Top 10 Nordic GreenTech Early-Stage Startups: Shaping a Sustainable Future (2024)

Top 10 Nordic GreenTech Early-Stage Startups: Shaping a Sustainable Future (2024)

Introduction: The Thriving Nordic Green Tech Ecosystem

The Nordic countries aren't just committed to environmental responsibility and social well-being, they're actively building a greener future. This focus on sustainability makes them not just climate warriors, but potential green-tech powerhouses. Their strong support systems for innovation turn Nordic startups into key players for solving pressing environmental issues. Furthermore, According to Nordics impact report, the Nordics are leaders in impact investing, with Sweden at the forefront. An impressive 38% of Nordics total funding goes towards impact startups tackling environmental and social challenges, solidifying their position as leaders in green technology solutions.

    Top 10 Early-Stage Nordic Green Tech Startups to Watch :

    The Nordic GreenTech scene is teeming with promising early-stage startups tackling environmental issues across various sectors. Here are ten such companies -

    1. 1. Origin by Ocean - Converts algae into sustainable ingredients, addressing ocean eutrophication.

      • Headquarters - Espoo, Southern Finland, Finland
      • Founders - Mari Granström, Mikael Westerlund
      • Establishment year - 2019
      • Funding(in USD) - $ 9.5M USD
      • Investor/s - Voima Ventures, Business Finland
    2. Origin by Ocean is dedicated to harvesting micro and macroalgae, converting them into sustainable, biobased ingredients for consumer products. Their biorefinery technology addresses the eutrophication of oceans by transforming marine overgrowth into ecological, functional ingredients. This approach not only mitigates environmental issues but also provides a sustainable income for those harvesting algae.
    1. 2. Algiecel - Uses microalgae for sustainable protein and omega-3 production.

      • Headquarters - Odense, Syddanmark, Denmark
      • Founders - Henrik Busch-Larsen
      • Establishment year - 2021
      • Funding(in USD) - $ 5.7M USD
      • Investor/s - The Energy Technology Development and Demonstration Programme, Vaekstfonden
    2. Algiecel utilizes scalable technology, photosynthesis, and microalgae to produce high-value ingredients with a low environmental footprint. Their products include whole-cell biomass rich in protein and omega-3, omega-3 (EPA) oil for dietary supplements, and clear bio-oil for personal care. Algiecel's distributed network of photobioreactor production lines sources CO2 from small and mid-sized CO2 emitters, fostering community engagement and accelerating the green transition.
    1. 3. Dynelectro - Improves efficiency in green hydrogen production for clean energy.

      • Headquarters - Copenhagen, Hovedstaden, Denmark
      • Founders - Søren Højgaard Jensen, Samantha Jane Phillips, Sune Lilbaek (CEO)
      • Establishment year - 2018
      • Funding(in USD) - $ 4.9M USD
      • Investor/s - Yara Growth Ventures, Vsquared Ventures
    2. Dynelectro offers a method to extend the life expectancy of solid oxide electrolysis (SOE) from two to ten years. Their dynamic control technology offsets intermittent power within green fuel production, reducing the cost of green hydrogen. Dynelectro designs and manufactures methods to produce green hydrogen using commercially available hardware, leading the way in delivering clean and efficient Power-to-X solutions.
    1. 4. Reselo - Utilizes sustainable materials, reducing reliance on fossil resources.

      • Headquarters - Halmstad, Hallands Lan, Sweden
      • Founders - Josefin Larsson, Henrik Otendal, Thomas Baumgarten
      • Establishment year - 2021
      • Funding(in USD) - $ 2.7M USD
      • Investor/s - European Innovation Council, Sting
    2. Reselo Rubber represents a patented biorefinery process in consumer goods production. The innovation utilizes birch bark, a residue and side stream from the global pulp, paper, and plywood industry, to produce a unique material that marks a significant advancement in forest technology and sustainable raw materials. Reselo aims to replace fossil resources in the chemical industry, offering a pioneering biorefinery solution that converts biomass into valuable compounds, enabling the creation of fully renewable materials.
    1. 5. Earthbanc - Supports regenerative agroforestry and climate action through technology and funding.

      • Headquarters - Stockholm, Stockholms Lan, Sweden
      • Founders - Tom Duncan, Rishabh Khanna
      • Establishment year - 2019
      • Funding(in USD) - $ 1.9M USD
      • Investor/s - Katalista Ventures, Sting
    2. Earthbanc backs tree planting and regenerative agroforestry projects through MRV software, funding, and market linkages for circular bioeconomy agricultural and horticultural produce. The company combines practical land restoration experience with extensive FinTech knowledge to ensure climate action is easy, effective, and profitable. Earthbanc's vertically integrated approach allows it to maintain quality assurance processes that can scale up to millions of hectares.
    1. 6. Carbonaide - Converts CO2 into carbon-negative concrete, reducing emissions.

      • Headquarters - Joensuu, Eastern Finland, Finland
      • Founders - Tapio Vehmas (CEO)
      • Establishment year - 2022
      • Funding(in USD) - $ 1.8M USD
      • Investor/s - Lakan Betoni and Vantaan Energia
    2. Carbonaide provides technology to utilize and store carbon dioxide in precast concrete, transforming it from an emission source into a carbon sink. Their carbon curing technology is compatible with Portland cement mixtures and enables the production of carbon-negative concrete. This innovation reduces cement consumption and carbon footprint in concrete production.
    1. 7. Green14 - Innovates in silicon extraction using green hydrogen, reducing emissions.

      • Headquarters - Stockholm, Stockholms Lan, Sweden
      • Founders - Adam Podgorski, Jan Dinkelspiel
      • Establishment year - 2021
      • Funding(in USD) - $ 1.6M USD
      • Investor/s - NA
    2. Green14 revolutionizes the extraction of silicon from quartz using green hydrogen instead of coal, significantly reducing carbon dioxide emissions. Their patented process uses hydrogen plasma to produce high-purity silicon and silane gas for applications in solar, semiconductors, and battery anodes. This technology reduces emissions by more than 95% and cuts energy consumption by 80% compared to traditional methods.
    1. 8. Woamy - Develops sustainable biofoam for packaging, reducing environmental impact.

      • Headquarters - Espoo, Southern Finland, Finland
      • Founders - Susanna (Nuppu) Partanen, Mohamed Elamir
      • Establishment year - 2022
      • Funding(in USD) - $ 1M USD
      • Investor/s - Secto Design, CMPC Ventures
    2. Woamy, a spinout from Aalto University, has developed a cellulose-based foam that mimics the directional strength of wood, resulting in a strong and lightweight material. Their patented biofoam technology is scalable and has applications in packaging. Woamy is committed to sustainable change, combining scientific research, circular thinking, design, and business strategy to revolutionize packaging with their innovative biofoam.
    1. 9. Atium - Focuses on sustainable water purification technology.

      • Headquarters - Göteborg, Vastra Gotaland, Sweden
      • Founders - Björn Wickman, Johan Björkquist
      • Establishment year - 2018
      • Funding(in USD) - $ 942.9K USD
      • Investor/s - Chalmers Ventures AB.
    2. Atium's reusable filter technology facilitates the selective removal of mercury from water, offering a more effective and sustainable solution than traditional methods. This innovative technology is based on a reversible electrochemical process, making it highly efficient. The key advantages of Atium's technology include: Effective removal of low concentrations of mercury, Selectivity for mercury, Cost-effectiveness and environmental sustainability. The process involves a cyclic method of alternating saturation and regeneration of electrodes through alloy formation, resulting in an efficient mercury removal method with only a small amount of highly-concentrated mercury solution as a by-product.
    1. 10. Nitrovolt - Innovates in sustainable ammonia production using green electricity.

      • Headquarters - Copenhagen, Hovedstaden, Denmark
      • Founders - Suzanne Zamany Andersen, Mattia Saccoccio
      • Establishment year - 2023
      • Funding(in USD) - $ 809.6K USD
      • Investor/s - BackingMinds, Breakthrough Energy Ventures
    2. Nitrovolt represents the forefront of sustainable ammonia production, leveraging their patent-pending lithium-mediated ammonia synthesis reactor known as the Nitrolyzer. This innovative technology enables the direct synthesis of ammonia using only air, water, and green electricity at the point of use. The modular units are designed to operate on-site, whether at farms or greenhouses, providing ammonia precisely when needed. The process involves the reduction of lithium salt to metallic lithium, which then reacts with nitrogen to form nitride. Protonation of the nitride, facilitated by hydrogen from water splitting, yields ammonia while allowing lithium to be recycled within the system for sustained operation.
  • Conclusion

    Nordic Green Tech startups are not only tackling essential environmental issues but also paving the way for a sustainable future for our planet. Their innovative solutions are set to make a global impact in the battle against climate change. For these efforts to succeed, governments and businesses must work together to develop sustainable solutions and establish the necessary incentives and policies. Achieving net-zero emissions in the Nordics will result in substantial CO2 reduction and elevate the region's exports, positioning it as a global leader in sustainability.

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