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www.kic-innoenergy.com
Money! Money! Money!
Directory of Energy Technology Investors
Targeting New EU Member States
CONTENTS 3
04 Introduction
06 Matrix Tables
07 The technology readiness level scale
06 Investor Profiles
18 Investor profiles explained
Money! Money! Money!
Publisher: The Regional Environmental Center
06 Annexes
for Central and Eastern Europe (REC) 26 Annex I: Glossary of financing and related terms
Edited by: Jerome Simpson
32 Annex II: Country experts
Printing: Typonova
38 Annex III: Sample profile
This and all REC publications
are printed on recycled paper.
Photos: Gábor Kardos; KIC InnoEnergy
The REC is implementing the project “Supporting
KIC InnoEnergy in its outreach and take-up activities
in the new EU and beyond (SKYE)”, a 24-month KAVA
(KIC Added Value Activity) funded by KIC InnoEnergy.
Through this project the REC chiefly targets potential
master’s degree students and entrepreneurs/
innovators, although it goes beyond this remit,
publishing, for example, a product/service catalogue
and a directory of investors, and performing
secretariat services for KIC InnoEnergy.
4 introduction introduction 5
Introduction
This directory contains around 100 profiles KIC InnoEnergy, they also want to offset DISCLAIMER ACKNOWLEDGEMENTS
of investors dedicated to innovative our dependence on fossil fuels and to Ninety-nine percent of the information The REC relied on experts from the 11 new
sustainable energy technology research ensure that the energy we do use is not that appears in this directory has been EU member states to identify a minimum
and the exploitation of results. It is unique contentious. At the same time, we all want painstakingly gathered from online of 10 funding sources active in their
in that it maps the interests of these to help Europe to meet its energy targets.2 sources. Where information was not countries. This information was
funding sources up and down the so- available, we have followed up with the complemented by a blanket look at any
called technology readiness level (TRL) HOW TO USE THIS DIRECTORY
investor to confirm our assumptions or to other known international players
scale. This scale, which runs from 1 to 9, Because KIC InnoEnergy is unable to fund ask for the missing data. This directory’s (although we may have missed one or
maps the various levels of technological all the proposals it receives, the REC has added value appears in the categories two). The country experts are listed in
development from the birth of an idea to compiled this list so that innovators Thematic areas of interest; Technology Annex II. In particular I would like to
its completion as a patented, tried and turned down by one source can shop readiness level of interest; Type of acknowledge the work of Vaiva Indilaite,
tested product or service ready for market elsewhere. To make it easier to identify a financing scheme; and Activities an intern at the REC between June 2014
(see page 7). The TRL scale is similar to the relevant donor or creditor, we have financed/reimbursed. It is this information and August 2015, who helped to research
innovation value chain, although the latter included a series of country matrices that that we have specifically surveyed and profile content, particularly the
adds results diffusion to the process. To map donor interests according to the TRL manually tagged. We can only apologise international sources; Rachel Hideg who
the best of our knowledge, nothing has scale. So whether you’re an entrepreneur to innovators and investors if we didn’t copyedited and proofread the entries; and
ever been done like this before. in Estonia just developing an idea, or a always get it right (particularly with Tricia Barna who did the design and layout
We developed this directory because start-up equipped with all the tools to respect to patent filing). The best thing of the directory.
a survey1 recently completed for make a million in Bulgaria, you’ll be able to you can do is talk to one another — which
KIC InnoEnergy by the Regional determine at a glance who can help to is essentially the idea behind any
valorise your brainchild. Once you’ve Jerome Simpson
Environmental Center (REC) indicated that directory.
the number one challenge facing identified whom to approach (or, where Senior Expert, Smart Cities and Mobility,
the institution has a specific fund, its title), August 2015
innovators in the new EU member states is
financing. This directory shows that there you can simply look up their profile in the
are, in fact, a wealth of funding sources in directory, where they are listed in
the energy field, from energy production alphabetical order. It couldn’t be simpler!
to supply, energy efficiency or clean tech. And, just in case you find yourself
The key therefore, as far as we can see, is challenged by some of the terminology
being able to convince funders that an used in the financial world, we’ve also
idea is worth investing in. Time and time compiled a glossary of terms.
again the same calls from willing sponsors If you have any comments about this
appear, be they venture capitalists, start- NOTES
collection of sources, or if you feel we’ve
up incubators, granting programmes or missed any, please write to the editor, 1 Challenges to and Recommendations for Innovators’ Engagement in Energy Technology
white-collar bankers, all looking for a high Jerome Simpson (JSimpson@rec.org), to Research and Development in New EU Member States – Country Report Series (D2.2).
degree of motivation, a niche idea, a ask for a template and we’ll gladly include 2 See: ec.europa.eu/clima/policies/2030/index_en.htm
business plan, market know-how and an you in our online version of the directory
uncontroversial topic. They want to make — a searchable database that can be
money as much as you do. And, just like found at investors.rec.org.
6 m at r i x ta b l e s 7
The technology readiness level scale 1 2 3 4 5 6 7 8 9
Matrix Tables
The technology readiness level (TRL) scale ■ TRL 4: Component and/or breadboard
is used to assess the maturity of evolving validation in laboratory environment
technologies (e.g. devices, materials, Basic technological components are
components, software, work processes) integrated to establish that they will
during their development, and in some work together. This is relatively “low
cases during early operations. KIC fidelity” compared with the eventual
InnoEnergy relies on the U.S. Department system. Examples include integration of
of Defense (DoD) definitions: “ad hoc” hardware in the laboratory.
■ TRL 1: Basic principles observed and ■ TRL 5: Component and/or breadboard
reported validation in relevant environment
Lowest level of technology readiness. Fidelity of breadboard technology
Scientific research begins to be increases significantly. The basic
translated into applied research and technological components are
development (R&D). Examples might integrated with reasonably realistic
include paper studies of a technology’s supporting elements so they can be
basic properties. tested in a simulated environment.
■ TRL 2: Technology concept and/or
Examples include “high-fidelity”
laboratory integration of components.
application formulated
Invention begins. Once basic principles ■ TRL 6: System/subsystem model or
are observed, practical applications can prototype demonstration in a relevant
be invented. Applications are environment
speculative, and there may be no proof Representative model or prototype
or detailed analysis to support the system, which is well beyond that of
assumptions. Examples are limited to TRL 5, is tested in a relevant
analytic studies. environment. Represents a major step
■ TRL 3: Analytical and experimental
up in a technology’s demonstrated
readiness. Examples include testing a
critical function and/or characteristic
prototype in a high-fidelity laboratory
proof of concept
environment or in a simulated
Active R&D is initiated. This includes operational environment.
analytical studies and laboratory studies
to physically validate the analytical ■ TRL 7: System prototype
predictions of separate elements of the demonstration in an operational
technology. Examples include environment
components that are not yet integrated Prototype near or at planned
or representative. operational system. Represents a major
8 m at r i x ta b l e s m at r i x ta b l e s 9
step up from TRL 6 by requiring
demonstration of an actual system
BULGARIA
prototype in an operational
environment. Name of investor TRL 1 2 3 4 5 6 7 8 9
■ TRL 8: Actual system completed and Axxess Capital 1 2 3 4 5 6 7 8 9
qualified through test and Balkans Investment Consulting Agency (BICA) 1 2 3 4 5 6 7 8 9
demonstration 1 2 3 4 5 6 7 8 9
BlackPeak Capital
Technology has been proven to work in
COST Actions [european cooperation in science and technology] 1 2 3 4 5 6 7 8 9
its final form and under expected
conditions. In almost all cases, this TRL ELENA – European Local Energy Assistance [european investment bank (eib)] 1 2 3 4 5 6 7 8 9
represents the end of true system Eleven Accelerator Venture Fund 1 2 3 4 5 6 7 8 9
development. Examples include
Energy Efficiency and Renewable Sources Fund (eersF) 1 2 3 4 5 6 7 8 9
developmental test and evaluation
(DT&E) of the system in its intended EUREKA Network Projects [eureKa] 1 2 3 4 5 6 7 8 9
system to determine if it meets design 1 2 3 4 5 6 7 8 9
European Energy Efficiency Fund (eeeF)
specifications.
European Research Council (erc) [european commission] 1 2 3 4 5 6 7 8 9
■ TRL 9: Actual system proven through 1 2 3 4 5 6 7 8 9
Eurostars-2 [eureKa]
successful mission operations
Green Industry Innovation [innovation norway (norway Grants)] 1 2 3 4 5 6 7 8 9
Actual application of the technology in
its final form and under mission Green Initiative [european investment bank (eib)] 1 2 3 4 5 6 7 8 9
conditions, such as those encountered Horizon 2020: Secure, Clean and Efficient Energy [european commission] 1 2 3 4 5 6 7 8 9
in operational test and evaluation
InnovFin – EU Finance for Innovators [european investment bank (eib)] 1 2 3 4 5 6 7 8 9
(OT&E). Examples include using the
system under operational mission KIC InnoEnergy [european institute of innovation and technology] 1 2 3 4 5 6 7 8 9
conditions. 1 2 3 4 5 6 7 8 9
LAUNCHub
National Innovation Fund (niF) 1 2 3 4 5 6 7 8 9
New Europe Venture Equity LP [neVeQ capital Partners] 1 2 3 4 5 6 7 8 9
Research Fund for Coal and Steel [european commission] 1 2 3 4 5 6 7 8 9
Residential Energy Efficiency Credit Line (reecl) 1 2 3 4 5 6 7 8 9
Rosslyn Capital Partners 1 2 3 4 5 6 7 8 9
Royalton Partners 1 2 3 4 5 6 7 8 9
VILLUM FONDEN [the Velux Foundations] 1 2 3 4 5 6 7 8 9
Werner-Siemens Foundation 1 2 3 4 5 6 7 8 910 m at r i x ta b l e s m at r i x ta b l e s 11
CRoATIA CzECh REPUBLIC
Name of investor TRL 1 2 3 4 5 6 7 8 9 Name of investor TRL 1 2 3 4 5 6 7 8 9
Balkans Investment Consulting Agency (bica) 1 2 3 4 5 6 7 8 9 3TS Capital Partners 1 2 3 4 5 6 7 8 9
COST Actions [european cooperation in science and technology] 1 2 3 4 5 6 7 8 9 Ambient Sound Investments 1 2 3 4 5 6 7 8 9
Croatian Agency for SMEs, Innovation and Investment: HAMAG–BICRO 1 2 3 4 5 6 7 8 9 COST Actions [european cooperation in science and technology] 1 2 3 4 5 6 7 8 9
Croatian Science Foundation 1 2 3 4 5 6 7 8 9 Czech Enterprise and Innovation for Competitiveness 1 2 3 4 5 6 7 8 9
Operational Programme
ELENA – European Local Energy Assistance [european investment bank (eib)] 1 2 3 4 5 6 7 8 9
Czech Science Foundation (Gacr) 1 2 3 4 5 6 7 8 9
Environmental Protection and Energy Efficiency Fund (ePeeF) 1 2 3 4 5 6 7 8 9
ELENA – European Local Energy Assistance [european investment bank (eib)] 1 2 3 4 5 6 7 8 9
EUREKA Network Projects [eureKa] 1 2 3 4 5 6 7 8 9
Enterprise Investors 1 2 3 4 5 6 7 8 9
EUROGIA2020 [eureKa] 1 2 3 4 5 6 7 8 9
EUREKA Network Projects [eureKa] 1 2 3 4 5 6 7 8 9
European Energy Efficiency Fund (eeeF) 1 2 3 4 5 6 7 8 9
EURIPIDES² – European Smart Electronic Systems [eureKa] 1 2 3 4 5 6 7 8 9
European Research Council (erc) [european commission] 1 2 3 4 5 6 7 8 9
EUROGIA2020 [eureKa] 1 2 3 4 5 6 7 8 9
Eurostars-2 [eureKa] 1 2 3 4 5 6 7 8 9
European Energy Efficiency Fund (eeeF) 1 2 3 4 5 6 7 8 9
Green Initiative [european investment bank (eib)] 1 2 3 4 5 6 7 8 9
European Research Council (erc) [european commission] 1 2 3 4 5 6 7 8 9
Horizon 2020: Secure, Clean and Efficient Energy [european commission] 1 2 3 4 5 6 7 8 9
Eurostars-2 [eureKa] 1 2 3 4 5 6 7 8 9
InnovFin – EU Finance for Innovators [european investment bank (eib)] 1 2 3 4 5 6 7 8 9
Green Initiative [european investment bank (eib)] 1 2 3 4 5 6 7 8 9
KIC InnoEnergy [european institute of innovation and technology] 1 2 3 4 5 6 7 8 9
Horizon 2020: Secure, Clean and Efficient Energy [european commission] 1 2 3 4 5 6 7 8 9
LAUNCHub 1 2 3 4 5 6 7 8 9
InnovFin – EU Finance for Innovators [european investment bank (eib)] 1 2 3 4 5 6 7 8 9
New Europe Venture Equity LP [neVeQ capital Partners] 1 2 3 4 5 6 7 8 9
KIC InnoEnergy [european institute of innovation and technology] 1 2 3 4 5 6 7 8 9
Research Fund for Coal and Steel [european commission] 1 2 3 4 5 6 7 8 9
New Europe Venture Equity LP [neVeQ capital Partners] 1 2 3 4 5 6 7 8 9
Royalton Partners 1 2 3 4 5 6 7 8 9
Research Fund for Coal and Steel [european commission] 1 2 3 4 5 6 7 8 9
VILLUM FONDEN [the Velux Foundations] 1 2 3 4 5 6 7 8 9
Royalton Partners 1 2 3 4 5 6 7 8 9
Werner-Siemens Foundation 1 2 3 4 5 6 7 8 9
Societe Generale Equipment Finance 1 2 3 4 5 6 7 8 9
Technology Agency of the Czech Republic 1 2 3 4 5 6 7 8 9
VILLUM FONDEN [the Velux Foundations] 1 2 3 4 5 6 7 8 9
Werner-Siemens Foundation 1 2 3 4 5 6 7 8 912 m at r i x ta b l e s m at r i x ta b l e s 13
ESToNIA hUNGARy
Name of investor TRL 1 2 3 4 5 6 7 8 9 Name of investor TRL 1 2 3 4 5 6 7 8 9
Ambient Sound Investments 1 2 3 4 5 6 7 8 9 3TS Capital Partners 1 2 3 4 5 6 7 8 9
AS SmartCap [estonian development Fund] 1 2 3 4 5 6 7 8 9 Ambient Sound Investments 1 2 3 4 5 6 7 8 9
BaltCap 1 2 3 4 5 6 7 8 9 Core Venture 1 2 3 4 5 6 7 8 9
BSR Innovation Express [bsr stars] 1 2 3 4 5 6 7 8 9 COST Actions [european cooperation in science and technology] 1 2 3 4 5 6 7 8 9
Buildit 1 2 3 4 5 6 7 8 9 Economic Development and Innovation Operational Programme 1 2 3 4 5 6 7 8 9
COST Actions [european cooperation in science and technology] 1 2 3 4 5 6 7 8 9 ELENA – European Local Energy Assistance [european investment bank (eib)] 1 2 3 4 5 6 7 8 9
ELENA – European Local Energy Assistance [european investment bank (eib)] 1 2 3 4 5 6 7 8 9 Enterprise Investors 1 2 3 4 5 6 7 8 9
Enterprise Estonia 1 2 3 4 5 6 7 8 9 EUREKA Network Projects [eureKa] 1 2 3 4 5 6 7 8 9
Estonian Business Angels Network (estban) 1 2 3 4 5 6 7 8 9 EURIPIDES²– European Smart Electronic Systems [eureKa] 1 2 3 4 5 6 7 8 9
EUREKA Network Projects [eureKa] 1 2 3 4 5 6 7 8 9 EUROGIA2020 [eureKa] 1 2 3 4 5 6 7 8 9
EURIPIDES² – European Smart Electronic Systems [eureKa] 1 2 3 4 5 6 7 8 9 European Energy Efficiency Fund (eeeF) 1 2 3 4 5 6 7 8 9
EUROGIA2020 [eureKa] 1 2 3 4 5 6 7 8 9 European Research Council (erc) [european commission] 1 2 3 4 5 6 7 8 9
European Energy Efficiency Fund (eeeF) 1 2 3 4 5 6 7 8 9 Eurostars-2 [eureKa] 1 2 3 4 5 6 7 8 9
European Research Council (erc) [european commission] 1 2 3 4 5 6 7 8 9 Garangold Venture Capital Fund 1 2 3 4 5 6 7 8 9
Eurostars-2 [eureKa] 1 2 3 4 5 6 7 8 9 Green Industry Innovation 1 2 3 4 5 6 7 8 9
Green Initiative [european investment bank (eib)] 1 2 3 4 5 6 7 8 9 Green Initiative [european investment bank (eib)] 1 2 3 4 5 6 7 8 9
Horizon 2020: Secure, Clean and Efficient Energy [european commission] 1 2 3 4 5 6 7 8 9 Horizon 2020: Secure, Clean and Efficient Energy [european commission] 1 2 3 4 5 6 7 8 9
Imprimatur Capital Fund Management 1 2 3 4 5 6 7 8 9 Hungarian Scientific Research Fund 1 2 3 4 5 6 7 8 9
InnovFin – EU Finance for Innovators [european investment bank (eib)] 1 2 3 4 5 6 7 8 9 InnovFin – EU Finance for Innovators [european investment bank (eib)] 1 2 3 4 5 6 7 8 9
KIC InnoEnergy [european institute of innovation and technology] 1 2 3 4 5 6 7 8 9 KIC InnoEnergy [european institute of innovation and technology] 1 2 3 4 5 6 7 8 9
KredEx 1 2 3 4 5 6 7 8 9 National Research, Development and Innovation Fund 1 2 3 4 5 6 7 8 9
New Europe Venture Equity LP [neVeQ capital Partners] 1 2 3 4 5 6 7 8 9 New Europe Venture Equity LP [neVeQ capital Partners] 1 2 3 4 5 6 7 8 9
Prototron 1 2 3 4 5 6 7 8 9 Perion Venture Capital Fund 1 2 3 4 5 6 7 8 9
Research Fund for Coal and Steel [european commission] 1 2 3 4 5 6 7 8 9 Research Fund for Coal and Steel [european commission] 1 2 3 4 5 6 7 8 9
Royalton Partners 1 2 3 4 5 6 7 8 9 Royalton Partners 1 2 3 4 5 6 7 8 9
Spring Capital 1 2 3 4 5 6 7 8 9 Start-up Loan Programme 1 2 3 4 5 6 7 8 9
Vega Fund (Vega Fond) [university of tartu] 1 2 3 4 5 6 7 8 9 Valor Capital 1 2 3 4 5 6 7 8 9
VILLUM FONDEN [the Velux Foundations] 1 2 3 4 5 6 7 8 9 VILLUM FONDEN [The VELUX Foundations] 1 2 3 4 5 6 7 8 9
Werner-Siemens Foundation 1 2 3 4 5 6 7 8 9 Werner-Siemens Foundation 1 2 3 4 5 6 7 8 9
ZGI Capital 1 2 3 4 5 6 7 8 914 m at r i x ta b l e s m at r i x ta b l e s 15
LATvIA LIThUANIA
Name of investor TRL 1 2 3 4 5 6 7 8 9 Name of investor TRL 1 2 3 4 5 6 7 8 9
ALTUM 1 2 3 4 5 6 7 8 9 Ambient Sound Investments 1 2 3 4 5 6 7 8 9
Amber Sea Business Angels Club (asbac) 1 2 3 4 5 6 7 8 9 BaltCap 1 2 3 4 5 6 7 8 9
Ambient Sound Investments 1 2 3 4 5 6 7 8 9 BSR Innovation Express [bsr stars] 1 2 3 4 5 6 7 8 9
BaltCap 1 2 3 4 5 6 7 8 9 Buildit 1 2 3 4 5 6 7 8 9
BSR Innovation Express [bsr stars] 1 2 3 4 5 6 7 8 9 Business Angels Fund 1 2 3 4 5 6 7 8 9
Buildit 1 2 3 4 5 6 7 8 9 COST Actions [european cooperation in science and technology] 1 2 3 4 5 6 7 8 9
Climate Change Financial Instrument (ccFi) 1 2 3 4 5 6 7 8 9 ELENA – European Local Energy Assistance [european investment bank (eib)] 1 2 3 4 5 6 7 8 9
COST Actions [european cooperation in science and technology] 1 2 3 4 5 6 7 8 9 EUREKA Network Projects [eureKa] 1 2 3 4 5 6 7 8 9
ELENA – European Local Energy Assistance [european investment bank (eib)] 1 2 3 4 5 6 7 8 9 European Energy Efficiency Fund (eeeF) 1 2 3 4 5 6 7 8 9
Estonian Business Angels Network (estban) 1 2 3 4 5 6 7 8 9 European Research Council (erc) [european commission] 1 2 3 4 5 6 7 8 9
EUREKA Network Projects [eureKa] 1 2 3 4 5 6 7 8 9 Eurostars-2 [eureKa] 1 2 3 4 5 6 7 8 9
European Energy Efficiency Fund (eeeF) 1 2 3 4 5 6 7 8 9 Green Industry Innovation/Norway Grants 1 2 3 4 5 6 7 8 9
European Research Council (erc) [european commission] 1 2 3 4 5 6 7 8 9 Green Initiative [european investment bank (eib)] 1 2 3 4 5 6 7 8 9
Eurostars-2 [eureKa] 1 2 3 4 5 6 7 8 9 Horizon 2020: Secure, Clean and Efficient Energy [european commission] 1 2 3 4 5 6 7 8 9
Expansion Capital 1 2 3 4 5 6 7 8 9 Imprimatur Capital Fund Management 1 2 3 4 5 6 7 8 9
FLYCAP 1 2 3 4 5 6 7 8 9 InnovFin – EU Finance for Innovators [european investment bank (eib)] 1 2 3 4 5 6 7 8 9
Green Initiative [european investment bank (eib)] 1 2 3 4 5 6 7 8 9 INVEGA 1 2 3 4 5 6 7 8 9
Horizon 2020: Secure, Clean and Efficient Energy [european commission] 1 2 3 4 5 6 7 8 9 KIC InnoEnergy [european institute of innovation and technology] 1 2 3 4 5 6 7 8 9
Imprimatur Capital Fund Management 1 2 3 4 5 6 7 8 9 Lithuanian Environmental Investment Fund (laaiF) 1 2 3 4 5 6 7 8 9
InnovFin – EU Finance for Innovators [european investment bank (eib)] 1 2 3 4 5 6 7 8 9 New Europe Venture Equity LP [neVeQ capital Partners] 1 2 3 4 5 6 7 8 9
KIC InnoEnergy [european institute of innovation and technology] 1 2 3 4 5 6 7 8 9 Practica Capital 1 2 3 4 5 6 7 8 9
New Europe Venture Equity LP [neVeQ capital Partners] 1 2 3 4 5 6 7 8 9 Research Fund for Coal and Steel [european commission] 1 2 3 4 5 6 7 8 9
Proks Capital 1 2 3 4 5 6 7 8 9 Royalton Partners 1 2 3 4 5 6 7 8 9
Research Fund for Coal and Steel [european commission] 1 2 3 4 5 6 7 8 9 Spring Capital 1 2 3 4 5 6 7 8 9
Royalton Partners 1 2 3 4 5 6 7 8 9 VILLUM FONDEN [the Velux Foundations] 1 2 3 4 5 6 7 8 9
Spring Capital 1 2 3 4 5 6 7 8 9 Werner-Siemens Foundation 1 2 3 4 5 6 7 8 9
VILLUM FONDEN [the Velux Foundations] 1 2 3 4 5 6 7 8 9 ZGI Capital 1 2 3 4 5 6 7 8 9
Werner-Siemens Foundation 1 2 3 4 5 6 7 8 9
ZGI Capital 1 2 3 4 5 6 7 8 916 m at r i x ta b l e s m at r i x ta b l e s 17
PoLAND RoMANIA
Name of investor TRL 1 2 3 4 5 6 7 8 9 Name of investor TRL 1 2 3 4 5 6 7 8 9
3TS Capital Partners 1 2 3 4 5 6 7 8 9 3TS Capital Partners 1 2 3 4 5 6 7 8 9
Ambient Sound Investments 1 2 3 4 5 6 7 8 9 Axxess Capital 1 2 3 4 5 6 7 8 9
BSR Innovation Express [bsr stars] 1 2 3 4 5 6 7 8 9 Balkans Investment Consulting Agency (bica) 1 2 3 4 5 6 7 8 9
COST Actions [european cooperation in science and technology] 1 2 3 4 5 6 7 8 9 COST Actions [european cooperation in science and technology] 1 2 3 4 5 6 7 8 9
Ecological Concepts Generator (GeKon) 1 2 3 4 5 6 7 8 9 ELENA – European Local Energy Assistance [european investment bank (eib)] 1 2 3 4 5 6 7 8 9
ELENA – European Local Energy Assistance [european investment bank (eib)] 1 2 3 4 5 6 7 8 9 Enterprise Investors 1 2 3 4 5 6 7 8 9
Enterprise Investors 1 2 3 4 5 6 7 8 9 EUREKA Network Projects [eureKa] 1 2 3 4 5 6 7 8 9
EUREKA Network Projects [eureKa] 1 2 3 4 5 6 7 8 9 EURIPIDES² – European Smart Electronic Systems [eureKa] 1 2 3 4 5 6 7 8 9
EURIPIDES² – European Smart Electronic Systems [eureKa] 1 2 3 4 5 6 7 8 9 European Energy Efficiency Fund (eeeF) 1 2 3 4 5 6 7 8 9
EUROGIA2020 [eureKa] 1 2 3 4 5 6 7 8 9 European Research Council (erc) [european commission] 1 2 3 4 5 6 7 8 9
European Energy Efficiency Fund (eeeF) 1 2 3 4 5 6 7 8 9 Eurostars-2 [eureKa] 1 2 3 4 5 6 7 8 9
European Research Council (erc) [european commission] 1 2 3 4 5 6 7 8 9 Green House Programme [environmental Fund administration] 1 2 3 4 5 6 7 8 9
Eurostars-2 [eureKa] 1 2 3 4 5 6 7 8 9 Green Initiative [european investment bank (eib)] 1 2 3 4 5 6 7 8 9
Green Initiative [european investment bank (eib)] 1 2 3 4 5 6 7 8 9 Horizon 2020: Secure, Clean and Efficient Energy [european commission] 1 2 3 4 5 6 7 8 9
Horizon 2020: Secure, Clean and Efficient Energy [european commission] 1 2 3 4 5 6 7 8 9 Innovation [executive agency for Higher education, research, 1 2 3 4 5 6 7 8 9
development and innovation Funding]
Innovativeness Creator [the national centre for research and development] 1 2 3 4 5 6 7 8 9
InnovFin – EU Finance for Innovators [european investment bank (eib)] 1 2 3 4 5 6 7 8 9
InnovFin – EU Finance for Innovators [european investment bank (eib)] 1 2 3 4 5 6 7 8 9
KIC InnoEnergy [european institute of innovation and technology] 1 2 3 4 5 6 7 8 9
KIC InnoEnergy [european institute of innovation and technology] 1 2 3 4 5 6 7 8 9
Large Infrastructure Operational Programme [ministry of european Funds] 1 2 3 4 5 6 7 8 9
National Centre for Research and Development (ncrd)/ 1 2 3 4 5 6 7 8 9
Polish Energy Group (PGe) LAUNCHub 1 2 3 4 5 6 7 8 9
New Europe Venture Equity LP [neVeQ capital Partners] 1 2 3 4 5 6 7 8 9 New Europe Venture Equity LP [neVeQ capital Partners] 1 2 3 4 5 6 7 8 9
Research Fund for Coal and Steel [european commission] 1 2 3 4 5 6 7 8 9 Regional Operational Programme (roP) [ministry of regional 1 2 3 4 5 6 7 8 9
development and Public administration]
Royalton Partners 1 2 3 4 5 6 7 8 9
Research Fund for Coal and Steel [european commission] 1 2 3 4 5 6 7 8 9
Smart Growth Operational Programme 1 2 3 4 5 6 7 8 9
(Poir) [ministry of infrastructure and development] Romania SME Sustainable Energy Finance Facility (roseFF) 1 2 3 4 5 6 7 8 9
VILLUM FONDEN [the Velux Foundations] 1 2 3 4 5 6 7 8 9 Romanian Energy Efficiency Fund 1 2 3 4 5 6 7 8 9
Werner-Siemens Foundation 1 2 3 4 5 6 7 8 9 Royalton Partners 1 2 3 4 5 6 7 8 9
VILLUM FONDEN [the Velux Foundations] 1 2 3 4 5 6 7 8 9
Werner-Siemens Foundation 1 2 3 4 5 6 7 8 918 m at r i x ta b l e s m at r i x ta b l e s 19
SLovAKIA SLovENIA
Name of investor TRL 1 2 3 4 5 6 7 8 9 Name of investor TRL 1 2 3 4 5 6 7 8 9
Ambient Sound Investments 1 2 3 4 5 6 7 8 9 COST Actions [european cooperation in science and technology] 1 2 3 4 5 6 7 8 9
COST Actions [european cooperation in science and technology] 1 2 3 4 5 6 7 8 9 DTK Murka 1 2 3 4 5 6 7 8 9
ELENA – European Local Energy Assistance [european investment bank (eib)] 1 2 3 4 5 6 7 8 9 ELENA – European Local Energy Assistance [european investment bank (eib)] 1 2 3 4 5 6 7 8 9
Enterprise Investors 1 2 3 4 5 6 7 8 9 EUREKA Network Projects [eureKa] 1 2 3 4 5 6 7 8 9
EUREKA Network Projects [eureKa] 1 2 3 4 5 6 7 8 9 European Energy Efficiency Fund (eeeF) 1 2 3 4 5 6 7 8 9
European Energy Efficiency Fund (eeeF) 1 2 3 4 5 6 7 8 9 European Research Council (erc) [european commission] 1 2 3 4 5 6 7 8 9
European Research Council (erc) [european commission] 1 2 3 4 5 6 7 8 9 Eurostars-2 [eureKa] 1 2 3 4 5 6 7 8 9
Eurostars-2 [eureKa] 1 2 3 4 5 6 7 8 9 Green Initiative [european investment bank (eib)] 1 2 3 4 5 6 7 8 9
Green Initiative [european investment bank (eib)] 1 2 3 4 5 6 7 8 9 Horizon 2020: Secure, Clean and Efficient Energy [european commission] 1 2 3 4 5 6 7 8 9
Horizon 2020: Secure, Clean and Efficient Energy [european commission] 1 2 3 4 5 6 7 8 9 Hungarian Scientific Research Fund 1 2 3 4 5 6 7 8 9
InnovFin – EU Finance for Innovators [european investment bank (eib)] 1 2 3 4 5 6 7 8 9 InnovFin – EU Finance for Innovators [european investment bank (eib)] 1 2 3 4 5 6 7 8 9
KIC InnoEnergy [european institute of innovation and technology] 1 2 3 4 5 6 7 8 9 KIC InnoEnergy [european institute of innovation and technology] 1 2 3 4 5 6 7 8 9
Limerock Fund Manager 1 2 3 4 5 6 7 8 9 LAUNCHub 1 2 3 4 5 6 7 8 9
Neulogy Ventures 1 2 3 4 5 6 7 8 9 New Europe Venture Equity LP [neVeQ capital Partners] 1 2 3 4 5 6 7 8 9
New Europe Venture Equity LP [neVeQ capital Partners] 1 2 3 4 5 6 7 8 9 Research Fund for Coal and Steel [european commission] 1 2 3 4 5 6 7 8 9
Research and Innovation Operational Programme Royalton Partners 1 2 3 4 5 6 7 8 9
1 2 3 4 5 6 7 8 9
[ministry of education, science, research and sport]
SID Bank 1 2 3 4 5 6 7 8 9
Research Fund for Coal and Steel [european commission] 1 2 3 4 5 6 7 8 9
Slovene Enterprise Fund 1 2 3 4 5 6 7 8 9
Royalton Partners 1 2 3 4 5 6 7 8 9
Slovenian Research Agency (arrs) 1 2 3 4 5 6 7 8 9
Slovak Business Agency 1 2 3 4 5 6 7 8 9
STH Ventures 1 2 3 4 5 6 7 8 9
Societe Generale Equipment Finance 1 2 3 4 5 6 7 8 9
VILLUM FONDEN [the Velux Foundations] 1 2 3 4 5 6 7 8 9
VILLUM FONDEN [the Velux Foundations] 1 2 3 4 5 6 7 8 9
Werner-Siemens Foundation 1 2 3 4 5 6 7 8 9
Werner-Siemens Foundation 1 2 3 4 5 6 7 8 920 inVestor ProFiles 21
Investor profiles explained
Investor Profiles
Typically an investor’s name is the Contact persons are only included
main entry point, except where the where they were obviously listed on
institution has a specific fund, in the investor’s website. When in
which case its title appears first, doubt, we omitted.
with the investor’s name in square Name of programme(s)
brackets. (Local-language versions
appear in standard brackets.) CONTACT DETAILS
The starting point in our desk
Readers will never see n/a for a field
Mailing address: research were the six areas of energy
technology innovation addressed by
where we were unable to confirm Tel.:
data (e.g. fax or mailing address). KIC InnoEnergy: Energy from
This was generally to save space Fax: Chemical Fuels; Clean Coal and Gas
rather than to improve the Technologies; Renewable Energies;
E-mail: Sustainable Nuclear and Renewable
credibility of the listed source.
Website: Energy Convergence; Smart Grids
and Storage; and Smart and
Sometimes an institution has more Contact person: Intelligent Cities and Buildings. Each
than one programme or fund.
has its own strategic roadmap:
Generally we’ve tried to consolidate
PROFILE cip.kic-innoenergy.com/thematic-
these entries so that all programmes
roadmaps,3.html
fit under one institution, e.g. GAMA Target countries:
and EPSILON at TACR. As this was not
always possible, some activities, like Thematic areas of interest:
The TRL scale is explained on
those of the EUREKA initiative, are TRL of interest: page 7. In general, we have tried to
listed separately, especially when they identify the earliest point on the TRL
have their own identity, website etc.! Range of financing available: scale addressed by a funding source
Share of financing offered: and have assumed that any activity
Not every funder offers 100% higher on the scale is also eligible.
support, and not all of it is a subsidy
Type of financing scheme:
(grant money). Borrowing rates may Beneficiaries: Don’t be confused by the
apply, or financing may be
Terms and conditions: bewildering financing terms used
converted to equity (shares). The
by investors! Our glossary, which
“Terms and conditions” section Activities financed/reimbursed: appears in Annex I, should make
elaborates what doesn’t fit under
Application procedure: everything clear. We've included
the share of financing offered.
terms such as granting programme;
Application deadlines: loan and guarantee scheme; tax
incentives; equity financing; joint
Besides SMEs, we also
technology initiative; venture
checked whether industries;
capital; investment loan; loans
research organisations;
(including micro loans/soft loans);
universities; municipalities;
debt capital/financing; credit
and households/housing
Where deadlines are cyclical guarantees; mezzanine financing;
associations could benefit It’s not always about
we have tried to indicate and business development/
from an investor’s support. the money! Activities
whether it is every 2, 6, 12 or 24 technical services.
months, for example. Where supported include idea
periodic, we have inserted the generation; knowledge
deadline where known. sharing; and know-how
development. Patent filing
was a tricky one to catch.
Where we weren’t sure we
decided to include it.22 inVestor ProFiles inVestor ProFiles 23
PROFILE range oF FinanCing available: EUR 2 million
3TS Capital Partners 3TS Capital Partners is a leading private to EUR 10 million, although much larger ALTUM
equity and venture capital firm in Central investments (up to EUR 30 million) are
CONTACT DETAILS possible. (3TS Capital Partners can CONTACT DETAILS
and Eastern Europe. The total accumulated
IN THE CzECH REPUBLIC assets of its four funds exceeds EUR 300 syndicate even larger investments.) Mailing address: Elizabetes iela 41/43,
Mailing address: Americká 23, million. 3TS Capital Partners typically Riga LV 1010, Latvia
share oF FinanCing oFFered: 3TS Capital
Prague 2, 120 00 provides expansion capital and buyout Partners often chooses to co-invest Tel.: +371 6 77 74048; +371 6 77 74157
Tel.: +420 225 990 847 investments in high-growth sectors, alongside other private equity firms. e-Mail: Mareks.Vonsovics@altum.lv
including technology and
Fax: +420 225 990 857 Type oF FinanCing sCheMe: Venture capital; WebsiTe: www.hipo.lv
telecommunications; media and
equity financing; debt capital/financing; ConTaCT person: Mareks Vonsovics
e-Mail: jbenes@3tscapital.com marketing; business, financial and
loans (including micro loans/soft loans); (Investment Customer Manager)
ConTaCT person: Jiri Benes healthcare services; and energy and
business development/technical services
environment. One example includes PROFILE
CONTACT DETAILS IN HUNGARY Cycleenergy, a bio-energy group that beneFiCiaries: SMEs; industry
ALTUM (the Latvian Development Finance
Mailing address: Tartsay Vilmos u. 11, manufactures and operates rural biomass TerMs and CondiTions: Applicants should be
Institution Altum) is a state joint stock
H-1126 Budapest and biogas combined heat and power in need of capital to accelerate growth or
company. Until January 1, 2014, it was
(CHP) plants. Once an investment has to consolidate an industrial sector. They known as Hipoteku banka, and on April
Tel.: +36 1 224 7022 been undertaken, 3TS Capital Partners should have a positive operating cash 15, 2015, it absorbed the Latvian
Fax: +36 1 224 7023 works with the management via the flow, an established customer base and a Guarantee Agency (LGA). ALTUM assists
e-Mail: lhradszki@3tscapital.com company’s board to fully support the growth strategy that supports an Latvian business start-ups and supports
investee’s development. The four funds are investor’s future exit. To receive private the expansion of SMEs through a start-up
ConTaCT person: Laszlo Hradszki
backed by Cisco, Sitra, the European Bank equity investments, a company’s business programme (offering a loan guarantee
CONTACT DETAILS IN POLAND for Reconstruction and Development model will foresee innovative scheme) and investment/working capital
(EBRD) and the German development technologies and services capable of loans respectively. It currently has nine
Mailing address: ul. Sienna 72/6,
bank KfW (formerly KfW Bankengruppe). competing in global markets or with the branches and 16 development
00-833 Warsaw Besides its core countries (listed below) potential to be market leaders in their programme consulting centres in different
Tel.: +48 22 890 22 15 the firm claims to have interests in local countries or region. Investments may regions of Latvia. It has no specific
Fax: +48 22 890 22 15 Slovenia, Croatia, Serbia, Estonia, Latvia be made in one or more tranches and thematic interests with regard to energy
and Lithuania (although none of the linked to operational milestones and will innovation. The LGA also formerly
e-Mail: zlapinski@3tscapital.com provided credit guarantees, mezzanine
investments in its portfolio demonstrate be converted into either minority or
ConTaCT person: zbigniew Lapinski activity in these countries). majority stakes. Investments are usually loans and insurance for export deal risks,
for three- to five-year periods. while through financial intermediaries it
CONTACT DETAILS IN ROMANIA TargeT CounTries: Czech Republic, Hungary,
indirectly provided venture capital
Poland, Romania aCTiviTies FinanCed/reiMbursed: Staff costs;
Mailing address: 50-52 Putul lui zamfir St. financing and micro loans. (It is not clear
TheMaTiC areas oF inTeresT: Energy from knowledge sharing; marketing; whether these services will be continued,
Et. 2, Ap. 5, Bucharest 1, RO-011367
Chemical Fuels; Clean Coal and Gas exploitation; know-how development thus they are not referenced below.)
Tel.: +40 3 1100 0259 Technologies; Renewable Energies; appliCaTion proCedure: Although there is no TargeT CounTry: Latvia
Fax: +40 3 1100 0260 Sustainable Nuclear and Renewable specific procedure to follow, the website
TheMaTiC areas oF inTeresT: Energy from
e-Mail: msfintescu@3tscapital.com Energy Convergence; Smart Grids and invites applicants to submit a business
Chemical Fuels; Clean Coal and Gas
Storage; Smart and Intelligent Cities plan in order to begin dialogue via the
ConTaCT person: Mihai Sfintescu Technologies; Renewable Energies;
and Buildings contacts listed on its website. Sustainable Nuclear and Renewable
WebsiTe: www.3tscapital.com
Trl oF inTeresT: 9 appliCaTion deadlines: Continuous Energy Convergence; Smart Grids and24 inVestor ProFiles inVestor ProFiles 25
Storage; Smart and Intelligent Cities of one of the club members (i.e. Riga, TargeT CounTries: Lithuania, Latvia, Estonia,
and Buildings. Amber Sea Business Angels Club Moscow or London). Applicants should Czech Republic, Hungary, Poland, Slovakia
Trl oF inTeresT: 3–9 (ASBAC) demonstrate fast growth potential TheMaTiC areas oF inTeresT: Smart Grids
globally. The club prefers to make equity and Storage; Smart and Intelligent Cities
range oF FinanCing available: EUR 5,000
CONTACT DETAILS investments, although other financial and Buildings
to EUR 76,800 (loans for start-ups);
Tel.: +371 29 488158 instruments are available. The club does
EUR 76,800 to EUR 1.43 million Trl oF inTeresT: 1–9
(investment loans); EUR 76,835 to not invest in retail, hotels, restaurants, real
e-Mail: amberseaclub@yahoo.com estate or industry that may jeopardise the range oF FinanCing available: EUR 500,000
EUR 720,000 (working capital loans)
WebsiTe: amberseaclub.com reputation of its members. Applicants may share oF FinanCing oFFered: ASI frequently
share oF FinanCing oFFered: 75% of project range from entrepreneurs with ideas to
ConTaCT person: Olesja Nizavcova co-invests with other leading investors
costs under its investment loan package; those with sales growth. Applicants need
(Manager, Amber Sea Business Type oF FinanCing sCheMe: Venture capital;
100% under its working capital loans
Angels Fund) to be familiar with the basics of venture business development/technical services;
Type oF FinanCing sCheMe: Loan guarantees; capital financing. Entrepreneurial spirit is equity financing
investment loans; loans (including micro PROFILE obligatory.
loans/soft loans); business beneFiCiaries: SMEs; research organisations
The club was launched in spring 2011 and aCTiviTies FinanCed/reiMbursed: Idea
development/technical services is based in Riga, Latvia. The ASBAC is an TerMs and CondiTions: ASI’s investment
generation; technology research and
beneFiCiaries: SMEs independent club of private investors or development targets tend to have research and
TerMs and CondiTions: Loans for start-ups “business angels” who tend to invest development at their core; are in the seed
appliCaTion proCedure: An online or early stage of the company lifecycle; are
(not exceeding EUR 76,800 and that collectively in enterprise ventures that
application form is available at enterprises built by people who want to
mature after eight years), advice and bring high added value. The club is a non-
amberseaclub.com/application_form.doc be global leaders in their field; have
interest-free subsidies are offered through profit organisation established and
the EC European Social Fund programme managed by private investors to co-invest appliCaTion deadlines: Continuous technology or technology-based service
“Support for self-employment and in appealing projects. There appear to be providers as their customers; are based in
business start-ups”. ALTUM’s working no limitations on areas of thematic interest Eastern Europe, Russia or Asia and
capital loans range from EUR 76,835 to with regards to energy innovation. demonstrate global ambition; and own
EUR 720,000, with variable interest rates, TargeT CounTry: Latvia intellectual property in their core
and mature after five years. Its investment Ambient Sound Investments (ASI) technology area. There is no sell-by date
TheMaTiC areas oF inTeresT: Energy from
loans range from EUR 76,835 to on ASI’s investments, which means that
Chemical Fuels; Clean Coal and Gas
EUR 1,430,000, but do not exceed 75% CONTACT DETAILS ASI can invest over the longer term. ASI’s
Technologies; Renewable Energies;
of the total project costs. (The borrower’s e-Mail: info@asi.ee usual share in a portfolio company is 25%,
Sustainable Nuclear and Renewable
contribution is 25%.) Interest rates are although this is somewhat different in the
Energy Convergence; Smart Grids and WebsiTe: asi.ee
variable, with a maximum maturity case of incubator projects where ASI’s
Storage; Smart and Intelligent Cities
of 10 years. PROFILE involvement is close to a founder-level
and Buildings
aCTiviTies FinanCed/reiMbursed: Technology 50% ownership. Because ASI’s partners
Trl oF inTeresT: 3–9 Ambient Sound Investments (ASI), which
research and development; marketing; invest their own money, it tends to view
range oF FinanCing available: EUR 20,000 was established in 2003, is an Estonian seed
exploitation; patent filing; know-how itself more as a “family trust” than a typical
to EUR 500,000 investment company that invests venture
development; lab tests; staff costs venture capital firm.
capital, private equity and real assets. It
appliCaTion proCedure: Via email, with an Type oF FinanCing sCheMe: Equity financing; aCTiviTies FinanCed/reiMbursed: Technology
currently manages around EUR 100 million
electronic signature, to altum@altum.lv venture capital research and development; lab tests; staff
worth of assets. It invests in people, ideas
(Applicants should contact ALTUM for a beneFiCiaries: SMEs and technology across the industry costs; patent filing; knowledge sharing;
public encryption key.) TerMs and CondiTions: Applicants should be spectrum, but its focus is the ICT industry marketing; exploitation; know-how
appliCaTion deadlines: Continuous physically located in the city of residence (its portfolio of investments does not development
include innovations in energy technologies). appliCaTion proCedure: There is no26 inVestor ProFiles inVestor ProFiles 27
predetermined investment cycle. SmartCap’s investments have been in IT, aCTiviTies FinanCed/reiMbursed: Staff costs; PROFILE
Applications can be submitted at any time although it also has investments in knowledge sharing; marketing; Axxess Capital manages three private
in English, Estonian or Russian at alternative energy, biotech and exploitation; know-how development equity funds: the Romanian-American
asi.ee/applying and should comprise a manufacturing. Examples include appliCaTion proCedure: The investment Enterprise Fund; the Balkan Accession
two- to three-page summary outlining the GOLIATH Wind, a new type of more stages are preliminary analysis; agreement Fund; and the Emerging Europe Accession
core of the business proposal. ASI will then efficient and durable 3MW wind turbine on preliminary documentation; further Fund. The focus of the first is on Romanian
meet applicants in person in order to look that yields 15% to 20% cheaper wind investigation and analysis (including due enterprises that can benefit from direct
in detail at their team, technology, electricity than is currently available; and diligence); final decision making; equity investments and loans amounting
financials, business model, customers and MyWind!, which focuses on smaller preparation of final documentation; and to USD 220 million over 20 years
strategic partners. A term sheet follows, turbines for private use that yield between (particularly with regard to privatisations
the transfer of funds. Companies seeking
based on the business value and the 2 and 10 kW in areas where connection to and restructuring transactions). The
funding should inform SmartCap about
amount and terms of the investment, the power grid is unavailable or expensive. second focuses on investing private equity
their start-up and the money they are
before a due diligence process is TargeT CounTry: Estonia in companies providing consumer goods
looking to raise in the next 12 months.
completed and a shareholder and services in Romania, Bulgaria and
TheMaTiC areas oF inTeresT: Energy from Opportunities are then evaluated
agreement signed. countries in South Eastern Europe. The
Chemical Fuels; Renewable Energies; internally by the investment team and
appliCaTion deadlines: Continuous Smart Grids and Storage; Smart and externally using industry experts. fund’s value is EUR 110 million and its
Intelligent Cities and Buildings Investments of a significant size will need current interests include manufacturing,
Trl oF inTeresT: 9 to be presented to SmartCap’s IT and telecommunications, energy
international investment expert efficiency and renewable energy. The
range oF FinanCing available: Undisclosed.
committee for the final go-ahead. The third, the Emerging Europe Accession
However, at the end of 2013, SmartCap’s
AS SmartCap [estonian average investment process, from the Fund, is worth about EUR 70 million and
Early Fund II had a value of EUR 25.26
receipt of a start-up’s information package focuses on value opportunities in Romania
development Fund] million, of which EUR 1.7 million had been
and Bulgaria with the potential to
invested that year (the number of to the transfer of funds, is between three
CONTACT DETAILS and nine months, depending on the translate into growth (export)
beneficiaries is not given).
readiness of the start-up for investment. opportunities. Examples of investments to
Mailing address: Rotermanni 8, share oF FinanCing oFFered: SmartCap date include SE-GES, which is behind co-
10111 Tallinn, Estonia always invests along with an independent appliCaTion deadlines: Continuous
generation projects; as well as biomass
Tel.: +372 616 1100 co-investor and on equal conditions. wood pellets by Eco-Energ-Lemn (both
Fax: +372 616 1101 Type oF FinanCing sCheMe: Venture capital; Romanian). The funds will typically provide
e-Mail: info@smartcap.ee equity financing; loans (including micro growth capital for expansion investments
loans/soft loans) and/or buyout SMEs (including spin-offs).
WebsiTe: www.smartcap.ee Axxess Capital
beneFiCiaries: SMEs TargeT CounTries: Romania, Bulgaria
PROFILE TerMs and CondiTions: Entrepreneurs must TheMaTiC areas oF inTeresT: Energy from
CONTACT DETAILS
SmartCap offers venture capital funding to be highly motivated and have a plan to Chemical Fuels; Renewable Energies;
Mailing address: 33 Aviatorilor Boulevard,
Estonian start-ups on behalf of the shake their industry on a global scale. Smart Grids and Storage; Smart and
Companies must be registered in Estonia 011853 Bucharest Sector 1, Romania
Estonian Development Fund Intelligent Cities and Buildings
(www.arengufond.ee). By investing in order for SmartCap to be able to make Tel.: +40 21 207 7100
Trl oF inTeresT: 9
together with private investors who have the initial investment. While investing, Fax: +40 21 222 8503
an in-depth knowledge of the specific SmartCap does not take a controlling range oF FinanCing available: EUR 5 million
e-Mail: office@axxesscapital.net to 15 million
field, it nurtures companies from the start- share as it believes the management of
up stage to the international market, the company should be adequately WebsiTe: www.enterprisecapital.ro Type oF FinanCing sCheMe: Venture capital;
supporting them in business development motivated by its shareholding in the ConTaCT person: Horia D. Manda equity financing; loans (including micro
and networking. Historically, most of company. (Managing Partner) loans/soft loans)28 inVestor ProFiles inVestor ProFiles 29
beneFiCiaries: SMEs; industry energy efficiency sectors in the Balkan CONTACT DETAILS IN ESTONIA Trl oF inTeresT: 3–9
TerMs and CondiTions: Funds (ranging from region. It invests funds on behalf of foreign Mailing address: Tartu mnt. 2, range oF FinanCing available: EUR 5 million
EUR 5 to 15 million) are invested for a term partners and controls the development Tallinn 10145 to EUR 40 million; EUR 0.3 million to EUR 3
of between three and seven years. and subsequent management of financed million under the Lithuania SME Fund KUB
Tel.: +372 665 0280
Companies should be well managed and projects. It strives to minimise financial,
development and other risks and aims to Fax: +372 665 0281 share oF FinanCing oFFered: 100%
demonstrate an entrepreneurial nature
mitigate challenges during project Type oF FinanCing sCheMe: Equity financing;
with strong growth potential, vision for CONTACT DETAILS IN LATVIA
implementation, construction, venture capital
the future, and capabilities and aspirations
commissioning and operation. The biggest Mailing address: Jaunmoku 34, beneFiCiaries: SMEs
to expand regionally. Axxess Capital takes
client of BICA in Bulgaria is the electricity Riga LV-1046
a proactive approach, will be involved in TerMs and CondiTions: The BaltCap Private
conglomerate CEz Group. Tel: +371 6721 4225
its companies’ development strategy, and Equity Fund invests in small and medium-
thoroughly monitors operations. TargeT CounTries: Bulgaria, Croatia, Romania Fax: +371 6735 6395 sized Baltic companies through buyout
aCTiviTies FinanCed/reiMbursed: Staff costs; TheMaTiC areas oF inTeresT: Energy from e-Mail: info@baltcap.com and later-stage expansion transactions.
marketing; exploitation; know-how Chemical Fuels; Renewable Energies; Each investment goes through a variety of
WebsiTe: www.baltcap.com
development Smart and Intelligent Cities and Buildings; stages, including business plan
Smart Grids and Storage PROFILE presentation, evaluation and due
appliCaTion proCedure: There is no fixed
Trl oF inTeresT: 9 diligence prior to any agreements being
procedure. Investees should contact the BaltCap is the leading private equity and
range oF FinanCing available: EUR 20 million signed. The typical investment period is
fund speculatively via the above venture capital investor in the Baltic States,
to EUR 50 million from three to five years.
coordinates. active in the region since 1995. It invests in
share oF FinanCing oFFered: 100% companies with exceptional growth aCTiviTies FinanCed/reiMbursed: Technology
appliCaTion deadlines: Continuous
potential and supports strong research and development; marketing;
Type oF FinanCing sCheMe: Equity financing;
management teams with a vision for the exploitation; patent filing; lab tests;
debt capital/financing; business
Baltics and beyond. As a professional staff costs
development/technical services
owner, BaltCap works closely with the appliCaTion proCedure: Email
beneFiCiaries: Industry; SMEs
management and other shareholders to info@baltcap.com for more information.
Balkans Investment aCTiviTies FinanCed/reiMbursed: Exploitation achieve targets. The fund does not have a appliCaTion deadlines: Continuous
Consulting Agency (bica) appliCaTion proCedure: There is no fixed specific sector specialisation. However, it is
procedure. Investees should contact the not averse to investing in manufacturing,
CONTACT DETAILS firm speculatively via the above information and communication
Mailing address: 20 zlaten Rog Street, floor coordinates. technologies (ICT) and energy. There are
4, office 5, 1407 Sofia, Bulgaria appliCaTion deadlines: Continuous two funds in its profile: the BaltCap Private
Tel.: +359 2 962 71 65
Equity Fund and the EUR 20 million BlackPeak Capital
Lithuania SME Fund KUB, the latter a part
Fax: +359 2 492 25 33 of the JEREMIE initiative targeting micro, CONTACT DETAILS
e-Mail: info@bica-bg.com small and medium-sized Lithuanian Mailing address: 35 Nikola Y. Vaptzarov
WebsiTe: www.bica-bg.com enterprises. Boulevard, floor 6B, 1407 Bulgaria
BaltCap TargeT CounTries: Lithuania, Latvia, Estonia Tel.: +359 2 862 78 38
ConTaCT person: Toma Nedyalkov
(Procurator) CONTACT DETAILS IN LITHUANIA TheMaTiC areas oF inTeresT: Energy from Fax: +359 2 962 05 88
Chemical Fuels; Clean Coal and Gas e-Mail: ri@blackpeak-capital.com
PROFILE Mailing address: J. Jasinskio 16b,
Technologies; Renewable Energies;
Vilnius LT-03163 WebsiTe: www.blackpeak-capital.com
The Balkans Investment Consulting Sustainable Nuclear and Renewable Energy
Agency provides project and asset Tel.: +370 5 254 6713 Convergence; Smart Grids and Storage; ConTaCT person: Rossen Ivanov
management in the renewable energy and Fax: +370 5 254 6978 Smart and Intelligent Cities and Buildings (Managing Partner)30 inVestor ProFiles inVestor ProFiles 31
PROFILE and company valuation is followed by workshops and study trips; market elsewhere). Applicants are also required to
BlackPeak Capital is a private equity fund investment analysis. A co-investor will research activities; technology/knowledge check funding conditions with their local
worth EUR 15 million that invests in legally then be sought before a term sheet is transfer and feasibility studies and BSR Innovation Express contact person).
established SMEs. It is funded by the signed, followed by due diligence and the piloting, with the aim of setting up long- aCTiviTies FinanCed/reiMbursed: Idea
European Investment Fund (EIF) through signing of a capital agreement. Investees term research, development and generation; knowledge sharing; know-
the JEREMIE initiative, and by the are encouraged to approach the contact innovation projects. Associated partner how development; staff costs
managing partners. It provides equity and person indicated above. countries within the scope of this directory
appliCaTion proCedure: The application form
mezzanine financing to companies with appliCaTion deadlines: Continuous include Estonia, Latvia and Poland.
high growth or innovative technology (a six-page template available at
TargeT CounTries: Estonia, Latvia, Lithuania, www.bsrstars.se/wpcontent/uploads/2013/
prospects that may therefore include Poland
those with respect to energy. 01/BSR-IE-2015_application-form1.pdf)
TheMaTiC areas oF inTeresT: Renewable must be completed in English, describing
TargeT CounTry: Bulgaria Energies; Energy from Chemical Fuels; the targeted cluster, its business sector, the
TheMaTiC areas oF inTeresT: Energy from BSR Innovation Express [bsr stars] Clean Coal and Gas Technologies; foreseen action plan, the planned
Chemical Fuels; Clean Coal and Gas Sustainable Nuclear and Renewable outputs/deliverables and expected added
Technologies; Renewable Energies; CONTACT DETAILS Energy Convergence; Smart Grids and value. Forms should be submitted via the
Sustainable Nuclear and Renewable Tel.: +45 72 31 84 27 Storage; Smart and Intelligent Cities online application portal
Energy Convergence; Smart Grids and and Buildings
e-Mail: hhl@fi.dk (ansokan.3ddata.se/page.asp) after creating
Storage; Smart and Intelligent Cities
Trl oF inTeresT: 1 an account and registering personal data.
and Buildings WebsiTe: www.bsrstars.se/bsr-innovation-
range oF FinanCing available: EUR 10,000 Funding decisions will be communicated
Trl oF inTeresT: 8–9 express
to EUR 60,000 by the end of November 2015.
range oF FinanCing available: EUR 500,000 ConTaCT person: Hans-Henrik Lomholt
(Project Manager) share oF FinanCing oFFered: 100% appliCaTion deadlines: Cyclical (every 12
to EUR 3 million
months). The deadline for the 2015 call is
share oF FinanCing oFFered: 100% Type oF FinanCing sCheMe: Granting
PROFILE October 30, 2015.
programme
Type oF FinanCing sCheMe: Equity financing; BSR Innovation Express publishes annual
mezzanine financing beneFiCiaries: SMEs; industry; research
calls for proposals within the framework of
beneFiCiaries: SMEs organisations; universities
the BSR Stars programme, which
TerMs and CondiTions: Beneficiaries must be advocates innovation in the Baltic Sea TerMs and CondiTions: Proposals must be
registered in Bulgaria and conduct their region. Calls are funded by selected aligned with the innovation activities Buildit
business in Bulgaria. They must have fewer national/regional funding agencies (in supported by the BSR Stars programme
than 3,000 employees and less than terms of this directory’s target countries (energy supply, clean tech, future energy, CONTACT DETAILS
EUR 50 million in annual revenue. The only Lithuania) to initiate, develop or energy security and energy efficiency). Mailing address: Riia 181A, Tartu, Estonia
company should attract a co-investor enhance transnational cooperation to Eligible applicants are SME networks or
Tel.: +372 5228248
under the same terms, and funding should strengthen competitiveness and economic cluster governances located within a
be used for business development geographical area where an Innovation e-Mail: buildit@buildit.ee
growth. The aim is for specialised research
(capacity increase, technology, regional and innovation nodes to form strategic Express funding or extended partner is WebsiTe: www.buildit.ee
expansion, market consolidation). innovation alliances of SMEs and/or present. In Lithuania, this is the Agency for ConTaCT person: Aleksander Tõnnisson
The financing period runs for three to clusters of technology providers/large Science, Innovation and Technology (CEO and Founder)
five years. companies/universities/research centres in (www.mita.lt: contact Viktoras Mongirdas,
aCTiviTies FinanCed/reiMbursed: Exploitation; order to tackle common challenges viktoras.mongirdas@mita.lt). Applications PROFILE
marketing; know-how development; including energy, sustainable transport must target another cluster initiative or Buildit is an accelerator offering a range of
staff costs and digital business and services. The SME consortium in at least one other business development and financial
appliCaTion proCedure: An initial industry range of activities funded includes country (within the Baltic Sea region or services for hardware, creative industries32 inVestor ProFiles inVestor ProFiles 33
and health-tech start-ups in the Baltic are expected to live and work on their information technologies, bio- appliCaTion proCedure: Via e-mail to
States. It hosts, for instance, a three-month project in Tartu, Estonia. Buildit will help with technologies and technologies that save info@mesinvest.lt
mentoring programme in which teams accommodation and settling in. nature and are grounded in scientific appliCaTion deadlines: Every 12 months
can use prototyping facilities and free aCTiviTies FinanCed/reiMbursed: Knowledge research and innovation.
open office space located at the Tartu sharing; marketing; exploitation; TargeT CounTry: Lithuania
Science Park. Products can be tested with technology research and development;
end users in a “living lab” setting. Free and TheMaTiC areas oF inTeresT: Energy from
patent filing; know-how development;
discounted services are on offer from Chemical Fuels; Clean Coal and Gas
staff costs
Buildit’s partners, including development Technologies; Renewable Energies; Climate Change Financial Instrument
appliCaTion proCedure: Online at Sustainable Nuclear and Renewable
tools, design services and legal and (CCFI) (Klimata pārmaiņu finanšu
accounting services. Its financial services www.f6s.com/builditaccelerator#/apply Energy Convergence; Smart Grids and
include EUR 25,000 investment in Storage; Smart and Intelligent Cities instruments, KPFi) [ministry for
exchange for 12% of a company’s shares; and Buildings environmental Protection and regional
EUR 20,000 in return for 9%; or EUR 15,000 Trl oF inTeresT: 9 development]
for 6%. For self-sufficient companies,
range oF FinanCing available: EUR 50,000 CONTACT DETAILS
Buildit offers participation in its Business Angels Fund to EUR 600,000
Accelerator programme with no Mailing address: Peldu iela 25, Riga,
investment for 2% of a company’s shares.
(biznio angelu fondas) share oF FinanCing oFFered: 100% LV-1494, Latvia
TargeT CounTries: Estonia, Latvia, Lithuania CONTACT DETAILS Type oF FinanCing sCheMe: Equity financing Tel.: +371 6 70 26533; +371 6 60 16750
TheMaTiC areas oF inTeresT: Energy from Mailing address: A. Gostauto 40A, beneFiCiaries: SMEs Fax: +371 6 78 20442
Chemical Fuels; Clean Coal and Gas LT-01112 Vilnius, Lithuania TerMs and CondiTions: A company must e-Mail: pasts@varam.gov.lv;
Technologies; Renewable Energies; have been active on the market for at least svetlana.sergejeva@varam.gov.lv
Tel.: +370 5 249 7077
Sustainable Nuclear and Renewable one and a half years, and its
Energy Convergence; Smart Grids and Fax: +370 5 249 7078 WebsiTe:
production/services must be located in www.varam.gov.lv/lat/darbibas_veidi/KPFI
Storage; Smart and Intelligent Cities e-Mail: info@mesinvest.lt Lithuania. Annual turnover should be
and Buildings around EUR 4.3 million, with sales oriented ConTaCT person: Svetlana Sergejeva
WebsiTe: www.mesinvest.lt
Trl oF inTeresT: 4–9 (Department Director)
ConTaCT person: Algimantas Variakojis towards export markets. A strong and
range oF FinanCing available: EUR 15,000 (Partner, Strategic Management) successful management team is also PROFILE
to EUR 25,000 necessary. Initial investment can be up to
The CCFI is a Latvian state budget
share oF FinanCing oFFered: 100% PROFILE EUR 600,000, with additional investments
enterprise support programme, hosted by
Type oF FinanCing sCheMe: Venture capital; The Business Angels Fund is worth EUR 8.4 of an equivalent value. The owners and
the Ministry for Environmental Protection
business development/technical services; million. It invests in SMEs, helping these management of the company must have a
and Regional Development, the mission of
equity financing companies to expand by supporting them clear business expansion plan and the
which is to contribute to the prevention of
to realise their business plans. Investments management team must have the
beneFiCiaries: SMEs global climate change; adaptation to the
are for the acquisition of technologies and necessary business development
TerMs and CondiTions: Applicants should impacts of climate change; and the
equipment and for financing working experience. The owners must be ready to
have a team with at least two founders reduction of greenhouse gas emissions.
capital in exchange for up to 50% cooperate with representatives of the fund
and a working prototype or an idea that It seeks to do this by improving the energy
ownership equity. The fund was founded and the business angel, to work together efficiency of buildings in both the public
can be developed into a working
by the European Investment Fund (EIF) in a strategic management team and to and private sectors; the development and
prototype within three months. More
and operates within the framework of the share actual financial and business deployment of renewable energy
advanced teams with traction (e.g. a first
product on the market, working on a new JEREMIE initiative. Business angels co- information. technologies; and the implementation of
version) have greater chances of joining finance the fund’s investments. The fund’s aCTiviTies FinanCed/reiMbursed: Marketing; integrated solutions for reducing
the programme. For three months, investees priorities are innovative technologies, exploitation; staff costs greenhouse gas emissions.You can also read
