Nefco

Nefco is an international financial institution that finances the initial scale-up of Nordic green solutions on international markets. Nefco has financed and implemented over 1,500 projects in energy efficiency, renewable energy, clean water and sanitation, waste management, and cleaner industrial processes, among others. Their task is to accelerate the shift to green by financing the initial scale-up of Nordic environmentally and climate-friendly solutions in international markets.

Helena Lähteenmäki

Investment Director

Katariina Vartiainen

Senior Manager, Environment and Sustainability

15 past transactions

Donkey Republic

Post in 2025
Donkey Republic is an online platform specializing in bike-sharing and bike rental services, operating in over ten key cities across Europe. The company collaborates with local partners to manage its locations while utilizing custom-branded bicycles. Its proprietary software is designed with unique features that prioritize respect for public spaces through a hub-centric service model. This approach enhances the predictability of bike availability and convenience for users. Donkey Republic emphasizes service innovation as a core aspect of its business strategy.

SolarLab

Debt Financing in 2024
SolarLab designs and produces solar facades for new and existing buildings.

Baseload Capital

Series B in 2024
Baseload Capital invests globally in renewable heat power projects. It provides financial tools for operators to build and run these plants, focusing on geothermal systems that offer clean, reliable energy.

Resand Oy

Debt Financing in 2024
Resand Oy specializes in the reclamation and recycling of spent foundry sands and other industrial sands. It offers sand treatment services and takes care of all of the customers’ sand-related needs, including collecting and regenerating waste sand and delivering the regenerated sand back to the customer.

Mash Makes

Debt Financing in 2024
Mash Makes specializes in converting biowaste into clean energy and material commodities, including electricity, biofuels, hydrogen, and biochar. Using waste-to-value processes, it aims to deliver carbon removal and low-carbon fuels at scale and at prices competitive with conventional energy and materials. The company focuses on turning sewage sludge and other biowaste streams into carbon-negative energy products, enabling customers to derive value from waste while reducing emissions.

Kyoto Group

Post in 2024
Kyoto Group is focused on developing innovative thermal battery solutions designed for industrial applications. The company's flagship product, the HeatCube, operates by transforming electricity into heat without combustion, utilizing molten salt as a medium. This approach allows the efficient capture and management of energy from renewable sources, particularly from excess solar and wind energy. With capacities starting from 5MW, the HeatCube aims to provide industries with low-cost, long-lasting thermal energy while significantly reducing their carbon dioxide emissions. By offering a plug-and-play solution, Kyoto Group seeks to enhance the sustainability of industrial processes and contribute to a greener energy future.

Grönska

Debt Financing in 2023
Grönska is a young, Swedish tech-company that develops technology for vertical farming, and grows and sells vegetables and herbs. Vertical farming that is based on the use of LED lighting and hydroponic watering systems. This method allows us to grow food indoors, locally and all year round. The reason we do this is to offer a sustainable, locally grown alternative to imported food and to enable more self-sufficient cities. Grönska was founded in 2014 and constructed the largest vertical farm in the Nordics in 2018.

Sulapac

Debt Financing in 2023
Sulapac is a company focused on addressing the global plastic waste crisis through innovative biodegradable packaging solutions. It develops fully biodegradable and microplastic-free materials made from wood, which possess properties similar to traditional plastics. This enables Sulapac's packaging to maintain the functionality that consumers expect while offering a sustainable alternative. The company's products can be manufactured using standard processing techniques such as injection molding, extrusion, and blow molding, allowing customers to adopt these eco-friendly solutions without the need for new machinery. Sulapac's approach combines luxury, sustainability, and design versatility, making it a notable player in the shift towards environmentally responsible packaging.

Norsepower

Series C in 2023
Norsepower Oy Ltd, founded in 2012 and based in Helsinki, Finland, is a clean technology and engineering company specializing in generating renewable wind energy for the global maritime industry. The company offers auxiliary wind propulsion systems that are low-maintenance, software-operated, and data-verified. Their flagship product, the rotor sail solution, utilizes the magnus effect to harness wind power and propel ships, thereby reducing fuel consumption and greenhouse gas emissions.

Baseload Capital

Convertible Note in 2022
Baseload Capital invests globally in renewable heat power projects. It provides financial tools for operators to build and run these plants, focusing on geothermal systems that offer clean, reliable energy.

Donkey Republic

Debt Financing in 2022
Donkey Republic is an online platform specializing in bike-sharing and bike rental services, operating in over ten key cities across Europe. The company collaborates with local partners to manage its locations while utilizing custom-branded bicycles. Its proprietary software is designed with unique features that prioritize respect for public spaces through a hub-centric service model. This approach enhances the predictability of bike availability and convenience for users. Donkey Republic emphasizes service innovation as a core aspect of its business strategy.

Coloreel

Debt Financing in 2022
Coloreel is a Swedish technology innovation company specializing in the textile industry. Established in 2009, the company has developed a groundbreaking technology that allows for high-quality, on-demand coloring of textile threads. This innovation significantly expands design possibilities in textile applications. Coloreel's primary product is a thread coloring unit designed for use with industrial embroidery machines, enabling them to change colors seamlessly along the thread. This capability allows for smooth transitions and a variety of coloring effects, granting the textile industry unprecedented freedom in creating diverse embroidery designs. The technology has the potential for future applications in sewing, knitting, weaving, and other textile processes.

RDG Collective

Debt Financing in 2022
RDG Collective, founded in 2018, seeks to empower the future by creating and delivering innovative solar home systems across Zambia, where an estimated 2.4 million households lack electricity. By offering pay‑as‑you‑go products, the company removes the high upfront cost that has historically limited access to solar energy. This model has enabled more Zambian households to acquire solar home systems, refrigerators, solar water pumps, and smartphones, improving daily life and economic opportunities.

Carbon Recycling International

Funding Round in 2018
Founded in 2006, Carbon Recycling International specializes in producing renewable methanol using carbon dioxide, hydrogen, and electricity. Its proprietary technology enables large-scale conversion of emissions into liquid fuels and chemicals, promoting sustainability within the power generation and industrial production sectors.

GreenStream Network

Venture Round in 2016
Founded in Helsinki, Finland in 2001, GreenStream Network specializes in international climate markets. Initially an intermediary for green certificates, it expanded into portfolio management and asset management, launching successful energy and carbon funds. With over 100 emissions reduction projects globally, the company's success lies in its innovative business concepts and commitment to clients.
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