TOP 25NORDIC CLEANTECH OPEN2015/2016

CONTENT

1. INTRO

2. ABOUT THE NCO

3. NCO - WINDOWS

4. THE JURY

5. STATISTICS

6. THE COMPANIES

7. INTERVIEW

8. INT RETROSPECT

9. SUMMARY

10. SPONSORS

11.ABOUT CLEANTECH SCANDINAVIA

WE DID IT AGAIN! We have once more managed to encourage a record amount of companies to apply to the Nordic Cleantech Open and we think that we, again, have a better top 25 list than ever before. This is the fifth round of the Nor-dic Cleantech Open competition and it is satisfactory to know that we can still keep improving quantity as well as quality. This is of course only in part due to our efforts, without the ever growing, ever evolving Nordic cleantech start-up scene that just keeps getting stronger and stronger, it would not be possible.

We think that this years top 25 may be a little bit more early stage than last years finalists but at the same time we also think that this is more than well compen-sated as they also present solutions that are even more innovative, radical and with great potential.

Each year we vacuum the innovation en-vironments of the Nordic countries to find these innovative start-ups. We know that the Nordics is one of the world’s best nurseries for innovation and new ideas, especially within cleantech. We also know that the world is meeting great challeng-es and that there is some momentum to-wards meeting these challenges. We can see that innovation is one of the key driv-ers of this movement and that is what we want Nordic cleantech start-ups to be a part of, to become drivers in the transition towards a more sustainable world.

Every year that we have held the com-petition there have been more and more applicants and this round, the fifth, we

INTRODUCTION

received no less than 113 applications! In addition, the quality of the applicants and their applications has improved greatly, which is demonstrated through the num-ber of really good applications outside the Top 25. From experience we know, that in many cases, the jury will continue to work with these remaining 88 companies, how-ever this report is only about the chosen ones, the Top 25!

Apart from the strength of the applying companies, much of the merit associated with the Nordic Cleantech Open lies with the jury. Said jury is made up of over 50 of the most active and knowledgeable ven-ture investors, industrial venture inves-tors and government funders, all with a common interest in Nordic cleantech op-portunities.

In this report we would like to share some statistics on the applicants and the top 25, as well as a follow-up on the develop-ments of the companies that have been in previous top 25 rounds. We have also included an interview with one of our main sponsors throughout the years, an organ-isation that funds more cleantech compa-nies than any other in the Nordics, namely the Swedish Energy Agency, in this case represented by Andreas Stubbelius. The main focus however is as always on the selected top 25 companies from the Nor-dic Cleantech Open, the very best Nordic Cleantech start-ups 2016.

“Apart from great applying com-panies much of the strength in the competition lies in the jury”

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 constant rising number of applicants is proof 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. How-ever, there are problems in developing these small companies into success cases. The problems include capital shortage, not knowing the right people and the knowl-edge of how to reach the market.. For us at Cleantech Scandinavia and for our jury, partners and sponsors in the Nordic Cleantech Open we see this as opportu-nities. The shortcomings of the Nordic fi-nancial markets leave openings for inves-tors to contribute to the future successes of these Nordic cleantech companies at comparatively low costs. Also the compe-tences 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 some-thing great.

The Nordic Cleantech Open is an initiative aiming to strengthen the early stage, innovative cleantech companiesin the Nordics. We do this in several ways. First of all, the top 25 is a way to highlight the most promising companies and pro-vide them with a quality stamp. As the top 25 have been chosen among more than 110 companies and using the com-

ABOUT THE NORDIC CLEANTECH OPEN

bined competence of the Nordic Cleantech Open jury members, this quality stamp is solid. Secondly, we upgrade the compa-nies in the competition. All the competing companies are given feedback and grades from the jury which is a great as this re-veals the strengths and weaknesses of the businesses and give the entrepre-neurs 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 howev-er the people you will get connected to. This includes the jury as well as other ac-tors the companies get to meet along the way. This is the fifth round of the Nordic Cleantech Open competition and it has so far been a great success as have the previ-ous rounds. All in all, we think that partic-ipation in the competition gives great val-ue, at the cost of just a minimum of time, to any start-up in the cleantech field.

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.

Within the sourcing process o the Nordic Cleantech Open we offer so called “win-dows” where organizations and industries can market their innovation initiatives and competitions towards the Nordic cleantech sector.When we conduct our in depth sourcing for the Nordic Cleantech Open we also of-fer to extend our sourcing further to give your initiative/competition a market push to ensure that you get suitable cleantech companies to enter. In practice this means that we will help you find the best Nordic innovations to enter without having to do the work yourselves.

This years Windows Malmö Cleantech City Award Malmö Cleantech City Award is a sub-com-petition within the Nordic Cleantech Open, awarding solutions within the field of en-vironmental improvement in the built en-vironment. This sub-competition has its own prices, awards and jury but compet-itors in it also automatically compete in the Nordic Cleantech Open with the same application.

WWF Climate SolverClimatesolver.org is a climate in-novations portal developed by WWF. The objective is to strengthen the development and to increase the use of transformative technologies which have a great potential to reduce carbon diox-ide emissions and increase energy access around the globe. WWF sees an urgent need to significantly increase public and private support towards commercializa-tion of innovative goods and services that could create revenue by upscaling to sat-

isfy planetary needs in a sustainable 100% renewable future with energy access to all. The Climate Solver platform is used to highlight cleantech innovation heroes of our time that are already commercial-izing such products and services that fit into a circular economy. The platform aims to generate stakeholder wide awareness around technologies and business models that are already here to tackle our chal-lenges whilst policy makers, investors and larger corporates have a joint responsi-bility as well as opportunity to be part of mainstreaming these on global markets.Climate Solver was launched in Sweden in 2008. It has now expanded to include China, India and South Africa. The Global Cleantech Innovation Index shows clearly that all Nordic countries are strong ‘start-up generators’ on cleantech innovation relative to their small GDP. So through collaboration with Cleantech Scandinavia, WWF has decided to now expand the pro-gram and offer Nordic Cleantech Open ap-plicants from Finland, Denmark, Sweden and Norway, the opportunity to become WWF Climate Solver entrepreneurs 2016.

Looking to Sponsor?!We are continuously looking for sponsors, experienced jury members and other ac-tors to collaborate with us in order to make the competition better and to fur-ther 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 along the way! If you want to be part of the Nordic Cleantech Open or the windows please contact: olof@cleantechscandinavia.com.

NORDIC CLEANTECH OPEN – WINDOWS

THE JURYWe are thrilled to announce this year’s jury of the Nordic Cleantech Open. Every year we endeavour to keep some of our veterans and also to welcome some new faces. In fact we are so pleased with the jury that we find it is hard to imagine a more competent one.

It consists of the most relevant professionals, fully equipped to analyse and provide feed back to all the applicants in this years competition. The jury consists of over 40 cleantech venture experts all in all, most of them representing venture funds or cor-porate venture funds with an investment focus on cleantech. We have jury members active in Europe, North America and China represented this year.

We make a point of having jury participants being members of Cleantech Scandinavia as we like to ensure a long and thriving collaboration between them, us and the com-panies that we work with. We want the jury members to follow the Nordic Cleantech Open companies for a long time to enable them to build solid relations and increase the chances of collaborations now and in the future.

The jury members have worked very hard and did an excellent job this year, we received a total of 1251 individual company assessments, each consisting of 3 individual grad-ing’s of the companies’ innovation, market potential and team. This means that the jury delivered 3753 votes! Most of the numerical assessments were also accompanied by written comments.

LAUREN BURROWS, Vice President, WindSail Capital Group LLC

RICHARD RIGGS, Corporate Venture Capital, Saudi Aramco Energy Ventures

LAURENCE DUYCK, Open Innovation Manager, Veolia

ALAIN STARON, Senior VP Digital Strategy, Offers & Partnerships, Veolia

VALERY PRUNIER, Innovation Director - Europe & Middle East, EDF

KARL-LUDWIG KLEY, Managing Director, Bilfinger Venture Capital

JUSSI SAINIEMI, Investment Manager, Finnish IndustryInvestment Ltd

PER ANELL, Investment Manager, Industrifonden

PER HEANDER,Investment Manager, ALMI Invest

RUNE HOLMEN, Manager Industry, Trans-port and New Technology, Enova SF

ALLAN SKOVGAARD, Group Director, Emerging Water Technology, Grund-fos Holding A/S

STEFAN HENNINGSSON, Senior Adviser Climate Innova-tion, WWF International Global Climate & Energy Initiative

MARIT SALL, Project Manager, Estonian Development Fund, Start-up Estonia Team

SAMIRA JABET, Green Growth and Innovation, Swedish Agency for Economic and Regional Growth

ARASH SANGARI, Project Manager, Swedish Cleantech

TERRY YAO,Managing Director, Shanghai Electric Venture Capital

MARY MCCARTHY, Technology Manager, SABIC Ventures

HERIBERT UHL, Senior Investment Director, Robert Bosch Venture Capital

KAI ENGELHARDT, Head of Corporate Venture Capital, MAHLE

PAUL DECRAEMER, Director, Capricorn Cleantech Fund

JOCHEN WERMUTH, Chief Investment Officer and Founding Partner, Wermuth Asset Management GmbH

CASPER HEIJSTEEG, Senior Fund Partner, Wer-muth Asset Management

MARI PANTSAR-KALLIO, Director, Finnish Innova-tion Fund, Sitra

MICHAEL NETTERSHEIM, Investment Manager, BASF Venture Capital GmbH

JAKOB WIRBATZ, Investment Manager, Evonik

ANDRE LINDVEST, CEO, Marble Invest OÜ

THERESE LINDSLEY, Head of Business Develop-ment, Invest in Skåne

JULIEN MIALARET,Investment Director, Idinvest Partners

HANS ENOCSON, President and CEO for the Nordic and Baltic Regions, General Electric

LINDA ZHENG, General Manager in China, Conduit Ventures

JOOST WAETERLOOS, Corporate Venturing - Tech-nology Scouting Europe, Dow Chemical Company

MIKKO HUUMO, Manager, R&D Growth Projects, Fortum

MIKAEL HANNUS, Vice President, Biorefinery - Bioenergy, Stora Enso

PER ERICSSON, Venture Partner, Environ-mental Technologies Fund

ULF BOJÖ, Senior Investment Manager, NEFCO

NILS LEHMANN, New Ventures Manager, Innovation, Carbon Trust

PETER COOK, Senior Investment Officer, Clean Technology Invest-ments, IFC

TARJA TEPPO, Co-Founder, Partner, Cleantech Invest

BINELLA VANNESJÖ, Business Developer, Swed-ish Energy Agency

ANDREAS STUBELIUS, Portfolio Manager, Swed-ish Energy Agency

MAGNUS AGERSTRÖM, Managing Director, Cleantech Scandinavia

OLOF BLOMQVIST, Technology Scouting and Research, Cleantech Scandinavia

As previously mentioned, we have seen a steady growth in the number of applicants for each round that we have held the Nordic Cleantech Open and the large number of applicants is according to us a quality indicator for the top 25.

The applicants represent all of the Nordic countries including Iceland and Estonia and the number of applicants from each country is based partly on the size and quality of the cleantech start-up scene in each particular country, and partly on the marketing efforts made by us, the organizers. In order to exemplify this, Denmark for instance has provided a larger than ever number of applicants and in doing so also represent a larger percentage in total, reaching 19% of the total number. On the other hand of the spectrum, Finland unfortunately only had 12 applicants, sporting an all-time low.

In regards to which cleantech segments the applicants say they are active in, there

STATISTICS

Number of applicants to the different rounds of Nordic Cleantech Open

Percentage of applicants from different countries each round

20

2010/11 2011/12 2013/14 2014/15 2015/16

0

40

60

80

100

120

0% 20% 40% 60% 80% 100%

Year 1

Year 2

Year 4

Year 5

Year 6DenmarkEstoniaFinland

IcelandNorwaySweden

have been some minor developments during the different rounds. Although the spread off the different segments have been quite stable there have been a slight increase in the share of applicants from some of the smaller segments, namely Advanced Ma-terials, Manufacturing and Industrial and finally Air and Environment. What has been made clear over the years though is the decline of the share of applicants in the previously largest segment, namely Energy Generation. In the first year 26% of the applicants were in this segment, this round only 15% of the companies were active in the area of Energy Generation.

Having said this, this year the applicants from the different countries are quite well distributed among the different segments. For instance, there has in previous rounds always been a bias towards the Energy Generation segment among applicants from Norway, however this is no longer as noticeable.

Share of applicants in different segments all 5 batches

0% 20% 40% 60% 80% 100%

Advanced MaterialsAgricultureAir and Envitonment

Manufacturing and IndustrialEnergy Efficiency

Transportation and Logistics

Energy Generation

Waste and Recycling

Energy Infrastructure

Water and Wastwater

2010/11

2011/12

2013/14

2014/15

2015/16

Byt detta till Spread of different segments, all applicants batch 5 2015/16

0% 20% 40% 60% 80% 100%Advanced MaterialsAir and Envitonment

Manufacturing and IndustrialEnergy Efficiency

Transportation and Logistics Energy GenerationWaste and RecyclingEnergy InfrastructureWater and Wastwater

Denmark

Estonia

Finland

Iceland

Norway

Sweden

The top 25 companies in this years Nordic Cleantech Open are distributed among the countries in almost the same way as the total 113 applications. Finland for in-stance had fewer applicants this year and consequently only a few are represented in the Top 25. Only two Finnish companies made it to the list, which is lower than ever before. On a positive note we were fortunate to get both Estonian and Icelandic companies on the list this year, making all the countries in the competition repre-sented in the top 25. Denmark has increased the number of companies reaching the top 25 each year and this year was no exception with six placements, second only to Sweden with 13 placements.

In comparison to the share of applicants, three segments generated fewer compa-nies in the top 25 than was expected. First, the segment of Air and Environment held 16% of the applying companies in the overall competition; however, the segment represented only 8% in the top 25. Second, the segment of Energy Generation held 15% of the applying companies in the overall competition; still it represented only 8% in the top 25. Finally, the segment of Transport and Logistics held 15% of the ap-plying companies, representing a mere 8 % in the top 25.

THE TOP 25Top 25, Distribution of countries all batches

Spread of different segment, all applicants and top 25, 2015/16

DenmarkEstoniaFinland

IcelandNorwaySweden

2010/11

2011/12

2013/14

2014/15

2015/16

0% 20% 40% 60% 80% 100%

Top 25

Applicants

0% 20% 40% 60% 80% 100%

Advanced MaterialsAir and Envitonment

Manufacturing and IndustrialEnergy Efficiency

Transportation and Logistics Energy GenerationWaste and RecyclingEnergy InfrastructureWater and Wastwater

Respectively there were two segments, represented in the top 25 that contrasted the number of applicants in the overall competition, namely Advanced Materials and Manufacturing and Industrial.

It is, despite the statistics presented here, difficult to determine any particular trends in the divide between segments represented in the top 25 list each year. The only clear trend is as mentioned the diminishing importance of the previously largest seg-ment of Energy Generation.

2010/11

2011/12

2013/14

2014/15

2015/16

0% 20% 40% 60% 80% 100%

Top 25, Distribution on segments

Advanced MaterialsAir and Envitonment

Manufacturing and IndustrialEnergy Efficiency

Transportation and Logistics Energy GenerationWaste and RecyclingEnergy InfrastructureWater and Wastwater

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With out further delay, here they are. The reason that we publish this report; The Top 25 best Nordic cleantech Startups 2015/16:

Abalonyx

Norwaywww.abalonyx.comAbalonyx is a leading producer of Graphene Oxide. Graphene oxide has a unique sorp-tion selectivity when it comes to treatment of water polluted with certain heavy metals including radionuclides. Abalonyx is probably the largest producer of quality graphene oxide worldwide, and the only producer offering quantities in kilo size for sale. The com-pany is also building technology related to graphene oxide based water treatment pro-cesses, such as an innovative environmentally friendly flocculent making Graphene ox-ide easily filterable and separable from the cleaned water. The primary target customer is a company currently treating water contaminated with radionuclides from North Sea oil- and gas activities. Abalonyx is working with this company to install a demon-stration water treatment unit in their Western Norway facility. In a longer perspective, clean-up of contaminated water from nuclear waste storing and re-processing as well as produced water from fracking activities and run-off from mines and tunnels will also be targeted.

Againity

Swedenwww.againity.comAgainity has developed a cost-effective heat-to-electricity solution based on the Or-ganic Rankine Cycle. By simply connecting a pipe of hot gases or hot water, it generates electricity from 20 to 4 000 kW. Heat in, electricity out! The heat source can be anything from a garbage or wood chip boiler or incinerated landfill gas, to hot water from solar panels or industrial waste heat, to name a few, as long as the heat exceeds 90 degrees Celsius. Heat that was previously wasted through the chimney can now be utilized as electric power. The system is based on a refined technology represented by the Organic Rankine Cycle, where thermal energy is turned into electricity by a steam turbine and an electric generator. Thanks to innovative components and materials, the system has a long lifespan, low operating costs and a quick payback time, allowing new market segments to profitably produce their own, green electricity.

THE COMPANIES

Arctus Metals

IcelandThe idea of Arctus Metals is based on an environmentally friendly and energy efficient process for the production of primary aluminium. The low temperature electrolytic pro-cess uses multiple vertical inert anodes and cathodes to produce aluminium and oxygen from alumina according to the formula: 2 Al2O3 = 4 Al + 3 O2. Compared to the conven-tional 130 years old Hall Herout aluminium process using carbon anodes, the method has several advantages. There is no emissions of carbon dioxide and greenhouse gases meaning no compliance costs for smelters due to stricter climate change regulations, instead one ton of oxygen is generated for each ton of aluminium produced. The pro-cess also uses 20% less energy and 60% less space. Artcus Metals is in the final stage to reach proof of concept of the new revolutionary aluminium production technology.

Ascatron

Swedenwww.ascatron.comAscatron develops the next generation power semiconductors based on Silicon Carbide (SiC). These are used to transform electricity in industry, data centers, electrical vehi-cles, solar power, wind turbines and the electrical grid. The problems we target are the losses in these power converters, which can be up to 20% using conventional silicon devices. With SiC power electronics these losses can be radically reduced, resulting in energy savings that can give a RoI within 1 year. To make the most efficient and reliable SiC power devices, Ascatron is using a unique material technology based on 3D epitaxy, enabling us to increase the doping level to reduce the resistance in the device – 3DSiC®. Our business model is to produce the epitaxy material in-house, outsource device fab-rication at foundries and sell our SiC power semiconductors to producers of high power electronics.

Cewatech

Swedenwww.cewatech.se Turning waste into value is a classic trade for cleantech companies. Cewatech does exactly this in an innovative way growing edible micro-fungi on side-streams from pro-duction of paper pulp, starch, or other plant-based (potatoes, peas, corn, fruits etc.) materials. The fungal biomass is, among other things, evaluated as an ingredient in fish feed. In trials, Cewatech’s fungi have replaced 10, 20, or 30 % of base fishmeal in feed with similar or better growth rates recorded in salmon fishes. The zygomycetes fungi patented by Cewatech grow well on side-streams from the agricultural or forest indus-try, which often have low value or are subject to environmental fees. When growing, the fungi consume nutrients, which decreases BOD and COD, lowering the environmen-tal load of the side-streams. The end product is a sustainable, price-competitive alter-native to fishmeal in fish feed with the potential to decrease overfishing of the seas.

Desert Control

Norwaywww.desertcontrol.comConverting desert into fertile soil is a process that normally takes 7-15 years and uses a lot of water and resources. Desert Control does the same in 7 hours. They mix clay and water in a patented mixing process and apply it to the fields using traditional irri-gation methods. The mix sinks into the soil creating a 40-60 deep layer, which retains the water like a sponge. The layer stops percolation and greatly reduces evaporation. This means that only 1/2 - 1/3 of the irrigation water compared to an untreated area is needed. Thanks to the growth of mycorrhizal fungi in the roots there is also a sub-stantial yield increase. Desert Control turns desert into fertile land for only $4800 per hectare.

Energeotek

Swedenwww.energeotek.seEnergeotek the technical system integrator and solutions provider offers NxGeo the renewable, clean and cost-effective system solutions for energy systems that delivers electricity, heating, cooling and cascade based energy 24/7/365. Energeotek pioneers renewable energy based on the low temperature geothermal heat under our feet with system solutions configured to enable NxGeo power centers worldwide. Energeotek’s immediate offer together with interested clients, investors and partners is to estab-lish reference and pilot NxGeo power plants. Together with involved strategic partners, investors and clients Energeotek also look to provide all capacities for turn-key NxGeo power center offerings including funding, constructions, operations, maintenance and services globally.

EyeCular Technologies

Denmarkwww.eyecular.comEyeCular Technologies has developed the product StratiFlex™, which is able to build and maintain thermal stratification in hot water tanks. StratiFlex is a physical component to be built into the hot water tanks, which, through thermal stratification, significantly reduces the energy consumption for heating water. The product is inexpensive, more reliable and easier to install compared to the few existing competitors. Currently the list of applications which benefits from thermal stratification are as follows: Heat pumps: Reduced electricity consumption by up to 30%. Solar thermal systems: Increased accu-mulation of energy by up to 25%. Gas condensing systems: Reduced gas consumption by up to 11%. For electrical heated tanks, thermal stratification makes it possible to off-set the consumption of electricity from the consumption of hot water, enabling them for smart grid.

DESERTC O N T R O L

Faunaphotonics

Denmarkwww.faunaphotonics.comFaunaPhotonics is pursuing a transformative idea, enabling key stakeholders with re-al-time data on insect populations. The use of laser radar systems enables us to per-form real-time on-going surveys of insects in the field. Our laser radar product can monitor approx. 10.000 insects / hour / m3 of air. This is a transformative new tool that helps improve delivery of control tools by supplying accurate data to key decision mak-ers. We offer tangible benefits to the agricultural sector and insect control programs by supplying the capacity to routinely collect, analyse, interpret and share reliable re-al-time data on insect populations. This helps automate pervasive scouting, avoiding manual processes and improves ability to track trends comparing development from season-to-season, area-to-area and treatment strategy-to-treatment strategy.

Forsnetics

Swedenwww.forsnetics.comForsnetics has developed magnetic thrust-bearings for hydropower. They utilize mag-netic fields dynamically to carry the weight of the generators and the water load. This technology reduces the friction losses up to 80%. The increase in efficiency is enough to cover the price of the equipment during its lifetime. However, the main econom-ical driver to install the solution is increased reliability, as the technology eliminates thrust-bearing failures. The customers’ want to prevent thrust-bearing failures, as it is very expensive when the machines cannot produce energy. The solution also enables an oil free thrust bearing system. In the future, this feature may be crucial in some markets as the regulators may demand oil free stations. Forsnetics are the commer-cializing partner of an innovation project between Vattenfall, KIC Innoenergy and Up-psala University.

Fresh.Land

Denmarkwww.fresh.land.comFresh.Land digitize the food supply chain. The B2B platform connects farmers and retailers, cutting out the middlemen and reducing CO2 emissions and chemical use. Fresh.Land allow farmers to sell directly to retailers. Today, an orange you buy in the supermarket is ~4 months old. The culprit is a long and out-dated supply chain. The solution uses technology to make the food supply chain efficient and transparent. With Fresh.Land, farmers, retailers, and logistical partners can all interact in one platform. As a result, they get better prices and drastically reduce the searching and transaction costs. Only the middlemen lose out. The five farmers in the six months pilot doubled the price they sold at. All the seven pilot buyers increased their margins by more than 25%.

Infinited Fiber Company

Finlandwww.infinitedfiber.comThe Inifinited Fiber Company enables re-manufacturing again and again of new natural fibres for clothing and hygiene products, both from textile waste and biomaterials like wood. There is no commercial solution on the markets for manufacturing new fibres from textile waste. The technology enables extending the pulp and dissolving mills’ value chain by manufacturing cellulose derivate. This will significantly cut the costs and increase sustainability in viscose manufacturing. One specific about the process is that it can dissolve cellulose out of textile waste, fractioning other fibre materials out of the solution. The base technology for this is known but it has never been utilized com-mercially before. The Infinited Fiber Companys purpose is to be a driving force in rev-olutionizing the fashion industry - both by new manmade natural cellulose fibres and by building an ecosystem of other radical recycling innovators for a maximum impact.

Innoscentia

Swedenwww.Innoscentia.comInnoscentia provides a printable gas sensing technology that can visualize and elec-tronically tell the status of food. The printable sensing ink undergoes a colour change from i.e. green to red once the product is spoiled. The changes in the electrical prop-erties provide the possibility to detect spoiled food wirelessly trough the supply chain increasing both food safety and traceability for actors within the food supply chain. Innoscentia is working in close collaboration with industry partners within the food supply chain, from packaging companies to meat producers, in order to secure market interest and push the product development in a rewarding direction.

LunaLEC

Swedenwww.lunalec.comLunaLEC develops thin and flexible light sources that will require less energy in man-ufacturing and will be made without metals and thus can be recycled like plastic when disposed. LunaLEC offers light patches in sizes ranging from 2 mm x 5 mm to 20 cm x 30 cm, which can be driven by low voltage DC, typically 3-6V. The intended use is not yet general lighting, but rather functional lighting. Typical applications are medtech patches, where light patches are used for treatment of a number of specific symp-toms. LunaLEC develops light patches that matches customers’ specific needs where the primary demands are light emission from the entire surface by a thin and flexible light patch, with a given effect at a certain wavelength. This combination does not exist today except in a LEC. The customers also highly appreciate that LECs can be produced without rare and harmful metals, and thus have a more sustainable profile then the alternatives.

Minut

Swedenwww.minut.comMinut creates connected sensors to understand the environment in a room or area - including mapping PM2.5. This is possible with the use of the company´s unique sensor, tested at LTH and in testing at MIT. This core innovation is more accurate than solutions currently available in this segment. This sensor will be given to individuals as a way to measure their exposure. Crowdfunding channels like Kickstarter and Asian equivalents as well as environmental organisations will be used to spread the sen-sors. Minut is optimistic about how a transparent view of PM2.5 around the world can support efforts to reduce this pollution. The expected biggest interest will be in major Asian cities and areas with high pollution and concerns (such as the London Heathrow areas).

Ngenic

Swedenwww.ngenic.seNgenic provides products and services that enable a collaborative demand response and easier inclusion of renewable energy sources into the grid. The Ngenic system adapts to the thermodynamic individual household and increases the efficiency of the heating system. At the same time as it achieves a better, more even, indoor climate the system enables a shift of consumption of electricity from expensive hours and buys electricity at the best price. The hardware are compatible with most existing heating systems and can therefore be retrofitted into most existing homes. The system con-sists of an app, indoor sensor, a control box for the heating system and a gateway to the Internet connecting to the cloud-based services.

ReLaDe

Estoniawww.relade.euReLaDe is developing a system that uses biological washing enzymes that are coupled with iron nanoparticles as the laundry-washing agent. This enables a recollection of the washing agent from the washing machine wastewater by a simple device com-posed of magnets and direct it back to the next washing cycle, thereby eliminating the need to add any additional washing detergents in the subsequent cycles. The estimate is that an average household can use this system for 1 year before any additional Re-LaDe washing agent is required. Biological washing enzymes have been extensively described previously but their use has been limited due to their relative cost and in-stability. Binding these enzymes to nanoparticles eliminates the downsides as they become reusable and the enzyme stability is increased significantly.

Sani Membranes

Denmarkwww.sanimembranes.comSani Membranes is developing, producing and selling advanced cross flow membrane filter elements. Sani membrane filter elements are novel products, based on present membrane and fine filters, but designed for improved energy efficiency - saving 30-60% of energy in very energy intense processes. At the same time, the process and sanitary aspects are very much improved. The filtration element allows free flow filtration over a flat membrane filter surface. This design is unique, but based on known elements and proven theory, and the many benefits, combined with competitive prices, will make this a disruptive solution on a large and growing market. There is proof of concept, and ma-jor potential customers in Dairy and Enzymes have been involved in testing. The filters are primarily designed for Micro and Ultra filtration, suitable for process industry, food & beverage, water, water reuse as well as for wastewater purification.

SBT Aqua

Denmarkwww.sbtaqua.comSBT Aqua is developing a real-time bacteria sensor that significantly improves quality control of drinking water. The sensor can detect bacteria and non-organic particles in real-time and differentiate the two using an electrical detection principle. Several sen-sors can be installed at key locations in the water distribution system thereby creating a sensor node network, which collectively monitors the bacteria throughout the sys-tem. The product’s main advantage is its sampling frequency and accuracy. Today’s meth-ods for performing quality control of drinking water are based on both manual sampling and analysis with response times of up to three days. The sensor being developed by SBT Aqua will increase the sampling frequency from weeks to minutes ensuring that contami-nation events are discovered by the utility and not by ill and dissatisfied citizens.

Sensative

Swedenwww.sensative.comSensative have developed Strips, an ultra-thin (less than 3mm thick) magnetic sensor, which enables it to be mounted invisibly in most window & doors. Strips come with an adhesive layer, which makes it easy to set up and has a long-lasting battery life (up to 10 years!) Strips is Z-Wave Plus certified, which enables Strips to be connected to any Z-Wave Smart home systems, devices and services. For example you can connect Strips to a smart thermostat, and as the window is opened it turns off the radiator in order to save both heat and money for the tenants and real estate owners.

Toroidion

Finlandwww.toroidion.comAn innovative electric powertrain with a new type of electric direct drive is the product offered by Toridion. The first applications of the powertrains are exclusively tailored supercars. The first commercial product, 1MW Concept Hyper Car launch was in Top Marques Monaco 16th April 2015. In the long run all types of vehicles are targeted, from scooters to motorcycles, cars, vans, trucks, and heavy trucks, helicopters, airplanes both for propeller and jet turbines, boats and yachts. The new direct drive electric mo-tor and lightweight power electronics are significantly safer and more service friendly than current alternatives. The technology is also extremely energy efficient and robust and allows for easy battery technology upgrades.

Trifilon

Swedenwww.trifilon.comTrifilon develops and produces the lightest, most rugged biocomposites for high per-formance applications. Trifilon develops and sells optimized biocomposites for injection moulding applications. The advanced biocomposites not only cut weight and minimize a products environmental impact, they do so without any special equipment or new tooling. Unlike traditional composites that utilize synthetic fibres like glass fibre, Tri-filon managed to create lightweight and rugged composites using natural fibres. They take advantage of the fact that their optimized natural fibres have a density that is 30% lower than ultra-light carbon fibre, meaning that they can create the lightest injectable composites. Additionally, because the natural fibres cost less than traditional synthet-ic fibres, they can help OEM’s and brands reduce weight without incurring significant costs.

Scandinavian Biocomposites

TRINE

Swedenwww.jointrine.comTRINE aims at providing the 1.3 billion people living in energy poverty with access to so-lar energy. This will be done using local solar entrepreneurs and financed through using their crowd-investing platform. Combining crowd-investing with commodity solar PV components and novel financing structures creates an innovative business model with massive potential. The solution will democratize the finance of solar energy and create a new, profitable business model that allows people to make money and do good at the same time. The crowd-investors are connected with solar entrepreneurs and specific solar projects in emerging markets. TRINE:s pilot project was for a mini-grid installation in Sidonge, Kenya. With a strong due diligence process TRINE offer a good investment for the customers.

TychoBio

Denmarkwww.tycho-bio.comTychoBio applies powerful tools from Synthetic Biology to optimize and commercialize moss as an efficient production host for small chemical compounds. The idea is to use moss as a green production host and grow it in photo-bioreactors. The method can potentially produce hundreds of different high-value compounds. Initial focus will be on a class of compounds called terpenoids, which are naturally expressed by plants. Terpenoids are high-value compounds used in food, cosmetics and the pharmaceutical industry. The diterpene carnosic acid (CA) is considered to be a key factor in the health and industrial beneficial uses of the mint family (Lamiaceae) such as rosemary. The mission of TychoBio is to establish a stable production platform of CA in biologically engineered moss to deliver green and cost-efficient CA.

Uniti

Swedenwww.iamuniti.comUniti is a 2-seated electric city car with a premium ‘sci-fi’ design, engineered for high urban performance and sustainable over its entire life cycle. The car features a 15kWh removable battery, allowing for a range of 150km. The uncompromising focus on sustainability goes beyond the power source and takes into account every aspect of the life cycle from supply chain through materials, the manufacturing processes, distribution, as well as core busi-ness practices. The first batch of vehicles will be directly sold to an exclusive circle of cos-mopolitan, environmental conscious and tech-savvy early adopters. In the next phase of our rollout, with on-demand personal mobility services gaining traction in relation to direct ownership, Uniti will expand its B2B business, targeting e.g. cities, car sharing providers and organizations seeking to modernize their carpools or public transport mix.

Interview with Andreas Stubbelius, Portfolio Manager at the Swedish Energy Agency. The Swedish Energy Agency is the largest funder of cleantech start-ups in the Nordics when it comes to the number of companies supported. However, they have recently made some changes in the set-up of their sup-port. In order to learn more, we conducted an interview with Andreas Stubbelius at the agency.

What type of support may one get from the Swedish Energy Agency?The beauty of our support program is that we can offer support during the entire chain of development. With different types of support schemes we can help out all the way from research support to marketing support for a finished product.

What type of support can you provide for cleantech start-ups?For cleantech start-ups we have a brand new tool, it is a grant and in return we take a limited amount of royalty from the company if it becomes successful. Previously the support was in the form of a conditional loan that the companies paid back if they be-came successful.

What criteria do you have to meet to be eligible for this support?Well you need to fulfil a loot of different requirements, you have to have a unique idea, it has to be scalable, and it has to have the potential to have a significant effect towards a sustainable energy system. That and a lot of other criteria have to be fulfilled.

How does the model with a limited royalty work?Well, the grant is truly a grant, but in the future when you start to get revenue in the company you need to pay us a royalty, however this royalty is limited, you do not need to pay it for more than ten years and it can never amount to a larger sum than 120% of the initial sum granted.

Do you still need to match the grant with private investments?Yes, you need to have private investors coming up with at least 55% of the money needed. We will not provide grants over 45% of the capital requirement. This is because the government thinks that private rather than government actors should be running companies.

What is the history of the support program?The support program started in 2006. In total 81 companies have received support. Out of those 81 companies 71 are still active. 10-15 of them are doing really well and the six that have the highest valuation are today valued at 3 billion SEK. During the 10 years we have run the program we have supported the companies with 500 MSEK.

INTERVIEW

How much money has the average supported company received?That would be somewhere around 4-5 MSEK.

What company have received most support and to what amount?The company that have received most money from the Swedish Energy Agency is Sol-voltaics. In total they have received 63 MSEK.

This sound like a successful program, how come you changed the layout of the support?It is because it takes longer time for the companies to succeed than you anticipate. During this time the loan is burdening the balance sheet. We want our money to do as much good as possible and we think this is a better way.

This is the right time to do these changes, there is really a lot going on right now and there are a lot of things cooking. The interest for energy related start-ups are very high at the moment.

Note: 1SEK is currently 0,11€

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With information drawn from public archives we have turnover data for all Finnish, Norwegian and Swedish companies from the years 2009-2014. We have used this data before in the Nordic Cleantech Growth Report (Available to Cleantech Scandinavia members). Using this data once again, our intention is to describe how the compa-nies in batch one, two and three have performed since they competed in the Nordic Cleantech Open. We also provide a graph of the development of the companies in the fourth batch before they entered the competition. In all graphs the blue part of the line is before the companies enter the competition and the green represents after.

Nordic Cleantech Open Top 25, Batch 1, 2010-2011For the first batch of the Nordic Cleantech Open, applying in 2011, we have quite good data of the turnover development for 16 of the 25 companies. On average the com-panies have increased their turnover quite well since the start year. Average turnover have increased over three times in the four years following the companies entry to the competition in 2010. What is troublesome is that growth has halted and has even be-come negative in 2014 compared to the year before. This development was not caused by any one particular company having a very bad year, in actuality half of the 16 com-panies showed negative turnover developments for 2013-2014.

Despite the previous statement, the development in absolute numbers for the 25 best performing companies during this batch (largest increases of turnover in absolute numbers) are still impressive. As may be seen below there are definitely fast growers in this crowd.

IN RETROSPECT - HOW HAVE PREVIOUS TOP 25 BATCHES PERFORMED SINCE THEY COMPETED

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Turnover development NCO top 25 companies, first batch, K€ (n=16)

Demonstrated by the image above, the growth of these five companies are as indi-cated in the previous statement, impressive. To clarify, Just Common Sense (up 450% since 2010), Seaweed Energy Solutions (up 550% since 2010), SEEC (up 670% since 2010), Sorbwater Technology (up 235% since 2010) and Akkuser (up 130% since 2010).

In contrast to the positive statement above, there are unfortunately seven companies out of the top 25 that have gone bankrupt since their participation in the competition.

On a further note, when it comes to investments, our record shows that out of the 19 surviving companies in the first batch of Nordic Cleantech Open, 15 have attracted private equity investments since 2010. All in all there have been 26 investments out of which, 11 were without disclosed amounts bringing the total value of the disclosed amounts to 53,5 million euros.

In addition to the above-mentioned investments made, public funders have supported the companies. Out of the 19 companies, 12 have received public funding since 2010. In total, the companies have received 7,4 million euros in 13 disclosed batches and addi-tional funding on three undisclosed occasion.

Nordic Cleantech Open Top 25, batch 2, 2011–2012In regards to the second batch of applicants from the Nordic Cleantech Open, we have sufficient data for 19 of the 25 companies. What may be detectable from this data is that this batch of companies have not experienced as high growth rate as the first batch. Even more disconcerting is that the growth rate have been negative on average for the companies during 2013-2014. Again, this negative growth rate is not experi-enced by one or two of the companies but for 10 out of the 19. We hope for better results in the near future!

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Turnover growth of the best performing companies from NCO batch 1, 2010/11 K€

In similarity with the previous batch there are fast growers in this bunch as well, al-though the absolute numbers are smaller. To illustrate this the top five fastest growing companies in 2011–2013 in absolute numbers are shown below.

To clarify, the five fast growers in the diagram above are Enevo (Up to 119000€ in 2014 from zero 2011) Pegasor (up 13% since 2011), NeoZeo (up 5900% since 2011 from very

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Turnover growth of the best performing companies from NCO batch 2, 2011/12 K€

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low numbers), Orexplore (up 13000% since 2011 from very low numbers) and Zemission (up 150% since 2011).

Unfortunately, this batch also displays some negative trends. Out of the top 25 com-panies, there are three companies that have gone bankrupt since their participation in the competition.

When it comes to investments for this batch, our record shows that out of the 22 sur-viving companies, eight have attracted private investments since 2011. All in all there have been 11 investments out of which, one was with a non-disclosed amount. The total value of the disclosed amounts reached 14 million euros.

This batch also include public funders and out of the 22 companies, 14 have received public funding since 2011. In sum they have received 7 million euros on 18 disclosed instances and additional funding on two undisclosed occasions.

Nordic Cleantech Open Top 25, batch 3, 2013–2014As these companies participated in the competition only recently, the turnover data only show their development for one year since applying to the competition. Thus the average turnover development for the 19 companies is pictured below were the graph clearly shows rapid average growth, coming in on average at 61%.

As is indicated, the fastest growing companies in 2013-2014 in absolute numbers were, in descending order with the fastest first, Scypco, Nocart, Orbital Systems, ClimaCheck and Disruptive Materials, this may be viewed in the diagram below.

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Turnover development NCO top 25 companies, third batch, K€ (n=19)

It is encouraging to note that only two of the top 25 companies of round three have gone bankrupt since their participation in Nordic Cleantech Open.

In conclusion, in 2013, 2014 and 2015, five out of the 24 companies have received pri-vate equity funding. Four of the investments were with disclosed figures to a sum of 5 million euros and one was undisclosed. 12 companies received public funding on 19 occasions to a sum of 4,8 million euros. In three of the public funding occasions the amount was not disclosed.

Nordic Cleantech Open Top 25, batch 4, 2014–2015To end this segment of the report, we would like to leave you with some interesting remarks. First, the average turnover for the top 25, batch 1-4, at the time of application is in the same scale year by year. In batch one the average turnover 2010 was 176 K€, for batch two the average turnover 2011 was 251 K€, for batch three the average turn-over 2013 was 217 K€ and for batch 4 the starting point in 2014 was 288 K€, slightly higher but still in the same scale. In illustration, we provide you with a graph showing the average development of the fourth batch companies up until 2014.

Second, in 2015, six of the companies in the fourth batch of Nordic Cleantech Open re-ceived private investments. Three of the investments were with undisclosed amounts but the remaining three summed up to 6 million euros. Six of the companies have received public grants, five of these were undisclosed and the remaining one were at 0,15 million euro.

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Turnover development NCO top 25 companies, fourth batch, K€ (n=13)

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The Nordic Cleantech Open has been enormously successful during it’s five year, the number of companies applying and the quality of the applicants has increased for each round. We have also improved the upgrading we are able to offer the top 25 compa-nies year by year. The ultimate measure of the success of the concept is however the development of the Nordic Cleantech Open top 25 companies themselves. It is reason-able to suggest that even are are some less fortunate in the bunch, there are indeed many success-stories among the ranks as well this is only natural for startups, some just don’t make it. Still, based on our assessment, the previous top 25 companies have had a remarkable development compared to average Nordic cleantech companies. We are certain that this years top 25 companies will be no different, meaning there will certainly be even more successful ventures to come!

We would like to thank our sponsors and partners for their generous contributions.

SUMMARY

Sitra

The Finnish Innovation Fund Sitra isa future-oriented organisation that pro-motes 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.

Tillväxtverket

Swedish Agency for Economic and Re-gional Growth. The aim of the Swedish Agency for Economic and Regional Growth – Tillväxtverket – is to achieve more enter-prises, growing enterprises and sustain-able, competitive business and industry throughout Sweden.

Swedish Energy Agency

The Swedish Energy Agency is a Swedish gov-ernmental organisation with an overall re-sponsibility of promoting sustainable energy systems through the use of renewable en-ergy, 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.

Autodesk

Autodesk is a world leader in 3D design, engineering, and entertainment software and services. Autodesk is a sponsor and

PARTNERS AND SPONSORS

partner to the Nordic Cleantech Open.

Malmö Cleantech City

Malmö Cleantech City ensures that en-vironmental engineering prospers in Malmö. Malmö Cleantech City is a partner of Malmö Cleantech City Award.

E.ON

Chubb

For the past three decades, Chubb has provided a wide range of renewable en-ergy, technology, and manufacturing companies with scalable, future focused insurance solutions. With an integrated worldwide network of branches and af-filiates, Chubb’s global expertise, risk en-gineering, and claims services help Clean Tech companies keep pace with the veloc Chubb, please contact your local broker today or learn more at www.chubb.com.

WWF Climate Solver

Climatesolver.org is a climate innovations portal developed by WWF. The objective is to strengthen the development and to increase the use of transformative tech-nologies, which have a great potential to reduce carbon dioxide emissions and in-crease energy access around the globe. Nordic Cleantech Open applicants from Finland, Denmark, Sweden and Norway now have the opportunity to become WWF Climate Solver entrepreneurs 2016.

Cleantech Scandinavia runs an interna-tionally 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 in-vestment opportunities, business intelli-gence, investment statistics and we are a renowned provider and promoter of Nor-dic Cleantech.

Today we have some 70 members includ-ing venture funds, industrial ventures from leading multinational companies and government organisations. We have members from Scandinavia, Continental Europe, China, North America and other locations. We also have a network and an online database with over a 1000 Nordic cleantech companies where our members can search for specific segments, tech-niques and in a number of companies also the turnover figures.

Every year we produce a number of reports where some are exclusive for our mem-bers such as the Nordic Dealflow Report and the Growth Report, we further arrange a number of events throughout the year. Our biggest event is the Cleantech Capi-tal Day, generally set in one of the Nordic countries in May, where we gather over 200 participants with focus on cleantech entrepreneurs, members and addition-al high level international investors. We

ABOUT CLEANTECH SCANDINAVIA

further arrange a number of showcases on target markets, this year we will go to North America in September with five stops in Canada and the US and we will visit China in October. The goal for these events is to bring the Nordic cleantech companies to new markets and put them in front of the local investors and industry to enhance the possibilities for business across the seas. There are of course more going on, for more details check out our website www.cleantechscandinavia.com.

In addition to the network activities, we also offer consultancy services on an in-dividual assignment basis. Examples of such services are:

Sourcing and evaluation. We offer sourc-ing of cleantech innovation solutions to industry companies, investors and others. We also offer support with evaluation and expert opinion of these innovations.

Acceleration. We offer cleantech com-panies and their investors a platform to accelerate their companies on the glob-al market with the goal of a sustainable growth.

We look forward to doing business with you!

Today we have some 70 members including venture funds, industrial ventures from leading multinational companies and government organi-sations

We’re the light in your bedside lamp for those 3am brainwavesIdeas strike when you least expect them. And when they do, Agile Accelerator is here. It’s Europe’s leading open innovation hub for energy related ideas with down-to-earth advice, sustainable support, funding and expert mentors to help your lightbulb moments take off. So next time you have a brainwave, go to eon.se or call us on +46 40 25 50 00. Just maybe not at 3am.