The energy efficiency industry in the Nordics focuses on reducing energy consumption and minimizing waste across various sectors. Companies range from startups developing innovative technology to established firms offering energy management solutions. This sector plays a significant role in addressing climate change, with a strong emphasis on sustainable practices. The region's commitment to renewable resources and energy-efficient technologies is evidenced by increasing investments and government support. Interesting developments include smart grid innovations and IoT applications that optimize energy use in homes and industries. As the demand for climate solutions grows, the industry is poised for further expansion.


The list features a mix of investors, including corporate, venture capital, and private equity firms, headquartered in cities like Stockholm, Oslo, and Helsinki. Founded between 1906 and 2018, these firms vary in size, ranging from under 50 employees to over 10,000. In 2024, their collective investments totaled 142 transactions, highlighting their active roles in the energy efficiency sector. Their varied backgrounds and investment strategies showcase a strong commitment to supporting innovative solutions that drive sustainability forward.


Top 14 Energy Efficiency Investors in the Nordics


1. 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. In recent years, Almi has been involved in several transactions, including investments in companies like Econans, which raised approximately $1,289,994 in a venture round in June 2023. Although the specific focus of these companies is not always clear, the potential for energy efficiency innovations exists within the portfolio of SMEs that Almi supports. Other notable transactions include investments in EasyServ and Enrad AB, which may also align with energy efficiency initiatives, although further details on their specific focus areas are needed.


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 Group has made significant investments in companies that align with energy efficiency and sustainability goals. For instance, their acquisition of GETEC in 2017 highlights their focus on energy services, which includes energy efficiency solutions. Additionally, the acquisition of Adven in 2012 further emphasizes their commitment to sustainable energy solutions. These strategic investments reflect EQT Group's role in promoting energy efficiency within their broader investment strategy.


3. 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, Rogaland, Norway, operating primarily in the energy sector with a focus on oil, gas, and renewable energy. Founded in 1972, the company has over 10,000 employees and is committed to sustainability, aiming to become a net-zero emissions entity by 2050. Equinor serves a diverse customer base, including governments and industries, providing energy solutions that address climate challenges while ensuring energy security. Notably, Equinor has been involved in several transactions relevant to energy efficiency, such as investing in Mainspring Energy, which raised significant funding in Series C and Series D rounds, focusing on innovative energy technologies. Additionally, their investment in BrightSource Energy, which raised $115 million in Series C, highlights their interest in solar energy solutions. These investments reflect Equinor's strategic direction towards enhancing energy efficiency and supporting the transition to sustainable energy systems.


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 focus on tech startups that address global challenges, providing investment, accelerator programs, and mentorship to early-stage companies. Katapult has been involved in several relevant transactions, particularly in the energy efficiency sector. Notably, they participated in a $1.3 million pre-Series A funding round for Wattnow, a Tunis-based IoT smart energy management solution, which aims to enhance energy efficiency. This investment reflects Katapult's commitment to supporting innovative solutions in the climate-tech space, making them a significant player in the energy efficiency investment landscape.


5. Instalco

  • Website: instalco.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2014
  • Headcount: 1001-5000
  • Number of deals in 2024: 2
  • LinkedIn: instalco

Instalco is a corporate investor based in Stockholm, Sweden, specializing in installation and consulting services across various sectors, including plumbing, electrical, ventilation, and industrial services. Founded in 2014, Instalco operates through a decentralized model, allowing local companies to maintain their identity while benefiting from shared resources and best practices. In recent years, Instalco has made several strategic acquisitions to enhance its capabilities in the energy efficiency sector. Notably, the acquisition of VentPartner i Sverige AB in 2020, which specializes in complete ventilation solutions, strengthens Instalco's position in providing energy-efficient solutions. Additionally, their acquisition of URD Klima Sandnes AS in 2023 further expands their footprint in Norway, allowing them to offer energy-efficient climate control solutions. These transactions reflect Instalco's commitment to improving energy efficiency in the construction and industrial sectors, making them a relevant player in this investment category.


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 that provide business guidance, financing, and community networking. Chalmers Ventures emphasizes active ownership and investment in startups, helping them scale and succeed in the market. Notably, they have been involved in several transactions relevant to energy efficiency, particularly with Metry AB, a Swedish energy tech company that has raised significant funding to accelerate growth and reduce CO2 emissions in the real estate sector. Their investments in Metry, including multiple funding rounds, highlight their commitment to supporting technologies that contribute to energy efficiency and sustainability.


7. 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 for projects across 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's mission is to improve productivity and environmental benefits through its financing solutions. Recent transactions highlight NIB's involvement in significant energy-related projects, such as a $5 billion debt financing for Northvolt to expand its battery production and recycling capabilities, which are crucial for energy efficiency in the electric vehicle sector. Additionally, NIB has supported other energy companies like Keravan Energia and Latvenergo, further emphasizing its commitment to financing projects that enhance energy efficiency and sustainability.


8. 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 established in 2018 that supports Finnish companies in their growth and internationalization efforts. It offers funding, consulting services, and market opportunities to help businesses innovate and succeed in global markets. Notably, Business Finland has been involved in several transactions relevant to energy efficiency, including a significant investment in Vensum Power, which raised €3.8 million in a seed funding round that included a €1.7 million R&D loan and €400k in deep tech funding from Business Finland. This funding is aimed at developing and testing Vensum's energy technology. Additionally, Business Finland has supported climate analytics startups like 720 Degrees, which focuses on climate-related data and analytics, further emphasizing its commitment to fostering innovation in the energy efficiency sector.


9. Bravida

  • Website: bravida.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2000
  • Headcount: 10001+
  • LinkedIn: bravida

Bravida is a corporate investor based in Stockholm, Sweden, specializing in technical services that include the installation and maintenance of electrical, heating, sanitation, ventilation, and security systems. Founded in 2000, Bravida operates across the Nordic region, serving property owners and facility managers to ensure that essential systems function reliably and efficiently. In recent years, Bravida has made several strategic acquisitions to enhance its service offerings in the energy efficiency context. For instance, the acquisition of KT Elektric A/S in Denmark aims to strengthen their capabilities in electrical services and building automation, which are crucial for energy efficiency. Additionally, the acquisition of Profire Sprinkler AB, a leading installation and service company, further positions Bravida to improve energy efficiency in the Mälardalen region of Sweden. These transactions reflect Bravida's commitment to expanding its role in the energy efficiency sector.


10. Indutrade Life Science

  • Website: indutrade.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1978
  • Headcount: 1001-5000
  • Number of deals in 2024: 14
  • LinkedIn: indutrade-life-science

Indutrade Life Science is a corporate investor based in Stockholm, Sweden, founded in 1978. The company is part of an industrial group that focuses on developing and acquiring companies with high technical expertise across various technology and industrial sectors. Indutrade emphasizes long-term relationships with its customers and operates through a decentralized structure, allowing its subsidiaries to maintain independence while benefiting from the group's resources. Notably, Indutrade has made significant acquisitions that align with energy efficiency, such as Abelko Innovation, which specializes in energy measurement and building automation solutions, and OCI B.V., which focuses on customized assemblies for energy and water applications. These strategic moves highlight Indutrade's commitment to enhancing its capabilities in the energy efficiency domain, thereby reinforcing its position as a relevant investor in this sector.


11. 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 strong focus on enhancing operational efficiency and sustainable growth for its partners. Notably, Altor has been involved in significant transactions that align with energy efficiency initiatives. In 2022, they acquired a majority stake in Nordic Climate Group, a leading services and solutions provider in the cooling and heating industry in the Nordics, which had pro forma revenues of approximately 2.2 billion SEK. Furthermore, in 2024, Altor led a €145 million Series B funding round for Aira, a company dedicated to accelerating the electrification of residential heating in Europe. This funding is aimed at expanding Aira's platform across Europe, highlighting Altor's commitment to investing in energy-efficient technologies and solutions.


12. 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. Their clients include businesses and organizations seeking to enhance efficiency and sustainability in their operations. Recently, Afry has made several strategic acquisitions to bolster its capabilities in the energy sector. Notably, in March 2023, they acquired Blix Consultancy, which specializes in renewables, particularly in the offshore and onshore wind energy market. This acquisition aims to strengthen Afry's competence and consulting services, allowing them to cover the entire project life-cycle of wind farms. Other acquisitions, such as Evolve Technology Sweden, Trivalo AB, Simosol Oy, and ProTAK, further enhance their digital offerings and position in smart solutions, which are essential for improving energy efficiency across various sectors.


13. Vattenfall


Vattenfall is a corporate investor based in Solna, Stockholm, Sweden, founded in 1909. As a major energy company, Vattenfall specializes in the production and retail of electricity and heat, serving both businesses and consumers. The company is dedicated to providing sustainable energy solutions aimed at reducing dependency on fossil fuels, with a clear commitment to achieving fossil freedom by 2040. Vattenfall has been involved in several significant transactions that reflect its focus on energy efficiency and sustainability. For instance, the acquisition of DELTA Energie in 2019 allowed Vattenfall to enhance its fossil-free energy offerings in the Netherlands. More recently, the acquisition of Warmtebedrijf Rotterdam in 2023 for SEK 239 million aims to ensure reliable heat delivery at affordable prices, leveraging port heat from energy-intensive industries. Additionally, Vattenfall has participated in funding rounds for initiatives like Carbon Trust and Northvolt, which are focused on innovative energy technologies and sustainability. These activities underscore Vattenfall's commitment to energy efficiency and its role as a proactive investor in the energy sector.


14. Addtech AB

  • Website: addtech.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1906
  • Headcount: 1001-5000
  • Number of deals in 2024: 9
  • LinkedIn: addtech-ab

Addtech AB is a corporate investor based in Stockholm, Sweden, founded in 1906. The company operates as a technology solutions provider, specializing in high-tech products and services across various sectors, including automation, electrification, energy, industrial solutions, and process technology. Addtech serves OEM manufacturers and end-users, helping them enhance operational efficiency and sustainability through innovative solutions. In recent years, Addtech has made several strategic acquisitions that underscore its commitment to energy efficiency. For instance, the acquisition of TLS Energimätning in July 2018 suggests a focus on energy measurement and management, which is crucial for optimizing energy use. Additionally, the acquisition of Duelco A/S in June 2018, a supplier of electrical distribution products, further emphasizes Addtech's role in enhancing energy efficiency through improved electrical solutions. These transactions reflect Addtech's dedication to investing in technologies that support sustainability and operational efficiency.



Energy Efficiency Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
AlmiStockholm, Stockholm, Sweden201-50019947
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
EquinorStavanger, Rogaland, Norway10001+19726
KatapultOslo, Oslo, Norway11-5020178
InstalcoStockholm, Stockholm, Sweden1001-500020142
Chalmers VenturesSweden11-50201526
Nordic Investment BankHelsinki, Uusimaa, Finland201-500197619
Business FinlandHelsinki, Uusimaa, Finland501-1000201826
BravidaStockholm, Stockholm, Sweden10001+20000
Indutrade Life ScienceStockholm, Stockholm, Sweden1001-5000197814
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
AfryStockholm, Stockholm, Sweden10001+18951
VattenfallSolna, Stockholm, Sweden10001+19090
Addtech ABStockholm, Stockholm, Sweden1001-500019069


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