Please note that this is not a fully comprehensive report of all events, nor is it in any way a financial performance report. It is a summary of the main events that are public and that affect us and our portfolio during the quarter.
In the quarterly report we will not comment on every portfolio company every time but focus on portfolio companies where we feel the company has achieved milestones or had development that are worth reporting. To get a comprehensive view of individual portfolio companies’ businesses one should review additional documents such as the company description and the supplement to the company description that were published in 2016 .
During Q1 Cleantech Invest carried out a directed share issue of approx. 2.6MEUR to institutional investors and investors of strategic value to the company. In the offering, 933,000 new class A shares were subscribed at the subscription price of EUR 2,74 per share. The offer shares represented approximately 4,1% of the outstanding shares in the company after the offering.
Significant events in Portfolio companies
We have finished the first quarter of 2017 and the strong growth (combined revenue of portfolio firms grew 150% in 2016 compared with 2015) seems to continue. A couple of recent key developments from them include:
- Nocart’s major development in Q1 was the announcement of a US$200m facility in the Shangombo region of Zambia. Significant projects in Kenya, Gambia and elsewhere in Zambia are also taking shape. Finance for the off-takers continues to be the biggest challenge in the new projects. Nocart has also been expanding its global presence with registered entities in Singapore and the UK. The company is developing its product range to include portable energy solutions and more efficient solar power management and gasification processes. In what might be a blueprint for the future Nocart has been asked to join Scandinavian partners in production of solar energy to arrange a showcase facility for use by the United Nations in deprived areas such as refugee camps in the Middle East and Jordan.
- Eagle Filters got an approval from the world’s largest gas turbine utility, Engie, for its air filtration solution after a rigorous two year testing and evaluation process. Engie has informed it will now start deploying Eagle’s products in several of its power plant locations.
- Swap.com made its record quarter and record month in Q1 2017 and keeps on growing fast. A specific event was the announcement of Swap.com's 2 million item milestone. In Q1 Swap.com has been shifting its marketing efforts from paid search strategies to brand based marketing and this strategy has been one of the key drivers in Q1 growth. Brand development work summarized the awesomeness of Swap.com in three key elements: 1) environmentally friendly consumption, 2) thrifty deals for smart customers, 3) unique finds from the inventory of millions of items. During Q2 Swap.com is concentrating in execution of its growth business plan. On the marketing and business development fronts company is developing brand assets to communicate its brand message for wider audiences. Example of this work has been published as part of company's Earth Day campaign.
- Enersize closed a pre-IPO round with approximately 1,2MEUR in new funding which included strategic investors Scania Growth Capital and Heinz Dürr Invest. Pre-IPO investors also committed to a significant part of the investment in the planned IPO. Enersize secured a second contract with current customer Beijing Opto Electronics for system installation in their second Beijing Factory. The new project has a savings potential of three times that of the ongoing project. Enersize also closed two new independent installation contracts with BBMG, one of Chinas largest building material provider as well as with Foton Cummins, a joint venture between US fortune 500 Cummins diesel and Foton Beiqi Motor, an existing Enersize customer. Enersize opened an R&D office in Lund, Sweden for development of its next generation software for fully automated analysis and monitoring of industrial compressed air systems.
- Nuuka Solutions closed a financing round in early Q1 and started recruiting key people to further accelerate growth. Nuuka has added new resources to the Dutch team, found a Global head of sales and marketing based in Sweden and Director of business development to Finland. Nuuka also kicked off their project in China with a local partner.
- Sofi Filtration received its first Sofi Filter volume order as three standard Sofi Filter units were delivered to a channel partner in the power industry. The company successfully concluded piloting for a major mining client. Sofi also initiated its first field trial in oil industry for drilling fluids treatment.
- Metgen started to supply its first customer in Pulp and Paper and Biogas sectors. The company has also created a new route to FDCA as well as enzymatic solution for lignin valorization.
- ResQ Club had a growth spurt in the Swedish market during Q1, expanding to more than 13 municipalities, acquiring over 15,000 registered users and over 300 partner venues as well as reaching close to 10,000 SEK/day in sales over the platform in Sweden. ResQ’s overall registered user base exceeded 100,000, and they resQ'd over 60,000 portions of quality food in Q1 alone. During Q1 ResQ has conducted extensive recruiting and partnership building in central Europe to lay the grounds for fast expansion.
- Watty received an order from a major energy company, Solaris, to equip 1000 apartments and houses in Chile with Watty’s end-to-end platform. The order value for the project is approximately 200 000 EUR and installations start during Q3. Watty will during Q 2 start shipping hardware to trial customers in Berlin, Munich and Stockholm.
- Aurelia Turbines moved to a new facility that enables manufacturing of the turbines. The company was awarded with the German Energy Efficiency Award by DENEFF, the German Industrial Association for Energy Efficiency. In Q2 Aurelia will focus on preparing the new facility in order to start manufacturing of the turbines.
- PlugSurfing increased payable charging points by 14% during Q1 compared to previous quarter and the number of charging sessions using Plugsurfing is up 71% during Q1 from previous quarter and up 350% from Q1 2016.
- Savo-Solar received orders from Finland and Sweden and finalized successfully in the beginning of the year the capacity investments doubling the capacity in the Mikkeli factory. The market demand for large solar thermal systems is growing in Europe and with strong position and excellent references in Denmark Savo-Solar is considered as one of the suppliers with highest potential by the customers. Customers also expect to receive more complete systems, for which the company has strengthened its capabilities especially in sales and system design, and recruited more people for these tasks in Denmark and Germany.
Cleantech Invest in brief
Cleantech Invest is a Nordic accelerator with investments in growth companies that solve global challenges. The portfolio companies are active in energy- and resource efficiency as well as decentralized renewable energy and are based in Finland, Sweden and Germany. The company management consists of company builders and investors who have been active within the cleantech space for over a decade.The company is listed on First North Finland under the ticker CLEAN and on First North Stockholm under the ticker CLEANT A.
Alexander Lidgren, Managing Director of Cleantech Invest Plc. Tel. 46 73 660 1007, email@example.com
Access Partners Oy, Certified Advisor. Tel. 358 9 682 9500