Though not an EU member, Norway participates in EIF activities via the European Economic Area (EEA) framework. The EIF supports Norwegian SMEs with equity and guarantees instruments, working with local partners and funds.
The EIF’s work in Norway is focused on strengthening the innovation ecosystem and facilitating access to finance for smaller companies. Key initiatives include backing private equity and venture capital investments and providing guarantee instruments under EU programmes extended to the EEA. These tools boost innovation, competitiveness and entrepreneurship, helping smaller companies grow in sustainable and high-potential sectors.
“We call it ‘circularity as a service’,” says Runa Haug Khoury, CEO of Oslo-based AION, explaining how the firm scales a circular plastic economy - tracking and recycling materials like salmon trays used by McDonald’s across the Nordics.
AION received equity investment from Ocean14 - an EIF-backed venture capital firm under EFSI - which enabled them to industrialise their innovative recycling solutions and scale across European markets.