The solar tracker system industry in the Nordics is rapidly expanding, fueled by a growing demand for renewable energy solutions. Companies in this sector focus on enhancing solar panel efficiency through innovative tracking technology, which aligns solar panels with the sun’s trajectory. This industry includes manufacturers, technology providers, and installation firms dedicated to optimizing energy capture. With backing from both corporate and venture investors, the market is set to accelerate further, driven by sustainability goals and technological advancements. The region's focus on carbon neutrality positions it as a key player in the transition to low-emission energy systems.


The list of top investors features a mix of venture capital, corporate, and private equity firms, headquartered in urban centers across the Nordics, such as Stockholm and Oslo. Their sizes range from small firms to large corporations, providing varying investment capabilities. Founded between the late 19th to mid-21st century, these investors have been active in 2024, participating in numerous deals aimed at advancing solar energy initiatives. Noteworthy players such as Katapult and EQT Group illustrate a strong commitment to renewable technologies, highlighting an increasing focus on sustainable investment opportunities.


Top 19 Solar Tracker System 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, aiming to enhance their growth and competitiveness through tailored financial solutions. Among its notable transactions, Almi has invested in Spowdi, a manufacturer of energy-efficient, solar-powered water pumps for small-scale farming, which raised SEK 20 million in funding. This investment highlights Almi's engagement in the renewable energy sector, particularly in solar technology. Additionally, Almi has participated in funding rounds for other companies like Epishine and Ferroamp Elektronik, which, while not directly related to solar trackers, indicate a broader interest in innovative energy solutions.


2. 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 in the solar sector, including a $3 million seed funding round for Solfium, which aims to expand operational capacity and technology investment. They also participated in funding for Over Easy Solar and Inclusive Energy, both of which are engaged in solar energy solutions. Notably, Katapult invested in NXT Grid, a Nigerian solar mini-grid provider, helping to expand solar infrastructure in Nigeria. These transactions highlight Katapult's commitment to supporting innovative solutions in the solar energy space.


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, Norway, founded in 1972. The company operates primarily in the energy sector, focusing on oil, gas, and renewable energy. With a commitment to sustainability, Equinor aims to become a net-zero emissions entity by 2050. They serve a diverse customer base, including governments and industries, providing energy solutions that address climate challenges while ensuring energy security. Notably, Equinor has participated in significant funding rounds for solar technology companies, such as Oxford PV, which raised funds to commercialize perovskite-based solar cell technology. Their investments in Oxford PV, including a €36 million participation in a Series D funding round, highlight their strategic interest in solar innovations. Additionally, Equinor's recent transactions, such as acquiring a stake in Ørsted, further demonstrate their commitment to expanding their renewable energy portfolio.


4. 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 strategies, 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. Notably, EQT has made significant strides in the renewable energy sector, particularly through its acquisitions of companies like Cypress Creek Renewables, a US-based solar and storage developer, and Solarpack, a global solar energy company. These acquisitions reflect EQT's strategy to enhance its presence in the renewable energy market, which is increasingly focused on solar energy solutions, including solar tracker systems. Additionally, EQT's acquisition of Madison Energy Investments further emphasizes its commitment to investing in renewable energy infrastructure.


5. 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 technology solutions provider based in Stockholm, Sweden, specializing in high-tech products and services across various sectors, including automation, electrification, energy, industrial solutions, and process technology. Founded in 1906, the company serves OEM manufacturers and end-users, helping them enhance operational efficiency and sustainability through innovative solutions. Notably, Addtech has made strategic acquisitions that align with its focus on renewable energy. In 2014, they acquired Solar Supply Sweden AB, a local solar cell systems installer, which marked their entry into the solar energy market. This acquisition is expected to positively impact Addtech's earnings and reflects their commitment to expanding their footprint in the solar sector. Additionally, their recent acquisition of Feritech Global, aimed at enhancing growth in the offshore wind power industry, further illustrates their focus on sustainable energy solutions.


6. 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 for 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 the reliability and efficiency of essential systems. In a notable move towards renewable energy, Bravida Denmark acquired a 60% stake in Viva Energi A/S, a solar panel company, marking its first foray into the solar energy sector. This acquisition is part of Bravida's strategy to enhance its portfolio of climate-friendly energy solutions, with plans to acquire the remaining 40% by 2025. This investment reflects Bravida's commitment to diversifying its offerings and engaging in the renewable energy market, particularly in solar energy.


7. 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. Notably, Industrifonden has been involved in several funding rounds for Sol Voltaics, a company focused on solar technology. They participated in Sol Voltaics' Series B, C, and D funding rounds, contributing to a total of over $40 million in investments. This involvement highlights Industrifonden's interest in the solar sector, particularly in innovative technologies that could enhance solar energy solutions, making them a relevant player in the solar tracker system industry.


8. Copenhagen Infrastructure Partners


Copenhagen Infrastructure Partners (CIP) is an investment management firm based in Copenhagen, Denmark, specializing in renewable energy projects. Founded in 2012, CIP manages multiple funds that focus on greenfield energy infrastructure, including offshore and onshore wind, solar PV, and energy storage. The firm primarily serves institutional investors seeking sustainable investment opportunities. Recently, CIP has made significant strides in the solar sector, notably through their acquisition of a majority stake in Elgin Energy for £250 million, aimed at transforming Elgin into an Independent Power Producer (IPP) and enhancing its solar and storage project portfolio. This transaction underscores CIP's commitment to facilitating the transition to a net-zero economy through strategic investments in renewable energy, including solar technologies. Additionally, their involvement in various renewable energy projects, such as their stake in Mulilo Wind Enterprises and other financing activities, further demonstrates their active role in the renewable energy 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, providing financial backing and advisory services to resilient entrepreneurs across various sectors. In 2024, Lifeline Ventures has been particularly active, participating in 14 investments. Notably, they have invested in companies like Photoncycle and Synergi, with Synergi's funding aimed at product development that could intersect with solar technologies. Their portfolio also includes Vensum Power, which raised funds in 2023, indicating a potential interest in energy-related startups. This diverse investment strategy highlights Lifeline Ventures' commitment to supporting innovative solutions, including those in the renewable energy sector.


10. 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 the development of innovative solutions in energy management and electric vehicle infrastructure. Their portfolio includes notable companies such as Renewabl and Virta, which focus on enhancing sustainability and reducing carbon emissions. In 2022, Helen Ventures co-led a funding round for Solar Monkey, a Dutch startup that raised €4M to accelerate its international expansion and strengthen its product offering, indicating their active role in the solar technology space. Additionally, they have invested in node.energy, a sustainable energy startup, which further showcases their commitment to the renewable energy sector. Overall, Helen Ventures is dedicated to fostering innovation in clean energy technologies, making them a relevant player in the solar tracker system industry.


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 enhancing operational efficiency and sustainable growth for its partners through tailored investment strategies and digital transformation solutions. Altor has made significant investments in the cleantech sector, including a notable minority stake in Svea Solar, a company focused on solar energy solutions, and a funding round for Sunbooster, which develops photovoltaic power plants. These transactions highlight Altor's commitment to investing in renewable energy and sustainability, aligning with their broader investment strategy across various sectors, including technology and consumer products.


12. Vattenfall


Vattenfall is a corporate investor based in Solna, Stockholm, Sweden, with a workforce of over 10,000 employees. Founded in 1909, Vattenfall specializes in the production and retail of electricity and heat, focusing on sustainable energy solutions aimed at reducing dependency on fossil fuels. The company is committed to achieving fossil freedom by 2040 and actively seeks innovative energy technologies and partnerships. Notably, Vattenfall has made significant investments in the solar sector, including the acquisition of Solizer, a German solar developer with a portfolio of 4GW of solar projects, which increased their total solar portfolio in Germany to 7GW. This acquisition is set to enhance their solar capabilities, with construction on new projects expected to begin in 2024. Additionally, Vattenfall invested in Solytic, a solar data management company, further demonstrating their engagement in the solar energy landscape. These transactions highlight Vattenfall's strategic focus on expanding its renewable energy portfolio, particularly in solar energy, making them a relevant investor in the solar tracker system industry.


13. Ifu

  • Website: ifu.dk
  • Type: Venture Capital
  • Headquarters: Copenhagen, Denmark
  • Founded year: 1967
  • Headcount: 51-200
  • Number of deals in 2024: 3
  • LinkedIn: ifu

IFU - Investeringsfonden for Udviklingslande is a not-for-profit organization based in Copenhagen, Denmark, founded in 1967. It focuses on sustainable investments in developing countries, providing investment capital and advisory services to companies that aim to create positive social and environmental impacts. IFU operates through various funds and collaborates with businesses and organizations to achieve the UN's Sustainable Development Goals. In recent years, IFU has made significant investments in the renewable energy sector, including a $38 million Series B investment in Daystar Power, a Nigerian energy startup, and a $34 million funding round for CleanMax, an Indian renewable energy company. These investments are aimed at enhancing renewable energy portfolios and expanding solar energy projects, which are relevant to the solar tracker system industry.


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 prominent banking group in Northern Europe, founded in 1856, providing a comprehensive range of financial services including corporate and investment banking, asset management, and private wealth management. SEB serves large corporations, institutional clients, and private individuals, assisting them in managing their financial assets and exploring investment opportunities. In recent years, SEB has been involved in several significant transactions that align with the renewable energy sector. Notably, they participated in the Series B funding round for Exeger, a Swedish deep tech company that has developed the Powerfoyle® technology, which integrates solar energy into various applications. This investment reflects SEB's interest in innovative solutions within the renewable energy landscape. Additionally, their involvement in other technology-focused companies, such as CorPower Ocean, further demonstrates their commitment to supporting advancements in sustainable energy solutions.


15. Soltech Energy Sweden AB


Soltech Energy Sweden AB, founded in 2006 and based in Stockholm, is a corporate investor specializing in renewable energy solutions, particularly solar energy. The company offers a range of products, including solar cells, battery storage, and charging solutions, catering to both homeowners and businesses. Soltech's mission is to transform properties into sustainable energy producers, addressing the increasing demand for renewable energy. In recent years, Soltech has made several strategic acquisitions to enhance its expertise and market presence. Notably, they acquired a 60% stake in Miljö & Energi Ansvar Sverige AB to strengthen their electricity and installation capabilities. Additionally, they acquired Din Elkontakt, an electrical engineering company, to bolster their solar energy department. Their acquisition of Wettergrens Tak & Plåtslageri AB, a roofing company, further demonstrates their aggressive growth strategy in the solar sector. These transactions indicate Soltech's commitment to expanding its footprint in the solar energy market, making them a relevant player in the solar tracker system industry.


16. Polar Structure AB


Polar Structure AB is an infrastructure development company based in Stockholm, Sweden, founded in 2019. The company specializes in creating sustainable transport, green energy, and digital solutions, serving municipalities, governments, and private sector clients. Polar Structure has been involved in several notable transactions, including a significant investment of approximately $24.7 million in 'Save by Solar' in March 2021, which highlights their interest in solar energy initiatives. Additionally, they participated in the funding round for 'Plexigrid', which raised €4.5 million in April 2023, further emphasizing their commitment to supporting innovative solutions in the energy sector. These transactions reflect Polar Structure's strategic focus on facilitating the transition to a more resilient and sustainable society through investments in critical infrastructure projects.


17. 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 various business activities, including investment management, real estate development, and support for social entrepreneurs. Ferd AS has a diverse investment portfolio, which includes significant stakes in companies involved in renewable energy. Notably, Ferd participated in a post-IPO equity round for Scatec ASA, a prominent player in the solar energy sector, indicating its interest in solar technologies. Additionally, Ferd was involved in a Series A funding round for Wind Catching Systems, a startup focused on offshore wind technologies, further demonstrating its commitment to sustainable energy solutions. Ferd's strategic investments aim to enhance growth and impact across various sectors, including renewable energy, making it a noteworthy investor in the context of solar tracker systems.


18. 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 2023, Nordic Capital signed an agreement to acquire a majority share in Sesol, a leading solar PV installer in Sweden, which is expected to generate revenues close to SEK 3 billion. This acquisition highlights Nordic Capital's commitment to supporting growth in the renewable energy sector, particularly in solar energy. Their investment strategy involves partnering with management teams to drive operational improvements and growth in portfolio companies, which aligns with the objectives of investors in the solar tracker system industry.


19. 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 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 2024, Nefco was involved in several significant transactions, including a debt financing round for SolarLab, which raised approximately $1.78 million. This transaction highlights Nefco's active participation in the solar energy sector. Additionally, Nefco participated in a Series C funding round for Norsepower Oy, which focuses on fuel-saving and emissions-reducing technology, further demonstrating its commitment to environmentally friendly solutions. These transactions indicate Nefco's alignment with the goals of solar tracker systems, making it a relevant investor in this industry.



Solar Tracker System Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
AlmiStockholm, Stockholm, Sweden201-50019947
KatapultOslo, Oslo, Norway11-5020178
EquinorStavanger, Rogaland, Norway10001+19726
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
Addtech ABStockholm, Stockholm, Sweden1001-500019069
BravidaStockholm, Stockholm, Sweden10001+20000
IndustrifondenStockholm, Stockholm, Sweden11-5019799
Copenhagen Infrastructure PartnersCopenhagen, Denmark501-100020129
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
Helen VenturesHelsinki, Uusimaa, Finland1-1020197
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
VattenfallSolna, Stockholm, Sweden10001+19090
IfuCopenhagen, Denmark51-20019673
SebStockholm, Stockholm, Sweden10001+185613
Soltech Energy Sweden ABStockholm, Stockholm, Sweden1001-500020060
Polar Structure ABStockholm, Stockholm, Sweden11-5020191
Ferd ASOslo, Oslo, Norway51-20019980
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
Nefco - the Nordic Green BankHelsinki, Uusimaa, Finland51-20019906


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