To promote sustainability and green growth, the Norwegian government and certain private organizations are granting subsidies to companies who can document an eco-friendly way of doing business.
Taking the risk of applying new, more sustainable ways of doing business, can sometimes come at the cost of financial efficiency. Production might start off slower because of a new way of doing business, for instance, and the subsidies are a way of remedying this.
Who can apply?
The different types of organizations have different requirements for applying for subsidies.
As there is a multitude of different subsidies and grants a business can apply for, there is no clear-cut answer as to who can and cannot apply. It will depend entirely on what kind of business you are running, and what type of project you are looking to get subsides for.
Maybe your business is looking to replace the company cars with electric models? Or perhaps you are interested in an innovative new way of recycling used materials, but due to financial uncertainties are unwilling to test it out? If that is the case, applying for subsidies could give your business the small nudge it needs to become more environmentally friendly.
If there is room for environmental improvements, through new technology or innovation, there is a possibility that public funding is available to your business. The key requirement is that the project you are looking to get funded has a tangible positive effect on the environment and is pushing for a more sustainable Norway.
The organization “Innovation Norway” have stated that they will grant funds to companies who can answer the question “How will my project solve an environmental problem” in a satisfactory manner.
Also read: EU taxonomy: Sustainability becomes a prerequisite for finance
Types of funding
Horizon Europe is the EU’s funding program for innovation and research, with a major focus on preventing climate change. They accept applicants from all over the EU, as well as from Norway.
Innovation Norway stimulate businesses all over Norway, supporting companies who qualify to their programs. If your business has a registered NUF (Norwegian Registered Foreign Company) you can apply for funding for a wide variety of projects, including environmental technology.
Also read: How to choose the right corporate structure in Norway
Enova SF is under the control of the Norwegian Ministry of Climate and Environment and is responsible for the investment of more than NOK 2 billion of public funds in solutions that will help Norway reaching a more sustainable future.
A foreign company registered with a NUF can apply for funding. Enova have certain requirements the foreign company must fulfill, to ensure that the company and its project is sufficiently connected to Norway. This is especially relevant when it comes to control and revision of the funds. The funding is therefore granted on a case by case basis.
Also read: Register a company in Norway
Contact Magnus Legal today to find a project suitable for you. We can assist you with registering your company in Norway (as a NUF) or otherwise aid you with your application for funding.
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