Why Norway for climate tech investments?

Sierra Peterson Website
Sierra Peterson, Founding Partner at Voyager Ventures

Published by Oslo Business Region, 12 June 2024

The Nordics have gained a reputation as a European impact hotspot, with climate tech startups topping the list of fastest-growing teams.

We had a talk with Sierra Peterson, Founding Partner at Voyager Ventures, about what makes Norway an attractive investment destination for climate tech investments.

Voyager has one investment in the Nordics (Denmark) already, why are your eyes now on Norway?

Norway's past as a leader in the fossil energy world has fostered a strong engineering culture and significant know-how regarding industrial scale and decarbonizing heavy industry. Norway's future as a leader in electrified transportation means that it is a bellwether for markets worldwide regarding electric vehicles and their implications for the future of the grid given increasing decentralization.

These are a few examples among many of why we're excited to create stronger ties with the Norwegian climate tech ecosystem. In general, we see a recognition among Norwegian founders, investors and commercial partners of both the urgency and opportunity in building companies to stabilize the climate, and the technical know-how and cultural ability to envision and then operate at global scale.

What advice do you have for Norwegian climate tech startups seeking VC funding in the US market? How should they approach US investors?

We have been investing for years in promising climate tech companies in Europe and helping them scale US commercial operations and partner with US investors. Our advice to early-stage founders is to first demonstrate why - and how - your product can win the global market. Climate tech startups are privileged in that they are often addressing very large markets: mobility, energy, materials production, physical risk and insurance, and this means that competition can come from anywhere. The most successful startups will be able to win both at home and abroad and have the proof points on their readiness to scale internationally and then defend their market share with great unit economics at scale.

In terms of tactics, warm introductions with US investors always helps to boost traction, though a US roadshow is not always necessary.