Freedom Solar Power&Electric Company

CUT

CARBON, MAKE MONEY

Pioneers List, focusing this time on shortly-to-list, recently listed and smaller, private companies that represent the cutting edge of the sector and the hot investments of 2007. This special extended report includes a comprehensive survey of the entrepreneurs who are making this emerging market such a remarkable place to be


34	42	46	49	50	52	55
TOP 50 LOW-	EMISSION	FUELLING	CLEANING UP	THE ENERGY	VOLUNTARY	CAPTURING
CARBON	IMPOSSIBLE	CHANGE	THE BIG	CONQUIS-	CARBON	CARBON
PIONEERS	Are car makers'	Hungary moves	SMOKE	TADOR	MARKETS	The rise of CCS
The second	efforts to cut	into biofuels	London is the	Acciona's Jos�	SPRING UP	technology
edition of our	carbon falling by		new hotspot for	Entrecanales is	Climate credits
renewable	the wayside?		clean-tech	bringing green	examined
energy roll call			investments	energy to Spain




Low Carbon Accelerator London, UK		Acciona Madrid, Spain		Impax Group London, UK	Vattenfall Stockholm, Sweden

Mark Shorrock PUBLIC		Jos� M. Entrecanales PUBLIC		Ian Simm PUBLIC Certainly a pioneer in this field, Impax was launched in 1994. Funds under management grew from �338m to �600m between November 2005 and August 2006. Impax also has a thriving corporate finance arm devoted to the environmental sector. Director of investments Bruce Jenkyn-Jones says that 2006 was a "breakthrough" year for the sector - this can be seen in the outperformance of the I m pax-created ET50 index, which soared above benchmark indices over the course of the year.	Lars G. Josefsson PUBLIC Trading under the slogan "Climate protection through innovation", Europe's fourth-largest power generator is at the forefront of carbon capture and storage (CCS) research and will by mid-2008 have a 30 MW pilot plant operating near its lignite-fired power plant at Schwarze Pumpe, Germany. Given the world's continuing addiction to coal, whoever leads the way in CCS technology is set to be honoured by the environmental lobby and investors alike. It's a huge market, and Vattenfall is in a good position to lead it.
			Acciona CEO Jos� Entrecanales is profiled in
		this issue (see The energy conquistador, p54). Acciona is a diversified group with strong infrastructure and real estate divisions, but the renewable energy division is also growing strongly. The division incorporated billion-euro purchase CESA - one of Spain's largest wind energy players - last year, increasing wind power capacity by 78%. Revenues at the energy division rose 60.3% to �851 m. Acciona's share price gained 49.39% in 2006, with a market cap of �10.24bn by 24 February.
The only specialist, low-carbon listed private equity fund, Low Carbon Accelerator's (LCA) stock is a classic play for investors who want the exposure to a promising sector but not the risk. LCA raised �44.5m (�65.5m) when it floated on London's Alternative Investment Market (AIM). CIO Steve Mahon says: "This sector looks hot because it is hot - but if you don't have specialist experience, you only see what others see." He adds that LCA's stock is "fairly tightly held"; "We foresee no significant exits in the first two years," he says.



Vestas Wind Systems Randers, Denmark	Energetix Group Chester, UK	NIBE Industrier Markaryd, Sweden		New Earth Solutions Wimpole, UK
	Adrian Hutchings Gerteric Lindquist			BUI Riddle PRIVATE
Ditlev Engel	PUBLIC Founded in 1997 by Adrian Hutchings and fl oated on AIM in August 2006, Energetix has developed several alternative energy products such as the Pnu Power, a compressed air battery that reduces the demand for lead acid batteries and the environmental impact of their production and disposal, and the Genlec domestic CHP, a boiler that also produces electricity and is estimated to save a tonne of CO₂ per year. Part of Energetix's ongoing business is the development of further energy effi cient products.	PUBLIC NIBE Industrier, founded in 1989, currently employs 5,500 people and has annual sales of some �536m. The company consists of three business areas - NIBE Heating, NIBE Stoves and NIBE Element - all of which are engaged in product development, manufacturing and marketing. Products include heatpumps and wood-burning stoves, which reduce electricity and oil use. A strong economy and good market conditions in Europe, combined with brisk demand for energy-saving products, are aiding NIBE's growth.
PUBLIC
Vestas' core business comprises the development, manufacture, sale, marketing and maintenance of wind power systems to generate electricity. The company started to manufacture wind turbines in 1979 and by 1987 was focused exclusively on wind energy. Since then, Vestas has developed from a pioneer with a staff of around 60 to a global, market-leading group with more than 11,900 employees (September 2006). Over the years, Vestas has built up a global sales and service network.
				Bill Riddle is a classic entrepreneur with a proven business in the rapidly growing biowaste processing sector. "It's no longer 'fill a dustbin and tip it in a hole'," he says. "68% of household waste is biodegradable - compost it and you anchor the carbon. The remaining 32% has many other uses." Riddle's raised over �70m to roll out processing plants across the UK, and has already won his first big contract. Like all true winners in this sector, he is not new to it - he started with a landfill site in 1982.