Findings from the 2024 Nopef customer survey reaffirm the continued job creation, investments and sales growth achieved through strategic financial support for SMEs’ internationalisation.
Nopef offers financial support to Nordic small and medium-sized companies (SMEs) for assessing and preparing international investments and the establishment of business operations in foreign markets outside the EU/EFTA area. Nopef also supports projects seeking investment for commercial-scale demonstration and pilot projects for green technologies or solutions. The annual customer survey evaluates the impact of Nopef’s financial support by monitoring commercial results and the outcomes of feasibility studies three years after their completion.
The 2024 survey reveals significant economic value and opportunities generated from Nopef-supported projects. Based on the outcomes of 260 projects surveyed, each international business established with Nopef support has, on average, created 10 jobs globally, including 2 in the Nordics, as well as generating project-related investments of EUR 1.4 million and project-related sales of EUR 2 million three years post-realisation. For projects approved in 2024, estimates indicate the creation of 225 global jobs, of which 40 are based in the Nordic countries, as well as EUR 30 million in project-related investments and EUR 45 million in project-related sales.
“We are happy to see that Nopef continues to be a relevant financial instrument for Nordic SMEs with commercialised technologies. One success factor is the flexibility in the types of projects that can be supported, and we see companies from various industries taking advantage of this,” said Mikael Reims, VP, Origination at Nefco.
The survey highlights the increasing additionality of Nopef’s financial assistance; most customers reported that Nopef funding positively influenced their decision to implement feasibility studies, as well as the scope, quality, start-up and time frame of these studies.
Comments from Nopef client companies underscore the value of this support. GeoSilica Iceland, a provider of products produced from side streams of geothermal wells, stated, “The support provided by Nopef has been instrumental in helping us establish ourselves in a new market.” Similarly, Racell Saphire Technologies ApS, a Danish producer of integrated solar solutions, noted, “Nopef’s support and commitment has in our case resulted in a ‘snowball effect’, giving our company an access point to new markets and ventures that have been enabled through our novel green technologies.”
The significant majority (93%) of companies surveyed are still operational in the project country, demonstrating the lasting impact of Nopef’s support. The survey also looks at the operational models established in the project countries. The predominant operational model continues to be the establishment of subsidiaries or joint ventures, with 66% of establishments falling into these categories.
The 2024 survey introduced a new question on gender diversity within project companies: 30% of surveyed companies have 40% or more women on their boards and leadership teams while 60% reported having no female representation. Nopef will continue to track this in future surveys.
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