The renewable natural gas industry in the Nordics is rapidly evolving, focusing on sustainable energy solutions derived from organic waste and residues. Companies in this sector include biogas producers, technology developers, and energy firms harnessing waste-to-energy processes. These entities aim not only to reduce greenhouse gas emissions but also to contribute to energy independence across the region. With governmental support and an increasing demand for green energy, innovations in biogas technologies are pushing the industry forward. The next few years promise exciting developments, including integration with more renewable sources, making the Nordics a pivotal player in the European energy transition.


This list highlights 19 investors heavily engaged in the Nordic renewable natural gas sector. They include prominent corporate, private equity, and venture capital firms headquartered in locations like Helsinki, Stockholm, and Oslo. Established between 1972 and 2021, these firms vary in size from small boutique operations to large organizations with over 5,000 employees. In 2024, these investors completed numerous deals, with standout participants like EQT Group and Almi delivering substantial investments, which reflect their commitment to advancing sustainable energy initiatives fervently.


Top 19 Renewable Natural Gas 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 strong focus on oil, gas, and renewable energy. 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. In recent years, Equinor has made significant investments in the renewable energy sector, including acquiring a 10% stake in Ørsted, a leading renewable energy company, for $2.3 billion. Additionally, Equinor has participated in funding rounds for Mainspring Energy, raising substantial amounts in Series C and D, which focus on innovative energy solutions. They also invested in Sapphire Technologies, a company developing energy recovery systems, indicating their interest in technologies that can enhance energy efficiency and sustainability. These transactions highlight Equinor's strategic shift towards renewable energy and their potential role in the renewable natural gas market.


2. 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 focuses on 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. Notably, EEP Africa has been involved in several transactions that are relevant to the renewable natural gas sector, including investments in companies like Sistema.bio, which specializes in biogas solutions, and The Waste Transformers, which focuses on converting waste into energy. These transactions highlight EEP Africa's commitment to supporting projects that contribute to the renewable natural gas industry and sustainable energy solutions.


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 managing diverse investment portfolios across multiple sectors, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT Group has been actively involved in significant transactions within the energy sector, such as the acquisition of Swedegas, which aims to enhance the Swedish gas market, and the acquisition of Covanta, a leading waste-to-energy firm, for $5.3 billion. These transactions reflect EQT's strategic focus on energy infrastructure and sustainability, positioning them as a relevant player in the renewable energy landscape. Furthermore, their investment in EEW Energy from Waste further emphasizes their commitment to energy solutions that align with environmental sustainability goals.


4. 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, aiming to enhance their growth and competitiveness. Among its notable transactions, Almi has invested in Biofrigas AB, a company focused on producing renewable natural gas, and C-Green, which is involved in innovative waste-to-energy solutions that can contribute to the renewable energy landscape. These investments highlight Almi's engagement in the renewable energy sector, particularly in areas related to renewable natural gas.


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 may have implications for energy infrastructure, and investments in Hafslund Oslo Celsio and Hav Energy, both of which are involved in energy ventures that could relate to renewable energy initiatives. Additionally, their participation in the funding of Noreco highlights their commitment to supporting energy companies, further indicating their potential relevance in the renewable natural gas sector.


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. 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 enhance productivity and environmental benefits through its financing solutions. In 2024, NIB was involved in several significant debt financing transactions, including a $73.4 million raise for European Energy, which is known for its focus on renewable energy projects. Additionally, NIB financed Å Energi with a $94.3 million debt transaction, further indicating its involvement in the energy sector. These transactions highlight NIB's commitment to supporting sustainable energy initiatives, which may encompass renewable natural gas projects.


7. 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 active in various sectors, including technology and consumer products, but has also made significant strides in the renewable energy sector. Notably, they acquired a 30% stake in OX2 AB, a Swedish renewable energy developer managing 38 wind parks with a total capacity of 2.1 GW. This investment highlights their commitment to renewable energy initiatives. Additionally, Altor led a €1.5 billion equity funding round for H2 Green Steel, aimed at constructing a large-scale green steel plant, which aligns with sustainable industrial practices. These transactions demonstrate Altor's involvement in the renewable energy landscape, making them a potential contributor to the renewable natural gas sector.


8. 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 capabilities in the renewable energy sector. Notably, they acquired a Dutch renewables consultancy company in February 2023, which enhances their expertise in renewable energy projects. Additionally, in June 2021, they acquired Numerola Oy, a leading provider of digital solutions specifically for wind power, indicating their commitment to advancing renewable energy technologies. These transactions reflect AFRY's focus on sustainability and their potential involvement in renewable natural gas initiatives, making them a relevant player in the renewable energy investment landscape.


9. 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 resilient founders. Lifeline Ventures has been actively involved in several transactions that align with renewable energy and sustainability. Notably, they participated in funding rounds for Carbo Culture, a startup focused on large-scale CO2 removal, which is crucial for addressing climate change and can be linked to renewable natural gas initiatives. Additionally, their investment in P2X Solutions, which raised funds for converting renewable energy into gas, further emphasizes their engagement in the renewable energy sector. With 14 investments in 2024 alone, Lifeline Ventures demonstrates a proactive approach to supporting innovative companies that contribute to a sustainable future.


10. 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 expanded its investment portfolio to include renewable energy initiatives. Notably, they participated in funding rounds for WasteFuel, a biofuels company focused on developing bio-methanol plants, and Blue World Technologies, which specializes in methanol fuel cells. These investments reflect Maersk's strategic interest in renewable energy and its potential role in the renewable natural gas sector, showcasing their commitment to sustainability and innovation in energy solutions.


11. 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, founded in 1990. It specializes in financing green projects and sustainable development, providing loans and equity funding primarily to Nordic small and medium-sized enterprises (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 2024, Nefco was involved in several transactions, including a significant investment in Baseload Capital, which raised over $58 million in a Series B round. Baseload Capital focuses on geothermal energy projects, and Nefco's participation in this funding round highlights its commitment to sustainable energy solutions. Additionally, Nefco has previously engaged in various funding activities, including debt financing and grants, which further demonstrate its active role in promoting environmentally friendly projects.


12. 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 focuses on 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 companies like Renewabl and Virta, which are dedicated to enhancing sustainability and reducing carbon emissions. Notably, Helen Ventures has participated in several significant transactions, including a Series A investment in Gradyent, a startup that is working to improve the efficiency and sustainability of district heating systems. This investment reflects their commitment to supporting technologies that can contribute to renewable energy solutions. Additionally, they have invested in node.energy and other companies that are involved in energy analytics and management, further emphasizing their focus on clean energy solutions.


13. 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, specializing in technology solutions across various sectors, including automation, electrification, energy, industrial solutions, and process technology. Founded in 1906, Addtech serves OEM manufacturers and end-users, focusing on enhancing operational efficiency and sustainability through innovative solutions. Notably, in 2024, Addtech acquired Analytical Solutions and Products B.V. (ASaP) to strengthen its offerings in emission control solutions, supporting the global shift towards sustainable energy. This acquisition highlights Addtech's commitment to the energy sector and its potential involvement in renewable natural gas initiatives. Additionally, their past acquisitions, such as Solar Supply Sweden, further demonstrate their interest in sustainable energy solutions, although not directly linked to renewable natural gas.


14. 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 emphasizes developing and acquiring companies with high technical expertise across various sectors, including technology and industrial solutions. Indutrade operates through a decentralized structure, allowing its subsidiaries to maintain independence while benefiting from the group's resources. In recent years, Indutrade has made several acquisitions, including acti-Chem A/S, a Danish company specializing in sustainable water treatment solutions, which aligns with renewable energy principles. Other notable acquisitions include OCI B.V., which focuses on energy and water applications, and various companies in precision engineering and industrial automation. While Indutrade's portfolio is diverse, their engagement in sustainable solutions through specific acquisitions suggests a potential interest in renewable energy sectors, including renewable natural gas.


15. 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's focus is on digitalization and decarbonization trends, making them a potential player in the renewable energy sector. Notably, they invested €25M in Cleanwatts, a Portuguese energy management software company, through their impact fund Idun, which aims to accelerate the company's growth and enhance its software capabilities. This investment reflects Verdane's commitment to supporting innovative solutions that contribute to energy efficiency and sustainability. Additionally, their acquisition of companies like Eniram, which may have relevance in energy management and efficiency, further demonstrates their interest in sectors that align with renewable energy goals.


16. 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 Elcogen, which raised over $3.8 million in a venture round. Additionally, VNT participated in funding rounds for Convion and Norsepower Oy, both of which are involved in innovative energy solutions that contribute to emissions reduction and energy efficiency, further emphasizing their commitment to clean energy.


17. Swedfund International

  • Website: swedfund.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1979
  • Headcount: 51-200
  • Number of deals in 2024: 6
  • LinkedIn: swedfund-international

Swedfund International is a public entity based in Stockholm, Sweden, founded in 1979, that focuses on development finance aimed at reducing poverty through sustainable investments in developing countries. The organization supports small and medium enterprises and public sector projects, enhancing access to essential services and promoting economic growth. Swedfund operates by mobilizing private capital and providing technical assistance to foster sustainable development. Notably, Swedfund has participated in significant transactions in the renewable energy sector, such as a $20 million equity investment in Husk Power Systems, which focuses on scaling renewable mini-grid businesses in Africa and Asia. Additionally, Swedfund has invested in Serengeti Energy, which is developing over 100MW of new renewable energy capacity. These transactions highlight Swedfund's active role in promoting renewable energy solutions, which may include renewable natural gas initiatives.


18. CapMan

  • Website: capman.com
  • Type: Private Equity
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1989
  • Headcount: 51-200
  • Number of deals in 2024: 4
  • LinkedIn: capman

CapMan Oyj is an investment management firm based in Helsinki, Finland, specializing in private equity, real estate, infrastructure, and natural capital investments. Founded in 1989, CapMan serves institutional investors by providing access to diverse investment strategies aimed at achieving sustainable returns. In recent transactions, CapMan acquired Dasos Capital Oy, an asset management company specializing in sustainable timberland investment, for approximately EUR 41.6 million. This acquisition is expected to enhance CapMan's assets under management by around EUR 630 million and signifies an expansion into natural capital investments. Additionally, CapMan has been involved in various acquisitions, including Moventas, NYAB, and Aro Systems Oy, which reflect its active role in the investment landscape. While these transactions do not directly indicate a focus on renewable natural gas, the emphasis on sustainability and natural capital suggests a potential interest in sectors related to renewable energy.


19. Aker Solutions

  • Website: akersolutions.com
  • Type: Corporate
  • Headquarters: Fornebu, Akershus, Norway
  • Founded year: 1841
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: aker-solutions

Aker Solutions ASA is a corporate investor based in Fornebu, Akershus, Norway, specializing in engineering solutions for energy infrastructure. Founded in 1841, the company has evolved to provide integrated services for low-carbon oil and gas production, as well as renewable energy projects. Aker Solutions has been involved in several significant transactions, including the recent acquisition of Alma Clean Power AS in September 2024, which enhances their portfolio in renewable energy technologies. This acquisition, along with their previous transactions such as the acquisition of Principle Power in 2019, demonstrates Aker Solutions' commitment to expanding its capabilities in the renewable energy sector. Their clients include businesses in the energy sector, who rely on Aker's expertise to navigate the transition to sustainable energy practices, leveraging digital technology and strategic partnerships to drive innovation in the industry.



Renewable Natural Gas Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
EquinorStavanger, Rogaland, Norway10001+19726
EEP AfricaHelsinki, Uusimaa, Finland11-5020100
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
AlmiStockholm, Stockholm, Sweden201-50019947
HitecVisionStavanger, Rogaland, Norway51-20019850
Nordic Investment BankHelsinki, Uusimaa, Finland201-500197619
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
AfryStockholm, Stockholm, Sweden10001+18951
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
A.P. Moller - MaerskCopenhagen, Denmark10001+19044
Nefco - the Nordic Green BankHelsinki, Uusimaa, Finland51-20019906
Helen VenturesHelsinki, Uusimaa, Finland1-1020197
Addtech ABStockholm, Stockholm, Sweden1001-500019069
Indutrade Life ScienceStockholm, Stockholm, Sweden1001-5000197814
VerdaneOslo, Oslo, Norway51-20019857
VNT ManagementVaasa, Ostrobothnia, Finland1-1020020
Swedfund InternationalStockholm, Stockholm, Sweden51-20019796
CapManHelsinki, Uusimaa, Finland51-20019894
Aker SolutionsFornebu, Akershus, Norway10001+18411


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