VNT Management Oy, a Finnish venture capital company, announces the final closing of Power Fund III, which is the third venture capital fund managed by VNT Management. After the final closing, the total size of Power Fund III reached 77 million euros in commitments. The main Investors are European Investment Fund under the Competitiveness and Innovation Framework Program (CIP) , Finnish Industry Investment, The Growth Fund of Finland and Insurance company Varma Mutual Pension Insurance Company.

Power Fund III invests in early and growth stage energy technology companies, primarily in Finland and Germany. Actually, the fund has already made investments in three Finnish companies. These companies are Fixteri Oy, which produces forest balers for collecting small-dimensioned wood for energy use, Valopaa Oy, which concentrates on LED lighting fixtures, and Convion Oy, which continues Wärtsilä’s work in developing the fuel cell system.

“The first investments have been made in promising Finnish companies and, at the moment, we are searching for new target companies. There are currently several negotiations going on,” says Jussi Palmroth, Managing Director of VNT Management.

According to Palmroth, Power Fund III will make approximately 8-10 investments, and two or three of them will most likely be in German companies.

For further information, please contact:

Jarmo Saaranen, Chairman of the Board, VNT Management Oy, tel: +358 40 837 1559, e-mail: jarmo.saaranen@vntm.com

Jussi Palmroth, Managing Director, VNT Management Oy, tel: +358 40 837 1560, e-mail: jussi.palmroth@vntm.com

Power Fund III is sponsored by EIF’s CIP Programme (Competitiveness and Innovation Framework Program)