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Nysnø Climate Investments
Nysnø Climate Investments was established by the Norwegian government in 2017 as a direct response to the Paris Agreement. The Norwegian Ministry of Trade,...
Nysnø Climate Investments
Nysnø Climate Investments was established by the Norwegian government in 2017 as a direct response to the Paris Agreement. The Norwegian Ministry of Trade, Industry and Fisheries holds 100 percent ownership. CEO Siri Kalvig — previously founder of weather intelligence firm StormGeo — assembled a team of nineteen professionals in Stavanger to execute a dual mandate: generate market-rate returns and produce measurable emissions reductions. The firm must invest only in companies and funds with operations in or from Norway, and private capital must control at least 51 percent of any entity it backs. The firm splits its deployment between direct company investments and fund commitments. Its direct portfolio spans multiple climate technology sectors. Active holdings include Dimensions Agri Technologies, which uses AI-based precision spraying to reduce resource use in grain production; Hystar, a hydrogen electrolyzer technology provider; Morrow Batteries, a Norwegian battery manufacturer aiming for cost-effective and sustainable production; and 44.01, which permanently stores CO₂ in ultramafic rock. On the fund side, Nysnø has committed to vehicles such as Glentra Fund I, a scale-up infrastructure fund focused exclusively on emissions-reducing companies, HitecVision NEF II, targeting renewable energy and sustainable fuels, and ArcTern Fund III, a global venture fund accelerating the transition to a low-carbon economy. The firm co-invests exclusively on equal terms with private investors, ensuring market discipline and alignment. Nysnø operates with nineteen professionals from its Stavanger headquarters and has committed capital to more than thirty direct investments and fund positions. The firm is a signatory to the UN-supported Principles for Responsible Investment and a member of the Norwegian Venture Capital Association. In April 2026, Nysnø invested in Dimensions Agri Technologies to scale precision spraying in grain production (per the firm, April 2026). The firm does not publish total assets under management or total deployment figures. Nysnø functions as a sovereign climate investor rather than a venture capital firm. Its mandate ties every investment decision to Norway's national emissions targets — a 40 percent cut from 1990 levels by 2030 and net-zero by 2050. That policy anchor means the firm measures financial returns alongside tonnes of CO₂ equivalent reduced, making it a concessionally-structured public investment vehicle rather than a pure-play for-profit manager. The firm's requirement that private investors always hold majority control further distinguishes its architecture: Nysnø catalyses private capital but never leads rounds.
General information
Firm type
Government / Public Body
Year founded
2017
Location
Region
Europe
Country
Norway
City
Stavanger
Corporate office
Børehaugen 1b, 4006 Stavanger, Norway
Principals
Siri Kalvig
CEO
Sector focus
Frequently asked questions
Who runs investment decisions at Nysnø?
CEO Siri Kalvig leads the investment team alongside a group of 20 professionals based in Stavanger. Kalvig previously founded weather intelligence company StormGeo. The firm is governed by a mandate from the Norwegian Ministry of Trade, Industry and Fisheries, which requires investments to be made on a pari passu basis with private co-investors who hold majority ownership.
How does Nysnø source proprietary deal flow?
Nysnø invests exclusively in companies and funds with operations in or from Norway, which gives it close proximity to the Nordic climate-tech ecosystem. The firm co-invests alongside private venture and growth equity funds, creating a network of repeat co-investors that generate shared deal flow. Its membership in the Norwegian Venture Capital Association and Skift business climate leaders network also connects it to early-stage Norwegian innovation.
Is Nysnø structured as a sovereign wealth fund or a government venture program?
Nysnø operates as a standalone state-owned investment company, not a traditional sovereign wealth fund. It is 100% owned by the Norwegian government through the Ministry of Trade, Industry and Fisheries. Unlike Norway's Government Pension Fund Global, Nysnø invests exclusively in unlisted climate-tech companies and venture funds, with a dual mandate of financial return and measurable greenhouse gas reductions.
Does Nysnø participate in fund commitments or only direct deals?
Nysnø does both. Its portfolio includes direct company investments — such as Morrow Batteries, Hystar, and Dimensions Agri Technologies — alongside fund commitments to vehicles like Glentra Fund I, HitecVision NEF II, and EIP Flagship Fund III. The firm blends direct and fund investments to balance portfolio risk, return, and climate impact.
What is Nysnø's co-investment policy with external GPs?
Nysnø always invests on a pari passu basis with private investors and must hold a minority position — private actors must own at least 51% of any company or fund it backs. This requirement is designed to ensure private capital leads every investment decision and that Nysnø's state capital does not distort market pricing. The firm sees this as a mechanism to crowd in private investment for climate solutions.
Which geographies does Nysnø invest in?
Nysnø's mandate requires investments in companies or funds with operations in or from Norway. However, its portfolio companies target global markets — for example, Hystar sells hydrogen electrolyzers internationally, and Morrow Batteries aims to serve the European battery market. The firm itself has a single office in Stavanger, Norway.
What sectors does Nysnø explicitly avoid?
Nysnø invests only in businesses that directly or indirectly reduce greenhouse gas emissions. It does not invest in fossil fuel extraction, conventional energy generation without a clear decarbonization pathway, or any sector outside its climate mandate. The firm's portfolio is concentrated on industrial decarbonization, energy transition, sustainable transport, agriculture, and the built environment.
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