The energy storage industry in the Nordics is rapidly evolving, driven by a growing emphasis on sustainability and renewable energy integration. This sector includes battery developers, technology innovators, and financial institutions that back transformative projects aimed at supporting energy transition goals. Companies here are advancing solutions like grid-scale batteries and efficient energy management systems, crucial for accommodating fluctuating renewable energy sources like wind and solar. With ambitious regional targets for carbon neutrality, the Nordics are poised to lead in energy storage advancements, harnessing innovation to tackle climate change while enhancing energy security and reliability across the grid.


The list features 19 prominent investors in the Nordic energy storage sector, representing a mix of corporate entities, private equity firms, and venture capitalists. These companies are primarily located in major cities like Stockholm, Oslo, and Helsinki, and vary in size from small teams to large corporations with thousands of employees. Each investor was founded between 1856 and 2018, collectively making 511 investments in 2024, underscoring a robust interest in advancing renewable energy through energy storage solutions. The diverse strategies and capital infusion reflect the dynamic investment landscape in the energy innovation arena.


Top 19 Energy Storage 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 is a public entity operating in the energy sector, focusing on oil, gas, and renewable energy. Founded in 1972 and based in Stavanger, Norway, Equinor has a workforce of over 10,000 employees. The company is committed to sustainability and aims 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 made significant investments in the energy storage sector, including a 45% stake in Noriker Power Ltd, a UK battery storage developer, which highlights its strategic interest in the growing battery storage market. Additionally, Equinor has invested in renewable energy companies such as Scatec Solar ASA and Ørsted, further emphasizing its commitment to diversifying its energy portfolio and enhancing its presence in the renewable energy landscape.


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 provides loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden, aiming to enhance their growth and competitiveness through tailored financial solutions. Almi Invest, a branch of Almi, has been involved in several significant transactions within the energy storage sector. For instance, they participated in funding rounds for Granode Materials, which is developing next-generation anode materials for energy storage, and Cellfion, a startup focused on sustainable membranes for energy storage and conversion devices. Additionally, Almi Invest Green Tech was involved in the funding of CorPower Ocean, which, while primarily focused on wave energy, is part of the broader renewable energy landscape that intersects with energy storage solutions. These investments highlight Almi's commitment to supporting innovative technologies in the energy storage market.


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 private equity investment firm based in Stockholm, Sweden, founded in 1994. The firm specializes in various investment sectors, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by providing expertise in managing diverse investment portfolios across multiple sectors and geographies. Recently, EQT has made significant strides in the energy storage sector, highlighted by their acquisition of Statera Energy, which focuses on battery storage and flexible generation in the UK. They also acquired Madison Energy Investments, aligning with their strategy to invest in renewable energy. Furthermore, EQT's acquisition of Cypress Creek Renewables, a developer of solar and storage solutions, showcases their commitment to expanding operations in the renewable energy and energy storage markets. These transactions reflect EQT's proactive approach to investing in the energy transition and energy storage solutions.


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 through investment, accelerator programs, and mentorship. Katapult has been actively involved in various sectors, including climate-tech and ocean-tech. Notably, they participated in funding rounds for Mocean Energy, a company pioneering wave energy technologies, and Solfium, which is likely focused on solar energy solutions. These transactions highlight Katapult's commitment to investing in innovative energy technologies that can contribute to sustainable energy solutions, making them a significant player in the energy investment landscape.


5. HitecVision

  • Website: hitecvision.com
  • Type: Private Equity
  • Headquarters: Stavanger, Rogaland, Norway
  • Founded year: 1985
  • Headcount: 51-200
  • LinkedIn: hitecvision

HitecVision is a private equity investment firm based in Stavanger, Rogaland, Norway, founded in 1985. The firm specializes in the European energy sector, focusing on providing institutional capital to energy production and infrastructure projects. HitecVision emphasizes sustainability and the energy transition, managing private equity funds and partnering with various stakeholders to drive growth in renewable energy and related industries. Notable transactions include the acquisition of CapeOmega in 2014, which indicates their active role in energy investments. They also participated in equity financing for Noreco, a Norwegian energy company, alongside other investors, showcasing their collaborative approach in the energy sector. Additionally, HitecVision has been involved in funding rounds for companies like Hafslund Oslo Celsio, Hav Energy, and Aneo, which are likely engaged in renewable energy initiatives, further aligning with their investment strategy focused on sustainable energy solutions.


6. 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 to support Finnish companies in their growth and internationalization efforts. Founded in 2018, it offers funding, consulting services, and market opportunities to help businesses innovate and succeed in global markets. In 2024, Business Finland has been involved in 26 investments, including significant contributions to the energy sector. Notably, it participated in a €3.8 million seed funding round for Vensum Power, which focuses on energy storage technology, providing a €1.7 million R&D loan and €400k in deep tech funding. This investment aims to further develop and test Vensum's technology, highlighting Business Finland's role in promoting advancements in energy storage. Additionally, while it has also engaged in grants for other companies like Virta and Grafintec, its direct involvement in energy storage-related transactions positions it as a relevant investor in this field.


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 established in 1976, headquartered in Helsinki, Uusimaa, Finland. 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 focuses on enhancing productivity and environmental benefits through its financing solutions. Notably, NIB has been involved in significant transactions in the energy storage sector, such as providing a substantial debt package for Northvolt, which raised $5 billion to expand its battery production and recycling capabilities. This investment is part of a larger trend where NIB supports projects that contribute to energy storage and sustainability, further solidifying its role as a relevant investor in this field.


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 specializes in enhancing operational efficiency and sustainable growth for its partners through tailored investment strategies and digital transformation solutions. Altor has been involved in several significant transactions in the energy sector, notably acquiring NorthStar Battery in 2007, which specializes in high-performance batteries and standby power systems, highlighting their engagement in energy storage. More recently, in 2022, Altor acquired a significant minority stake in Svea Solar, a cleantech company, further indicating their interest in sustainable energy solutions. Additionally, their investment in OX2, a renewable energy developer, showcases their broader commitment to the energy sector, including areas that may involve energy storage technologies.


9. 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. Their model emphasizes active ownership and investment in startups, helping them scale and succeed in the market. Notably, Chalmers Ventures has been involved in several transactions that align with energy storage and sustainability, such as TRINE, which raised significant funding in both 2017 and 2024, focusing on renewable energy solutions. Additionally, their investment in Minesto, which raised over $16 million in post-IPO equity, highlights their commitment to innovative energy technologies. These transactions reflect their engagement in sectors that are relevant to energy storage, making them a noteworthy investor in this space.


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's clients are primarily institutional investors seeking sustainable investment opportunities. They play a crucial role in facilitating the transition to a net-zero economy through strategic investments in renewable energy. Notably, CIP has made significant strides in the energy storage sector, exemplified by their recent acquisition of a majority stake in Elgin Energy for £250 million, aimed at enhancing its development portfolio in solar and storage projects. This transaction underscores their commitment to integrating energy storage solutions into their investment strategy. Additionally, their involvement in various renewable energy projects, such as the acquisition of Mulilo Wind Enterprises, further demonstrates their focus on sustainable energy solutions.


11. Innovation Norway


Innovation Norway is a public entity established in 2004, based in Oslo, Norway, 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 energy storage sector, including a NOK 39M grant to FREYR, a developer of clean battery cells, and support for Morrow Batteries, which raised significant debt financing for battery production. Additionally, they have provided grants to other companies like Cartesian and Skyfri, further emphasizing their commitment to advancing energy storage technologies.


12. 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 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 significant strides in the energy storage sector, acquiring companies such as Fey Elektronik GmbH, which specializes in customized battery solutions, and Cell Pack Solutions Ltd, known for its battery solutions. These acquisitions reflect Addtech's strategic intent to strengthen its position in the European battery market and enhance its offerings in energy storage solutions. The company's focus on electrification and energy solutions positions it well within the energy storage industry.


13. Vattenfall


Vattenfall is a leading energy company based in Solna, Stockholm, Sweden, specializing in the production and retail of electricity and heat. Founded in 1909, Vattenfall serves both businesses and consumers with a strong commitment to sustainable energy solutions aimed at reducing dependency on fossil fuels. The company is focused on achieving fossil freedom by 2040 and is actively pursuing innovative energy technologies and partnerships. Notably, Vattenfall has made significant investments in the energy storage sector, including the acquisition of WSK Puls, which is developing a 400MW pumped hydro project in Germany. This acquisition enhances Vattenfall's capabilities in renewable energy and pumped storage systems. Additionally, Vattenfall has been involved in various other transactions, such as the acquisition of Nuon and DELTA Energie, which further solidify its position in the energy market and its commitment to expanding its fossil-free energy offerings.


14. 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 involved in notable transactions within the energy sector, including a significant $1.6 billion debt financing for Northvolt, a company focused on battery manufacturing essential for energy storage solutions. Additionally, SEB participated in Exeger's fundraising efforts, which raised approximately SEK 400 million to support the rollout of their innovative Powerfoyle® technology, further emphasizing their commitment to energy-related investments. Other transactions include investments in CorPower Ocean and Qvantum, both of which are engaged in energy solutions that could complement energy storage systems.


15. Swedish Energy Agency


The Swedish Energy Agency (Energimyndigheten) is a public entity based in Eskilstuna, Sweden, established in 1998. It plays a crucial role in guiding energy management and promoting sustainability across various sectors. The agency focuses on enhancing energy efficiency, supporting renewable energy sources, and fostering research and innovation in energy technologies. In recent years, the agency has been involved in significant transactions that highlight its commitment to energy storage. For instance, it provided an $8.4 million grant to Enerpoly, a company innovating in zinc-ion battery technology, to help demonstrate their patented technology and establish a megafactory for battery production. This grant is part of the agency's broader strategy to support the transition to a sustainable energy system. Additionally, the agency has previously funded Enerpoly with smaller grants and has also supported other energy-related projects, showcasing its active role in the energy storage landscape.


16. Ferd AS

  • Website: ferd.no
  • Type: Private Equity
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1998
  • Headcount: 51-200
  • LinkedIn: ferd-as

Ferd AS is a private equity investment company based in Oslo, Norway, founded in 1998. The firm focuses on creating lasting value through diverse business activities, including investment management, real estate development, and support for social entrepreneurs. Ferd AS has made significant investments in the energy sector, particularly in companies that are involved in renewable energy and energy services. Notable transactions include their investment in Aibel, a company specializing in offshore wind and energy services, where they jointly acquired all shares in a deal valued at approximately 1.5 billion NOK. Additionally, Ferd AS participated in the Series A funding round for Wind Catching Systems, which aims to develop and commercialize innovative offshore wind technologies. These investments highlight Ferd AS's commitment to enhancing growth and impact in the energy sector, making them a relevant player in the energy storage landscape.


17. Lifeline Ventures


Lifeline Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2009. The firm specializes in early-stage investments, providing financial backing and advisory services to startups across various sectors. Lifeline Ventures focuses on supporting resilient founders from the inception of their ventures. In recent years, they have been involved in several transactions relevant to the energy storage context, including investments in Photoncycle, which raised over $5 million in 2024, and Vensum Power, which secured over $2 million in 2023. Additionally, they invested in P2X Solutions, which raised approximately $2.4 million in 2021. These investments highlight Lifeline Ventures' engagement with innovative companies that are likely contributing to advancements in energy storage technologies.


18. 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 is dedicated to investing in clean energy technology companies, providing both capital and expertise to help businesses develop innovative solutions for energy management and electric vehicle infrastructure. Their portfolio includes notable investments in companies like Renewabl and Virta, which focus on enhancing sustainability and reducing carbon emissions. In 2023, Helen Ventures participated in a funding round for Voltfang, a startup that raised €5 million to scale its energy storage solutions using second-life EV batteries. Additionally, they co-invested in enspired, a company that secured €25.5 million in Series B funding to expand battery storage capacity across power markets. These transactions highlight Helen Ventures' commitment to supporting advancements in energy storage technology.


19. 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 firm 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 been involved in several transactions relevant to the energy sector. For instance, they co-led a seed funding round for Peafowl Plasmonics, which is developing transparent solar power technology aimed at replacing traditional batteries and cables. Additionally, they participated in the seed funding for Novatron, a fusion energy company, which is working on pre-commercial prototypes in the energy space. Their investment in Sol Voltaics, a company focused on solar technology, further highlights their commitment to supporting innovative energy solutions. Overall, Industrifonden's focus on transformative technologies aligns with the evolving landscape of energy storage and renewable energy solutions.



Energy Storage Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
EquinorStavanger, Rogaland, Norway10001+19726
AlmiStockholm, Stockholm, Sweden201-50019947
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
KatapultOslo, Oslo, Norway11-5020178
HitecVisionStavanger, Rogaland, Norway51-20019850
Business FinlandHelsinki, Uusimaa, Finland501-1000201826
Nordic Investment BankHelsinki, Uusimaa, Finland201-500197619
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
Chalmers VenturesSweden11-50201526
Copenhagen Infrastructure PartnersCopenhagen, Denmark501-100020129
Innovation NorwayOslo, Oslo, Norway501-100020048
Addtech ABStockholm, Stockholm, Sweden1001-500019069
VattenfallSolna, Stockholm, Sweden10001+19090
SebStockholm, Stockholm, Sweden10001+185613
Swedish Energy AgencyEskilstuna, Södermanland, Sweden201-50019984
Ferd ASOslo, Oslo, Norway51-20019980
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
Helen VenturesHelsinki, Uusimaa, Finland1-1020197
IndustrifondenStockholm, Stockholm, Sweden11-5019799


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