NARVIK, Norway, March 19, 2013 /PRNewswire/ -- Today, Innotech Solar announced that it has been selected as a finalist for the Red Herring Top 100 Europe Award, a prestigious list honoring the most promising European private technology companies each year. The Red Herring editorial team selected the most innovative companies from a pool of hundreds from across Europe. The nominees are evaluated based on 20 key quantitative and qualitative criteria, such as disruptive impact, market footprint, proof of concept, financial performance, technology innovation, social value, quality of management, execution of strategy and integration into their respective industries. This unique assessment of potential is complemented by a review of the track record and standing of the company, allowing Red Herring to turn the list into an invaluable tool for discovering and advocating the industry's greatest business opportunities. "In a period when many PV companies are in financial trouble, we are proud to be a finalist for this award, the most prestigious of its kind for technology companies," says Håvard Lillebo, founder and member of the Executive Board at Innotech Solar. "Many business models in the solar industry are no longer working, whereas we are cash flow positive. Innovation is a key solution for European companies." "This year was rewarding, beyond all expectations," said Alex Vieux, publisher and CEO of Red Herring. "The global economic situation has abated and there are many great companies producing really innovative and amazing products. We had a very difficult time narrowing the pool and selecting the finalists. Innotech Solar shows great promise and therefore deserves to be among the Finalists. Now we're faced with the difficult task of selecting the Top 100 winners of Red Herring Europe. We know that the 2013 crop will grow into some amazing companies that are sure to make an impact." Finalists for the 2013 edition of the Red Herring 100 Europe award are selected based on their technological innovation, management strength, market size, investor record, customer acquisition and financial health. Innotech Solar is the only solar company on the list. "Innotech Solar has already built up a broad customer base all over Europe. The nomination will attract many more new customers. When an industry faces tough times, customers want to buy from companies that offer solutions which guarantee a prosperous future. Independent experts at Red Herring confirm Innotech Solar's outstanding potential," explains Dr. Thomas Hillig, Vice President for Marketing and Sales at Innotech Solar. Press photos are available to download at: http://www.innotechsolar.com/de/downloads/press-and-media.htmlAboutInnotech Solar The Scandinavian-German company is an international supplier of PV modules. Innotech Solar is specialized in the production of environmentally-friendly modules with optimized solar cells and makes use of innovative processes developed by in-house research teams. The carbon footprint of ITS modules is up to 74 percent less than that of conventional PV modules.