Key activities in 2024
Nopef supports the internationalisation of Nordic small and medium-sized enterprises (SMEs) by providing financial support for feasibility studies to explore new market opportunities outside the EU and EFTA area. The projects supported by Nopef often aim at assessing and preparing international investments and the establishment of business operations on foreign growth markets. Feasibility studies are also supported with the goal of implementing pilot and/or demonstration projects for green technologies or solutions in the project country.
The demand for financing from Nopef remained high in 2024, resulting in an increase in conditional loan financing from the previous year and reflecting a sustained interest in Nopef’s offering. One of Nopef’s targets for 2024 was to approve financing to 35 new projects. Nopef surpassed this goal by providing financing totalling EUR 2.2 million to 54 projects. This represents an increase in the number of feasibility studies approved compared to the 48 approved in 2023. The total financing granted also increased from EUR 1.9 million in 2023.
Support for feasibility studies for pilots and demonstration projects remained in high demand in 2024 and resulted in 19 approved projects, representing 35% of approved projects. This is a significant increase from 2023, during which 11 feasibility studies (21%) concerned pilot and demonstration projects. The approved feasibility studies cover solutions in water technology, sustainable construction material, energy efficiency and solar power.
In 2024,
Nopef granted financing of
EUR 2.2 million
to
54
new projects
Feasibility studies financed 2021-2024
The number of feasibility
studies approved and total
financing granted increased
from last year
studies approved and total
financing granted increased
from last year
Projects financed in 2024 | |
 |  |
37international establishment projects | 19pilot or demonstration projects |
= EUR 2.2m for 54 projects | |
Country of origin of approved projects
Nopef is proud to maintain a strong presence and high level of project activity in all five Nordic countries. The distribution of approved projects aligns with the country of origin of the main applicant company, with Norway accounting for 35% of projects, Sweden 24%, Denmark 22%, Finland 15% and Iceland 4%.
Country of origin
Nopef maintains
a strong presence in
all Nordic countries
Target country of approved projects
Geographical diversity is a feature of Nopef projects. In 2024, Nopef approved feasibility studies for projects targeting 24 different countries. The US remained the most active target market, represented by 13 feasibility studies. Brazil, India and Japan were also among the most popular target countries for approved projects.
Two approved projects will focus on entry into the Ukrainian market and aim to generate both environmental and social benefits. One of the projects relates to the implementation of a circular wastewater treatment solution, to promote greater self-sufficiency and sustainability for local communities. Another project focused on the Ukrainian market aims to introduce remote patient monitoring services, which are expected to significantly reduce the need for patient transport to and from healthcare visits.
USA
13 projects
India
6 projects
Brazil
5 projects
Japan
3 projects
Approved projects by environmental driver
All approved Nopef projects have been assessed by Nefco’s environmental and sustainability experts. The objective of the environmental assessment is to assure that Nopef projects provide measurable environmental or climate benefits when implemented.
In 2024, 15 projects (28%) approved for Nopef funding focused on climate initiatives to reduce greenhouse gas emissions through energy efficiency, and a further 10 (19%) through renewable energy production. Additionally, 9 projects (17%) aim to support the transition to a circular economy.
All Nopef projects go through
an assessment to assure
that they will provide
measurable environmental
or climate benefits
an assessment to assure
that they will provide
measurable environmental
or climate benefits
Projects approved in 2024 by environmental driver
Participation in events
Nopef has strengthened its visibility by being represented at the following events during 2024:
- Arctic Frontiers, Tromsø, 29 January
- GoWest Nordic VC Forum, Gothenburg, 6-8 February
- Vaasa Energy Week, Vaasa, 11-14 March
- Loop Forum, Copenhagen, 24-25 April
- Nordic Fund Day, Stavanger, 7 May
- Cleantech Capital Day, Helsinki, 14-15 May
- Scale-up Seminar, Stockholm, 29 May
- Folkemødet, Bornholm, 13-15 June
- Arendalsuka, Arendal, 12-16 August
- Closing Loops event, Copenhagen, 5 September
- Sustaintech Venture Day, Stockholm, 9-10 October
- Nordic Circular Summit, Helsinki, 18 November
- Slush, Helsinki, 20-21 November
Accelerating intelligent public transportation in Brazil
Consat Telematics, a Swedish company specialising in traffic and fleet management solutions, sought to expand into Brazil’s growing public transport sector. To support the move, Consat received a feasibility study grant from Nopef, which played a crucial role in the company’s successful market entry. The study provided valuable insights into local market dynamics, helping Consat understand the demand for electric buses and the infrastructure required.
“We focus on electromobility, applications for electric buses and infrastructure that make bus operations more efficient and sustainable,” describes Esbjörn Lif, Consat Telematics’ Market Unit Director for Brazil. With Nopef support, Consat established a local team, and their technology now optimises fleet operations, contributing to a greener, more efficient public transport system in Brazil.
