Sunshine does you a power of good
A frequent criticism of alternative energy sources is that they are “nothing but talk”. Certainly many media commentators remain sceptical about the ability of alternative energy sources to replace oil, talking about them only as part of some kind of futuristic scenario. They should update their beliefs. Taking solar power as an example, it is striking how much concrete action is being taken around the world to develop this renewable power source.
The following solar initiatives have been announced in the last month alone:
• In New South Wales, Australia, a large public-private partnership is to build a solar power station in the northern town of Moree.
• Singapore has launched a multi-million dollar programme to study clean energy and introduced for the first time a public housing project to include a host of ecologically friendly initiatives, including water-saving toilet systems, solar panels and cooling green roofs.
• In the US, Fresno Yosemite International Airport, in California, is to install the largest solar power system of any airport in the US. The 2MW, $16m solar system is expected to be completed by March 2008 and should save the airport about $13m in electricity bills over the next 20 years.
• In the UK, plans have been announced to relax planning rules on the installation of turbines, solar panels and heat pumps. The proposal, announced by the Communities Minister Ruth Kelly, is expected to be included in a planning White Paper this spring and may be adopted in October.
• In Nottingham, a green energy quota for major new buildings is likely to be adopted from May. Nottingham City Council intends making all new developments of over 1,000 sq m draw at least 10 per cent of their energy from renewable resources, such as wind or solar power.
• In Devon, solar powered parking meters will be installed by the council under a green action plan to reduce CO2 by 12.5 per cent by 2012.
These projects are neither distant nor far-fetched. They are being implemented using tested technology and secure financing. Many are likely to make a lot of money for the original backers of the technologies and management teams.
One person who needs no convincing of either the business or environmental benefits of solar power is Jeremy Leggett. Mr Leggett, the founder of Solarcentury, a solar innovation company, will be sharing his vision of energy efficiency and renewable energy at Essential Cleantech, an industry conference taking place tomorrow (Tuesday). Mr Leggett, one of many high-profile names at the conference, believes that oil interests have hyped the product on which society has come to depend, while encouraging addiction and holding back alternatives. His first book, The Carbon War, was described by the Sunday Times as "the best book yet on the politics of global warming".
Essential Cleantech presents a unique forum to discuss how potential solutions to the problems and threats posed by climate change and diminishing fossil fuel supply can provide significant business opportunities. We hope to meet you there.
Essential Cleantech 2007 takes place at the BFI IMAX Theatre, Waterloo, on April 17, from 8am to 8pm.
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The Week's Deals
Thirty-two companies gained venture funding this week, eleven were of undisclosed value. The deals raised a total of €169m, which is €8m on average.
Ocado, the UK-based internet grocery delivery business, has raised a further £30m (€44m) from undisclosed investors, according to The Financial Times. Ocado delivers goods to more than 50,000 households every week, bought through the supermarket chain Waitrose. The company, which has been delaying a stockmarket flotation until building up a “good profit record”, expects to make an operating profit for the first time this year.
Affimed Therapeutics, the Germany-based biopharmaceutical company, has raised €25m from
First Ventury Equity,
Life Sciences Partners,
OrbiMed Advisors and
BioMedinvest. Affimed discovers and develops antibody therapeutics for cancer and other diseases. The investment will be used to fund the clinical development of the company’s lead products for the treatment of non-Hodgkin's lymphoma and Hodgkin's disease.
Egalet, the Denmark-based specialty pharmaceutical company focused on the development of oral controlled-release products, has raised €14.4m in series B funding from
Danish Fund for Industrial Growth (Vaekstfonden),
Atlas Venture,
Bio Fund Management,
Dansk Kapitalanlaeg Aktieselskab,
Danske Bank,
Index Ventures and
QueQuoin Holdings. The proceeds from the round will allow Egalet to take its leading drug candidates in the therapeutic areas of heart diseases and pain management through final studies.
Voltaire, the Israel and US-based developer of grid backbone products for networked computing, has raised $10m (€7.5m) from
Benhamou Global Ventures and other undisclosed institutional investors. The company is planning an IPO on Nasdaq in late 2007.
Elsewhere,
eZ Systems, the Norway-based open source content management software developer, raised $5m (€3.7m) from
BTV Invest and undisclosed corporate investors;
CollPlant, the Israel-based developer of technology to produce human collagen from tobacco plants, raised €3.4m from Moshe Arkin,
Docor International Management and
Pontifax VC Fund; and
Wilocity, the Israel-based wireless start-up, raised undisclosed funding from
Benchmark Capital and
Sequoia Capital.
See below for a complete list of deal headlines.
Did we miss anything? If you think we have missed a deal or know of a deal that is about to close then send us your deal news.
The Week's Exits
Expansys, the UK-based specialist retailer of wireless and mobile technology, has floated on Aim. The company, which raised £9m (€13.2m) in the offering, is now valued at about £23.5m (€34.5m). The funding will be used to acquire smaller e-tailers in the mobile phone and PDA sector. In October last year eXpansys reached an out of court settlement with Hewlett-Packard over grey market trading.
Apoxis, the Switzerland-based developer of therapeutics for the treatment of cancer and immunological diseases, has been acquired for €14.5m in shares by Denmark-based TopoTarget. Depending on product milestones, further cash or share payments may be made. The acquisition will provide TopoTarget with two oncology products in phase I and II clinical development, and a new protein research technology platform.
Datatec, the South Africa-based IT company, is to acquire
Crane Telecommunications, the UK-based distributor of voice, data and converged communications products, for up to £21.5m (€30.4m). Crane will be integrated into the European arm of Westcon Group, Datatec's distribution division.
People Moves
Jan Ishoej Nielsen, chief executive and president of Denmark-based
PremiTech has decided to leave the company. Kim Wiencken, who was appointed chairman in March, will assume the role of interim chief executive. PremiTech, a provider of IT management products, received €3.1m funding in January.
IMED, the Sweden-based developer of human monoclonal antibodies has appointed Lotta Ljungqvist as chief executive and Carl-Gustaf Johansson as chairman. Mrs Ljungqvist joins from Biovitrum where she was vice president, biopharmaceutical process development. Carl-Gustaf Johansson was previously president and chief executive of AstraZeneca-US and executive vice president of AstraZeneca globally. The appointments are intended to speed up the pace of development of the company’s monoclonal antibodies that can induce or block natural cell death.
CheckPhone, the France-based telephony security company, has appointed Michael Hayes as chief technology officer, Barbara Heitzner-Clarke as chief financial officer and Carol Ziegler as vice president of marketing. The appointments are intended to support the company’s international expansion and growth objectives following an €8m funding round at the end of 2006.
Most Accessed Companies
Epidauros Biotechnologie, the Germany-based provider of clinical genotyping services, has attracted a lot of attention this week. Epidauros analyses the genetic factors that influence a person's response to a drug with the aim of allowing drugs to be developed where the choice and dosage are tailored to the genetic make-up of the individual patient. The company believes that this will allow drug development companies to reduce costs and also reduce the need for patient hospitalisation by avoiding adverse drug reactions.
OrionSolar Photovolatics, the Israel-based solar cell technology company, has also received a lot of attention recently. Orionsolar is developing solar modules using dye cell photovoltaics. Dye cells generate electricity from solar energy using nano-sized titanium dioxide particles impregnated with dye, rather than from silicon or similar semiconductors. The company is initially focused on three markets; do-it-yourself applications, non-grid and solar home applications, and transportation.
Other companies generating interest recently include
Nujira,
Impika, and
thinXXS Microtechnology.
There are now 10,457 companies in VenturePedia and 7,868 investors, comprising 3,944 institutional, 3,254 corporate, 516 individual and 154 other. Of VenturePedia's 35,707 contacts, there are 20,254 executive, 8,232 CEOs, 2,744 chair, 1,552 non-executive and 2,925 other.
