The biofuels industry in the Nordics is marked by a strong commitment to sustainability and innovation. Companies operate across various sectors, producing biofuels from biomass, waste, and innovative technologies. With a focus on reducing carbon emissions, firms like Biofrigas AB and C-Green are working to develop cleaner alternatives to traditional fuels. The region's investment in biofuels is fueled by ambitious climate goals and government support, paving the way for advancements. As technologies evolve, the industry is expected to witness growth, bridging the gap between renewable energy and practical solutions for a greener future.


The list of top investors in the biofuels sector showcases venture capital, private equity, and corporate investors primarily from Sweden, Denmark, and Finland. Spanning a range of sizes from 1 to over 10,000 employees, these investors were founded between 1990 and 2015. In 2024, they collectively made notable contributions across 60 investments in the biofuels industry. With each firm bringing unique strategies, their focus on supporting sustainable technologies and renewable energy solutions amplifies their impact in the field.


Top 18 Biofuels 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 through tailored financial solutions and guidance. Notably, Almi has been involved in several transactions relevant to the biofuels industry, including investments in Biofrigas AB, which focuses on biofuels, and C-Green, which has raised significant funding for sustainable technologies. Additionally, Almi's investment in Cellfion, which develops sustainable membranes for energy storage and conversion, aligns with their commitment to supporting green technology initiatives. These transactions highlight Almi's active role in fostering innovation within the biofuels and broader sustainable energy sectors.


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, founded in 1972 and based in Stavanger, Norway, is a public entity operating in the energy sector with a workforce of over 10,000 employees. The company is primarily focused on oil, gas, and renewable energy, with a strong commitment to sustainability and a goal to achieve net-zero emissions by 2050. Equinor has been involved in several significant transactions that highlight its interest in innovative energy solutions. Notably, they participated in the Series B and Series C funding rounds for Syzygy Plasmonics, a company developing photocatalytic reactors, which could have applications in biofuel production. Additionally, Equinor's participation in the Series D funding for Booster, a mobile energy delivery platform, indicates their interest in expanding access to various fuels, potentially including biofuels. These investments reflect Equinor's strategy to diversify its energy portfolio and invest in technologies that support the transition to renewable energy.


3. 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 has made significant investments in the energy sector, including the acquisition of Synagro Technologies, Inc. for an enterprise value of USD 465 million, which focuses on organic residuals management—a key area related to biofuels. Additionally, EQT's acquisition of Midland Cogeneration Venture and its involvement in infrastructure projects like Swedegas highlight its strategic interest in energy markets, further supporting its relevance in the biofuels industry.


4. 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 clean energy financing, providing early-stage grants and support for innovative clean energy projects in Southern and Eastern Africa. The organization aims to enhance energy access and investment, collaborating with various funding partners to facilitate sustainable development in the region. Among its notable transactions, EEP Africa has supported companies like Sistema.bio, which focuses on biogas solutions, and Mandulis Energy, which is involved in renewable energy projects. These investments highlight EEP Africa's commitment to fostering sustainable energy solutions, including those in the biofuels sector.


5. Novo Holdings

  • Website: novoholdings.dk
  • Type: Venture Capital
  • Headquarters: Hellerup, Denmark
  • Founded year: 1999
  • Headcount: 51-200
  • Number of deals in 2024: 45
  • LinkedIn: novo-a-s

Novo Holdings A/S is a not-for-profit investment firm based in Hellerup, Denmark, focused on managing the assets of the Novo Nordisk Foundation. Founded in 1999, it primarily invests in life science companies at various stages of development, providing capital and strategic support to enhance healthcare solutions. In recent years, Novo Holdings has expanded its investment portfolio to include companies in the biofuels and alternative energy sectors. Notable transactions include a $72 million investment in LanzaTech, which specializes in converting carbon emissions into sustainable fuels, and a $118 million investment in Genomatica, known for its bio-based processes for producing chemicals and fuels. Additionally, their investment in Deep Branch Biotechnology, which focuses on alternative feed ingredients, further demonstrates their commitment to sustainable innovations that can impact the biofuels industry. These investments reflect Novo Holdings' strategic approach to supporting companies that contribute to sustainable development and environmental 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, Uusimaa, 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's mission is to enhance productivity and environmental benefits through its financing solutions. Notably, NIB has been involved in several significant transactions, including a $73,354,987 debt financing for European Energy, a company engaged in renewable energy, which may encompass biofuels. This transaction, along with others, highlights NIB's role in supporting projects that contribute to sustainability and environmental goals, further solidifying its relevance in the biofuels investment 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 specializing in shipping and logistics services, operating globally to provide efficient transportation solutions. Founded in 1904 and based in Copenhagen, Denmark, the company has a workforce of over 10,000 employees. In recent years, Maersk has shown a commitment to sustainability and innovation in the logistics sector, which is reflected in their investment activities. They have participated in several funding rounds for biofuels-related companies, including WasteFuel, which raised $10 million in Series B funding to develop bio-methanol plants, and Vertoro, a startup focused on bio-based technologies. These investments highlight Maersk's interest in advancing biofuels as part of their broader strategy to enhance sustainability in their operations.


8. Lifeline Ventures


Lifeline Ventures is a venture capital firm based in Helsinki, Finland, founded in 2009. The firm specializes in early-stage investments in startups across various sectors, providing financial backing and advisory services to resilient founders. Lifeline Ventures has been involved in several notable transactions that align with sustainable practices. For example, they participated in seed funding for Carbo Culture, a startup focused on large-scale CO2 removal, which is relevant to the biofuels industry as it addresses carbon emissions. Additionally, they invested in P2X Solutions, which is involved in converting renewable energy into fuels, and Solar Foods, which is developing an innovative air protein factory. These investments reflect Lifeline Ventures' commitment to supporting technologies that contribute to sustainability and renewable energy solutions.


9. 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, providing business guidance, financing, and community networking. Chalmers Ventures has been actively involved in funding Swedish Algae Factory, which has raised multiple rounds of funding, including a significant venture round in April 2025 and previous rounds in 2022, 2021, and 2018. These investments highlight their engagement in the biofuels sector, particularly in sustainable energy solutions derived from algae, showcasing their commitment to fostering innovations that contribute to environmental sustainability.


10. Copenhagen Infrastructure Partners


Copenhagen Infrastructure Partners (CIP) is a private equity investment management firm based in Copenhagen, Denmark, founded in 2012. The firm specializes in renewable energy projects and manages multiple funds focused on greenfield energy infrastructure, including offshore and onshore wind, solar PV, and energy storage. CIP plays a crucial role in facilitating the transition to a net-zero economy through strategic investments in renewable energy. Notably, in 2024, CIP participated in a significant debt financing round for Aymium, a company focused on biofuel production, raising $210 million. This investment highlights CIP's engagement in the biofuels sector. Additionally, their acquisition of a stake in CWP Global's green hydrogen business and their involvement in other renewable energy projects further demonstrate their commitment to sustainable energy solutions.


11. 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 fund specializes in investing in early-stage companies, particularly in the fields of Deep Tech, Life Science, and Transformative Tech. They provide financial support and strategic guidance to startups, helping them scale their innovative solutions. In recent years, Industrifonden has participated in several funding rounds that align with sustainable and transformative technologies. Notably, they were involved in the Series B funding for EnginZyme, which raised €21M and focuses on biotechnological processes that could be relevant to biofuels. Additionally, they participated in the Seed funding for Novatron, a company working on fusion energy, indicating their interest in innovative energy solutions. These transactions highlight Industrifonden's commitment to supporting companies that may contribute to advancements in the biofuels sector.


12. Kompas Vc

  • Website: kompas.vc
  • Type: Venture Capital
  • Headquarters: Copenhagen, Denmark
  • Founded year: 2021
  • Headcount: 11-50
  • Number of deals in 2024: 7
  • LinkedIn: kompasvc

Kompas Vc is a venture capital firm based in Copenhagen, Denmark, founded in 2021. The firm focuses on funding innovative technologies primarily in the building and manufacturing industries, with a strong emphasis on decarbonization and digital transformation. Kompas Vc supports entrepreneurs who are developing sustainable materials and climate technology, providing essential capital and expertise to help startups grow. Notable transactions include their investment in Found Energy, a cleantech startup that raised $12M to scale technology for industrial production, and Epoch Biodesign, which raised $18.3M in Series A funding. These investments reflect Kompas Vc's commitment to supporting innovative solutions that contribute to sustainability and could potentially impact the biofuels sector.


13. 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 established in 1990, based in Helsinki, Finland. It focuses on financing green projects and sustainable development, providing loans and equity funding to Nordic SMEs and municipalities in Eastern Europe. Nefco plays a crucial role in supporting the growth of green initiatives and addressing climate change challenges through its financial services. In recent transactions, Nefco has been involved in funding innovative technologies that contribute to sustainability. For example, they provided loan financing to Coolbrook to support the commercialization of their RotoDynamic Heater technology, which aims to decarbonize high-temperature industrial processes. Additionally, Nefco participated in a funding round for Norsepower Oy, which is developing fuel-saving and emissions-reducing technology. These investments reflect Nefco's commitment to supporting projects that align with the goals of the biofuels industry, even if they are not exclusively focused on biofuels.


14. 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. They leverage a global network of industry experts to foster growth and innovation. Among their notable transactions, EQT Ventures has invested in Insempra, which raised $20 million in a Series A round in 2024, and ViridiCO2, a UK-based startup focused on carbon capture technology, which secured over €3.3 million in a seed funding round in 2023. These investments highlight EQT Ventures' commitment to supporting technologies that may contribute to sustainable energy solutions, including biofuels.


15. Voima Ventures

  • Website: voimaventures.com
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2019
  • Headcount: 11-50
  • Number of deals in 2024: 11
  • LinkedIn: voima-ventures

Voima Ventures is a venture capital firm based in Helsinki, Finland, founded in 2019. The firm specializes in funding early-stage science-based innovations and deep tech ventures, supporting startups across various sectors, including life sciences and advanced manufacturing. Voima Ventures has been active in the Nordic and Baltic regions, providing capital and expertise to help startups scale their solutions for global challenges. Notably, they have invested in companies like Cellfion, which is developing sustainable membranes for energy storage and conversion, and Origin by Ocean, which focuses on sustainable practices. Their investment in EniferBio, a startup that may relate to sustainable food technologies, further demonstrates their interest in innovative solutions that could intersect with biofuels. Overall, Voima Ventures is positioned as a forward-thinking investor in the sustainability space, making them a relevant player in the biofuels sector.


16. 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 guidance to foster growth and sustainability. Almi Invest has been actively involved in several funding rounds for companies focused on sustainable technologies. Notable transactions include a €21M Series B funding round for EnginZyme, which is involved in sustainable bioprocessing, and participation in funding for the Swedish Algae Factory, which focuses on algae-based solutions that can be relevant to biofuels. Their investments in Ecohelix and NitroCapt also reflect a broader interest in innovative technologies that may contribute to sustainable energy solutions.


17. The Footprint Firm


The Footprint Firm is a consulting and investment company based in København, Denmark, founded in 2019. They focus on sustainability, providing advisory services to organizations looking to develop and implement 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, which raised approximately $3.25 million, and a venture round investment in Dynelectro, which raised over $11.9 million. They also participated in a funding round for Octarine Bio, a synthetic biology platform that has raised a total of €12 million, indicating their interest in innovative technologies that could intersect with biofuels. Furthermore, their involvement with Reel Energy, a renewable electricity supplier, highlights their commitment to supporting sustainable energy solutions. Overall, The Footprint Firm's investment activities reflect a strong alignment with sustainability and renewable energy initiatives, including biofuels.


18. Climentum Capital

  • Website: climentum.com
  • Type: Venture Capital
  • Headquarters: Copenhagen, Denmark
  • Founded year: 2022
  • Headcount: 1-10
  • Number of deals in 2024: 4
  • LinkedIn: climentum

Climentum Capital is a venture capital firm based in Copenhagen, Denmark, founded in 2022. The firm specializes in investing in early-stage companies that are champions of decarbonization, providing funding and support for hardware and deep-tech solutions aimed at reducing CO2 emissions. Their portfolio includes notable transactions such as a $5 million Series A investment in Entocycle, a UK insect technology company that focuses on expanding its black soldier fly farms and waste management facilities, which can play a role in sustainable biofuel production. Additionally, they led a Seed funding round for Novatron Fusion Group, a fusion energy company, and participated in various other funding rounds that align with their mission to support innovative technologies in the climate tech sector.



Biofuels Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
AlmiStockholm, Stockholm, Sweden201-50019947
EquinorStavanger, Rogaland, Norway10001+19726
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
EEP AfricaHelsinki, Uusimaa, Finland11-5020100
Novo HoldingsHellerup, Denmark51-200199945
Nordic Investment BankHelsinki, Uusimaa, Finland201-500197619
A.P. Moller - MaerskCopenhagen, Denmark10001+19044
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
Chalmers VenturesSweden11-50201526
Copenhagen Infrastructure PartnersCopenhagen, Denmark501-100020129
IndustrifondenStockholm, Stockholm, Sweden11-5019799
Kompas VcCopenhagen, Denmark11-5020217
Nefco - the Nordic Green BankHelsinki, Uusimaa, Finland51-20019906
EQT VenturesStockholm, Stockholm, Sweden11-50201528
Voima VenturesHelsinki, Uusimaa, Finland11-50201911
Almi InvestStockholm, Stockholm, Sweden51-20020093
The Footprint FirmKøbenhavn, Denmark11-5020194
Climentum CapitalCopenhagen, Denmark1-1020224


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