The investment company Piraeus Capital Management participated in the share capital of Advent Technologies and Electronic Shipping Solutions via share capital increases and minority holdings, through Piraeus-ΤΑΝΕΟ Capital Fund (PTCF) a Mutual Fund, created by Piraeus Bank with the support of the New Economy Development Fund (TANEO).
Advent Technologies
Advent Technologies (Advent) was incorporated in February 2005 by researchers from the Foundation for Technology & Research (FORTH) - Institute of Chemical Engineering & High Temperature Chemical Processes and the University of Patras. It operates in the innovative technology of Proton Emission Membrane Fuel Cells.
The company's objective is to develop innovative new materials and systems for renewable energy resources products. The company produces low-cost polymeric membranes used in high-temperature fuel cells, which present significant advantages compared to the low-temperature polymeric membranes. The main effort focuses on a high-temperature PEMFC model of 1-5 kW capacity.
Moreover, Advent implements a series of research and development programs financed by both national and Community resources. At the same time, via its US subsidiary, and in strategic cooperation with Northeastern University of Boston, Advent Technologies aims at establishing its position in the huge American market.
The company seeks to finance its further commercial development and operating issues (staff, equipment, patents), as well as to promote the conclusion of contracts for membrane manufacturing by external partners.
Advent has stood out by winning the first prize for its business plan in the 7th International Venture Capital Forum in 2006.
Electronic Shipping Solutions
Electronic Shipping Solutions (ESS) was established in 2003 with a view to replace all shipping documents, and more specifically the bill of lading, with electronic documents (eDocs).
The company's objective is to bridge the gap regarding the signing of documents in the international trade through the creation and certification of the e-signature, resulting in significant decrease in the documents' transfer time, thus leading to cost and risk decrease. The way ESS shall accomplish this objective is by applying the ESS-Databridge program, thus accelerating electronic documents' exchange and allowing users to electronically manage the whole spectrum of original shipping documents necessary for trading via navigable cargoes.
For the time being, ESS operates at a pilot phase in Europe, mainly in the crude oil and refined products market. Its potential customers include ship-owners, oil companies, commercial vessels, banks, ship agents etc. The company's software live application is scheduled to take place in the last quarter of 2009.
As stressed out by the ESS Group Managing Director, Mr. Aleksandros Goulandris, "Electronic shipping transaction services is a one-way street for all stakeholders: ship-owners, transportation companies, customers whose cargoes are transported etc.
ESS is the only company not only having the expertise and such an electronic platform ready and tested, but also being neutral and, having taken care of all the transacting parties' legal coverage, so that its platform is widely accepted."
Piraeus Capital Management
Piraeus Capital Management S.A. ("PCM") was incorporated in December 2008, belongs to Piraeus Bank Group of companies and operates in Venture Capital Management. This action is Piraeus Bank's first step in a series of initiatives with a view to dynamically enter the venture capital management sector.
2009 was not only the inaugural year, but also a very good one for Piraeus Capital Management, as within less than a year of operation, the company managed to complete investments in two genuinely innovative companies. PCM manages shareholders' funds totalling €30 million, while it has already created a strong network of candidate-companies that will allow it to effectively place the capital to be invested.
As noted by the Managing Director of Piraeus Capital Management, Mr. Aggelos Skoutaris, "Our two first investments are a very good beginning for the Fund. Advent and ESS constitute strategic movements for Piraeus Capital Management, since they allow it to participate in two international and quickly developing companies with a strong Greek element.
Advent is a company operating in a really innovative technology sector with global impact and obvious environmental benefits, while ESS operates in a highly recognized sector such as shipping with applications extending to the international trade, in general.
With stable and careful steps we implemented our first investments and we are planning our next investment opportunities with great enthusiasm and prudence".