39
Novozymes
Bagsvaerd, Denmark
Public
Clean tech
Steen Riisgaard, CEO

Novozymes' industrial enzymes reduce environmental impacts in industries ranging from tanning to detergents. But the company's carbon cutting potential is most evident in biofuels ' it already has enzymes that turn corn and wheat into ethanol and it is developing products to create secondgeneration biofuels from cellulosic biomass, including agricultural wastes and wood chip, which it believes will be commercially available in four-five years. It has linked up with Danish biotech group Xergi on microbes and technology to produce biogas from manure. It just bought Canadian company Philom Bio.

40
ITM Power
Saffron Walden, UK
Public
Clean tech
Jim Heathcote, CEO

ITM Power's aim is to provide the technology necessary to make the 'hydrogen economy' a commercial reality and replace hydrocarbon fuels. Through the use of patented materials, system architecture and processing methods, ITM Power is working towards the development of low-cost, more efficient fuel cells and electrolysers, which can be used in a whole host of applications. Earlier this year, it announced the development of a device that can generate hydrogen in the home to fuel central heating boilers and cookers. ITM also plans a bi-fuel, petrol/hydrogen conversion of Ford's Focus later this year.

41
Mascoma
Cambridge,
Massachusetts, US
Clean tech
Green technology
Bruce Jamerson, CEO

Mascoma is developing cellulosic biomass technologies with the aim of eventually providing an alternative to petrol with cleaner, low-cost, renewable ethanol. The company leads research on thermophilic ethanol production and consolidated bioprocessing. Mascoma has the support of topfl ight investors, including its initial venture capital founders Khosla Ventures and Flagship Ventures, and its Series B Round partners led by General Catalyst Partners, with participation from Kleiner Perkins Caufield & Byers, Vantage Point Venture Partners and Atlas Venture.

42
HydroVenturi
London, UK
Private
Renewables ' tidal
Harvey West, CEO

HydroVenturi, spun out of Imperial College, London in 1999, is a renewable energy company focusing on tidal stream applications. HydroVenturi's patented technology overcomes high prices by removing all moving mechanical and electrical parts from the water. In February this year, HydroVenturi won a Shell Springboard award for Innovation in Addressing Climate Change. It is now seeking partnerships in taking the technology to commercial viable installations and is seeking alliances with power companies, large utilities renewable energy developers, licensers and municipalities.

43
Allianz
Munich, Germany.
Public
Financial
Michael Diekmann, CEO

Allianz Group's groundbreaking study with the WWF prompted a strategic review of its business in 2006 in recognition of the altered risk exposure to banking and finance from climate change. This was the first of its kind and helped it win best in class in the 2007 CDP. Allianz has also developed a number of new specialist insurance products, such as the first catastrophe bond to cover flood risk ' they are usually confined to hurricanes and earthquakes. In November, the company created an innovative cross-sectoral subsidiary equipped to develop all-round climate products for its insurance, banking and asset management business.

45
Praj Industries
Bavdhan, India
Public
Renewables ' biofuels
Shasank Inamdar, CEO

Praj makes the equipment that makes biofuels ' ethanol and biodiesel plants ' and demand for its products over the past three years has been spectacular. Its profits for the first half of its current financial year were up more than 100%. The company set up a European joint venture with Aker Kvaerner earlier this year and recently commissioned its first plant in Europe, for British Sugar. Having raised a '€85m war chest, it is on the lookout for acquisition opportunities in Brazil. The company has promoted the use of non-food crops such as sweet sorghum around the world and is currently setting up its first plant in India to produce ethanol from the crop.

46
Oceanlinx
Botany, Australia
Private
Renewables ' wave
David Weaver, CEO

Oceanlinx is an Australia-based renewable energy company specialising in wave energy. Its core, patented technology is an Oscillating Water Column (OWC) device, which it says is about twice as efficient as its rivals. The technology has been successfully constructed and tested with the first full-scale Oceanlinx wave plant, installed at Port Kembla in New South Wales, Australia. According to the Electric Power Research Institute, the technology is expected to have the lowest production cost per unit of its wave power peer group. The company is planning to float on London's AIM market later this year, raising capital to expand.

47
Cosan
Sao Paulo, Brazil
Public
Renewables ' biofuels
Rubens Mello, CEO

Ethanol from sugarcane is one of the most efficient forms of biofuel, and Brazil is the country with the most advanced biofuels sector ' with up to 40% of cars using the fuel and few of the food versus fuel worries that hamper corn-based ethanol. Cosan is one of the companies best placed to profit from the boom in investment and expected falling tariffs in the US and Europe. Following its '€1.35bn IPO in New York, the company is expanding in Brazil and Central America, allowing it to bring down the cost of Brazilian biofuel still further and to compete internationally with US agribusinesses Archer Daniels Midland, Bunge and Cargill.

48
Delta Electronics
Taipei, Taiwan
Public
Clean tech
Yancey Hai, CEO

Computerising the world has led to a massive hike in related energy consumption ' demand has doubled in the last five years and will rise a further 75% by 2017. Little-known Delta's energy-saving backlighting units for computers and other electronic devices and its power management products, which cut power consumption for electronic devices in stand-by mode, attempt to redress that balance and have grown into a '€2bn business. The company, founded by Bruce Chen in 1971, has long focused on energy conservation and environmental measures. It recently opened a factory in Slovakia and its solar subsidiary is growing fast.

49
VRB
Vancouver, Canada
Public
Clean tech
Tim Hennessy, CEO

For intermittent renewable energy sources such as solar, wind and marine energy, the key is decentralised storage solutions, particularly where energy is collected off grid. By increasing the 'dispatchability' of power, renewable producers can sell their output at peak times, lifting incomes and making renewables more competitive with fossil fuels. VRB's vanadium, battery-based energy storage products are the first to be rolled out commercially, and offer utility-size solutions as well as smaller, scaled down versions. The company stands to benefit hugely from the spread of renewables.