Scatec AS

What Scatec AS does

Scatec Innovation AS is a Norwegian private holding and innovation company founded in 1987 by Alf Bjørseth and headquartered in Oslo. The firm identifies, develops, and industrializes early-phase technologies within renewable energy and advanced materials, self-financing the development phase and operating with a small core team (1-10 employees). Rather than selling products or services, its business model is to build and manage a portfolio of companies spanning start-ups to publicly listed entities, monetizing through equity value creation and exits.

The portfolio comprises five companies: Scatec ASA (a publicly listed solar power producer previously known as Scatec Solar ASA), Norsk Titanium (rapid plasma deposition for metal additive manufacturing), TEGma (thermoelectric modules converting waste heat to electricity), REEtec (rare earth element separation technology), and Thor Medical (alpha-emitting radionuclides for cancer therapy, now subject to acquisition by Nordic Nanovector). Recent portfolio activity includes REEtec's NOK 1,200 million raise in November 2022 for its first industrial plant, Scatec ASA's NOK 569 million divestiture of its Upington solar plant in South Africa in February 2023, and the announced acquisition of Thor Medical by Nordic Nanovector in June 2023.

Scatec Innovation serves institutional and financial investors who back its portfolio company financings, and indirectly serves end markets across renewable energy generation, aerospace/industrial additive manufacturing, energy recovery, critical materials supply, and oncology therapeutics. Revenue and pricing are not publicly disclosed, consistent with its holding-company structure. Leadership is founder-led under Alf Bjørseth, with executives including John Andersen and Grete Sønsteby as CEOs and Kristian Haneberg as Senior Vice President of Asset Ownership.

Name

Scatec AS

Legal name

Scatec Innovation AS

Website

https://scatec.no

Company type

Private

Founded year

1987

Operating status

Operating

Headcount range

1–10 employees

Short description

Scatec Innovation AS is a Norwegian private holding company founded in 1987 that identifies, develops, and industrializes early-phase renewable energy and advanced materials technologies, managing a portfolio of five companies spanning solar power, additive manufacturing, thermoelectrics, rare earths, and medical radionuclides.

Ownership category

akta.pro rank

Product category

Cleantech Venture Capital

NAICS

Other Scientific and Technical Consulting Services (54169)

SIC

Services-Management Consulting Services (8742)

akta.pro primary industry

Corporate M&A / Venture Build-to-Buy Programs (Acqui-hire, option-to-acquire) (FSANAHAG)

Keywords

• Cleantech investment
• Renewable energy ventures
• Advanced materials development
• Technology industrialization
• Venture incubation services

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Others

Core offering

Scatec Innovation AS is a Norwegian cleantech investment and innovation company that identifies, develops, finances, and industrializes promising early-phase technologies within renewable energy and advanced materials. It operates a portfolio of companies — ranging from start-ups to listed entities — including Norsk Titanium (metal additive manufacturing), Scatec ASA (solar power), TEGma (thermoelectric waste heat recovery), REEtec (rare earth elements), and Thor Medical (radionuclides for cancer therapy). The firm earns returns through equity ownership and successful exits of these portfolio businesses.

Product overview

Scatec Innovation is an innovation and investment platform that develops and manages a portfolio of companies spanning renewable energy and advanced materials. The portfolio ranges from start-ups to listed companies, with each portfolio company representing a distinct product or business entity: Norsk Titanium (metal additive manufacturing via rapid plasma deposition), Scatec ASA (renewable solar power production), TEGma (thermoelectric waste heat conversion), REEtec (rare earth element separation), and Thor Medical (alpha-emitting radionuclides for cancer therapy). The platform's strength lies in identifying, developing, and industrializing promising new technologies in early phases.

Differentiator

Problem solved

Functional benefit

Products and services

• Scatec Innovation investment and development platform
• Norsk Titanium (NTi AS)
• Scatec ASA (previously Scatec Solar ASA)

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Nordic NanovectormajorStrategic or Co-development Partner · 7 June 2023Nordic Nanovector announced agreement to acquire Thor Medical (a portfolio company of Scatec Innovation) on 7 June 2023. This represents a successful exit for Scatec Innovation's portfolio company in the medical technology/radionuclide sector for cancer therapy.

Scale indicators1 record

Recent moves4 records

Expansion highlights4 records

Direct peers

• Breakthrough Energy Ventures: Bill Gates-backed venture fund investing in early-stage cleantech and advanced energy companies, with a similar model of identifying, developing, and commercializing breakthrough sustainable technologies.
• InnoEnergy: European innovation engine backed by the EU that invests in and incubates sustainable energy start-ups across the value chain, mirroring Scatec Innovation's early-phase development and industrialization focus.
• Capricorn Partners: Independent European venture capital firm managing cleantech and sustainable technology funds, comparable as a specialized European investor developing early-phase sustainable companies.
• Clean Energy Ventures: Early-stage venture capital firm focused exclusively on clean energy technologies and startups, sharing Scatec Innovation's pre-seed/seed-to-commercial specialization.

Regional players

• Nysnø Klimainvesteringer: Norwegian state-owned climate investment company that invests in late-stage venture and growth-stage companies with climate impact, comparable as a fellow Norwegian/Nordic institutional investor in sustainable technology.
• SINTEF Ventures: Norwegian applied research organization with technology commercialization and spin-out activities, comparable as a Nordic player commercializing advanced materials and energy research.

Broad incumbents

• Equinor Ventures: Corporate venture arm of Equinor, investing in renewable energy and low-carbon technologies, with a similar focus on cleantech venture building but anchored to a major energy parent.
• Carbon Trust: Global climate change consultancy that also invests in and accelerates low-carbon technology ventures, with overlapping mission of bringing sustainable technologies to commercial scale.
• Khosla Ventures: US venture firm with deep exposure to clean energy and advanced materials, comparable for its willingness to take early-phase technology bets through to commercial scale.

Emerging players

• Volta Energy Technologies: US-based cleantech venture/incubator that identifies and commercializes breakthrough energy storage and clean energy technologies from early stage, with a similar incubation-to-scale model.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

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

M&A

Investments3 records

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

Frequently asked questions about Scatec AS