The Scandinavian-German PV-manufacturer Innotech Solar announced it has been selected as a Finalist for Red Herring's Top 100 Europe award, a prestigious list honoring the year’s most promising private technology companies from the European business region.
The Red Herring editorial team selected the most innovative companies from a pool of hundreds from across Europe. The nominees are evaluated on 20 main quantitative and qualitative criterions: they include disruptive impact, market footprint, proof of concept, financial performance, technology innovation, social value, quality of management, execution of strategy, and integration into their respective industries. This unique assessment of potential is complemented by a review of the actual track record and standing of a company, which allows Red Herring to make the list a valuable instrument for discovering and advocating the greatest business opportunities in the industry.
“In a period when many PV-companies are in financial trouble, we are proud to be finalist for this award which is the most prestigious for technology companies”, points out Håvard Lillebo, founder and member of the executive board. “Many business models in the solar industry are not working anymore, whereas we are cash flow positive. Innovation is key solution for European companies.”
"This year was rewarding, beyond all expectations" said Alex Vieux, publisher and CEO of Red Herring. "The global economic situation has abated and there are many great companies producing really innovative and amazing products. We had a very difficult time narrowing the pool and selecting the finalists. Innotech Solar shows great promise and therefore deserves to be among the Finalists. Now we’re faced with the difficult task of selecting the Top 100 winners of Red Herring Europe. We know that the 2013 crop will grow into some amazing companies that are sure to make an impact."
Finalists for the 2013 edition of the Red Herring 100 Europe award are selected based upon their technological innovation, management strength, market size, investor record, customer acquisition, and financial health. Innotech Solar is the only solar company that is listed. “Innotech Solar has already built up a broad customer base all over Europe. The listing will attract many more new customers. In harder times for an industry, customers want to buy from companies who have solutions which guarantee a prospering future. The independent experts from Red Herring confirm the outstanding potential of Innotech Solar”, explains Dr. Thomas Hillig, Vice President for Marketing and Sales of Innotech Solar.