Salesgen, a Swedish, a sales and marketing company, has chosen to set up shop in Maryland. The company has received $425,000 (SEK 3 Million)i n external financing to establish the House of GreenTech with offices and registered corporations in the U.S. and Sweden. Salesgen will also act as the formal representative of the State of Maryland Department of Business and Economic Development in Sweden and Finland.
"Salesgen's decision to set up a U.S. headquarters is another great win from our economic development mission to Sweden in June and further evidence that Maryland is well positioned to attract clean energy and green technology enterprises," says Gov. Martin O'Malley. "Maryland and Sweden share common interests in green technology and energy solutions and we look forward to learning from our European partner's ways to create a smarter and greener Maryland."
A large number of Swedish companies have developed green technologies and products that have tremendous potential in the U.S. market. But they rarely have the resources to take their offerings to the U.S. market. Even fewer have the financial muscle, knowhow and network to successfully establish U.S. subsidiaries and offer project financing. That's where Salesgen's House of GreenTech adds value, with registered corporations in the US and Sweden and vast experience from sales and marketing of technologies, products, and solutions.
"The capital infusion allows us to establish House of GreenTech and further emphasize the advantages of Salesgen; to be able to market Swedish GreenTech in the U.S. from U.S. offices, do business as a company incorporated in the U.S., and to add project financing to the equation. We have senior advisors and members of the board of directors on both sides of the Atlantic, providing Nordic GreenTech companies with a unique interface to the U.S. market", says Peter Selemark, Executive VP SALESGEN and CEO of the U.S. based Salesgen House of GreenTech, a subsidiary of Salesgen.
"The market for GreenTech is roughly where the IT market was in the nineties. Dynamics are strong and the market is largely uncharted territory. But this time there is a great window of opportunity to bring technology from Sweden to U.S. instead of just importing to Sweden", continues Peter Selemark.
A group of European investors with ties to Sweden provided the first round of external financing with $425,000 (SEK 3 Million). Additional investors may enter in the next two quarters, after which an IPO for about $1 � 1.2 Million (SEK 7-9 Million ) and a listing on one of the smaller stock exchanges in Sweden is planned. The target is to reach$ 70 Million (SEK 500 Million) in revenues from GreenTech in five years.
Source: Salesgen
Writer: Walaika Haskins