After multiple years of relatively low activity, cleantech venture capital investments in the Nordics are back on the upswing. The past two years have seen an increase in interest from investors with 2017 seeing a total of $155.3 million poured into 36 companies. Last year saw a dip in capital invested at $138.8 million across 28 deals but remaining far beyond the levels reported in the years preceding 2017.
The activity comes at a time when the protection of the environment is moving to the forefront not only in the minds of politicians but also among members of the public. This year has already seen protest across the continent including a school strike organized by European children and led by Swedish student Greta Thunberg.
The Nordics are well known for their conscientiousness when it comes to the environment. Denmark, Finland and Sweden are the top three countries using and promoting renewable energy and other clean technologies, according to the 2017 Global Cleantech Innovation Index, and the number of cleantech funds in all three is continuing to rise. Norway is ranked in ninth place, per the report, with some of the highest budgets for cleantech R&D.
We've taken a look at some of the startups from the region that are fueling the cleantech buzz.