Nordic cleantech firm raises €58m fund

The Sustainable Technologies Fund went to market in February 2007 and has already invested in Swebo Bioenergy and Suncore.

Sustainable Technologies Fund has raised its maiden fund of €58 million ($83 million) to invest in cleantech companies in Denmark, Norway, Iceland, Sweden and Finland.

The Stockholm, Sweden-based firm, which began fundraising in February 2007, has already invested in two companies – Swebo Bioenergy and solar-energy focused Suncore. The goal of the fund, according to the firm, is to invest in 12 to 15 companies in a five-year period. The firm targets companies that focus on renewable energy, energy efficiency, renewable materials and green chemicals.

The fund's major investors include the Sixth Swedish National Pension Fund and the Third Swedish National Pension Fund.

Anders Frisk, the firm's co-founder, said no placement agent was used during fundraising. Frisk is the former chief executive of The Natural Step, a Sweden-based company that advises businesses about sustainability.

According to the firm, the transformation to sustainable energy is being driven by high and volatile energy prices, resource security and scarcity and growing governmental efforts to fight global warming.