Veas

What Veas does

Veas AS is Norway's largest wastewater treatment company, operating a single 42,000 m² in-mountain facility at Slemmestad in Asker that processes sewage from more than 800,000 inhabitants in Oslo, Bærum, Asker, and Nesodden via a 42-kilometer underground tunnel. The plant removes nitrogen (79.8% in 2025 vs. 70% regulatory requirement) and phosphorus (93.1% vs. 90% requirement) using biological treatment, then recovers multiple resources through anaerobic digestion (liquid biogas/LBG since 2020), ammonium sulfate stripping, soil-product stabilization (Veas-jord), and wastewater heat extraction for district heating. Hoop CO2 AS, a wholly-owned subsidiary that officially opened in April 2026, captures biogenic CO2 from biogas upgrading and stores it at the Northern Lights project under a carbon-credit arrangement with Microsoft, making Veas the first operator globally with full-scale CCS from a biogas plant.

The company is wholly owned by Oslo (70.5%), Bærum (21.5%), and Asker (8.0%) municipalities and converted from an inter-municipal entity to a private limited company in February 2022. Veas operates through three subsidiaries: Veas Selvkost AS delivers statutory self-cost wastewater treatment to owner-municipalities (NOK 439M of 2025 revenue), Veas Marked AS commercializes biogas, ammonium sulfate, Veas-jord, and carbon credits, and Hoop CO2 AS handles CCS. Consolidated 2025 operating revenue reached NOK 528 million (vs. NOK 514M in 2024). The company holds ISO 9001, ISO 14001, ISO 17025 lab accreditation, ISCC EU, and CE-marked ammonium sulfate, and received an AAA credit rating from NCR in 2025 and the Samfunnsbedriftene Sustainability Prize in 2026. Distribution combines direct municipal service agreements with channel partners (Grønn Vekst for soil, distributors for LBG, Inherit for carbon credits, Oslofjord Varme and Hafslund Oslo Celsio for district heating).

Name

Veas

Legal name

Veas AS

Website

https://veas.nu

Company type

Private

Founded year

1976

Operating status

Operating

Headcount range

101–250 employees

Short description

Veas is Norway's largest wastewater treatment company, municipally owned by Oslo, Bærum, and Asker, serving 800,000+ inhabitants with biological nitrogen and phosphorus removal and recovering biogas, soil products, ammonium sulfate, district heating, and carbon credits from the waste stream.

Ownership category

akta.pro rank

Product category

Wastewater Treatment Services

NAICS

Sewage Treatment Facilities (22132)

SIC

Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

Advanced/Nutrient Removal (BNR/ENR: N, P) (EUANADAC)

akta.pro secondary industries

Water Reclamation & Reuse Production (Tertiary/Advanced Treatment) (EUANADAD), Nutrient Recovery from Sludge (Struvite, Ammonia/Phosphorus Recovery) (EUANAHAD)

Keywords

• Wastewater treatment services
• Biogas production
• Carbon capture storage
• District heating supply
• Circular economy resources

Headquarters

HQ city

Slemmestad

HQ country

Norway

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Infrastructure, Supply Chain, Marketing or Sales

Revenue model

1. Municipal Wastewater Treatment Services (Self-cost): The primary revenue stream comes from statutory self-cost services to owner-municipalities (Oslo, Bærum, Asker). Service costs are covered through municipal fees, calculated according to self-cost regulations. In 2025, transfers from owner-municipalities totaled 439 million NOK. Additional revenue comes from service agreements with Nesodden municipality and (from 2027/2028) Frogn municipality.
2. Liquid Biogas (LBG) Sales: Veas produces over 10 million Nm3 of biogas annually, which is refined into liquid biogas (LBG) and sold as fuel for buses and trucks. In 2025, production reached 68 GWh of LBG - the best production result since the plant's 2020 startup. The biogas is sold through distributors primarily for transport purposes.
3. Veas-jord (Soil Amendment Product) Sales: The stabilized and hygienized bio-rest from wastewater treatment (biomass combined with lime) is sold as 'Veas-jord' for agricultural use. Approximately 40,000-45,410 tons are delivered annually to farmers in the Østlandet region. The product is registered with Mattilsynet (Norwegian Food Safety Authority) under fertilizer regulations.
4. Ammonium Sulfate Sales: Recovered ammonium sulfate is sold as fertilizer, raw material for fertilizer products, and as industrial input. The product is CE-marked and exported to various countries in Europe. In 2025, production was 5,134 tonnes of nitrogen solution.
5. District Heating from Wastewater Heat: Heat is extracted from wastewater in the Veas tunnel by heat pump systems operated by Oslofjord Varme and Hafslund Oslo Celsio. This heat is delivered to the district heating network in Oslo and Bærum. In 2025, 107 GWh was delivered for district heating production, heating approximately 13,000 apartments.
6. Carbon Credits from CO2 Capture: Veas' subsidiary Hoop CO2 captures and stores biogenic CO2 from biogas production. Carbon credits are sold in the voluntary market. Microsoft is the customer purchasing credits. Inherit handles CO2 transport and credit issuance. The CO2 is stored in the Northern Lights project off Bergen.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels7 records

Core offering

Veas treats wastewater from more than 800,000 inhabitants in the Oslo region, removing nitrogen and phosphorus and producing biogas, soil products, ammonium sulfate, and district heating as recovered resources. Through its subsidiary Hoop CO2, it also captures and stores biogenic CO2 from biogas production. The company operates an integrated mountain facility at Slemmestad in Asker with a 42-kilometer underground sewage tunnel, serving as a circular-economy platform that turns wastewater pollutants into sellable renewable products.

Product overview

Veas is Norway's largest wastewater treatment company operating a single integrated facility that processes sewage from 800,000 inhabitants in Oslo, Bærum, Asker, and Nesodden municipalities. The company's portfolio consists of a core wastewater treatment service that removes nitrogen, phosphorus, and organic matter, complemented by multiple resource recovery products: Biogass (liquid biogas for transportation), Veas-jord (soil fertilizer for agriculture), Fjernvarme (district heating for buildings), Ammonium Sulfate (nitrogen fertilizer), and Wastewater Data Analytics (population health monitoring). The subsidiary Hoop CO2 provides carbon capture and storage services. The company operates the treatment facility inside a mountain at Slemmestad, using biological treatment processes and producing renewable energy while recovering valuable resources from wastewater.

Differentiator

Problem solved

Functional benefit

Brands

• Veas-jord: Soil improvement product made from stabilized and hygienized sewage sludge with lime added. Contains organic material, phosphorus and nitrogen for agricultural use.
• Veas Biogass
• Veas Ammoniumsulfat
• Hoop CO2

Products and services

• Wastewater Treatment Services Statutory wastewater treatment for over 800,000 inhabitants in Oslo, Bærum, Asker, and Nesodden municipalities. Removes 79.8% nitrogen and 93.1% phosphorus (2025) from a 42-km underground tunnel-fed stream averaging 2,500 liters per second.
• Veas Biogass (Liquid Biogas / LBG) Liquid biogas (LBG) produced from anaerobic digestion of wastewater sludge. Over 10 million Nm3 of raw biogas annually, refined into LBG for transport fuel. Sold via distributors to bus and truck operators in Norway.
• Veas-jord (Soil Amendment) Soil amendment made from stabilized and hygienized sewage sludge with added lime. Contains organic material, phosphorus, and nitrogen. Delivered at approximately 40,000-45,410 tonnes annually to farmers in Eastern Norway for grain production.
• Fjernvarme (District Heating) Heat energy recovered from wastewater through heat pump systems and delivered to district heating networks. In 2025, 107 GWh was delivered, heating approximately 13,000 apartments in Oslo and Bærum.
• Ammonium Sulfate Fertilizer Recovered ammonium sulfate from wastewater treatment using ammonia stripping with sulfuric acid. CE-marked product sold domestically and exported across Europe as fertilizer, raw material for fertilizer products, and industrial input.
• Hoop CO2 Carbon Capture and Storage Carbon capture and storage of biogenic CO2 from biogas production at Veas. CO2 is stored permanently in the Northern Lights project off Bergen. Carbon credits sold to corporate buyers in the voluntary market.
• Wastewater Data Analytics Analysis of wastewater composition providing population health insights including detection of narcotics, pharmaceuticals, antibiotics, nicotine, alcohol, viruses, and environmental contaminants. Delivered in collaboration with NIVA and the Norwegian Institute of Public Health.

Quantifiable outcome

• 79.8% nitrogen removal rate (vs. 70% regulatory requirement) in 2025, highest ever
• +7 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature6 records

Partnerships

23 partnerships are on record, tiered key, major and core.

• Ocean Forest (Bellona og Lerøy)keyStrategic or Co-development Partner · 1 January 2026Ocean Forest (owned by Bellona and Lerøy) is a partner in the Oslofjorden Tarepark project together with NIVA, Oslo municipality, Asker municipality, and Veas. The project cultivates kelp in the Oslofjord to improve the environment by removing nutrients, sequestering carbon, adding oxygen, and creating new habitats.
• BellonakeyStrategic or Co-development Partner · 1 January 2026Bellona co-owns Ocean Forest and is a partner in the Oslofjorden Tarepark project. Bellona is also a co-organizer of events with Veas at Arendalsuka.
• Frogn Municipality (Frogn kommune)majorStrategic or Co-development Partner · 1 January 2024Frogn municipality signed an agreement with Veas in 2024 for wastewater treatment services. Expected service start is 2027/2028.
• CambikeyTechnology or Integration · 1 January 2023Cambi is a local company in Asker supplying the new sludge treatment process equipment for Veas. The new 80-meter rock cavern is being built to house Cambi's equipment, which will generate less odor and reduce traffic to the facility.
• OslofjordmuseetkeyStrategic or Co-development Partner · 1 January 2022Oslofjordmuseet is a co-organizer of the annual Fjordredningskonferansen (Fjord Rescue Conference) together with Veas, Asker kommune, and Oslofjordens Friluftsråd.
• Oslofjordens FriluftsrådkeyStrategic or Co-development Partner · 1 January 2022Oslofjordens Friluftsråd (Oslofjord Outdoor Council) is a co-organizer of the annual Fjordredningskonferansen (Fjord Rescue Conference) together with Veas, Asker kommune, and Oslofjordmuseet.
• Hoop CO2 AScoreStrategic or Co-development Partner · 1 January 2022Hoop CO2 is a wholly-owned subsidiary of Veas Marked AS (76.53% directly by Veas AS, 23.47% by Veas Selvkost AS) that captures and stores biogenic CO2 from biogas production. The company is the world's first with carbon capture and storage from biogas plants at full scale.
• Veas Selvkost AScoreStrategic or Co-development Partner · 1 January 2022Veas Selvkost AS is a wholly-owned subsidiary that delivers statutory self-cost services to owner-municipalities, treating wastewater according to Statsforvalteren's requirements. The company owns and manages property and collaborates with other actors to reduce Oslofjord pollution.
• Veas Marked AScoreStrategic or Co-development Partner · 1 January 2022Veas Marked AS is a majority-owned subsidiary (76.53% by Veas AS, 23.47% by Veas Selvkost AS) that creates value and sells products to contribute to the circular economy, including liquid biogas, ammonium sulfate, and carbon credits.
• SintefkeyStrategic or Co-development Partner · 1 January 2020Sintef is a research partner in the INVAPRO project (2020-2024) led by Veas, along with Bergen municipality and Trondheim municipality, with support from the Research Council of Norway. The project develops and tests how machine learning and AI can contribute to better control and optimization of water treatment processes.
• Bergen MunicipalitykeyStrategic or Co-development Partner · 1 January 2020Bergen municipality is a research partner in the INVAPRO project (2020-2024) led by Veas, along with Sintef and Trondheim municipality, with support from the Research Council of Norway.
• Trondheim MunicipalitykeyStrategic or Co-development Partner · 1 January 2020Trondheim municipality is a research partner in the INVAPRO project (2020-2024) led by Veas, along with Sintef and Bergen municipality, with support from the Research Council of Norway.
• Research Council of Norway (Norges Forskningsråd)keyStrategic or Co-development Partner · 1 January 2020The Research Council of Norway provided funding and support for the INVAPRO project (2020-2024) - Intelligent Water Processes - led by Veas in collaboration with Sintef, Bergen municipality, and Trondheim municipality.
• Oslo Municipality (Oslo kommune)coreStrategic or Co-development Partner · 1 January 1976Oslo municipality is one of three owner-municipalities of Veas, holding 70.5% of shares. The municipality provides approximately 67.9% of total wastewater volume treated by Veas. The city's environmental and transport councilor serves on Veas' general assembly.
• Bærum Municipality (Bærum kommune)coreStrategic or Co-development Partner · 1 January 1976Bærum municipality is one of three owner-municipalities of Veas, holding 21.5% of shares. The municipality provides approximately 21.9% of total wastewater volume treated by Veas. The mayor serves on Veas' general assembly.
• Asker Municipality (Asker kommune)coreStrategic or Co-development Partner · 1 January 1976Asker municipality is one of three owner-municipalities of Veas, holding 8.0% of shares. The municipality provides approximately 10.2% of total wastewater volume treated by Veas. The mayor serves on Veas' general assembly.
• Nesodden Municipality (Nesodden kommune)majorStrategic or Co-development PartnerNesodden municipality has a service agreement with Veas for wastewater treatment via a sea pipeline. The municipality is not an owner but uses Veas' treatment capacity.
• Oslofjord VarmekeyTechnology or IntegrationOslofjord Varme extracts heat from wastewater in the Veas tunnel using heat pumps. This heat is delivered to the district heating network in Oslo and Bærum.
• Hafslund Oslo CelsiokeyTechnology or IntegrationHafslund Oslo Celsio extracts heat from wastewater in the Veas tunnel using heat pumps. This heat is delivered to the district heating network in Oslo and Bærum. In 2025, 107 GWh was delivered.
• Norwegian Institute for Water Research (NIVA)keyStrategic or Co-development PartnerNIVA has collaborated with Veas for many years to investigate traces of narcotics in wastewater. During the COVID-19 pandemic, Veas collected water samples that provided useful information about coronavirus spread in the Oslo area for the Norwegian Institute of Public Health (FHI). NIVA is also a partner in the Oslofjorden Tarepark project.
• InheritkeyChannel Partner/ Reseller/ DistributorInherit handles CO2 transport and issuance of carbon credits for Hoop CO2's biogenic CO2 capture and storage operations.
• Northern LightskeyTechnology or IntegrationNorthern Lights is the CO2 storage facility off Bergen where Hoop CO2 stores biogenic CO2 captured from biogas production. This is a joint industry project between Equinor, Shell, and TotalEnergies.
• Grønn VekstkeyChannel Partner/ Reseller/ DistributorGrønn Vekst distributes Veas-jord (soil amendment product) to farmers. Contact: Lars-Olav Breivik, [email protected], phone 48 31 50 56. Approximately 45,410 tonnes delivered annually to grain farmers in Østlandet region.

Scale indicators15 records

Recent moves11 records

Expansion highlights5 records

Broad incumbents

• Veolia Water Technologies: Global water and wastewater services provider operating across municipal and industrial markets. Adjacent rather than directly competing, but active in the same advanced treatment, biogas and resource recovery space.
• DC Water: Large US municipal water and wastewater authority serving the Washington DC region. Comparable in scale of customer base, focus on nutrient removal and active pursuit of resource recovery (biogas, heat) from wastewater.
• Severn Trent: Large UK regulated water and wastewater utility. Comparable in regulated utility model, large customer base and ongoing capital programmes for nutrient removal and environmental compliance.
• Suez Water: Global water and wastewater operator with municipal contracts across Europe. Comparable in nutrient removal and resource recovery expertise, though operating under different commercial structures than Veas's municipal model.

Direct peers

• IVAR IKS: Norwegian inter-municipal water and wastewater utility serving Stavanger region. Directly comparable ownership structure (multiple municipalities) and Norwegian regulatory framework to Veas.
• Stockholm Vatten och Avfall: Municipal water, wastewater and waste operator owned by Stockholm city. Similar scale of service, Nordic regulatory environment and integrated resource recovery approach.
• HOFOR: Municipal water, wastewater and district heating utility serving Greater Copenhagen. Closest analogue to Veas in terms of combined wastewater treatment plus heat and resource recovery under municipal ownership.
• Waternet: Municipal water and wastewater operator for Amsterdam and surrounding region. Comparable publicly-owned utility focused on circular water resource management and integrated service delivery.

Others

• Hafslund Oslo Celsio: Oslo district heating provider that extracts heat from Veas-treated wastewater via heat pumps in the Veas tunnel. Adjacent counterpart in Veas's district heating revenue stream rather than a competitor.

Regional players

• Bergen Vann: Municipal water and wastewater utility for Bergen, Norway. Direct regional peer under the same Norwegian regulatory regime and research partner of Veas in the INVAPRO AI/ML programme.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/veasnorge
• LinkedInlinkedin.com/company/veas-iks-

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles21 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Veas