Nanofreeze Technologies AB (Sweden) - Dec 2007

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01 December 2007

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NorthZone Ventures and TeknoSeed AB have invested SKr 7.4m in Nanofreeze Technologies, a Swedish cleantech company. The capital injection was split on a 50:50 basis for the two investors and it is the first round of venture capital the company receives. With the funding, the business can continue to develop its technology and plans to launch its first product in 2010. The business will focus on building a patent to protect the technology and will also focus on commercialising the business to a broader market. Having followed the company since its inception, the two investors recognise that the technology has a real impact on everyday life and is groundbreaking within the nanotechnology sector. The company is expected to receive further funding in the coming year and the size of the capital injection is anticipated to be significantly larger.

Company

Founded in 2005, Nanofreeze Technologies develops a technology that enables the manufacture of efficient thermoelectric elements that generate both energy and cold/heat. The elements that are produced today are too inefficient and expensive to reach a broad market. Nanofreeze’s use of thermoelectric elements will reach new markets and can replace compressors in refrigerators, cold/hot points in electronics and extract energy from car engines to electrical systems. Headquartered in Lund, the business is a spin-out from Lund University and employs three people.

People

Nicklas Larsson is the CEO of the company. Markus Hivert founded the technology and business. Gregers Kronborg, general partner, at NorthZone Ventures and Marcus Skärbäck, investment manager, of TeknoSeed will join the board of directors.

Advisers

Company - Vinge, Jesper Ottergren (Legal)Equity - Accura, Jacob Vinther, Peter Bojsen Nikolajsen (Legal)Equity - PricewaterhouseCoopers, Christer Jonsson (Financial Due Diligence)Equity - Teknologiske Institut in Århus, Tribologicenter, Lars Pleth (Other Due Diligence)Equity - Valea, Helen Szelagowski (Other Due Diligence)

Sourced from: Nordic unquote" 69 (Jan 2008)