Swedish retailer Ikea plans to invest about 50 million euros in cleantech startups over the next five years and eventually sell solar panels, smart meters and other cleantech products in its stores, according to a Cleantech report.
The company has created an investment group that aims to invest in about 10 startups, focusing on five areas: solar panels, product materials, energy efficiency, alternative lighting, and water saving and purification.
Johan Stenebo, managing director of Ikea GreenTech, said the fund is likely to make its first investments this year and will pick companies that are four to five years away from commercialization. Initially, the company will look to invest in European companies, before expanding its search beyond the region.
Ikea, which began operating in Sweden in 1943 has about 270 stores in 35 countries. The company said any money made from the cleantech investments will remain in the GreenTech fund.
Loading...