The electric vehicle industry in the Nordics has experienced dynamic growth, fueled by strong governmental support and increasing consumer demand for sustainability. This sector is characterized by manufacturers of EVs, battery technology firms, and charging infrastructure developers, all working collaboratively to shape the future of transportation. Notably, Nordic countries lead in EV adoption rates—Norway has one of the highest market shares globally. With innovations in battery recycling and an ever-expanding network of charging stations, the industry is not just focusing on production; it’s paving the way for a cleaner and more efficient transportation ecosystem.

The investors featured in this list represent a mix of venture capital, private equity, and corporate investment types. Based primarily in Stockholm, several have expanded their reach across the Nordic region. Notable firms were founded as early as 1856, showcasing a long-rooted investment history, while others began as recently as 2020, illustrating a growing trend of new capital into innovative technologies. In 2024, these investors participated in numerous deals, with significant contributions from firms like EQT Group and Lifeline Ventures, reflecting their commitment to the electric vehicle market.

Top 16 Electric Vehicle Investors in the Nordics

1. 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 prominent investment firm based in Stockholm, Sweden, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Founded in 1994, EQT serves institutional investors by providing expertise in managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT Infrastructure has made significant strides in the electric vehicle sector, particularly through its acquisition of InstaVolt, the leading UK electric vehicle charging operator, from Zouk Capital. This acquisition, announced on February 22, 2022, highlights EQT's strategic focus on expanding EV infrastructure. Furthermore, EQT Infrastructure's recent capital raise for InstaVolt, announced on January 15, 2024, aims to support the rollout of ultra-rapid chargers across the UK and Europe, indicating a strong commitment to enhancing electric vehicle charging capabilities. These transactions underscore EQT Group's active role in the electric vehicle industry, particularly in the context of charging infrastructure development.

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, founded in 1994. It specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden, with the goal of enhancing their growth and competitiveness. Almi has been involved in several notable transactions that are relevant to the electric vehicle industry. For instance, they contributed to the funding of Elonroad, a company developing an innovative electric road system designed to support all types of electric vehicles by 2025. Additionally, Almi invested in Granode Materials, which is focused on creating advanced anode materials for energy storage, a critical component for electric vehicles. These investments demonstrate Almi's engagement in the electric vehicle sector, alongside their broader mission to support SMEs.

3. Creandum

• Website: creandum.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2003
• Headcount: 11-50
• Number of deals in 2024: 17
• LinkedIn: creandum

Creandum is a venture capital firm based in Stockholm, Sweden, founded in 2003. The firm specializes in supporting early-stage entrepreneurs in building global, category-defining companies across various sectors, including fintech and health tech. Creandum provides venture capital investment, strategic support, and networking opportunities to startups. Notably, they have made significant investments in the electric vehicle sector, including a $60 million funding round for CAKE Bikes, a Swedish electric motorcycle manufacturer, and participation in funding rounds for VOI Technology, an electric scooter startup. These transactions highlight Creandum's active role in nurturing companies that are shaping the future of transportation through electric mobility.

4. Verdane

• Website: verdane.com
• Type: Private Equity
• Headquarters: Oslo, Oslo, Norway
• Founded year: 1985
• Headcount: 51-200
• Number of deals in 2024: 7
• LinkedIn: verdane-capital

Verdane is a private equity investment firm based in Oslo, Norway, founded in 1985. The firm specializes in growth equity investments in technology-enabled companies, providing capital and hands-on support to help businesses scale. Verdane focuses on digitalization and decarbonization trends, making it a relevant player in the investment landscape. Among their notable transactions, Verdane acquired Nordic Vehicle in June 2021, which is significant as it positions them within the vehicle sector, potentially including electric vehicles. Additionally, their investment in Ecoride e-bikes in 2016 highlights their interest in sustainable transportation solutions. These transactions reflect Verdane's commitment to supporting companies that contribute to the decarbonization of the transportation sector, aligning with the goals of the electric vehicle industry.

5. Volvo Group

• Website: volvogroup.com
• Type: Corporate
• Headquarters: Sweden
• Founded year: 1927
• Headcount: 10001+
• Number of deals in 2024: 4
• LinkedIn: volvo-group

Volvo Group is a leading manufacturing company based in Sweden, specializing in the production of trucks, buses, construction equipment, and marine and industrial engines. Founded in 1927, the company has a strong commitment to sustainability and innovation, which is reflected in its recent investments in the electric vehicle sector. Notably, Volvo Group acquired a 60% stake in Designwerk Technologies, an engineering and production company focused on electro-mobility, allowing it to leverage its expertise for growth in this area. Furthermore, Volvo Group participated in a funding round for Connected Energy, which aims to scale up technology related to second-life batteries, crucial for electric vehicle applications. These transactions highlight Volvo Group's strategic focus on enhancing its electric vehicle capabilities and its commitment to sustainable transportation solutions.

6. 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, that provides 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 enhancing productivity and environmental benefits. Notably, NIB has been involved in significant transactions within the electric vehicle context, such as providing a substantial debt package to Northvolt, which raised $5 billion in 2024 to expand its battery production and recycling facilities. This financing is part of a broader effort by Northvolt to secure over $13 billion for its expansion in Europe and North America, highlighting NIB's commitment to supporting the electric vehicle industry's growth. Additionally, NIB's involvement in other energy-related financing, such as with Latvenergo and European Energy, further underscores its focus on sustainable projects that may intersect with electric vehicle initiatives.

7. Seb

• Website: sebgroup.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1856
• Headcount: 10001+
• Number of deals in 2024: 13
• LinkedIn: seb

Skandinaviska Enskilda Banken AB (SEB) is a leading banking group in Northern Europe, founded in 1856, providing a wide range of financial services including corporate and investment banking, asset management, and private wealth management. SEB serves large corporations, institutional clients, and private individuals, helping them manage their financial assets and navigate investment opportunities. In recent years, SEB has been actively involved in the electric vehicle sector, participating in significant transactions such as Northvolt's $1.6 billion debt financing aimed at battery production for electric vehicles. They also invested in X Shore, which raised approximately $29 million for electric boat development, and Candela, which focuses on electric hydrofoils. Additionally, SEB has supported ROCSYS, a company involved in robotics for electric vehicle charging solutions, and Exeger, which develops solar cell technology that can be integrated into electric vehicles. These transactions highlight SEB's commitment to advancing the electric vehicle industry.

8. 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 focuses on enhancing operational efficiency and sustainable growth for its partners through tailored investment strategies and digital transformation solutions. Altor has been actively involved in various sectors, including technology and consumer products. Notably, they have made significant investments in the electric vehicle context, such as their participation in the development of Vianode, a supplier of sustainable battery materials, which is essential for electric vehicle production. They also acquired a stake in CTEK, a leading advanced battery charger company, which supports the electric vehicle ecosystem. Furthermore, their investment in Svea Solar, a cleantech company, and their involvement in H2 Green Steel, which aims to produce green steel for electric vehicle manufacturing, further demonstrate their commitment to sustainable and innovative solutions in the transportation sector.

9. 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 specializes in providing high-tech products and services across various sectors, including automation, electrification, energy, industrial solutions, and process technology. They serve OEM manufacturers and end-users, enhancing operational efficiency and sustainability through innovative solutions. Notably, Addtech has made several strategic acquisitions that align with the electric vehicle industry. For instance, their acquisition of DMC Digital Motor Control in 2020 positions them in the motor control technology space, which is essential for electric vehicles. Additionally, their acquisition of Solar Supply Sweden in 2014 highlights their commitment to renewable energy solutions, further supporting the electric vehicle ecosystem. These transactions demonstrate Addtech's active role in sectors that are critical to the development and support of electric vehicles.

10. EQT Ventures

• Website: eqtventures.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2015
• Headcount: 11-50
• Number of deals in 2024: 28
• LinkedIn: eqt-ventures

EQT Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2015. The firm specializes in investing in early-stage tech startups, providing not only financial support but also operational assistance to entrepreneurs. With a focus on technology, EQT Ventures connects startups with a global network of industry experts and resources to foster growth and innovation. Notably, EQT Ventures has been actively involved in the electric vehicle sector, particularly through their investments in Einride, a Swedish startup developing autonomous electric trucks. They participated in multiple funding rounds for Einride, including a $200 million Series C round in December 2022, a $110 million Series B round in May 2021, and earlier rounds in 2019 and 2020. Additionally, EQT Ventures has shown interest in battery technology through their involvement with Verkor, a company focused on low-carbon batteries for electric vehicles, which is crucial for the EV industry's growth. This combination of investments highlights EQT Ventures' commitment to advancing electric vehicle technology and infrastructure.

11. Lifeline Ventures

• Website: lifelineventures.com
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2009
• Headcount: 1-10
• Number of deals in 2024: 14
• LinkedIn: 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 focuses on supporting resilient founders from the inception of their ventures. In recent years, they have made significant investments in the electric vehicle sector, including a $13.5 million seed round for Ever, a company dedicated to electric vehicles, and other investments in companies like Vensum Power and Photoncycle, which are involved in sustainable energy solutions. Their active engagement in these transactions highlights their commitment to fostering innovation in the electric vehicle industry and related technologies.

12. Innovation Norway

• Website: innovasjonnorge.no
• Type: Corporate
• Headquarters: Oslo, Oslo, Norway
• Founded year: 2004
• Headcount: 501-1000
• Number of deals in 2024: 8
• LinkedIn: innovasjonnorge

Innovation Norway is a public entity established in 2004 that supports Norwegian businesses through financing, advisory services, and networking opportunities. They focus on fostering innovation and sustainable growth, particularly for startups and companies aiming for international expansion. Their services include grants, loans, and various business development programs. Notably, Innovation Norway has been involved in several transactions relevant to the electric vehicle sector, including a NOK 39M grant to FREYR, a developer of clean battery cells, which is essential for electric vehicle production. Additionally, they provided grants to Vianode, a company focused on battery materials, and participated in debt financing for Morrow Batteries, further emphasizing their commitment to supporting the electric vehicle supply chain.

13. Pale blue dot

• Website: paleblue.vc
• Type: Venture Capital
• Headquarters: Malmo, Skåne, Sweden
• Founded year: 2020
• Headcount: 1-10
• Number of deals in 2024: 9
• LinkedIn: palebluedot-vc

Pale Blue Dot is a venture capital firm based in Malmo, Skåne, Sweden, founded in 2020. The firm specializes in early-stage investments aimed at addressing climate change through innovative solutions. With a portfolio that emphasizes sustainability, Pale Blue Dot has made several notable investments in the electric vehicle sector. For instance, they led a seed funding round for Cosmic Aerospace, which is developing the Skylark, a long-range all-electric regional airplane, showcasing their commitment to electric mobility. Additionally, they have connections to Monta, an EV charging company, which highlights their engagement in the electric vehicle infrastructure space. In 2024 alone, Pale Blue Dot has made nine investments, reflecting their active role in supporting visionary founders and scaling businesses that contribute to a sustainable future.

14. Nordic Capital

• Website: nordiccapital.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1989
• Headcount: 201-500
• Number of deals in 2024: 10
• LinkedIn: nordic-capital

Nordic Capital is a private equity firm based in Stockholm, Sweden, founded in 1989. The firm specializes in investments across various sectors, including healthcare and technology, and has a strong focus on creating long-term value and sustainability in its investments. In recent years, Nordic Capital has made significant moves in the renewable energy and automotive sectors. Notably, they acquired Autocirc, which aims to reduce CO2 emissions in the automotive aftermarket, highlighting their interest in sustainable practices within the automotive industry. Additionally, their acquisition of Sesol, a leading solar PV installer, further demonstrates their commitment to renewable energy solutions. These transactions reflect Nordic Capital's strategy of partnering with management teams to drive growth and operational improvements, particularly in sectors that align with sustainability and innovation.

15. Scania Group

• Website: scania.com
• Type: Venture Capital
• Headquarters: Sweden
• Founded year: 1891
• Headcount: 10001+
• Number of deals in 2024: 6
• LinkedIn: scania

Scania Group, founded in 1891 and based in Sweden, is a leading manufacturer of commercial vehicles, including heavy trucks and buses. The company specializes in providing a range of services such as repair, maintenance, and financial solutions to businesses in the transportation and logistics sectors, ensuring efficient and sustainable operations. In recent years, Scania has demonstrated a strong interest in the electric vehicle sector through various investments. Notably, they led a Series A funding round for CYCLE, a company focused on electric mobility solutions, and participated in the Series B funding for Addionics, which is likely involved in battery technology. Furthermore, Scania's investment in Northvolt, a company dedicated to producing sustainable batteries for electric vehicles, highlights their commitment to supporting the electric vehicle industry. Their backing of Scantinel Photonics, which develops advanced LiDAR technology, also aligns with the technological advancements necessary for the future of electric vehicles. Overall, Scania Group is positioning itself as a key player in the transition to electric mobility.

16. Helen Ventures

• Website: helenventures.fi
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2019
• Headcount: 1-10
• Number of deals in 2024: 7
• LinkedIn: helen-ventures

Helen Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2019. The firm specializes in investing in clean energy technology companies, providing both capital and expertise to support innovative solutions for energy management and electric vehicle infrastructure. Notably, Helen Ventures has invested in EcoG, a Munich-based e-mobility startup that focuses on scaling production of DC charging stations, and Virta, a Finnish electric vehicle charging platform that has secured significant growth funding to expand its operations in Europe and the Asia-Pacific region. These investments highlight Helen Ventures' commitment to enhancing sustainability and reducing carbon emissions through advancements in electric vehicle technology.

Electric Vehicle Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
Almi	Stockholm, Stockholm, Sweden	201-500	1994	7
Creandum	Stockholm, Stockholm, Sweden	11-50	2003	17
Verdane	Oslo, Oslo, Norway	51-200	1985	7
Volvo Group	Sweden	10001+	1927	4
Nordic Investment Bank	Helsinki, Uusimaa, Finland	201-500	1976	19
Seb	Stockholm, Stockholm, Sweden	10001+	1856	13
Altor Equity Partners	Stockholm, Stockholm, Sweden	51-200	2003	6
Addtech AB	Stockholm, Stockholm, Sweden	1001-5000	1906	9
EQT Ventures	Stockholm, Stockholm, Sweden	11-50	2015	28
Lifeline Ventures	Helsinki, Uusimaa, Finland	1-10	2009	14
Innovation Norway	Oslo, Oslo, Norway	501-1000	2004	8
Pale blue dot	Malmo, Skåne, Sweden	1-10	2020	9
Nordic Capital	Stockholm, Stockholm, Sweden	201-500	1989	10
Scania Group	Sweden	10001+	1891	6
Helen Ventures	Helsinki, Uusimaa, Finland	1-10	2019	7

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