A world-leading city on solutions in climate tech and clean energy

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Published by Oslo Business Region, 09 November 2021

Opportunities in climate tech and clean energy

Did you know that Oslo is the first city in the world with its own Climate Budget? Being in the forefront with everything from circular waste management to renewable energy, Oslo is one of the most climate aware cities on the map, with a visionary strategy for a sustainable future. This is clearly translating into business, as Norwegian energy and climate tech companies attract more and more capital from across the globe. Recent research shows an increase in climate investments of 60% just from 2021 to 2022 in Oslo.

Green trends: Oslo ahead

Of the many green investment areas in Oslo, renewable energy has proved to be particularly fruitful. Companies such as Otovo, which is a leading marketplace for solar cells and batteries in the European market, and Ocean Sun, who develop technology for floating solar power, are important players in the field, raising significant amounts of capital. Green batteries is another large investment area in the Oslo region, with a number of battery factories being planned as we speak, and a thriving education scene bringing new bright minds into the field.

As part of Oslo’s green development, a huge and ambitious new innovation district, Oslo Science City, is now being developed with world-class scientists, The University of Oslo and over 300 companies involved. The district will be an important hub that is contributing to a sustainable and modern future, available for scientists, innovators and investors alike. Other innovation clusters are growing elsewhere in the city as well. In addition to being a green city in and of itself, with over 50 kilometer bike lanes and a strong reputation for sustainability overall, Oslo is becoming one of Europe’s most exciting green centers, solving climate challenges in Norway and beyond.

Innovating for our planet

Oslo also boasts a well-developed green finance center, ranking 9th globally for the depth and quality of green finance tools available. In addition, green tech in general is seeing a steep upswing, ranking the Norwegian capital top 30 globally. With strong research institutions such as the University of Oslo, SINTEF, IFE and NGI, a flourishing start-up ecosystem and a range of clusters, like H2Cluster, No Waste and NCE Smart Energy Market, Oslo offers an exciting green scene for entrepreneurs, researchers and investors alike.

Research also shows that Oslo’s citizens and institutions are eager to adopt new technologies, meaning that Oslo’s start-ups have a stronger domestic pool of customers than many similar cities. This allows for more revenue locally, but also encourages entrepreneurs to try out new green innovations that may well become international hits down the line.

Three promising scaleups from Oslo:

  • Otovo is the leading marketplace for residential solar panels in Europe, with a firm valuation of EUR 278. Founded in 2016, it is now listed on Euronext Growth Exchange in Oslo, with a market capitalization of cirka EUR 200 million. In 2022, it secured EUR 30 million to accelerate the expansion of its solar marketplace across six new markets.
  • N2 Applied develops a technology that enables farmers to produce their own fertilizer using slurry, air, and electricity. It has a firm valuation of EUR 37-55 million and in late 2021 they raised approximately EUR 8 million from existing shareholders. The idea was for these extra funds to accelerate their commercial rollout of technology that converts animal manure into sustainable fertiizer while trapping greenhouse gasses.
  • Enode is a company that specializes in creating innovative and sustainable solutions for energy management. By connecting to customers' energy devices, Enode enables the creation of personalized experiences that customers will love. With Enode's app, customers can easily control and optimize their energy devices, leading to both cost savings and a reduction in their carbon footprint. Enode's commitment to sustainability and energy efficiency has led to a firm valuation of €55—82m.

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Oslo Business Region has knowledge about the startup and innovation community in Oslo. We work closely with local organizations and incubators, investors and scaleups and can provide you with access to relevant networks.

We support impact investors who are interested in opportunities in Oslo and provide you with insight and data about scaleups. We organize and support arenas that connect Norwegian scaleups and investors in Oslo and internationally. Reach out and we'll do what we can to support.