are the primary areas of
interest for EBRD and which technol-
ogy areas would you consider most
promising?
Last year we worked mostly with
banks, but now after Lithuania closed
down the last nuclear power reactor
in the end of 2009, it is more energy
related projects, particularly energy
generation that we finance. Energy
efficiency is also a very important
sector and EBRD sees it as one of the
priority areas. In the past years we
have worked with water and waste-
water companies. Going forward
especially smaller companies in the
water sector will need to invest in bet-
ter and cleaner technologies. I would
also name biogas and other waste-to-
energy technologies as promising and
having good potential in the Baltic
countries.
Cleantech Scandinavia is a private
membership network of investors
and affiliated cleantech profession-
als designed to provide cleantech
knowledge, contacts and investment
opportunities; be a coordinating voice
to promote Nordic cleantech sector;
and drive cleantech innovation and
growth in the Nordic countries. Clean-
tech Scandinavia offers its members
a series of networking and pitching
events, business intelligence research
and reports including Nordic clean-
tech deal flow statistics, and hosts a
database of investment opportunities
in the region.
This report has been prepared by
Cleantech Scandinavia in November
2010 and presented at the Cleantech
Venture Day in Lahti 2010. The report
can not be distributed further, wheth-
er in parts or as a whole, without prior
permission from Cleantech Scandi-
navia. For more information please
contact us at info@cleantechscandi-
navia.com
Cleantech Scandinavia
Anckargripsgatan 3
211 19 Malmö
Sweden
www.cleantechscandinavia.com
about this report
founding mEmBErScleantech scandinaVia is extendinG
its netWorK into the Baltic countries
With the cooperation and support oF
the FolloWinG FoundinG MeMBers:
» arengufond, Estonia
» BaltCap, Estonia – Latvia – Lithuania
» Borenius Group, Finland - Baltics
» Conor Venture Partners, Finland
» Eko Investors, Latvia
» Enterprise Estonia, Estonia
» LitCapital, Lithuania
CMYK 7 / 93 / 100 / 1
RGB 221 / 55 / 38
HEX #DD3726
CMYK 70 / 67 / 64 / 74
RGB 35 / 31 / 32
HEX #231F20
CMYK 31 / 24 / 23 / 0
RGB 177 / 180 / 182
HEX #B1B4B6
www.cleantechscandinavia.se