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

info@cleantechscandinavia.com

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

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www.cleantechscandinavia.se