The biomass energy industry in the Nordics focuses on sustainable energy production derived from organic materials like wood, agricultural waste, and other biomass sources. Companies involved range from innovative startups to established corporations, specializing in technologies and processes that convert biomass into heat, electricity, or biofuels. The industry is evolving towards more efficient production methods and expanding its role in a greener energy mix, aligning with climate goals. Notably, the Nordic region, with its abundant natural resources and commitment to sustainability, positions itself as a global player in clean energy solutions, making biomass a core component of the energy transition.


This list features twelve investors actively engaged in the biomass energy space in the Nordics. The roster includes corporate, venture capital, and private equity firms, primarily based in Finland and Sweden. Founded between 1841 and 2017, these investors vary in size, with employee numbers ranging from startups to global corporations. In 2024 alone, they made a collective total of over 75 investments in emerging and established companies focused on biomass energy solutions. Their involvement showcases the region's robust interest in sustainable energy ventures and innovative technologies that are shaping the future.


Top 12 Biomass Energy Investors in the Nordics


1. EEP Africa

  • Website: eepafrica.org
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2010
  • Headcount: 11-50
  • LinkedIn: eepafrica

EEP Africa is a not-for-profit organization based in Helsinki, Finland, founded in 2010. It is dedicated to enhancing energy access and investment in Southern and Eastern Africa through early-stage grants and support for innovative clean energy projects. EEP Africa collaborates with various funding partners to facilitate sustainable development in the region. Among its notable transactions, EEP Africa has supported companies like African Clean Energy and Mandulis Energy, which are involved in clean energy solutions that may include biomass energy technologies. Their investment in Pamoja Cleantech and Village Industrial Power further highlights their commitment to fostering innovative energy solutions in the region, potentially encompassing biomass energy initiatives.


2. EQT Group

  • Website: eqtgroup.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 1001-5000
  • Number of deals in 2024: 30
  • LinkedIn: eqt-partners

EQT Group is a private equity investment firm based in Stockholm, Sweden, founded in 1994. The firm specializes in managing diverse investment portfolios across multiple sectors, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT has been active in the energy sector, with notable transactions such as the acquisition of EEW Energy from Waste in 2013, which focuses on energy recovery from waste materials, potentially including biomass. Additionally, their acquisition of Midland Cogeneration Venture in 2009 marked their first direct investment in the U.S. energy market, further emphasizing their commitment to energy projects. EQT's strategic investments in companies like Adven and Clearvise AG also reflect their interest in sustainable energy solutions, aligning with the principles of biomass energy.


3. Almi

  • Website: almi.se
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 201-500
  • Number of deals in 2024: 7
  • LinkedIn: almi-ab

Almi AB is a financial services company based in Stockholm, Sweden, founded in 1994. It specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden. Almi aims to enhance the growth and competitiveness of these businesses by offering tailored financial solutions and guidance. Among its notable transactions, Almi has invested in Biofrigas AB, which focuses on biofuels, and C-Green, a company that develops sustainable energy solutions. Additionally, Almi has participated in funding rounds for startups like Cellfion, which, while primarily focused on energy storage, contributes to the broader context of sustainable energy development. These investments highlight Almi's engagement in the biomass energy sector and its commitment to supporting innovative solutions in this field.


4. 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 specialize in supporting tech startups that tackle global challenges, particularly in sectors like climate-tech and ocean-tech. Katapult provides investment, accelerator programs, and mentorship to early-stage companies. Among their notable transactions, they invested in BioEsol, which raised $210,241 in a Seed Round in December 2022, indicating their engagement in the energy sector. Additionally, they have been involved with GKinetic Energy and Inclusive Energy, both of which are related to innovative energy solutions. Their recent investment in Mocean Energy, a wave energy company, further demonstrates their commitment to sustainable energy technologies, aligning with their mission to support impactful ventures.


5. 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 based in Helsinki, Finland, established in 1976. It specializes in providing sustainable financing solutions for projects across the Nordic and Baltic regions. NIB offers a range of loan products, including corporate, sovereign, and sustainability-linked loans, aimed at both private and public sector customers. The bank's mission is to enhance productivity and environmental benefits through its financing solutions. In recent years, NIB has been involved in several significant transactions that align with the renewable energy sector, including debt financing for companies such as European Energy, which focuses on sustainable energy solutions, and LT Energija, which is likely involved in energy production. These transactions indicate NIB's active role in supporting projects that may include biomass energy initiatives, reinforcing its commitment to sustainable development.


6. Lifeline Ventures


Lifeline Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2009. The firm specializes in early-stage investments in startups across various sectors, providing financial backing and advisory services to entrepreneurs. Lifeline Ventures aims to support resilient founders from the inception of their ventures. Among their notable transactions, they have invested in Carbo Culture, a startup that specializes in large-scale CO2 removal using woody waste, which is directly relevant to biomass energy. They also participated in seed funding for P2X Solutions, which may have applications in energy conversion technologies. These investments reflect Lifeline Ventures' interest in innovative solutions that can impact the biomass energy landscape.


7. A.P. Moller - Maersk

  • Website: maersk.com
  • Type: Corporate
  • Headquarters: Copenhagen, Denmark
  • Founded year: 1904
  • Headcount: 10001+
  • Number of deals in 2024: 4
  • LinkedIn: maersk-group

A.P. Møller – Mærsk A/S is a logistics company based in Copenhagen, Denmark, specializing in shipping and logistics services globally. Founded in 1904, the company has evolved to provide comprehensive solutions for shipping, port operations, supply chain management, and warehousing. In recent years, Maersk has also ventured into the biomass energy sector, demonstrating a commitment to sustainability and innovation. They have participated in significant transactions such as investing in Vertoro, a bio-based startup focused on developing Goldilocks® liquid lignin technology, which is crucial for creating sustainable biofuels. Additionally, Maersk has been involved with WasteFuel, a company dedicated to producing bio-methanol from waste, indicating their strategic interest in biofuels and biomass energy solutions. These investments reflect Maersk's broader strategy to integrate sustainable practices into their operations and contribute to the transition towards renewable energy sources.


8. Chalmers Ventures


Chalmers Ventures is a venture builder and tech investor based in Sweden, founded in 2015. They specialize in deep tech innovations and support researchers and entrepreneurs in commercializing their technologies through various programs that provide business guidance, financing, and community networking. Their investment model emphasizes active ownership and helping startups scale in the market. Notably, they have invested in companies like Modvion, which raised significant funding for developing wooden wind turbines, and Swedish Algae Factory, which focuses on algae production. These investments highlight their engagement in the renewable energy sector, particularly in technologies that can intersect with biomass energy solutions.


9. Afry

  • Website: afry.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1895
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: afry

AFRY AB is a consulting and engineering firm based in Stockholm, Sweden, founded in 1895. The company provides a wide range of services including sustainability consulting, digital solutions, and project management across various industries. Recently, AFRY has made significant strides in the renewable energy sector, highlighted by their acquisition of Carelin Oy, a Finnish leader in renewable energy project management, announced on March 1, 2024. This acquisition positions AFRY to enhance its capabilities in managing renewable energy projects, which may include biomass energy initiatives. Additionally, their acquisition of a Dutch renewables consultancy company on February 16, 2023, further underscores their strategic focus on the renewable energy landscape. These transactions indicate that while AFRY operates across various sectors, they are actively engaging in the renewable energy space, which includes biomass energy.


10. Almi Invest

  • Website: almiinvest.se
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2009
  • Headcount: 51-200
  • Number of deals in 2024: 3
  • LinkedIn: almi-invest

Almi Invest is a venture capital firm based in Stockholm, Sweden, founded in 2009. It specializes in providing loans and risk capital to small and medium-sized enterprises (SMEs) in Sweden, along with business development support and strategic guidance to help these businesses grow sustainably. In recent years, Almi Invest has made notable investments in the greentech sector, including transactions with companies like Ecohelix and Modvion. Ecohelix, which raised over $5 million in funding rounds, is involved in innovative energy solutions, while Modvion has attracted significant investment for its development of wooden wind turbines, which aligns with sustainable energy practices. These transactions highlight Almi Invest's active role in supporting companies that contribute to the biomass energy landscape.


11. 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. In 2023, CapMan acquired Dasos Capital Oy, an asset management company focused on sustainable timberland investment, for approximately EUR 41.6 million. This acquisition is expected to enhance CapMan's assets under management by around EUR 630 million and expand its focus into natural capital investments, which may include biomass energy projects. Other notable transactions include the acquisition of NYAB in 2022 and Hydroware Innovation in 2022, although these are less directly related to biomass energy. Overall, CapMan's strategic moves towards sustainable investments position them as a potential player in the biomass energy sector.


12. Aker Solutions

  • Website: akersolutions.com
  • Type: Corporate
  • Headquarters: Fornebu, Akershus, Norway
  • Founded year: 1841
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: aker-solutions

Aker Solutions ASA is a prominent engineering firm based in Fornebu, Akershus, Norway, specializing in energy infrastructure. Founded in 1841, the company has evolved to provide integrated solutions and services for low-carbon oil and gas production, as well as renewable energy projects. Aker Solutions operates globally, leveraging digital technology and strategic partnerships to support clients in the energy sector as they transition to sustainable energy practices. Notably, in September 2024, Aker Solutions acquired 100% of the shares in Alma Clean Power AS, which includes a technology portfolio relevant to clean energy solutions. This acquisition highlights Aker's commitment to expanding its capabilities in the renewable energy sector, particularly in biomass and other sustainable energy technologies. Additionally, Aker Solutions has made several other acquisitions, such as Principle Power, which further demonstrates their strategic focus on enhancing their service offerings in the energy domain.



Biomass Energy Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
EEP AfricaHelsinki, Uusimaa, Finland11-5020100
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
AlmiStockholm, Stockholm, Sweden201-50019947
KatapultOslo, Oslo, Norway11-5020178
Nordic Investment BankHelsinki, Uusimaa, Finland201-500197619
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
A.P. Moller - MaerskCopenhagen, Denmark10001+19044
Chalmers VenturesSweden11-50201526
AfryStockholm, Stockholm, Sweden10001+18951
Almi InvestStockholm, Stockholm, Sweden51-20020093
CapManHelsinki, Uusimaa, Finland51-20019894
Aker SolutionsFornebu, Akershus, Norway10001+18411


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