Press Release 08 November 2012
IKEA GreenTech, an IKEA Group venture capital company, announced today that it has invested and committed EUR 12 million between 2010 and 2012 in companies working with environmental technologies including a clean technology venture capital fund. The unit, which supports IKEA Group strategy to help millions of people live more sustainably, has SEK 500 million (approx. EUR 60 million) of capital to invest in innovative technologies relating to energy, water, waste, advanced materials and homes of the future. Any returns are added to the capital available for investment.
“Our goal is to make investments that enable IKEA to offer innovative new products that help people to live a more sustainable life at home. After evaluating interesting ideas from over 700 companies, we selected the technologies which offer real potential in this area,” says Christian Ehrenborg, Managing Director, IKEA GreenTech. “We are selective - investing only in products, designs, material or processes that contribute to IKEA’s commitment to sustainability,” he says.
IKEA GreenTech has made investments in the following companies; Exibea AB (energy management, Sweden), BoFood AB (vegetarian food, Sweden), El-Seed Corp (LED-technology, Japan), Alelion Batteries AB (energy storage, Sweden) and Mountain Cleantech Fund II (Cleantech Growth Fund in the DE/AT/CH region). Christian Ehrenborg will join the boards of Exibea AB and BoFood AB.
IKEA GreenTech was established in 2008 and focuses mainly on the Nordic and European regions. It will now accelerate its screening activities to identify new investments that help IKEA Group to deliver on its sustainability strategy, People & Planet Positive.
People & Planet Positive includes challenging commitments to help millions of people save energy, water and waste at home as well as to make IKEA Group’s own operations sustainable. IKEA GreenTech looks at opportunities across the whole IKEA supply chain to support this goal.