The non ferrous metal producing industry in the Nordics is critical to global supply chains. It encompasses companies focused on extracting and processing metals that do not contain significant amounts of iron, such as aluminum, copper, and lithium. These metals are essential for green technologies, such as batteries and renewable energy solutions. As demand for sustainable products grows, the industry is increasingly integrating recycling and advanced technologies to promote circular economy practices. With a move towards electrification and energy efficiency, Nordic companies are at the forefront, balancing innovation with a commitment to reducing environmental impact, paving the way for future growth.

This list highlights notable investors in the Nordic non ferrous metal sector, showcasing a variety of player types: corporate giants, venture capitalists, and private equity firms. With headquarters in major cities like Oslo, Stockholm, and Helsinki, these firms range significantly in size—from small investor groups to large corporate entities. Founded between 1905 and 2017, they have collectively initiated numerous impactful investments in 2024. Companies like Equinor and Norsk Hydro exemplify the growing trend of prioritizing sustainability while actively pursuing promising opportunities in the sector, further fueling the transition to more eco-friendly materials and technologies.

Top 11 Non Ferrous Metal Producing Investors in the Nordics

1. Katapult

• Website: katapult.vc
• Type: Venture Capital
• Headquarters: Oslo, Oslo, Norway
• Founded year: 2017
• Headcount: 11-50
• Number of deals in 2024: 8
• LinkedIn: katapult-accelerator

Katapult is an impact investment firm based in Oslo, Norway, founded in 2017. They focus on tech startups that address global challenges, providing investment, accelerator programs, and mentorship to early-stage companies. In 2023, Katapult made a notable investment in Metalchemy, which raised $157,753 in a Pre-Seed Round, indicating their engagement in the non ferrous metal sector. Additionally, they have invested in companies like Solar Materials and Jiva Materials, which, while primarily focused on materials related to sustainability and technology, also intersect with the broader materials sector, including non ferrous metals. This diverse portfolio showcases Katapult's commitment to impactful investments across various industries, including non ferrous metals.

2. Equinor

• Website: equinor.com
• Type: Corporate
• Headquarters: Stavanger, Rogaland, Norway
• Founded year: 1972
• Headcount: 10001+
• Number of deals in 2024: 6
• LinkedIn: equinor

Equinor ASA is a public entity based in Stavanger, Norway, primarily operating in the energy sector with a focus on oil, gas, and renewable energy. Founded in 1972, the company has a workforce of over 10,000 employees and is committed to achieving net-zero emissions by 2050. In addition to its core energy operations, Equinor has been actively investing in innovative companies that align with its sustainability goals. Notably, Equinor has participated in significant funding rounds for KoBold Metals, an AI-powered mineral exploration company that raised substantial capital in Series B and Series C funding rounds in 2022 and 2024, respectively. This involvement highlights Equinor's interest in the non ferrous metal sector, as KoBold focuses on exploring and developing mineral resources, which are essential for the energy transition. Furthermore, Equinor's investment in Nth Cycle, which raised $37 million in Series B funding, also reflects its strategy to support technologies that contribute to sustainable resource management.

3. Altor Equity Partners

• Website: altor.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2003
• Headcount: 51-200
• Number of deals in 2024: 6
• LinkedIn: altor

Altor Equity Partners is a private equity investment management firm based in Stockholm, Sweden, founded in 2003. The firm specializes in providing consulting services across various sectors, including technology and consumer products, with a focus on enhancing operational efficiency and sustainable growth for its partners. Altor has been involved in several significant transactions, including a €1.5 billion equity raise for H2 Green Steel, aimed at developing a large-scale green steel plant, and the acquisition of Åkers Group, which specializes in rolls for the steel industry. Notably, Altor's investment in Vianode, a supplier of sustainable battery materials, highlights their engagement in the non ferrous metals sector, particularly in the context of the transition to sustainable energy solutions. Their acquisition of Norican Group further emphasizes their interest in companies that enhance metallic parts, reinforcing their relevance in the metal industry.

4. Industrifonden

• Website: industrifonden.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1979
• Headcount: 11-50
• Number of deals in 2024: 9
• LinkedIn: industrifonden

Industrifonden is a venture capital fund based in Stockholm, Sweden, founded in 1979. The firm specializes in investing in early-stage companies, particularly in the fields of Deep Tech, Life Science, and Transformative Tech. Industrifonden aims to create long-term value through partnerships with passionate founders, providing both financial support and strategic guidance to help startups scale their innovative solutions. Notably, Industrifonden has invested in Freemelt, a Sweden-based metal 3D printing company, which highlights its engagement in the non ferrous metal sector. Additionally, the fund has participated in various other transactions, including investments in companies like SaltX Technology, which, while primarily focused on energy storage, also has implications for materials used in non ferrous metal applications. This diverse investment portfolio showcases Industrifonden's commitment to supporting innovative technologies, including those relevant to the non ferrous metal industry.

5. Norsk Hydro

• Website: hydro.com
• Type: Corporate
• Headquarters: Oslo, Oslo, Norway
• Founded year: 1905
• Headcount: 10001+
• Number of deals in 2024: 1
• LinkedIn: norsk-hydro

Norsk Hydro ASA, founded in 1905 and based in Oslo, Norway, is a prominent corporate investor in the aluminium manufacturing sector and renewable energy. The company specializes in producing low-carbon and recycled aluminium products, catering to various industries including automotive, construction, and packaging. Hydro's commitment to sustainability is evident in its focus on recycling and renewable energy solutions. Recently, Hydro has been active in expanding its portfolio within the non-ferrous metal sector through strategic acquisitions. Notably, they increased their stake in Alumetal S.A., a move aimed at gaining a majority for strategic decisions and potentially de-listing from the Warsaw Stock Exchange. Additionally, Hydro has invested in Vianode, a synthetic graphite manufacturer, to enhance its Batteries unit, which is crucial for sustainable battery materials. Other significant transactions include the acquisition of Wells Aluminium Corporation and Hueck's building systems and extrusion business, further solidifying Hydro's presence in the non-ferrous metal market.

6. CapMan

• Website: capman.com
• Type: Private Equity
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 1989
• Headcount: 51-200
• Number of deals in 2024: 4
• LinkedIn: capman

CapMan Oyj is an investment management firm based in Helsinki, Finland, specializing in private equity, real estate, infrastructure, and natural capital investments. Founded in 1989, CapMan serves institutional investors by providing access to diverse investment strategies aimed at achieving sustainable returns. Notably, CapMan has made significant investments in the non ferrous metal sector, including the acquisition of Metal Power Technology Sweden in 2009, which focuses on metal production technologies. Additionally, their acquisition of Ljunghäll in 2003 further highlights their engagement in the metal industry. With a strong presence in the Nordic markets, CapMan leverages its expertise to manage funds and drive value creation for its clients, including those in the non ferrous metal sector.

7. Innovestor

• Website: innovestorgroup.com
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2014
• Headcount: 11-50
• Number of deals in 2024: 12
• LinkedIn: innovestor

Innovestor is an investment management company based in Helsinki, Finland, specializing in venture capital, real estate, and energy storage. Founded in 2014, the firm focuses on providing funding and support to early-stage startups and corporations, particularly in technology and life sciences. Innovestor's investment strategy includes participation in accelerator programs and corporate venturing. Notably, they have invested in Luxmet, a company that develops high temperature process monitoring and control systems for the steel and metal industries, which aligns them with the non ferrous metal sector. Additionally, they have participated in funding rounds for SpinDrive, a cleantech company, indicating their interest in innovative technologies that may intersect with industrial applications. However, their overall focus appears to be broader than just non ferrous metals.

8. HitecVision

• Website: hitecvision.com
• Type: Private Equity
• Headquarters: Stavanger, Rogaland, Norway
• Founded year: 1985
• Headcount: 51-200
• LinkedIn: hitecvision

HitecVision is a private equity investment firm based in Stavanger, Rogaland, Norway, founded in 1985. The firm specializes in the European energy sector, focusing on providing institutional capital to energy production and infrastructure projects with an emphasis on sustainability and the energy transition. HitecVision manages private equity funds and collaborates with various stakeholders to drive growth in renewable energy and related industries. Notably, HitecVision has been involved in several transactions, including the acquisition of Aluminum Offshore in April 2011, which is relevant to the non ferrous metal producing industry. This acquisition highlights HitecVision's engagement in sectors that intersect with energy and materials, showcasing their broader investment strategy. Additionally, they have made investments in companies like Aarbakke and MOMEK Group, which, while not directly related to non ferrous metals, indicate their active role in supporting industrial and energy-related enterprises.

9. Nordic Investment Bank

• Website: nib.int
• Type: Corporate
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 1976
• Headcount: 201-500
• Number of deals in 2024: 19
• LinkedIn: nordic-investment-bank

Nordic Investment Bank (NIB) is a public entity established in 1976, headquartered in Helsinki, Finland. It specializes in providing sustainable financing solutions aimed at enhancing productivity and environmental benefits across various sectors in the Nordic and Baltic regions. NIB offers a range of loan products, including corporate, sovereign, and sustainability-linked loans, catering to both private and public sector clients. Notably, NIB has been involved in significant transactions such as providing a $5 billion non-recourse project financing package to Northvolt for the expansion of its cathode production and recycling plant, which is crucial for the non-ferrous metal industry. Additionally, NIB participated in a $2.6 billion post-IPO debt transaction for SSAB, a major player in the steel industry. These transactions highlight NIB's engagement with companies that have ties to the non-ferrous metal sector, particularly in the context of sustainable and innovative projects.

10. Norvestor

• Website: norvestor.com
• Type: Private Equity
• Headquarters: Oslo, Oslo, Norway
• Founded year: 1989
• Headcount: 11-50
• Number of deals in 2024: 3
• LinkedIn: norvestor-equity-as

Norvestor is a private equity firm based in Oslo, Norway, founded in 1989. The firm specializes in investment management and advisory services, focusing on partnering with medium-sized Nordic businesses to support their growth and development. Norvestor emphasizes sustainability in its investments across various sectors, including IT services and property maintenance. Notably, Norvestor has made significant acquisitions in the non ferrous metal sector, including Johnson Metall in 2007, a company known for its production of non ferrous metal products, and Permascand in 2015, which specializes in advanced electrochemical solutions involving non ferrous metals. These transactions highlight Norvestor's active role in the non ferrous metal producing industry, alongside their broader investment strategy.

11. Enova SF

• Website: enova.no
• Type: Corporate
• Headquarters: Trondheim, Trøndelag, Norway
• Founded year: 2001
• Headcount: 51-200
• Number of deals in 2024: 3
• LinkedIn: enova-sf

Enova SF is a not-for-profit organization based in Trondheim, Norway, founded in 2001. Their mission is to support the transition to a low-emission society by providing financial assistance and guidance for energy efficiency measures and renewable energy solutions. In 2024, Enova SF has been involved in several significant transactions, including grants to Norsk Hydro ASA, a major player in the non-ferrous metal industry, and Elkem, which is also involved in the production of silicon and other materials relevant to non-ferrous metals. These transactions highlight Enova's role in supporting companies that contribute to sustainable practices within the non-ferrous metal sector, although their primary focus remains on broader energy efficiency and sustainability initiatives.

Non Ferrous Metal Producing Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
Katapult	Oslo, Oslo, Norway	11-50	2017	8
Equinor	Stavanger, Rogaland, Norway	10001+	1972	6
Altor Equity Partners	Stockholm, Stockholm, Sweden	51-200	2003	6
Industrifonden	Stockholm, Stockholm, Sweden	11-50	1979	9
Norsk Hydro	Oslo, Oslo, Norway	10001+	1905	1
CapMan	Helsinki, Uusimaa, Finland	51-200	1989	4
Innovestor	Helsinki, Uusimaa, Finland	11-50	2014	12
HitecVision	Stavanger, Rogaland, Norway	51-200	1985	0
Nordic Investment Bank	Helsinki, Uusimaa, Finland	201-500	1976	19
Norvestor	Oslo, Oslo, Norway	11-50	1989	3
Enova SF	Trondheim, Trøndelag, Norway	51-200	2001	3

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