Norwegian companies invest in Ukraine – it will become a showcase for the whole world

‘I can go for a run through the streets of Kyiv, but I always have my phone with me,’ says Ole Henæs, our Country Director. He heads our newly established office in Kyiv, a hub for Norwegian companies that can help strengthen Ukraine and Ukrainian businesses during the war.

Situated between East and West, between Asia and Europe, is Europe's second-largest country – and now the world's largest construction site. Around 10 million Ukrainians have fled because of the war, but more than 30 million people still live in Ukraine.

‘We will help ensure that Norwegian solutions support Ukraine in winning the war. We will also make sure Norwegian companies are well positioned to secure reconstruction contracts,’ says Henæs.

Henæs and Innovation Norway have now opened an office in Kyiv. The aim is to make it easier for Norwegian companies to establish a presence in Ukraine and to facilitate cooperation between Norwegian and Ukrainian businesses.

The reconstruction of the country will be a massive undertaking. In many ways, society is being rebuilt from the ground up, including water and electricity infrastructure. Significant sums are being invested, and a range of funding schemes are available, including the EU’s €50 billion Ukraine Facility and Norway’s NOK 75 billion Nansen Support Programme.

But establishing a presence in a country at war comes with challenges. Air raid sirens sound several times a day, and the future is uncertain.

At the same time, people are drinking cappuccinos at pavement cafés in Kyiv. They set their alarms and go to work. There is a sense of normality amid the chaos. And that is essential for Ukraine to keep things running as best it can.

‘We will find solutions that benefit both Norwegian businesses and Ukraine. We will do this through long-term, profitable partnerships,’ says Henæs.

Read more about business development opportunities in Ukraine

Henæs has a background in the Royal Norwegian Navy and has held senior management and board positions in the private sector. He led our work in Vietnam for several years and has recently been responsible for our activities in Asia and the Middle East.

‘I have taken on the task of helping Norwegian businesses support Ukraine and Ukrainian businesses in building a peaceful future once the war is won, with great expectations and a deep sense of responsibility. We will make a difference,’ says Henæs enthusiastically.

On 24 February 2022, Russia invaded Ukraine. This brought the Norwegian company Emergy's plans to develop a major 800-megawatt wind power project in Ukraine to a halt.

The company immediately set up a crisis team and organised the evacuation of its Norwegian and Ukrainian employees. While the Norwegian expatriates left, all the Ukrainian employees chose to stay at home with their families.

 – That deserves enormous respect. You have to wonder how people manage to endure when you see what they are being subjected to. It is a brutal reality, with attacks on Kyiv and other cities around the clock – yet Ukrainians continue to live seemingly normal lives, says an Emergy representative.

For security reasons, the company does not wish to name individual employees. Staff in Norway and Ukraine hold regular Teams meetings to ensure the company is ready to contribute to rebuilding the country once a peace agreement is in place. A free Ukraine is vital to Europe’s security and energy supply.

The company is optimistic about what it can achieve – once peace comes.

‘We need to recognise that this is one of the greatest crises of our time. Getting involved is the only right thing to do,’ says Trond Håkon Olsen, owner and strategic advisor at NOCON Norwegian Construction AS. 

The company was born over a beer, when three Norwegian construction industry players put their heads together and decided to do their part in Ukraine.

NOCON focuses on project management at every stage and across all areas of the construction industry. The company also helps other Norwegian businesses launch and deliver construction projects in Ukraine.

– The barriers to entering a new country and a new market are already high. On top of that, the country is at war. For the companies we speak to, it is about weighing the opportunity to take part in the world's largest construction project against all the challenges they currently face.

Olsen points out that establishing a presence in Ukraine can take time, and that waiting until a peace agreement is in place to start exploring opportunities may be too late.

‘We spent well over a year just building networks, learning about the history and the conflict, and understanding what we were really getting ourselves into.’

NOCON has already established a strong network across both the public and commercial sectors in Ukraine. A scalable and efficient solution for building schools and medical centres is now ready to be rolled out. The company also holds three hydropower licences.

Ukraine is entirely dependent on attracting business development from abroad. Rebuilding the country is estimated to cost around USD 600 billion. The Ukrainian public sector cannot provide funding on that scale. They need the private sector.

Olsen has visited Kyiv several times recently and says that travelling into the country is straightforward – as long as you allow plenty of time.

‘You can’t fly to Kyiv, so you’ll need to set aside about a week anyway.’

He has tried several routes. The best way to get there depends on your destination, but the overnight train from Chelm in south-eastern Poland to Kyiv is a good option.

Henæs from Innovation Norway is now in Kyiv, ready to support both Norwegian businesses and Ukraine.

‘We have previously worked on various initiatives, including through Team Norway Ukraine. In November 2024 and 2025, Team Norway had a dedicated Norwegian pavilion at the ReBuild Ukraine conference in Warsaw,’ says Henæs.

This brought together companies with an interest in Ukraine, giving them the opportunity to build networks with each other and with Ukrainian authorities, businesses and organisations.

‘We are now actively recruiting Norwegian companies for the Norwegian pavilion at this year’s ReBuild Ukraine conference in November. I encourage everyone who wants to contribute to register their interest in joining this delegation,’ Henæs emphasises.

Read more about the Norwegian pavilion and apply to join.

Ukraine's needs are urgent, both in the short and long term.

‘By actively contributing to the humanitarian effort, you also put yourself in a strong position to take part in the long-term reconstruction,’ says Henæs.

Rebuilding infrastructure is one thing. Humanitarian aid and development projects are also needed, creating significant opportunities for companies in the health and emergency preparedness sectors.

Early in the new year, 83 twenty-foot containers will be shipped from Norway to Ukraine. The Norwegian company Scandinavian Water Technology (Scanwater) is sending mobile water and sanitation stations.

They have delivered emergency water solutions to both Gaza and flood-hit areas of Europe, as well as more permanent installations. In Norway, the solutions are also part of contingency plans in case the water supply is disrupted.

‘But the contract we have secured for Ukraine, funded by the EU, is on a completely different scale,’ says Finsrud.

It was not only the urgent need for clean water and sanitation that made the company an attractive partner, but also the long-term potential of its solutions to make better use of water resources.

At NMBU in Ås, the solution has been installed on campus. What makes it unique is that water from showers and sinks is kept separate from toilet wastewater in two distinct streams. 

‘You don’t need to use clean drinking water for everything. By treating and reusing water, our solution can reduce drinking water consumption by 70–80 per cent. What’s more, nutrient-rich water from toilets can be used by local farms,’ says Finsrud, who will present the solution at the ReBuild Ukraine conference.

Ukraine is vulnerable because it relies on large water stations that supply vast areas. If a single station is destroyed in an attack, millions of people could be left without water. The Ukrainian authorities are therefore focusing on smaller, decentralised units for critical infrastructure, an area where Scandinavian Water Technology and NMBU have considerable expertise to contribute. They have already established a strong partnership with the university in Kyiv.

‘Making better use of water resources and incorporating them into a circular system is not only useful for emergency water supplies, but also as a permanent solution in cities where access to clean water is limited or vulnerable to climate change or conflict,’ says Finsrud.

Climate is also high on the agenda when it comes to Ukraine's energy supply. As a major energy producer, the country has historically relied on coal and nuclear power.

‘They began the green transition before the war and have remained committed to that strategy throughout the war,’ says Emergy’s representative.

Many green energy companies are already positioning themselves, and several energy projects are under construction in western Ukraine.

Emergy also believes in a future in Ukraine and that reconstruction could happen quickly. This is why the company is retaining key local employees and its construction-ready wind power project.

'We are seeing international interest in renewable energy projects and infrastructure in Ukraine. There are both political and financial reasons why Ukraine is an attractive prospect,' says the company representative.

More than 50 per cent of the country's energy production capacity has now been destroyed, according to the Norwegian-Ukrainian Chamber of Commerce. Only 27 per cent of thermal power plants were operational when the figures were reported this summer. The situation is critical, but it also presents a unique opportunity to rebuild the energy supply using sustainable solutions.

Trond Håkon Olsen of NOCON agrees:

‘In a way, they get a chance to start again from scratch. Unfortunately, in a way.’

He believes Norway will have much to contribute here, particularly when it comes to building a decentralised power grid.

‘Only in Norway would we have people living on Røst. Anywhere else in the world, they would have moved. After all, it costs more for them to live on Røst than it would to give them a free house in Narvik.’

Olsen highlights hydropower plants in particular as an important solution for securing sufficient balancing power in Ukraine.

‘I am absolutely convinced that Ukraine will become a showcase for the whole world. It is going to be incredible!’