NOK 2 billion for us to support businesses in their green transition
'We are excited about the opportunities this creates! We can now help finance more growth companies and projects that can develop the green solutions Norway and the world need,' says CEO Håkon Haugli.
Two new priority areas
Through the Green Industrial Initiative Roadmap 2.0, the government is making a total of NOK 15 billion available to businesses by increasing the funding available through us, Eksfin, Nysnø, Siva and Investinor, as well as through the NOK 1 billion battery initiative. This funding will provide innovation grants for technology development in pioneering projects of common European interest.
The government also highlights two new priority areas: industrial production, or manufacturing, and the solar industry. In both areas, it invites stakeholders to collaborate on developing a strategy for sustainable and profitable growth, to be completed next year.
'Norway has strong industry clusters with leading technology in both of these priority areas. Now that they are receiving priority status, we can work together to ensure that Norwegian companies develop and adopt world-class technology. This is essential if they are to capture market share in a highly international market,' says Haugli.
Innovation grants for larger battery projects
In its first roadmap, the government identified seven priority areas: offshore wind, hydrogen, batteries, the maritime industry, carbon capture and storage, the forest, timber and bioeconomy sectors, and the process industry.
When the government presents the 2024 national budget in just over a week, it will propose an innovation grant for major battery projects. Projects must demonstrate a high level of innovation, industrial scalability, wider economic benefits and European collaboration. The scheme will have a budget of approximately NOK 1 billion over five years and will be administered by us.
More power for green business
Minister of Trade and Industry Jan Christian Vestre emphasised that investment in Norwegian industry is at an all-time high. Private capital is crucial to achieving the essential transformation of the business sector, alongside government support and stricter requirements from the authorities to accelerate the transition.
'We have long prioritised funding for green projects. Now that the lending limits for low-risk loans are being expanded, we have greater capacity to finance and drive progress towards a new, green Norwegian business sector. This is important for unlocking more private capital, which can also help companies achieve their international ambitions. We are ready to take on this work and help companies enter new markets,' says Håkon Haugli.
