Who can apply

Take a look at our criteria for applicant companies and suitable projects.

See our environmental criteria

Eligibility criteria

To qualify for financial support from Nopef, the applicant company and its project must meet the following requirements:

  • The company employs fewer than 250 people and has an annual turnover of less than EUR 50 million (including at the group level)
  • The company is registered in a Nordic country
  • An established business with commercialised products or services (i.e. generating sales revenue)
  • The company demonstrates relevant industry experience and possesses sufficient financial and other resources to support internationalisation

  • The project aims to establish an international presence or involves investment in a commercial-scale demonstration or pilot initiative
  • The target country lies outside the EU and EFTA regions
  • The project has clearly defined commercial objectives
  • It demonstrates a verifiable direct or indirect positive impact on the environment or climate (see more below)
  • It serves Nordic interests (e.g. by enhancing competitiveness, creating jobs, fostering economic growth, enabling the transfer of skills and technology, or involving Nordic cooperation partners)

  • The solution must be commercially proven in other markets but offer demonstrable value in the target country
  • A local partner or customer for the pilot or demonstration project must be identified and confirmed

Environmental project criteria

Nopef finances projects that, if realised, contribute to positive environmental or climate impact.

The environmental impact of the project may be direct, e.g. through the direct implementation of circular industrial processes, renewable energy or sustainable solutions for housing, infrastructure and transport. The environmental impact can also be indirect, e.g. through sales and delivery of clean technology, sustainable products, and digitalisation, AI and data solutions, where positive environmental effects are achieved when these solutions are taken into use by a business or a consumer.

Nopef does not support projects involving fossil fuels or projects that can create lock-in effects for the use of fossil fuels.

Environmental objectives and examples of projects

The Nopef project should contribute positively to one or more of the environmental objectives listed below.

As part of the application process, the applicant company is required to describe the potential environmental impacts of the planned internationalisation, specifically in relation to the relevant objectives.

For example: Renewable energy production, increasing energy efficiency, clean and carbon-neutral mobility, carbon capture and utilisation/storage, strengthening land carbon sinks, switching to the use of renewable materials, production of clean fuels and activities enabling substantial greenhouse gas emissions reductions in other sectors (such as establishing energy infrastructure required for enabling the decarbonisation of energy systems).

For example: Reducing material physical climate risks, reducing vulnerability and building resilience of a wider system such as a community, ecosystem or city, or supporting/enabling adaptation by others.

For example: Improving good ecological potential of water bodies (surface water, groundwater) and environmental status of marine waters.

For example: Resource efficiency, waste and by-product management, recycling.

For example: Preventing pollution to air, water or soil.

For example: Conservation of habitats and species.

The applicant company is requested to present quantitative estimates for the positive environmental effects that the planned internationalisation is expected to result in. For example: energy consumption saved (MWh/year), reduced water usage (tonnes/year), emission reduction (e.g. tonnes of CO2 eq./year).

Integrity Due Diligence

As part of our commitment to identifying and mitigating integrity risks, we conduct an Integrity Due Diligence (IDD) review of our counterparties. This involves gathering and assessing relevant information to identify any associated risks.

We adhere to applicable know-your-customer (KYC) requirements and expect full cooperation from all counterparties throughout this process. The principles guiding our approach are outlined in Nefco’s Policy on Integrity Due Diligence, which defines the key standards applied during IDD assessments.

View our policy on Integrity Due Diligence (IDD)

FAQ: Nopef application criteria

Nopef supports projects implemented in countries outside the EU and EFTA area. Generally, a funding application should typically concern one single project country.

Nopef primarily supports projects aimed at international establishment in a new market where the applicant company has not yet established a permanent local presence.

Exceptions can be made, however, if the project entails a significant investment and risk for the applicant, an expansion to a business area not related to its existing operations, or an establishment in a different geographical region of the country not supported by existing market presence.

Yes, a company can apply for and receive Nopef financing more than once. While the general rule is that a company may only have one active project at a time, it is possible to apply for new funding after the completion of a previous project, especially if the new application concerns a different market, business area, or project scope. We assess each application independently.

There is no defined lower limit, but applying companies must have been operational for at least one year and have their own personnel and commercialised products or services. In addition, applicant companies must have solid finances and sufficient resources to invest and start operations in the project country.

All projects receiving Nopef financing must demonstrate a verifiable potential to generate direct or indirect positive environmental impact, aligned with the environmental objectives outlined on this page.

The application must include a clear description of the project’s environmental impact with estimates of the positive environmental impacts that the project will deliver.

All projects that Nopef finances must serve Nordic interests. The projects must contribute to, for example, increased competence and competitiveness in the Nordic countries, and economic growth in the form of jobs, turnover, exports and investment.

Nordic interest may also include fostering and showcasing Nordic affinity (for example, through the involvement of participants from two or more Nordic countries) and ensuring that the project contributes positively to gender equality both in the Nordic region and in the project country.

Yes, projects approved for funding by Nopef have the potential for additional financing from Nefco (Nordic Environment Finance Corporation), the fund manager of Nopef. Visit Nefco’s website or contact the Nopef team for further information.