Our latest Quarterly Brief covers Q3 and Q4 2025 — a period that confirmed one clear trend: Nordic cleantech is moving from innovation to industrial scale, and the conversation is increasingly about how to finance and accelerate that transition.

A key focus in this edition is the persistent Series B funding gap. Discussions with investors, policymakers and industry, supported by insights from recent reports by World Fund and the Green Finance Institute, underline that the challenge is not a lack of ideas, but access to growth capital. The region has strong pipelines, yet too few investors are able to lead large-scale funding rounds. Closing this gap is critical if Nordic companies are to compete globally.

We also look at how cleantech is becoming central to industry itself. From advanced materials and electrified transport to offshore wind and infrastructure projects, clean technologies are now embedded in core industrial strategy. This shift is reflected in major policy developments across Norway and Denmark, including expanded renewable tenders, stronger climate targets, offshore wind initiatives and new support for electrification and green innovation.

At the European level, more than 100 companies and investors have signed an open letter calling for stronger “Made in Europe” requirements to create predictable demand for European cleantech. We have joined this call, highlighting the need for policy frameworks that enable scaling — not just innovation.

Read the full report to explore the details behind these developments and understand where the Nordic cleantech ecosystem is heading next.