The biofuel production industry in the Nordics is rapidly advancing, driven by a commitment to sustainability and innovative technology. Companies in this sector specialize in creating renewable fuels that are derived from organic materials, with many exploring pathways like algae, agricultural residues, and waste materials. The industry is characterized by a mix of startups and established firms focused not only on biofuels but also on related services such as consulting and project management. As nations ramp up their climate initiatives, investments in biofuels are anticipated to increase, reflecting the growing demand for cleaner energy alternatives and sustainable practices.


This list features a range of prominent investors actively engaged in the biofuel sector. The compilation includes venture capital firms and corporate entities, headquartered across major Nordic cities such as Stockholm, Helsinki, and Copenhagen. With established firms like Almi and Equinor founded from as early as 1972 to newer players like Yara Growth Ventures established in 2021, investment activities in this space highlight varied deal counts—ranging from 3 to 26 in 2024. These investors collectively support innovative startups and projects, fueling the growth of the biofuel production industry in the region.


Top 13 Biofuel Production Investors in the Nordics


1. 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, founded in 1972 and based in Stavanger, Norway, is a public entity operating in the energy sector with a workforce exceeding 10,000 employees. The company is committed to sustainability and aims to achieve net-zero emissions by 2050. Equinor has diversified its investments across various energy solutions, including oil, gas, and renewable energy. In recent transactions, Equinor has shown interest in innovative energy technologies, such as its participation in Syzygy Plasmonics, which raised significant funding for the development of a photocatalytic reactor. This technology could potentially align with biofuel production, although Equinor's primary focus remains on broader renewable energy initiatives. Additionally, their acquisition of a stake in Ørsted, a leader in renewable energy, further emphasizes their commitment to sustainable energy solutions.


2. 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, that provides loans, risk capital, and business development support to small and medium-sized enterprises. Founded in 1994, Almi aims to enhance the growth and competitiveness of these businesses through tailored financial solutions and guidance. Notably, Almi has been involved in several transactions relevant to the biofuel production sector, including investments in Biofrigas AB, which focuses on biofuels, and C-Green, which has raised significant funding for sustainable energy solutions. Additionally, Almi's investment in Cellfion, a startup developing sustainable membranes for energy storage, further demonstrates its commitment to supporting innovative technologies that align with the goals of biofuel production and sustainability.


3. Business Finland

  • Website: businessfinland.fi
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2018
  • Headcount: 501-1000
  • Number of deals in 2024: 26
  • LinkedIn: business-finland

Business Finland is a public entity based in Helsinki, Uusimaa, Finland, founded in 2018. It plays a crucial role in supporting Finnish companies by providing funding, consulting services, and market opportunities to help them innovate and succeed in global markets. In 2024, Business Finland was involved in 26 investments, including notable transactions in the biofuel sector. For instance, they provided a grant to Ductor, which raised $1,582,124 in 2015, focusing on sustainable solutions in the agricultural sector that can relate to biofuels. Additionally, they supported Solar Foods with a significant grant of $10,483,268 in 2025, a company that produces protein from CO2, which can be linked to sustainable energy solutions. These transactions highlight their engagement in innovative projects that intersect with biofuel production, although their primary mission is broader than just this sector.


4. 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, founded in 1976. It specializes in providing sustainable financing solutions for projects in the Nordic and Baltic regions. NIB offers a variety of loan products, including corporate, sovereign, and sustainability-linked loans, aimed at both private and public sector customers. The bank focuses on enhancing productivity and environmental benefits through its financing solutions. Notably, NIB has been involved in significant debt financing transactions, such as a $73,354,987 raise for European Energy, a company engaged in renewable energy, which may include biofuel production. Other transactions include financing for Lantmännen and LT Energija, both of which are involved in sectors that could intersect with biofuel production. This portfolio reflects NIB's commitment to supporting sustainable projects, including those in the biofuel industry.


5. 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 a workforce of over 10,000 employees and is known for its efficient transportation solutions. In recent years, Maersk has shown a commitment to sustainability and innovation in the logistics sector, which is reflected in its investment activities. Notably, Maersk Growth has invested in WasteFuel, a California-based biofuels company, which raised $10 million in Series B funding to develop bio-methanol plants worldwide. Additionally, Maersk participated in the funding round for Vertoro, a bio-based startup focused on developing liquid lignin technology. These transactions highlight Maersk's strategic interest in the biofuel industry and its efforts to integrate sustainable practices into its operations.


6. Chalmers Ventures


Chalmers Ventures is a venture builder and tech investor based in Sweden, founded in 2015. They focus on deep tech innovations and support researchers and entrepreneurs in commercializing their technology through various programs. Their model emphasizes active ownership and investment in startups, helping them scale and succeed in the market. Notably, they have been involved in funding the Swedish Algae Factory, which raised significant amounts in both venture rounds and convertible notes, indicating their commitment to supporting innovations in biofuel production. Additionally, they have invested in Melt&Marble, although this company is not directly related to biofuels, it showcases their active investment strategy in emerging technologies.


7. 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, providing financial backing and advisory services to entrepreneurs across various sectors. Lifeline Ventures aims to support resilient founders from the inception of their ventures. Among their notable transactions, they have invested in P2X Solutions, which focuses on converting renewable energy into hydrogen and other fuels, and Ductor, which raised funds for sustainable agricultural solutions. Additionally, they participated in funding rounds for Solar Foods, a company that is pioneering the production of protein from air, which has implications for sustainable food and energy production. These investments highlight Lifeline Ventures' commitment to supporting innovative solutions in the energy sector, including biofuels.


8. Nefco - the Nordic Green Bank

  • Website: nefco.int
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1990
  • Headcount: 51-200
  • Number of deals in 2024: 6
  • LinkedIn: nefco

Nefco - the Nordic Green Bank is a not-for-profit organization based in Helsinki, Finland, established in 1990. It focuses on financing green projects and sustainable development, providing loans and equity funding to Nordic SMEs and municipalities in Eastern Europe to help implement environmentally friendly solutions. In 2024, Nefco was involved in several significant transactions, including a loan to Coolbrook to support the commercialization of their RotoDynamic Heater technology, which aims to decarbonize high-temperature industrial processes. Additionally, Nefco participated in funding rounds for Baseload Capital, which is engaged in geothermal energy projects, and Norsepower Oy, which is developing fuel-saving and emissions-reducing technologies. These activities demonstrate Nefco's commitment to supporting innovative solutions that can contribute to the biofuel production sector and broader sustainable energy initiatives.


9. The Footprint Firm


The Footprint Firm is a consulting and investment company based in København, Denmark, founded in 2019. They specialize in sustainability, providing advisory services to organizations looking to enhance their sustainability strategies while also investing in sustainable start-ups. In 2024, The Footprint Firm has been involved in several notable transactions, including a seed round investment in Kvasir Technologies, a venture round for Dynelectro, and a significant investment in Octarine Bio, a synthetic biology platform that has raised €4.3M to scale its products. Additionally, they participated in funding for Reel Energy, a renewable electricity supplier, which indicates their focus on sustainable energy solutions. These activities demonstrate their commitment to investing in innovative companies that contribute to sustainability, including those in the biofuel production space.


10. 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. In recent years, Afry has made several strategic acquisitions to bolster its presence in the renewable energy sector. Notably, they acquired Carelin Oy in March 2024, a Finnish leader in renewable energy project management, which enhances their capabilities in managing projects that may include biofuel production. Additionally, their acquisition of a Dutch renewables consultancy company in February 2023 further emphasizes their commitment to expanding their expertise in renewable energy. These transactions highlight Afry's focus on sustainability and renewable energy, making them a potential investor in the biofuel production industry.


11. 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, with a strong emphasis on business development support and strategic guidance to foster growth and sustainability. Almi Invest has been actively involved in several funding rounds for companies that are engaged in sustainable technologies. Notable transactions include their investment in EnginZyme, which raised €21M in a Series B round, focusing on enzyme technology that can be applied in biofuel production. Additionally, Almi Invest has participated in funding rounds for Ecohelix, which raised over $5M in 2021 and 2022, and the Swedish Algae Factory, which is involved in sustainable aquaculture and biofuel production. These investments highlight Almi Invest's commitment to supporting innovative solutions in the biofuel sector.


12. Alfa Laval

  • Website: alfalaval.com
  • Type: Corporate
  • Headquarters: Lund, Skåne, Sweden
  • Founded year: 1883
  • Headcount: 10001+
  • LinkedIn: alfa-laval

Alfa Laval is a manufacturing and engineering company based in Lund, Skåne, Sweden, specializing in heat transfer, separation, and fluid handling solutions. Founded in 1883, the company serves a variety of industries, including food processing, marine, and pharmaceuticals, with a strong emphasis on innovative technologies that enhance operational efficiency and sustainability. In 2022, Alfa Laval acquired Desmet, a Belgian company known for its engineering and supply of processing plants for the edible oils and biofuel sectors, marking a significant step into the biofuel production industry. This acquisition, which included operational units and brands with a turnover of approximately EUR 300 million in 2021, underscores Alfa Laval's commitment to expanding its capabilities in the biofuel market. Furthermore, Alfa Laval has participated in funding rounds for Malta Inc., a developer of electro-thermal energy storage systems, indicating their interest in sustainable energy solutions that may complement biofuel production.


13. VNT Management

  • Website: vntm.com
  • Type: Venture Capital
  • Headquarters: Vaasa, Ostrobothnia, Finland
  • Founded year: 2002
  • Headcount: 1-10
  • LinkedIn: vnt-management

VNT Management Oy is a venture capital firm based in Vaasa, Ostrobothnia, Finland, founded in 2002. The firm specializes in clean technologies and manages three investment funds totaling €157 million, focusing on early-stage and growth-phase companies in renewable energy and energy-saving technologies. VNT provides funding and advisory services to help startups develop their business models and technologies, primarily in the Nordics and German-speaking countries. Notable transactions include investments in Siqens, a fuel cell company, and Convion, which raised funds for energy solutions. Their involvement with Elcogen, which raised over $3.8 million, further highlights their commitment to innovative energy technologies. Additionally, their participation in funding rounds for Norsepower Oy, a company focused on fuel-saving and emissions-reducing technology, aligns with their clean technology investment strategy.



Biofuel Production Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
EquinorStavanger, Rogaland, Norway10001+19726
AlmiStockholm, Stockholm, Sweden201-50019947
Business FinlandHelsinki, Uusimaa, Finland501-1000201826
Nordic Investment BankHelsinki, Uusimaa, Finland201-500197619
A.P. Moller - MaerskCopenhagen, Denmark10001+19044
Chalmers VenturesSweden11-50201526
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
Nefco - the Nordic Green BankHelsinki, Uusimaa, Finland51-20019906
The Footprint FirmKøbenhavn, Denmark11-5020194
AfryStockholm, Stockholm, Sweden10001+18951
Almi InvestStockholm, Stockholm, Sweden51-20020093
Alfa LavalLund, Skåne, Sweden10001+18830
VNT ManagementVaasa, Ostrobothnia, Finland1-1020020


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