Nocart

Nocart Oy was a Finnish clean technology company founded in 2010 by Vesa Korhonen, who also served as its CEO. The company was established to design and implement energy solutions based on renewable and local energy sources. Nocart's business model centered on providing distributed power plants that could operate independently of a national grid, addressing needs for primary power, backup, and sale of surplus energy. It served a range of clients, from agricultural and production facilities to schools, hospitals, and entire village communities, with a significant focus on developing markets in Africa and Southeast Asia.

The core of Nocart's offering was its Power Management Unit (PMU), a system designed to integrate and manage various energy sources. This technology allowed for the combined use of solar, wind, hydro, biomass, and fossil fuels, optimizing for efficiency and reliability. For instance, the system could prioritize solar power and automatically start a diesel generator as a backup when solar production was insufficient, thereby reducing fuel consumption. The company offered its solutions on three levels: the standalone PMU for powerplant manufacturers, integrated 'Systems' which included the design and execution of a small power plant, and 'Power' for large, often government-level, fully functional power plant projects.

Nocart experienced a period of rapid growth, reporting a revenue of over 12 million euros in 2016, a 200% increase from the previous year, with about 95% of its revenue coming from projects in Africa and Southeast Asia. The company secured several high-profile contracts, including agreements to deliver solar power plants to Malawi and Nigeria, and a significant 200 million USD contract for a solar-hybrid power plant for a sugarcane plantation in Zambia. This success led to CEO Vesa Korhonen winning the EY Entrepreneur of the Year award in Finland in 2017. However, the company faced severe financial difficulties in 2018. It was revealed that a large portion of its revenue was tied up in accounts receivable from projects in developing markets, leading to a critical lack of cash flow. Despite efforts to restructure and secure new funding, Nocart Oy filed for bankruptcy and was declared bankrupt on October 31, 2018.

Keywords: Nocart Oy, Vesa Korhonen, clean technology, renewable energy, distributed power generation, off-grid power, hybrid power plants, Power Management Unit, PMU, energy self-sufficiency, solar hybrid, biogas power, microgrids, energy solutions Africa, Finnish cleantech, decentralized energy, energy storage, power plant projects, renewable project financing, sustainable development, Zambia energy, cleantech bankruptcy