Lyse Vekst AS

What Lyse Vekst AS does

Lyse Vekst AS is the venture investment arm of Lyse AS, a Norwegian energy and telecommunications conglomerate owned by 15 municipalities in Southern Rogaland and Agder. As a corporate venture entity, Lyse Vekst AS invests in early-stage technology and renewable energy companies, leveraging the broader Lyse Group's infrastructure expertise and regional position. The parent Lyse Group operates across four core business areas: renewable energy (32 hydroelectric power plants through Lyse Kraft DA with 10 TWh annual production and 2,500 MW installed capacity, co-owned 74.4% with Hydro); telecommunications (Lyse Tele AS operating Altibox fiber broadband with 708,913+ customers and ice mobile services, including 5G rollout); grid infrastructure (Lnett AS as regulated monopoly electricity grid operator across 9 municipalities under NVE oversight); and circular energy/district heating (Lyse Neo AS, Lyse Bio AS for biogas, Lyse Lux AS for street lighting, and Lyse Lading AS for EV charging).

The group's business model centers on subscription/recurring revenue across regulated and market-based services: regulated grid fees (Lnett), subscription energy sales (Lyse Energi AS for electricity, gas, district heating), telecom subscriptions (Altibox fiber, ice mobile), and infrastructure services. For FY2025, Lyse Group reported NOK 26,659 million in revenue and NOK 3,404 million in annual profit, with 2,410 employees as of December 31, 2025. Geographic reach spans Southern Rogaland (core), Østlandet (Viken Fiber), Northern Norway (Signal Bredbånd), Bergen/Vestland (Bergen Fiber), Dalane/Agder (Altifiber), Molde region (Istad Fiber JV), and Denmark (Altibox Danmark). Lyse Vekst AS specifically channels strategic venture capital into technology and renewable energy startups aligned with the group's green transition strategy, including partnerships with Nordic Edge and Innoasis for 5G/IoT testing infrastructure.

Name

Lyse Vekst AS

Legal name

Lyse Vekst AS

Website

https://lysekonsern.no

Company type

Private

Founded year

1999

Operating status

Operating

Short description

Lyse Vekst AS is the corporate venture arm of Lyse AS, a municipally-owned Norwegian energy and telecom conglomerate, investing in early-stage technology and renewable energy companies across Stavanger, Norway.

Ownership category

akta.pro rank

Product category

Corporate Venture Capital

akta.pro primary industry

Roll-Up / Buy-and-Build ETA (FSANALAF)

Keywords

• Venture capital investing
• Renewable energy investments
• Early-stage technology funding
• Corporate venture capital
• Clean energy startups

Headquarters

HQ city

Stavanger

HQ country

Norway

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Others

Revenue model

1. Renewable Energy Sales: Sale of hydroelectric power through Lyse Produksjon AS and Lyse Kraft DA. Revenue from power generation and trading, including financial power and currency portfolio for risk management.
2. Energy Sales (Electricity, Gas, District Heating): Lyse Energi AS sells electricity, gas, district heating, and cooling to homes, housing cooperatives, and businesses. Also includes EV charging services through Lyse Lading AS.
3. Telecommunications Services: Lyse Tele AS operates Altibox (fiber/broadband/TV) and ice (mobile) brands. Revenue from broadband subscriptions, mobile plans, TV/entertainment services, and IoT solutions. Altibox has 708,913 customers (2020).
4. Electricity Grid Services: Lnett AS operates as local grid company for 9 municipalities in Southern Rogaland. Monopoly regulated activity controlled by NVE (Norwegian Water Resources and Energy Directorate). Revenue from grid fees.
5. Infrastructure Services: Street lighting (Lyse Lux AS), outdoor lighting projects (Lyse Agon AS), and district heating infrastructure services (Lyse Neo AS).

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Lyse Vekst AS is the venture arm of Lyse AS, investing in early-stage technology and renewable energy companies. As a wholly-owned subsidiary of the municipally-owned Lyse Group, it deploys corporate venture capital into startups operating in clean energy, fiber/telecom, and 5G/IoT technology, leveraging Lyse's regulated infrastructure assets and the 5G testbed at Innoasis to support portfolio company development.

Product overview

Lyse Vekst AS operates as part of the Lyse Group (Lyse-konsernet), a Norwegian energy and telecom conglomerate organized with Lyse AS as the parent company. The consortium consists of multiple subsidiaries organized into four business areas: renewable energy (hydroelectric power via Lyse Kraft DA, Lyse Produksjon AS), telecom (fiber, mobile, broadband via Lyse Tele AS, Altibox, ice brands), infrastructure and circular energy (district heating, gas networks, street lighting via Lyse Neo AS, Lyse Lux AS, Lnett AS), and regional markets (Lyse Marked AS, Bergen Fiber AS, Signal Marked AS). Lyse Vekst AS participates in this diversified portfolio alongside sister subsidiaries including Lyse Marked AS, Lyse Dialog AS, and various other entities serving residential and business customers across southern Rogaland and beyond.

Differentiator

Problem solved

Functional benefit

Brands

• Altibox: Fiber broadband and TV/entertainment services brand operated by Lyse Tele AS
• ice
• Signal Bredbånd
• Bergen Fiber
• Viken Fiber

Products and services

• Early-Stage Technology and Renewable Energy Venture Investments

Named customers6 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Ten partnerships are on record, tiered minor and core.

• Nordic EdgeminorStrategic or Co-development PartnerLyse and Nordic Edge have established a 5G/IoT lab at Innoasis in Stavanger. The lab provides a closed 5G network for testing use cases, ideal for startups wanting to test technology.
• InnoasisminorStrategic or Co-development PartnerHost location for the 5G/IoT lab co-established with Nordic Edge. Innoasis in Stavanger provides the facility for testing and experimenting with 5G technology.
• Hydro Energi AScoreStrategic or Co-development PartnerHydro owns 25.6% of Lyse Kraft DA (with Lyse owning 74.4%). Hydro Energi AS operates the power plants while Lyse Produksjon AS handles production planning and physical dispatching in the market.
• Altibox Partnership NetworkcoreChannel Partner/ Reseller/ DistributorAltibox is a national partnership of fiber companies delivering broadband and entertainment services. Lyse Tele manages the Altibox brand along with ice mobile services. The partnership includes regional fiber companies across Norway.
• Å Energi ASminorChannel Partner/ Reseller/ DistributorÅ Energi AS owns 26.5% of Viken Fiber AS, one of Norway's largest fiber companies with over 250,000 customers.
• Lier Everk Holding ASminorChannel Partner/ Reseller/ DistributorLier Everk Holding AS owns 4.6% of Viken Fiber AS.
• Hadeland Energi ASminorChannel Partner/ Reseller/ DistributorHadeland Energi AS owns 3.9% of Viken Fiber AS.
• Istad ASminorChannel Partner/ Reseller/ DistributorIstad AS co-owns Istad Fiber AS (50% each) with Lyse Fiberinvest AS. Istad Fiber delivers fiber broadband in Molde, Hustadvika, Gjemnes, and Aukra municipalities.
• Bio Jæren ASminorStrategic or Co-development PartnerLyse Bio AS develops biogas production through partnership with Bio Jæren AS in the Rogaland region.
• Bioenergi Finnøy ASminorStrategic or Co-development PartnerLyse Bio AS develops biogas production through partnership with Bioenergi Finnøy AS in Rogaland.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• BKK: Norwegian utility company operating power production, electricity grid, and fiber broadband in Western Norway. Comparable to Lyse's vertically integrated Norwegian utility model with renewable generation and telecom diversification.
• Å Energi: Norwegian energy company combining hydropower, grid operations, and telecom/fiber investments (notably 26.5% stake in Viken Fiber). Highly comparable to Lyse's diversified energy-plus-telecom model with regional Norwegian focus.
• Agder Energi: Norwegian regional energy company with hydropower generation, electricity grid, and telecom services. Comparable to Lyse as a municipal-owned Norwegian utility with similar business mix and Agder regional exposure.
• Hafslund: Norwegian utility group with hydropower production, electricity grid operations, and district heating. Directly comparable to Lyse's integrated energy model with municipal/government ownership heritage and similar Norwegian regulatory exposure.
• Skagerak Energi: Norwegian regional utility with hydropower production, electricity grid, and energy services. Comparable to Lyse's municipal-owned Norwegian energy operations with similar regulatory and market dynamics.
• Statkraft: Norwegian state-owned renewable energy company and Europe's largest generator of renewable energy. Directly comparable to Lyse as a Norwegian hydropower operator with diversified renewable portfolio and government-affiliated ownership structure.

Regional players

• Akershus Energi: Norwegian regional utility with energy and telecom interests around the Oslo/Akershus region. Comparable to Lyse as a Norwegian municipal-owned energy utility, though operating in a different geographic region.

Broad incumbents

• Telia: Major Nordic telecom operator with mobile and fiber services across Norway, Sweden, and Finland. Comparable to Lyse Tele AS for fiber and mobile competition in the Norwegian market at a regional Nordic scale.
• Equinor: Norwegian state-majority energy company with significant renewable energy ambitions and corporate venture arm (Equinor Ventures). Comparable as a Norwegian energy major with diversification into renewables, though larger and oil-and-gas heritage.
• Telenor: Norway's largest telecom operator with mobile, fiber, and 5G services across the Nordics. Directly comparable to Lyse Tele AS's mobile (ice) and fiber (Altibox) operations, but at much larger national scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/LyseAS
• LinkedInno.linkedin.com/company/lyse-as
• Instagraminstagram.com/lyse.as

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries14 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 Lyse Vekst AS