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CleanTech Investments in Finland Dr. Mika R s nen Finnish Industry Investments Ltd 5

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CleanTech Investments in Finland Dr. Mika R s nen Finnish Industry Investments Ltd 5

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    6. Driving forces in Energy and Environmental Investments The demand of energy is growing, while there are all less and less possibilities to meet this growth: this will create possibilities to Finnish companies producing innovative energy solutions. Energy and environmental crisis will wake up the governments: Speed up new innovative energy and environmental investments Kioto agreement will come into force New EU regulation concerning air quality and waste handling will come into force New energy & environment solutions will be needed in developing markets In addition to large centralized waste handling and energy productions units, there will be a growing need of flexible and distributed solutions.

    7. Venture capital and Private Equity in Finland Young industry: just living first cycle The year 2000 bubble did not have large effects in Finland. When the VC industry went down in US, Finnish industry was just start to speed up.

    8. Finnish Venture Capitalists invest into early stage start-ups

    9. CleanTech Investments in Finland 1998-2005 Preliminary analysis based on broad view concerning Cleantech (Viitamo, Hernesniemi 2006). Only Finnish VC/PE investments into Finnish Companies are analysed. Analysis based on FII database (data from 69 venture capital and PE funds+ data from co-investors’ investment). 41 investments into 26 CleanTech companies during 1998-2005. Average investments into 2 – 3 new companies per year. Total investments 85,3 milj. euros. Average investments size 3,3 milj. euro. Median investment about 0,5 milj. euro. 7 exists. Still investments in 19 companies.

    10. Cleantech investments 1998-2005

    11. Cleantech investments by stage 1998-2005

    12. Investments have been made based on technology Capman 3/4/2005: Moventas Oy ” There is a large potential in Windmill sector…” ja ”…Metso Drives has great technology.” VNT Management/FII: Rotatek Oy Low speed generators for windmills Head Invest/Proventia Group/FII: Winwind Oy Turn key windmills Innofinance/Midinvest/FII: Greenvironment Oy Distributed gas turbines for biofuels Eqvitec Partners: Ecocat International Oy Catalyst technology Innofinance: Puhdas Energia Oy Wood energy solutions Innofinance/FII: Primet Oy Advanced waste Wedeco/FII: DGT Oy Direct granulation of waste sludge 3i: Sermet Oy Wood energy solutions Veraventure: Mediburner Oy Hospital waste handling solutions Note: Finnish VCs have also invested abroad e.q. Capman RGS90 A/S(Denmark), VNT Management Youtility Inc. (USA)

    13. Common features in Finnish Cleantech Investments Companies produce mainly technologically advanced components. Companies has main markets abroad. Strong technology/patent portfolio. The demand is already started and ramping up (e.q. windmills). Also financing for pilot projects. Lack of new innovative companies/entrepreneurs.

    14. Development issues in Finland There is a lack of financing of innovative pilot plants: The state aid (excluding R&D financing from Tekes) is distributed into too many small projects The state aid is not focused on technologically advanced solutions which have export potential. Local small low tech. projects, do not have that potentia. Still the demonstrations/pilots must be implemented in Finland: Risk management/cost issues More co-operation/co-investments between the Finnish venture capitals required in this field The Finnish venture backed companies are facing management and international issues at the same time: Does one team has answers to all questions?

    15. FII’s investments into environment/energy

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