Emerald Technology Ventures and South Pole Carbon to manage Swiss Technology Fund
22 Oct 2014
by IMin News
The Technology Fund grants loan guarantees to Swiss small and medium-sized enterprises (SME) developing and marketing innovative technologies that reduce greenhouse gas emissions, support the use of renewable energy or conserve natural resources.
South Pole Carbon is proud to announce that we join Emerald Technology Ventures in managing the Swiss Technology Fund.
The fund is a federal climate policy instrument falling under the responsibility of the Swiss Federal Office for the Environment (FOEN). The Technology Fund grants loan guarantees to Swiss small and medium-sized enterprises (SME) developing and marketing innovative technologies that reduce greenhouse gas emissions, support the use of renewable energy or conserve natural resources. Starting in November, companies can apply for guarantees of up to CHF 3 million for a duration of a maximum of 10 years. The first guarantees are expected to be issued in January 2015. Initially, the fund will issue guarantees totaling CHF 150 million, which can later be increased by the parliament to CHF 500 million. Emerald, a global player in industrial SME financing, and South Pole, a specialist in financing emissions reduction projects, will leverage their complementary capabilities in teaming up to manage the Fund.
“This mandate adds another exciting pillar to Emerald's business and can leverage off our 15 years of experience in financing innovative Cleantech companies," stated Gina Domanig, Managing Partner of Emerald. Simone Riedel Riley, General Manager of the Technology Fund, added: “The guarantees will substantially ease the access to debt financing for innovative Swiss companies and enhance the overall ecosystem for clean technologies in Switzerland."
Christoph Grobbel, CFO and CSO at South Pole Carbon, stated, “We are extremely pleased to join forces with Emerald. As Best Project Developer in emission reduction projects we have looked into thousands of projects worldwide and know what will work and what doesn't. The Technology Fund is a great initiative to support innovative companies and projects. Emerald and South Pole Carbon have the right skill set to ensure its success."
“The Technology Fund is an important addition to existing climate policy instruments. Yearly CHF 25 million of the CO2-levy's revenue is earmarked for the technology fund. With this amount, we want to promote as many climate-friendly innovations as possible," said Karine Siegwart, Vice-Director of the Federal Office for the Environment, FOEN and member of the Technology Fund's steering committee. “Existing federal support programs like the ones for environmental technologies and energy research primarily support projects in earlier stage of the innovation cycle. The Technology Fund complements these programs with its focus on commercialization of innovative products.
Companies can apply for a loan guarantee as of November 1, 2014, through the fund's website: www.technologyfund.ch