Ikea is investing in Green Technology

Chris Campbell | Aug 9th, 2008 | No Comments »

Ikea, the store that is known for cheap and disposable furniture is remaking its image. Ikea has begun to reshape its image by selling better quality products in the US, that last longer. Recently they began charging for plastic bags and have diverted 95% of the plastic bags that used to be common in the major retailer. They have been selling millions of their branded reusable bags which has created a flock of new users for recyclable bags. So, we know it’s hip to be a cleantech investor, but so far new cool-cred seekers have come largely from politics, the dotcoms and, well, Google. But Swedish home furnishing designer Ikea? — Yeah, at least that’s according to the Cleantech Group. The site reports that Ikea has created a green fund, Ikea GreenTech, which will invest €50 million ($77.17 million) into cleantech startups over the next five years.

Ikea’s ultimate goal is to sell consumer cleantech products like solar products, efficient lighting sources, and water purification products, says the report. The company will likely use the same mantra that it’s used for its other products — well designed and low cost. Its slogan “affordable solutions for better living,” could soon echo “for greener living.” Ikea already sells pre-fab homes in certain locations, and we can easily envision LED lamps, solar water heaters and even DIY solar panels.

Ikea GreenTech was established about 8 months ago, employs just four people, and is located in Lund, Sweden. The fund will largely invest in local and European cleantech startups.
Source Green Tech