Inside cleantech Europe: That was the week that was!

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Venture Capital and Private Company Investments

Siemens Venture Capital has invested €10 million to acquire a 20 per cent stake in Germany’s Maxxtec. The company develops and manufactures components and integrated systems for energy generation from solid biomass, industrial waste-heat and other renewable energy sources. The company says that since it was founded in 1996 it has achieved an average annual growth rate of more than 50 per cent, with sales in 2008 amounting to more than €30 million.

Eniram, the UK-based provider of decision support systems for the shipping industry, has closed a Series B funding round of €5 million from Ferd Venture, Conor Venture Partners and Finnish Industry Investment. Eniram says that it offers the global maritime market the field-proven ability to save energy and cut emission levels. The company intends to use the funding to increase the pace of expansion of its global sales, distribution and support operations.

The Israel Opportunity Fund, the cleantech-focused VC fund founded last year by Canadian-American businessman Matthew Bronfman and former Israel Ambassador to the UN Dan Gillerman has said that it is re-examining the size of the fund and the amount that Bronfman Fisher Investment will invest. The initial plan was to raise $100 million (€77 million), with Bronfman Fisher committing to invest 20 percent of that amount.

Other Investments, Deals and Partnerships

Ireland’s Mainstream Renewable Power has raised €26 million in a loan note for investment in a number of wind farm projects. The amount, which will be matched by equivalent equity from Mainstream, is to be used for a range of projects including two planned wind farms in Chile. Mainstream said that it had hoped to raise up to €50 million through the loan note, although none of its projects will be delayed because of not being able to raise the full amount. To date the company has raised €72 million in equity funding and said that it was planning to more in the second quarter of this year.

The European Smart Metering Industry Group (ESMIG) has been launched with the aim of providing knowledge and expertise on smart metering and related communications at a European level. ESMIG covers all aspects of smart metering, including electricity, gas, water, and heat measurement. Member companies cover the entire value chain from meter manufacturing, software, installation, consulting, to communications and system integration.

US-based Moog, a designer, manufacturer and integrator of precision control components and systems, has acquired 70 percent of UK-based Insensys for £11 million (€12.2 million) in cash. Insensys is a supplier of pitch control and rotor blade monitoring systems for wind turbines, with 2008 revenues of £5.2 million (€5.8 million). Moog has an option to purchase the remaining 30 percent of the company within one year.

Government

The European Commission has proposed to reallocate €5 billion of unspent EU money, with a significant amount allocated to supporting clean coal projects and offshore wind farms. European Commission President José Manuel Barroso said the projects would represent a "smart investment" for the EU as it battles a deepening economic downturn. Under the plans, a total of €3.5 billion will be devoted to clean energy projects with a further €500 million also earmarked for tackling new agricultural challenges such as climate change and water management.

Other News That Caught Our Eye

In 2008, more wind power was installed in the EU than any other electricity generating technology according to the European Wind Energy Association (EWEA). It said that 43 percent of all new electricity generating capacity built was wind energy. The EWEA added that at the end of 2008 64,949 megawatts of installed wind energy capacity was operating in the EU, 15 percent higher than in 2007. Germany was the leading country, adding 1,665 megawatts against Spain’s 1,609 megawatts.