Siri Kalvig to resign as CEO of Nysnø Climate Investments

Siri Kalvig has submitted her resignation as CEO of Nysnø Climate Investments. The board has begun the search for the company’s next CEO. Kalvig will remain in the role until her successor is in place.

Nysnø was established by the Norwegian Ministry of Trade, Industry, and Fisheries in 2017, initially under the name Fornybarfondet. The board appointed Kalvig as CEO in April 2018, making her the company’s first employee.

– I have valued every day I have had the privilege of leading Nysnø. Over the past eight years, we have grown into one of the largest climate investment funds in the Nordic region, with a highly skilled team contributing to innovation, value creation, and the transition to a low-carbon economy, Kalvig said.

– Leaving a role like this is not an easy decision, especially with so many important and exciting opportunities ahead. But Nysnø is now entering a new phase, building a strong foundation and taking its next steps. This is the right time for a new CEO, Kalvig said.

Nysnø began with NOK 200 million in assets under management. Under Kalvig’s leadership, the company has grown to 20 employees and NOK 5.5 billion in assets under management. Its portfolio now includes close to 50 investments made directly in early-stage companies and through funds focused on companies that help reduce greenhouse gas emissions globally.

– Siri has turned a political decision into an established and respected investment organization, guiding Nysnø through shifting market conditions in climate investing and venture capital. I respect her decision to hand over leadership at this point and am pleased that she will remain in the role until her successor is in place. The board has now begun the process of recruiting a new CEO, said Per Arne Jensen, Chairman of the Board at Nysnø.

– This is an exceptionally exciting and meaningful role. Nysnø invests in early-stage companies that help reduce greenhouse gas emissions. Our portfolio now includes around 450 companies, both through direct investments and indirectly through funds. We see the impact these investments have had, and continue to have, on companies developing solutions to some of the defining challenges of our time, Jensen said.

Nysnø is wholly owned by the Norwegian state through the Ministry of Trade, Industry, and Fisheries.

Media inquiries

Ingvild Meland, Director of Strategy and Public Affairs Nysnø Climate Investments

+47 906 41 532 / ingvild@nysnoinvest.no

Facts about Nysnø

• Nysnø is the Norwegian state’s climate investment company. It makes equity investments in unlisted early-stage companies that contribute to reducing greenhouse gas emissions and creating long-term value.
• The company became operational in 2018 and is headquartered in Stavanger. Nysnø currently has NOK 5.5 billion in assets under management and 20 employees. To date, it has completed 49 investments directly in companies and through early-stage funds.
• Nysnø is a commercial investor seeking the highest possible returns within a sustainable framework. It invests on the same terms as private investors. Nysnø acquires equity stakes in unlisted early-stage companies, works closely with them, and helps them professionalize and build value.
• Nysnø may own a maximum stake of 49 percent in any company and acts as a catalyst for private investment. For every NOK 1 invested by Nysnø, it has mobilized approximately NOK 6 from private investors. Nysnø realizes the value of its investments through exits.