Impact from Nopef projects

of companies report that
Nopef support has had
a significant impact on their international competitiveness

When evaluating funding applications, significant emphasis is placed on the environmental benefits that Nopef can help to achieve. This is followed up in annual customer surveys, which have been conducted since 2014, with the aim of measuring results achieved through funded projects. The annual customer survey furthers the additionality of Nopef’s financial support among companies that have received Nopef funding.

The 2023 survey shows that each international business established with the support of Nopef creates an average of 10 jobs globally, of which two are located in the Nordic region. According to the customer companies, projects have resulted in average project-related investments of EUR 1.4 million, as well as average project-related sales of EUR 2.1 million.

Expected impact from

projects financed in 2023

new jobs

investment
(22 times the Nopef funding)

sales

Given the average project impact presented above, and the expected success rate of 50%, the projects financed by Nopef in 2023, excluding travel grant projects, are expected to contribute to the creation of approximately 242 new jobs, including 38 in the Nordic region, over EUR 35 million in green investments and an estimated EUR 50 million in project-related sales in the coming years.

The findings from the customer survey in 2023 strengthen the view that Nopef’s internationalisation support improves opportunities for Nordic companies to scale up and grow. Results show a continued positive trend in perceived customer benefit and added value among Nordic companies that have received funding from Nopef.

The 2023 survey shows that as many as 75% of companies see Nopef’s support as having had a significant or very significant impact on their decision to conduct a feasibility study into internationalisation, in line with the previous year. Amongst financed companies, 70% believe that Nopef’s support had a considerable impact on the scope and quality of the feasibility study.

According to results from 2023, 74% of companies report that Nopef’s support had a significant or very significant impact on their competitiveness in international markets. Of the Nordic companies that carried out an international establishment with the support of Nopef, 93% have ongoing operations in the project country three years after their establishment abroad.

The Icelandic company DTE has developed a way to substantially reduce waste during metal production, using an innovative process to analyse molten metals. DTE’s solution offers automation, efficiency and speed to an extremely energy-intensive industry. Nopef provided funding to pave the way for DTE’s pilot programme in the US, the results of which were beyond expectation.

DTE applied for Nopef funding for a feasibility study to work in North America with Novelis, a world leader in aluminium production. The feasibility study encouraged DTE to undertake a pilot, the result of which surpassed expectations and resulted in DTE reaching an agreement with Novelis to provide its solution to Novelis facilities globally. In addition, Novelis and the European Innovation Council Fund, and its investors Metaplanet, Chrysalix Venture Capital and Brunnur Ventures, invested USD 10 million in DTE, a direct result of Nopef funding the feasibility study in America.