Cleantech is a concept, which comprises knowledge-based products and services that improve operational performance in terms of sustainable development by using limited or zero non-renewable resources and creating significantly less waste than conventional technologies.
[9] Motored by political, environmental, and economic developments, the industry has globally attracted increasing amount of venture capital investments with strong exit potential and it has brought new technologies to the markets.
International Energy Agency (IEA) calculates that the world will need to spend $46 trillion between now and 2050 to be sure half of all electricity comes from renewable sources.
Finland has no natural oil and gas reserves, and also hydropower capacity is in comparison to neighboring Norway and Sweden.
That funding is targeted at cutting edge opportunities, especially in power electronics, clean combustion technologies, and environmental monitoring and utilizing ICT in cleantech.