Swedish cleantech company Mantex takes in 20 million for continued expansion
2011-01-12 The fast-growing environmental technology company Mantex has secured more than 20 million for continued expansion.The Energy Agency, VC STING Capital, the German energy giant RWE, the founders and employees of the company is behind the financing. Mantex has developed a pioneering method for rapidly and non-contact measurement of moisture content and other important characteristics of organic matter.The venture capital fund STING Capital is providing 4.6 million and is now the biggest Swedish investor in Mantex:
"This is STING Capital's largest investment. The Fund conducted a smaller investment in the company for about a year ago and have subsequently been able to follow the company's rapid expansion and the strong interest there for Mantex technology worldwide. When we had the opportunity to expand our ownership, we estimated this as an important investment opportunity for STING Capital, says Martin Gemvik, Investment Manager at STING Capital.
Mantex, located in Kista Science City, has developed an established method in health care for process industry applications. Applications where fast, accurate material analysis of organic materials may enable a greater exchange and reduced energy consumption. The company has since 2007 been supported by the Energy Authority and business incubator STING. When RWE, Germany's largest energy producer, for 1.5 years ago became a shareholder of the company accelerated growth: From four-time workers founder of today where the company employs about 20 people, from a prototype two industrialized product families and from collaboration with a Swedish company to several multi-national customer partnerships.
"This is STING Capital's largest investment. The Fund conducted a smaller investment in the company for about a year ago and have subsequently been able to follow the company's rapid expansion and the strong interest there for Mantex technology worldwide. When we had the opportunity to expand our ownership, we estimated this as an important investment opportunity for STING Capital, says Martin Gemvik, Investment Manager at STING Capital.
Mantex, located in Kista Science City, has developed an established method in health care for process industry applications. Applications where fast, accurate material analysis of organic materials may enable a greater exchange and reduced energy consumption. The company has since 2007 been supported by the Energy Authority and business incubator STING. When RWE, Germany's largest energy producer, for 1.5 years ago became a shareholder of the company accelerated growth: From four-time workers founder of today where the company employs about 20 people, from a prototype two industrialized product families and from collaboration with a Swedish company to several multi-national customer partnerships.
See the film about Mantex (produced by the Energy Authority):
