Liam Hardey: "Sweden's future requires closer collaboration between government and growth companies"
This is part of Sweden Startup Nation's interview series with startup founders, investors and other actors in the ecosystem, which aims to highlight systemic failures and improve the conditions for Swedish startups.
Liam Hardey has gone from elite British football to running one of Sweden's most interesting deeptech companies. As CEO of Cellfion, he is developing the next generation of PFAS-free membranes - a key technology for the energy systems of the future. The company has moved from lab to small-scale pilot production with support from venture capital, the EU and Swedish innovation actors, but Liam sees a growing risk that the future of companies like his is being written in another country.
"We have had discussions with several German states that want us to establish production there and are prepared to provide financial incentives, but we also want to be able to see a future here in Sweden," says Liam Hardey.
From research lab to growth company
Cellfion's origins are deeply rooted in the Swedish research environment. The company grew out of a joint research project between KTH Royal Institute of Technology and Linköping University, but also has its origins in the Laboratory of Organic Electronics at Linköping University, RISE and the Norrköping-based innovation cluster Printed Electronics Arena. It was during his time as a business developer at the incubator LEAD that Liam Hardey first came into contact with the technology behind Cellfion. In dialog with the researchers and after customer validation, he saw the business potential and took the initiative to start the company.
"We received strong feedback from industry early on. The technology wasn't ready - but it was promising enough for us to invest."
Since its inception in 2021, Cellfion has raised over SEK 70 million in capital - both from private investors and public financiers such as EIC Accelerator and the Swedish Energy Agency. This has enabled a rapid journey from research idea to pilot production.
Capital requires timing - and the right kind of investors
Cellfion's technology is groundbreaking - but not easy to finance. Industry validation cycles can take between three to five years, requiring patience and risk appetite that not all investors possess.
"Out of 100 investors, maybe three are right. It's about understanding where they come into the company's journey and how they fit into the strategy."
Liam's advice to other entrepreneurs is clear: think early about your ownership strategy, the role of the investor, and how they affect customer confidence.
Sweden has potential - but misses opportunities
Despite strong support from innovation environments such as KTH Innovation, LEAD and Norrköping Science Park, Liam sees a risk that Sweden risks losing companies abroad. He believes that Sweden must find ways to support companies in the scale-up phase to keep the technology in the country.
"We ourselves are currently waiting for a decisive decision from the Swedish Energy Agency on a project to build our first industrial demonstrator line."
At the same time, he would like to see more dialog from Swedish authorities before decisions are made.
"We have applied for several projects, but had limited opportunity for close discussions during the application and project implementation with anyone at the government. In Germany and when we have applied for EU funding, we have had a much closer dialog. They get in touch on a regular basis and want to see success for the company - not just for the project applied for."
From innovation to industry - barriers and opportunities
For a product company like Cellfion, scaling is about more than capital. Production equipment, premises and material validation from customers must be in place. Recently, the company moved to its own premises - a big but necessary step.
"We had outgrown the premises at KTH. Now we can build up our organization, production and R&D in earnest. For us, the long term is what counts."
The establishment of the first production line is high on the agenda to take the next step with their industrial customers.
"We don't just need grants - the best way to fund such initiatives could be through a combination of different types of funding."
A startup nation - for real?
Liam highlights the Swedish innovation system as one of the best in the world - especially in the early stages. But he is also clear that if Sweden wants to remain a startup nation, it needs more than business coaches and pitch meetings.
"Pep is not enough. We need capital, knowledgeable advisors and real government interest. In Sweden, there is a clear gap in support for companies in the transition from early start-up to industrialization - a phase often referred to as the 'valley of death.
His call to politicians and authorities is simple:
"Go out and meet the companies. See what you are actually investing in. Talk to us."
