NORWAY - Investinor makes NOK 58m Innotech investment

Investinor joins existing backers Sustainable Technologies Funds (STF) and Northzone Ventures, whho have backed the company through two institutional funding rounds. Northzone first invested in the ITS in a EUR 11m round 2008 when the business was established. The investor was joined by STF in July 2009, when the two committed EUR 6m.

The business has also previously received grants and soft loans from Norwegian state-backed Innovation Norway.

Innotech, which was founded in March 2008 as a spin-out of Norwegian solar energy company REC, produces a technology that generates energy from solar cell waste. The production process is designed to re-power non-prime cells, of which high quality solar cells and solar modules are made and sold for solar power plant use.

The company has its headquarters and main production facilities in Narvik, in the north of Norway. Its global sales office is located in Munich in Germany, and its CEO and CTO organisation in Oslo, Norway. It has recently opened an additional sales office in China and a development centre in Switzerland. The number of employees has increased from 28 to 42 in the four months leading up to November 2009.

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• Early-stage
• Nordics