Nysnø

What Nysnø does

Nysnø Klimainvesteringer AS is Norway's state-owned climate investment company, established in December 2017 by the Norwegian Ministry of Trade, Industry and Fisheries (Nærings- og fiskeridepartementet) and operational since June 2018. Headquartered in Stavanger with a secondary office in Oslo, the firm employs approximately 20 people under CEO Siri Kalvig. Its mandate is to make long-term investments in companies and funds that contribute to reducing greenhouse gas emissions, and it invests always alongside private investors in order to mobilize private capital into the climate transition.

Nysnø's business model is a hybrid of direct equity investing in early-stage climate technology companies and fund-of-funds investing in specialist climate VC and growth funds. As of end-2025, the portfolio comprised 49 investments (25 direct, 24 fund investments) spanning sectors including green hydrogen (Hystar, ZEG Power, AP Ventures), battery materials and gigafactories (Cenate, Morrow Batteries), rare earths and critical minerals (REEtec), carbon storage (44.01), subsea desalination (Flocean), autonomous maritime (Maritime Robotics), semiconductors (Lace Lithography), precision agriculture AI (DAT, Nofence, Ducky), and software for emissions measurement (MoreScope, Metizoft, eSmart Systems, Spoor). The firm manages approximately 5.5 billion NOK in assets and reported 244 million NOK in pre-tax profit and a 6.9% gross return on investments in 2025. Each krone Nysnø invests directly has mobilized an average of 7.8 kroner from other investors in 2025, and since inception Nysnø has contributed capital to 429 climate technology companies through direct and indirect channels.

The firm generates economic returns through capital gains, dividends, interest, and management fees on its fund investments. As a state-owned entity operating commercially under a public-policy mandate, Nysnø balances financial return with quantified climate impact, applying a proprietary "Klimaeffekt metodikk" to evaluate investments and calculate avoided emissions. It is not a software or product company, has no products or APIs of its own, and earns no revenue from sales of goods; its outputs are portfolio companies, fund commitments, and documented climate impact. Notable risk exposures include the May 2026 bankruptcy of Morrow Batteries following a ~1 billion NOK investment, illustrating the execution risk inherent in deep-tech climate investing.

Name

Nysnø

Legal name

Nysnø Klimainvesteringer AS

Website

https://nysnoinvest.no

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Short description

Nysnø Klimainvesteringer AS is Norway's state-owned climate investment company that provides long-term venture and growth capital, both direct and fund-of-funds, to early-stage climate technology companies alongside private investors. Founded in 2017 and managing 5.5 billion NOK, it channels state capital into emissions-reducing ventures.

Ownership category

akta.pro rank

Product category

Climate Investment / Venture Capital

NAICS

Portfolio Management and Investment Advice (52394), All Other Financial Investment Activities (52399)

SIC

Investors, Nec (6799)

akta.pro primary industry

Energy & Sustainability / Climate Growth Equity (FSANACAG)

akta.pro secondary industries

Climate / Clean Tech & Decarbonization Funds (FSANAJAA), Renewables & Energy Transition Funds (Solar, Wind, Hydrogen, CCUS) (FSANAEAD), Environmental & Resource Efficiency Funds (Water, Waste, Recycling, Efficiency) (FSANAEAE)

Keywords

• Climate venture capital
• Fund-of-funds investments
• Direct equity investments
• Climate technology financing
• Risk capital deployment

Headquarters

HQ city

Stavanger

HQ country

Norway

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Investment Returns: Nysnø generates returns through capital gains, dividends, and interest from its portfolio of direct investments in climate technology companies and fund investments. As a state-owned investment company, it operates commercially while fulfilling a public mission of reducing greenhouse gas emissions.
2. Management Fees: Revenue from managing fund investments and co-investment structures, generating fee income from portfolio management activities.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Nysnø Klimainvesteringer AS is Norway's state-owned climate investment company, deploying long-term risk capital into early-stage climate technology companies through direct equity investments and into climate-focused venture and growth funds through fund investments. The company always invests alongside private investors, mobilizing additional capital (an average of 7.8 NOK of private capital per 1 NOK directly invested in 2025) and targeting both financial return and measurable greenhouse gas reduction. As of end-2025, it managed approximately NOK 5.5 billion in assets across 49 portfolio investments and contributed capital to 429 climate technology companies since inception.

Product overview

Nysnø Klimainvesteringer (Nysnø) is a Norwegian state-owned climate investment company that provides venture capital and growth financing to early-stage climate technology companies. The company makes both direct investments in individual companies and fund investments, building a portfolio that balances risk, return, and climate impact. Their investment services focus on financing companies that contribute to reducing greenhouse gas emissions across sectors including renewable energy, digital technologies, resource efficiency, sustainable consumption, and circular economy. Nysnø does not offer a software product, platform, or technology solution; its offering consists of investment capital, risk financing, and portfolio management services for climate technology companies.

Differentiator

Problem solved

Functional benefit

Products and services

• Direct Equity Investments in Early-Stage Climate Technology Companies Long-term risk capital invested directly into early-phase (pre-seed to growth) climate technology companies developing solutions that reduce greenhouse gas emissions across renewable energy, digital technologies, resource efficiency, sustainable consumption, and circular economy. Nysnø typically leads or co-leads investment rounds alongside private investors.
• Fund-of-Funds Investments in Climate-Focused Venture and Growth Funds Capital commitments to climate-focused venture and growth funds in Norway and internationally, enabling a diversified portfolio that balances risk, return, and climate impact across geographies and stages.

Quantifiable outcome

• Contributed capital to 429 climate technology companies since inception
• +2 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered core and minor.

• Maritime CleanTechcoreStrategic or Co-development Partner · 24 January 2024Nysnø and Maritime CleanTech co-produce the Klimaklok podcast focused on climate technology and transition. Maritime CleanTech is a world-leading Norwegian cluster for green shipping.
• Skift – Næringslivets klimaledereminorOthers · 29 March 2023Nysnø became a member of Skift, a member organization that brings together business leaders to discuss how to cut emissions by 2030 while creating competitiveness for Norwegian business. Skift works with major climate transitions toward a zero-emission society in areas such as food and agriculture, buildings and property, mobility, and energy.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Astanor Ventures: European impact venture fund focused on food, agriculture, and climate tech; Nysnø is an LP in Astanor's Good Harvest Ventures I fund. Directly comparable as an early-stage climate impact investor with overlapping thesis in sustainable food and agricultural systems.
• European Investment Fund: EIF is an EU body owned by the European Investment Bank that invests in climate-tech, venture, and growth funds across Europe. Comparable in fund-of-funds strategy, sovereign backing, and Article 9-aligned climate mandates, though substantially larger and EU-wide.
• Swedfund: Swedish state-owned development finance institution making sustainable investments in developing markets. Comparable as a Nordic state-owned investor with a climate and sustainability mandate, though Swedfund's focus is emerging markets vs. Nysnø's Norway-first thesis.
• Breakthrough Energy Ventures: Bill Gates-backed venture fund investing exclusively in climate-tech startups across energy, transportation, agriculture, and buildings. Direct competitor/peer for sourcing climate-tech deals and a co-investment partner referenced in Nysnø's broader climate ecosystem.
• Generation Investment Management: Co-founded by Al Gore, invests in sustainable public and private companies with a long-term horizon. Comparable as a long-duration, sustainability-led investment manager balancing financial returns with measurable climate impact.
• KfW Capital: German federal government-owned growth/venture fund-of-funds managed under KfW Group, investing in tech and climate venture and growth funds with German and European focus. Closest structural analog to Nysnø as a sovereign-backed fund-of-funds with co-investment capabilities.
• Bpifrance: French state-owned investment bank providing direct equity, fund-of-funds, and climate innovation financing, with both early-stage and growth mandates. Directly comparable state-owned model with an explicit climate/transition pillar supporting French and European companies.
• Finnish Climate Fund: Finnish state-owned climate investment company with a mandate to combat climate change through domestic and Nordic investments. Near-identical structural model to Nysnø in mission, ownership (Finnish state), and Nordic regional focus.

Broad incumbents

• Temasek Holdings: Singapore state-owned investment company managing a diversified global portfolio. Comparable in sovereign ownership and long-term capital pool, but operates at vastly greater scale with non-climate thematic focus — an incumbent reference for how state-owned capital can be deployed.
• KfW Group: German state-owned development bank, parent of KfW Capital and DEG. Comparable as a sovereign-backed German development and climate finance institution; broader mandate includes green bonds, project finance, and SME lending beyond venture/growth equity.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/29038766/admin/dashboard
• Xx.com/nysnoinvest

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments34 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nysnø