Nopef’s financing enhances competitiveness and international opportunities for Nordic companies

Nopef actively evaluates the impact of its financial support by conducting an annual customer survey among companies that have received Nopef funding. Results from the recent 2023 survey paint a picture of continued success, showcasing the positive outcomes of Nopef-supported projects.

Nopef has facilitated the global expansion of Nordic businesses with green initiatives by co-funding projects in more than 50 countries, establishing vital international partnerships. China, the USA and Brazil have emerged as key project locations, reflecting the fund’s wide global reach.

As of 2023, each international business established with the support of Nopef has generated an average of ten jobs globally, including two in the Nordics. These ventures have also catalysed project-related investments averaging EUR 1.4 million, as well as generating EUR 2.1 million in project-related sales per surveyed project.

Notably, 93% of the surveyed companies have sustained operations in the project country post project completion. Subsidiaries emerged as the primary operational model in project countries (58%), followed by joint ventures (13%). More than 60% of the companies also maintain sales operations in the project country three years after project completion.

The additional value provided by Nopef’s financial support is on the rise

The increasing additional value of Nopef’s financial support is evident from the feedback received from surveyed companies. These businesses emphasise the essential support provided by Nopef, underscoring its vital role in empowering Nordic enterprises, enhancing opportunities and boosting competitiveness on the international stage.

Among the main project benefits, increased competitiveness is the most commonly cited. Of the companies surveyed, 74% strongly agreed that these projects enhanced their competitiveness in international markets.

Additionally, 63% referenced advancements in technology or knowledge transfer to or from the project country, 50% referenced the positive environmental changes brought about by the projects and 42% referenced an increased demand for staff in the Nordic countries as a result of the initiatives.

Economic value and opportunities from Nopef-realised projects

Nopef-realised projects surveyed in 2023 have collectively generated an estimated 252 global jobs, including 39 within the Nordic region, adding substantial economic value.

Moreover, the projects have attracted significant investment, totalling approximately EUR 70 million, and generated sales of about EUR 72 million, contributing positively to the region’s economic vitality.

Nordic engagement in these projects extends to fostering growth avenues for regional subcontractors, with 75% having utilised or intending to utilise Nordic subcontractors and 62% citing direct opportunity generation.

Exploring Nopef’s impact: Carbon Recycling International and ProCon Wind Energy A/S

Highlighting a few noteworthy projects from the 2023 survey, Carbon Recycling International (CRI) and ProCon Wind Energy A/S represent a cross-section of initiatives funded by Nopef.

The Icelandic company Carbon Recycling International (CRI) is a pioneer in e-fuel and synthetic chemical production. CRI’s innovative Emissions-to-Liquids (ETL) technology has paved the way for sustainable methanol production. The company was granted a conditional loan from Nopef in 2017 to prepare for the establishment of operations in China. At the time of the survey, project-related investments totalled EUR 95 million. You can find more information about the project’s outcomes and impact here.

ProCon Wind Energy A/S is a Danish company specialising in electrical and technical solutions for the global offshore wind industry. The company secured a conditional loan from Nopef in 2019 to assess the viability of establishing a company in Taiwan for the procurement, project management, assembly, installation and commissioning of the electrical scope of works for offshore wind turbine foundations. At the time of the survey, the project-related investments totalled EUR 20 million, with project-related sales amounting to EUR 10 million.

Overall, the survey results underscore Nopef’s crucial contribution to advancing Nordic green initiatives worldwide. Insights from 251 respondents, including 22 from the 2023 survey, emphasise the lasting impact of these efforts in fostering job creation, investment and sustainable practices.

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