August 11, 2008 IKEA plans to invest in $77 million in clean tech startups in the next five years with an eye to selling solar panels and other green tech products in stores or having suppliers use them, the CleanTech Group reported.
The plans emerged from the four-member IKEA Greentech group, which formed eight months ago, the report said.
IKEA established Greentech as its corporate venture arm to invest long term in clean tech solutions. Its mission is to identify and invest in marketable solutions that can be sold or used in IKEA stores or used by retailers suppliers.
The investment plan is the latest example of the IKEA ethos that entwines the companys mutual drives for environmental responsibility and business success.
In the United States, Swedwood North America – a subsidiary of the Swedwood industrial group within IKEA – is building a manufacturing facility in Danville, Va.
The 810,000-square-foot factory will be the Swedish firms first furniture production plant in the US. The site was chosen for its proximity to North American IKEA stores and distribution centers, a selection that enables IKEA and Swedwood to reduce transportation costs and environmental impacts. IKEA has 283 stores in 36 countries and territories; 35 are in the U.S. and another 11 are in Canada.
In October, the company will stop offering plastic shopping bags to US customers.
