Well positioned for the green transition

‘It’s a bit of a “win or disappear” situation right now. A steady stream of new requirements, including from the EU, is opening up exciting opportunities and creating demand for new solutions,’ says Irene Siljan, Senior Adviser at Innovation Norway.

She helps both start-ups and well-established companies on their journey towards the green transition. Siljan is one of our 15 sustainability advisers, ready to help Norwegian businesses move forward.

Vind Technologies is one of the companies that has benefited from our green transition funding schemes.

'It’s actually not that daunting to take the plunge in Norway. At least, that’s been our experience. Good support schemes and a culture that cheers you on are a big part of the reason,' says Hilde Kristin Njøten, one of the founders.

Njøten, Jan-Tore Horn and Helene Margrethe Bøhler founded Vind Technologies two years ago, and the company already has 17 employees.

The business idea is to use algorithms and artificial intelligence to optimise the siting of wind power.

Norway needs that.

Offshore wind will be crucial to achieving Norway's climate targets. Today, Norway exports this sought-after technology worth NOK 10 billion.

This figure could rise significantly.

Our core mission is to make it easier for you to invest in – and succeed with – projects that contribute to the green transition. We support a wide range of new ventures and established companies, with an increasing focus on their contribution to the green transition.

‘Transformation and innovation are essential as we transition to a low-emission society. We can provide capital and expertise to Norwegian companies that help address societal challenges in Norway and internationally,’ says Siljan.

She explains that our various services and support schemes are designed to help drive Norwegian businesses in a more sustainable direction.

‘Sustainability is already important. In the future, it will be absolutely essential,’ the senior adviser emphasises. This applies in several areas, whether you are seeking a bank loan, recruiting employees or bidding for a contract.

The construction industry is undergoing major changes. Today, the built environment accounts for 39 per cent of global carbon emissions. 

The entire industry must therefore rethink its approach, as projects face increasingly stringent requirements.

‘The processes lack standardisation, and up to 50 people have to work together to prepare, structure and submit the required documentation,’ explains Mathias Berntzen Engevik.

Together with Fabian Utigard, Engevik has found a simpler, greener solution.

Kvist Solutions is cloud-based software that enables property companies, consultants and contractors to plan, implement and manage environmental certifications cost-effectively.

The product has been very well received, and the company has customers and projects across 130 properties and construction sites.

'Our support from Innovation Norway has been essential from the very beginning. We have received advisory and financial support that has enabled us to expand faster than we thought possible,' says Engevik.

You can apply to us for a range of funding services to support your green transition.

Many of our services enable the public sector to share some of the risk involved in developing, building and testing environmental technology. This is often what it takes to kick-start a transition process.

Our goal is to provide financial support and competence building at several levels. We will help accelerate the green transition in business and industry, and support a Norwegian business sector that is economically sustainable for society and competitive internationally.

Our financial services can provide companies with grants during the development stage and access to loans for further commercialisation and growth. 

A brand-new factory is located on Hitra, west of Trondheim.

The factory is the result of a collaborative project between HitraMat and NutriShell and is the only one of its kind in Europe.

Norwegian company NutriShell has found a solution. It uses crab shells from Europe's largest supplier of brown crab to produce protein for fish feed.

‘We began developing the business idea of using residual raw materials from crab shells in 2020. Until then, the raw materials had been dumped at sea,’ says Tina Olaussen, who co-founded newcomer NutriShell with Roger Røstad.

We provided funding to explore whether this resource could be used as an ingredient in feed for the aquaculture industry. As a result, the company now produces crab powder from crab by-products on a large scale. Several feeding trials, some of which we funded, have shown that cod make very good use of the crab by-products, while salmon have shown improved fish health and better skin quality.

‘We have been a key partner in their venture. In addition to receiving grants through our funding schemes, they have used several of our advisory services, which Olaussen warmly recommends to others.’