Looking Back on 2025 – and Our Expectations for 2026

Jean-Baptiste, Ingvild, Joe, Lars, and Siri share some reflections on 2025, the highlights they take with them, and what they believe will shape the year ahead.

 

Jean-Baptiste Curien, Director Climate Technology

– 2025 has been a year of hard political landing for climate-related issues and increasing press to demonstrate ways to profitability for climate tech startups. In this landscape, the exit in Tise was a particularly important and motivating highlight.

AI has had its moment on the innovation landscape in 2025. The development has felt like a Sputnik moment, forcing both investors and founders to rethink how they build companies, especially software-based business. AI is an enabling technology for energy efficiency and optimization at a speed never seen before.

 

Ingvild Meland, COO

– The year began with a sharp increase in geopolitical unrest when Donald Trump came to power and began changing the rules of international trade and challenging global climate agreements. While uncertainty has been a defining feature of the year, I believe many Norwegian growth companies have navigated a demanding landscape well.

New investments are always a highlight. The direct investments in Hystar and Nofence, as well as our commitments to the funds Startuplab, Skagerak Capital, and Glentra, have been rewarding processes to follow.

What makes me most optimistic about global developments in 2026 is that an increasing number of climate solutions are now commercially competitive. They make sense both economically and geopolitically, allowing the transition to continue even in a more turbulent world.

 

Joe Eliston, Investment Director

– In 2025, climate technology has been overshadowed by other thematic investment opportunities, such as AI and “dual use.” At the same time, we have seen several large and significant transactions that demonstrate a strong willingness, particularly among U.S. companies and investors, to acquire robust technology companies from Norway, such as Tise, OptoScale, and Consigli. Looking ahead to 2026, I am therefore optimistic, both in terms of new investment opportunities and the potential for improved market conditions.

 

Lars Hvam, Investment Director

– The Draghi Report pointed to a clear political shift in Europe, with increased focus on competitiveness, strategic autonomy, and investments in cleantech, energy, AI, and critical value chains. At the same time, we see the EU and large institutional investors increasingly prioritizing larger funds and later-stage growth companies. This includes the European Investment Fund (EIF) making larger investments (tickets) than before, while maintaining its climate strategy.

One of the highlights of the year was meeting a record number of international investors during Oslo Innovation Week and seeing how capital bridges between Norway and international markets strengthen opportunities to scale Norwegian climate technology. A strong example is the robotics company 1X, to which Nysnø has indirect exposure through the funds Sandwater and Alliance. The company illustrates the level of international attention and leading global investors that a small technology company from Moss can attract.

 

Siri Kalvig, CEO

– 2025 has been a year of increased polarization and geopolitical unrest, with clear consequences for the investment climate. The change in presidential leadership in January created significant turbulence in financial markets, where tariff conflicts, more unpredictable policies, and heightened uncertainty contributed to a more challenging landscape for us as climate investors.

We have been through a green bubble and are now seeing healthier market dynamics. The fact that Europe has managed to stand united makes me optimistic. I believe more people will come to understand that the climate challenge is also a matter of security and Europe’s energy autonomy.