Annual Report 2024: Record funding for innovation in 2024
Today, we are publishing our 2024 annual report. Last year, we provided more than NOK 10 billion in funding for innovation projects. These projects also received a further NOK 18 billion from private and other sources. In total, NOK 29 billion was invested in innovation projects involving us. This figure has only been higher during the COVID-19 pandemic.
'In 2024, we gained greater financial capacity. New loan schemes gave us more scope to finance major industrial projects, while we continued to support small and medium-sized enterprises in their innovation efforts,' says our CEO, Håkon Haugli.
Haugli believes that in a changing world with uncertain markets, our role is more important than ever.
– The world around us has changed in recent years, and Norwegian businesses must adapt to a new reality. We have seen this clearly in recent days and weeks. Amid this uncertainty, we have worked closely with more than ten thousand businesses across Norway. We have supported them on their journey towards growth and profitability, both at home and internationally.
Matched by other funding
One of our key purposes is to reduce risk for other sources of finance. In 2024, every krone we provided was matched by NOK 1.70 from other sources, mainly private investors. This was an increase from 2023.
'It is encouraging to see that this figure has increased since last year. The higher the figure, the better the access to capital for Norwegian innovation. We also support other innovation and internationalisation activities through courses and networking,' says Haugli.
The tools work
Studies show that our customers grow more and achieve higher levels of value creation and productivity than comparable companies.
‘The figures clearly show that our financial contributions make a significant difference,’ says Haugli.
– Companies that receive funding from us achieve 15.8 percentage points higher annual growth in sales revenue and turnover. The figures for value creation and productivity are also positive, at 10.6 and 6 percentage points respectively, says Haugli.
Entrepreneurs who receive funding from us also perform better and grow faster than businesses that do not receive this type of funding.