Cleantech Scandinavia

Cleantech Scandinavia Expands into the Baltic States

Pressmeddelande   •   Nov 10, 2010 10:13 CET

Stockholm, 10 October 2010


Cleantech Scandinavia expands into the Baltic states

Cleantech Scandinavia, a leading investor network on the Nordic cleantech scene, has expanded its activities into the Baltic countries. Being historically and culturally close to the Nordic countries, Estonia, Latvia and Lithuania present a still untapped potential for cleantech development and innovation.

The tree so-called Baltic states: Estonia, Latvia and Lithuania, have been on an exciting journey of independent democratic development for the past two decades. They have been advancing rather fast in terms of market economy and European integration, and have made great progress in many areas.

We at Cleantech Scandinavia have been closely monitoring and agitating the cleantech sector in Scandinavia since 2007, and have seen an increasing number of indications that the Baltics are becoming more viable on the cleantech scene. We also had a number of expressions of interest in this region from our existing members. All things considered, we thought it was about time we all have a check on what is going on in the cleantech area in the Baltics, and to enrich our network with contacts, investment opportunities and expertise from this region. From now on we will include these countries in our coverage of deals, investment opportunities and business intelligence” – says Magnus Agerström, Managing Director of Cleantech Scandinavia.

In order to highlight the cleantech potential in the Baltic countries Cleantech Scandinavia has also released an introduction report which can be downloaded from the webpage

This initiative is being supported by several founding members who represent private as well as public actors actively involved in the cleantech sector in the Baltics, among them:

Arengufond, Estonia
Arengufond, the Estonian Development Fund was launched in April 2007 by the Estonian Parliament with the purpose of initiating and supporting changes in the Estonian economy and society that would accelerate modernisation of the economic structure, lead to growth in exports and contribute to creating new jobs requiring high qualifications.

BaltCap, Estonia – Latvia - Lithuania
BaltCap was established in 1995 and has since become one of the leading private equity and venture capital investors in the Baltic States with offices and operations in Estonia, Latvia and Lithuania. BaltCap supports strong management teams and companies with a vision to grow in the Baltics and beyond.

Borenius Group, Finland - Baltics
Borenius Group is a group of law firms which operates in Finland and all three Baltic countries. The companies in the Borenius Group include Borenius & Kemppinen in Finland, Luiga Mody Hääl Borenius in Estonia, Liepa Skopina / Borenius in Latvia and Foigt & Partners/ Regija Borenius in Lithuania.

Conor Venture Partners
, Finland
Conor Venture Partners is a technology focused venture capital fund and management company. Conor invests in early-stage companies originating from Finland, Sweden and the Baltics. Investment areas include information and communications technology, embedded software, semiconductor technology, electronics, new materials and optics.

Eko Investors, Latvia
Eko Investors is a fund and company management firm, established in 2000, which has managed two venture capital funds, and has made more than 30 start-up and expansion stage companies in Latvia. Eko Investors offers investments, along with managerial and strategic support for new and high potential companies.

Enterprise Estonia
Enterprise Estonia was established by the Ministry of Economy and is responsible for a wide range of tasks related to regional development, investment and trade in Estonia as well as tourism promotion. It is one of the largest institutions within the national support system for R&D and innovation.

, Lithuania
LitCapital is an SME expansion capital fund dedicated to investing in Lithuanian SMEs. The fund was launched on 31 May 2010 and its current size is 20 million Euro. The cornerstone investor is the European Investment Fund.

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For more information please visit or contact:

Magnus Agerström, Founder and Managing Director
+46 40 602 76 00

Alexander Lidgren, Founder and Chairman
+46 73 660 1007

Cleantech Scandinavia is a membership network of investors and affiliated cleantech professionals designed to provide cleantech knowledge, contacts and investment opportunities; be a coordinating voice to promote the Nordic cleantech sector, and drive cleantech innovation and growth in the Nordic countries. Cleantech Scandinavia offers its members a series of networking and pitching events, business intelligence research and reports including Nordic cleantech deal flow statistics, and holds a database of investment opportunities in the region.