Increased Startup Funding in Norway
Innovation Norway, the Government Agency funding new technology and startups in Norway has received generous new budgets. In 2020, they can provide more than 8 billion NOK, or appr 1 billion US$ to new companies, new technologies and new projects. Key to most of these funds is that it must bring the world forward. Norway have a deep dependency on the oil sector, and need to attract other investments to bridge the challenges ahead. To do that - Government Agencies such as Innovation Norway are provided with ample funds. (Several other funds are available, and even larger, such as the Enova-fund and the Research Council. More about that in another post).
The news of today is that banks are targeted. If banks all over are willing to fund new companies and new technologies, Innovation Norway have a brand new possibility of providing guarantees. Basically - Innovation Norway take on all the risk, while the bank handle the day to day financing business. It is a smart move. By doing this, the banks more or less will act as an extended financing channel for Innovation Norway, and - the banks can provide low interest loan to new industries.
Foreign banks or financing institutions that establish a branch office in Norway will be eligble to dig into the same guarantee system.
Norway is currently fast developing its supply chains and processing of key mineral commodities as well as critical metals and minerals. Including Rare Earths, Graphite, Manganese, Gallium, Silicon. The power sector produce 97 % renewable energy, in surplus, and new capacity is added for future industry expansion. Several new Cancer treatment technologies (including radiopharmaceuticals) are emerging into industrial production.
For further information or assistance; contact Baard Bergfald at bard@bergfald.no or have a look at this page:
More information about Bergfald Environmental Consultants can be found at www.bergfald.no
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4yGreat news!