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A year ago, Nysnø Klimainvesteringer owned shares in the solar cell company Otovo worth NOK 215 million. Today the value has been reduced by NOK 161 million to NOK 54 million.
The situation is not improved by the fact that Nysnø bought new Otovo shares for around NOK 30 million shortly before Christmas, writes Stavanger Aftenblad.
After heavy operating losses, the Otovo course collapsed like a stone.
In August 2022, the share price was NOK 28 and is now trading for around NOK 2.80. That means a decline of 90 percent in a year and a half.
Fresh snow hasn’t been a big success so far. You have invested in 18 so-called growth companies with a climate connection. 17 of them show negative results. Only the software company Metizoft reports a profit of NOK 10 million.
According to Finansavisen, the loss in 2022 was almost NOK 700 million, in addition to losses of around NOK 1 billion the year before.
But they are still optimists, which is not an unknown phenomenon for those concerned with climate investing.
– Nysnø’s strategy, the reason for our existence, is to invest in new companies in the green sector. You cannot expect a high return after such a short period of time. Profitability must be achieved gradually, strategy director Ingvild Meland tells Aftenbladet in Nysnø.
Even after five years without much success, Meland still has confidence in the company because they think “long-term” and are a company that “fits perfectly into our social mission, the Green Shift.”
Nysnø’s top manager is former weather forecaster Siri Kalvig. In April 2022 she spoke out in an interview with Kapital.
– I don’t want you to judge this, because it’s not like we’re asking for anything. But it takes an incredible amount of capital in a climate-friendly direction. Nysnø is able to contribute to significant reductions in CO2 emissions while ensuring that the welfare state receives its share of the future returns.
Shortly before Christmas, Kalvig was visited by newly appointed Climate and Environment Minister Andreas Bjelland, who informed him that the government had allocated 1.85 billion fresh crowns to the fund, the highest lump sum ever.
Thus, the fund’s total capital is NOK 5.4 billion. However, according to the Q3 balance sheet, investments only amount to around NOK 2 billion (before new government funding). After a few investments in 2023, the company now hopes to increase the pace.
– 2023 was a year with less green sector activity and investment. The hope now is that we get some kind of ketchup effect. And we are ready to invest, the first investment decision has already been made, although we cannot currently reveal which company it is, says investment director Bertel Ånestad in Nysnø.
Despite poor results, the company is increasing its staff.
– We have just hired three qualified employees, so the skills are there. “We now have 19 employees in Nysnø,” says Meland.
Meland highlights a successful investment in the IT company Greenbird, which brought in 36 million in return. But Q3 operating profit was negative NOK 122 million.
It seems that the investments that Nysnø is most successful with are companies that have no direct connection to climate. Greenbird, for example, is working with us Big data integration. Metisoft produces software that helps companies with their ESG reporting.
The state owns 100 percent of the shares in Nysnø. The goal of the state as owner is to achieve the highest possible return over time in a sustainable manner.
This time too, the state seems unable to turn gray stone into gold.
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