Review by the fund manager
Across the Nordic region, companies are developing bold solutions to the world’s climate and environmental challenges. In 2025, we saw a clear shift: more small and medium-sized enterprises (SMEs) want to test their ideas directly in the markets they aim to enter. For the first time, pilot and demonstration projects were the most common feasibility studies financed by Nopef (the Nordic Project Fund). This tells us that Nordic innovators are ready to put their technology to the test, learn from real conditions and adapt quickly.
This shift also aligns with wider market developments, as investments are increasingly oriented toward system‑level transformation – electrification, digitalisation, AI‑enabled production and circular business models. These trends suggest that Nordic SMEs are not only responding to global sustainability demands but positioning themselves at the forefront of next‑generation industrial practices.
Nopef exists to facilitate their success. With 52 new projects approved this year, we continued to help businesses take the first, and often most difficult, steps toward international growth. Whether focused on climate mitigation, circular resource flows or the sustainable use of water and marine resources, Nordic SMEs are showing a shared determination to contribute to a greener global economy. At the heart of our work and the work of our partners across the region is the spirit of cooperation, as set out in the Nordic Vision 2030.
About Nopef
Supports Nordic SMEs’ internationalisation of green solutions
Provides conditional loans for feasibility studies
Financed by the Nordic Council of Ministers
Administered by Nefco
One strength of the Nordic model is our capacity for working collectively. Companies from all Nordic countries benefitted from Nopef support last year, with feasibility studies conducted in markets as varied as Brazil, India, Kenya and the United States. This breadth reflects our shared commitment to introducing Nordic solutions where they can make a real difference.
The results of this approach are already visible. In 2025, 24 of our projects moved from planning to actual establishment or investment, a clear signal that early‑stage support fosters momentum. Most companies we finance continue operating in the new market years after their initial establishment, building stable business opportunities while contributing to environmental progress.
As we look ahead, Nopef will continue to support Nordic companies in turning promising ideas into global impact. By enabling early testing, deeper insight and more confident market entry, we support both Nordic cooperation and the vision of a sustainable and competitive Nordic region.
Photo: Jussi Ratilainen
Mikael Reims
Vice President, Origination, Nefco