...to Cleantech Connect 2010, recognizing Europe’s rising stars within the Clean Technology industry. It is with great excitement that we welcome you all tonight to celebrate the achievements of such a promising industry.

GP Bullhound and its partners are proud to present the second Cleantech Connect event. Tonight we will highlight the 25 fastest growing companies in the European Clean Technology sector, as measured by revenue growth. From our top 25 list, the high profile judging panel has selected four companies which it believes have the most exceptional potential alongside two “fastest growing” awards.

As we head into 2011, the role of government remains crucial, not just in the solar sector where feed in tariffs stimulate demand in countries such as Germany and now the UK but also in capital intensive and as yet unproven sectors such as wave and tidal energy. This is particularly important in an economic environment which encourages investors to take less risks and rewards profitability ahead of innovation. While there is much reference to the danger of reduced feed in tariffs in Germany, they are coming down in line with costs. Furthermore the use of FITs is expanding in Europe and importantly in the Emerging Markets.

Despite such a challenging economic environment, our list proves the resilience of Europe’s Cleantech sector as a whole. The top 25 companies in this year’s list have collectively grown their revenue base from €122m in 2007 to an impressive €290m in 2009. At a glance, this year’s list shows that no single subsector dominates and that this year’s companies have achieved astounding growth in the double, triple and even quadruple digits – a testament to the size and scope of opportunity within the Cleantech space. With cleantech investment data so far in 2010 tracking to be the second highest on record, there is lots to be cheerful about.

In to the vaccum left in part by the financial community, we have seen corporates from across the world increase their appetite to participate in the cleantech industry. This has been in a variety of ways from minority investments, commercial partnerships and manufacturing joint ventures. The deals involving outright acquisitions are of course the most exciting for European entrepreneurs with Asian industrial groups playing an increasingly important role. With the Asian capital markets stronger than Europe and the US, we are seeing strong demand from large Asian strategic groups to invest in or acquire European based renewable assets.

We proudly report that it has been another busy year for GP Bullhound, with 50% of our current mandates represented by Cleantech companies. We have closed four cleantech deals in the last 12 months across disciplines such as solar panel manufacturing, fuel cells and recycling. And with current mandates including companies from the energy efficiency and wind sectors, this level of activity makes us one of Europe’s most engaged and experienced advisory firms in the sector.

A special thanks to our sponsors, Schroders Private Banking, law firm Choate, Hall & Stewart, Nesta and RUSTON wheb. Our charity for tonight is SolarAid, an installer of solar panels in schools in Africa, so please give generously. We would also like to thank our judging panel who have dedicated time and resources to ensure that Cleantech Connect is as innovative as the companies that it honours.

The incredible growth of tonight’s top 25 suggests that 2011 will be another milestone year for the industry.

HUGH CAMPBELL
Co-founder & Partner
GP Bullhound

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