Oslo’s Climate Tech Revolution: From Fjords to Food Systems

According to Forbes, the 21st iteration of Oslo Innovation Week in late October attracted 15,000 attendees and showcased Oslo’s growing climate tech ecosystem, where venture capital has grown 13 times since 2014 to reach $650 million in 2024. The event highlighted several innovative startups including NoMy, which won the Oslo Innovation Award 2025 for transforming food industry waste into mycoproteins using AI-driven fermentation after raising €1.25 million. Other featured companies included Avisomo (€5.2 million funding for vertical farming), Agoprene (seaweed-based foam materials), Brim Explorer (hybrid electric vessels with 40 million NOK for world’s first electric trimarans), and Telescope (€3.7 million for climate risk assessment). These innovations align with Norway’s ambitious target to reduce emissions by at least 55% by 2030 compared to 1990 levels, despite the country’s position as a leading oil and gas producer. This convergence of technology and sustainability signals a significant shift in Norway’s economic priorities.

Norway’s Strategic Pivot from Fossil Fuels

Norway’s climate tech boom represents a fascinating economic paradox. As Europe’s second-largest oil and gas producer after Russia, the country is simultaneously building a robust ecosystem for clean technology innovation. This dual-track approach reflects both pragmatic economic planning and genuine climate commitment. The country’s climate performance has been mixed, with strong renewable energy adoption but continued fossil fuel exports complicating its environmental legacy. What makes Oslo’s innovation scene particularly compelling is how it leverages Norway’s existing strengths in maritime technology, energy systems, and materials science while pivoting toward sustainable applications. The impressive venture capital growth suggests investors recognize this strategic repositioning, though the transition faces significant scaling challenges.

The Complex Reality of Food System Transformation

While NoMy’s mycoprotein technology and Avisomo’s vertical farming represent exciting advances, the path to transforming global food systems remains fraught with challenges. Mycoprotein production faces regulatory hurdles across different markets, and consumer acceptance of fungal-based proteins varies significantly by region. The technology’s scalability depends on consistent access to appropriate waste streams, which can be geographically constrained. Similarly, Avisomo’s vertical farming model, while innovative in its resource efficiency approach, must overcome the high capital costs and energy intensity that have plagued previous indoor farming ventures. Their partnership with Coop is strategically smart, providing immediate market access, but the economics of replacing imported produce with locally grown alternatives remain challenging without continued subsidy or premium pricing.

The Global Materials Innovation Race

Agoprene’s seaweed-based foam enters a crowded but crucial market for sustainable materials. The company’s timing is excellent given increasing regulatory pressure on petroleum-based products and corporate sustainability commitments from companies like IKEA. However, the materials innovation space is intensely competitive, with numerous startups developing bio-based alternatives to conventional foams. Agoprene’s use of locally sourced seaweed and crab shell waste provides interesting supply chain advantages, but scaling production while maintaining cost competitiveness will be their primary challenge. The recent automation of their production process is a critical milestone, but moving from 100kg test runs to industrial-scale manufacturing represents a significant leap that has tripped up many promising material startups.

Maritime Electrification: Norway’s Natural Advantage

Brim Explorer’s electric vessel initiative leverages Norway’s unique position as one of the world’s top five maritime cities with abundant hydropower resources. The company’s planned all-electric trimarans represent genuine technological innovation in a sector that has been slow to electrify. The 2018 parliamentary resolution making fjord zones zero-emission by 2026 creates both regulatory pressure and market opportunity. However, the maritime electrification challenge extends beyond passenger vessels to cargo shipping and fishing fleets, where energy density requirements are substantially higher. Brim’s plan to apply their technology to fast ferries and fishing vessels indicates ambition, but each vessel category presents distinct technical and economic challenges that will test their adaptable platform approach.

The Emerging Climate Risk Assessment Market

Telescope’s AI-driven platform addresses a growing and urgent need as climate impacts become increasingly tangible for property owners and financial institutions. The insurance industry’s awakening to climate risk, exemplified by Allianz’s warnings about systemic financial threats, creates a substantial market opportunity. However, climate risk modeling remains an immature field with significant methodological challenges. Different models can produce wildly varying risk assessments for the same properties, creating confusion for decision-makers. Telescope’s focus on local risks like quick clay landslides in Norway is strategically smart, but expanding globally while maintaining granular local accuracy will require substantial data partnerships and continuous model refinement. Their success will depend on establishing credibility with risk-averse financial institutions that typically prefer established, conservative assessment methods.

Oslo’s Innovation Ecosystem: Strengths and Limitations

The concentration of climate tech innovation in Oslo benefits from several unique advantages, including abundant clean energy, strong government support, and a collaborative business culture. However, the ecosystem faces scaling challenges common to smaller innovation hubs. While Oslo provides an excellent testing ground and validation environment, these companies must quickly expand internationally to achieve meaningful impact and returns. The relatively small domestic market means success depends on global adoption, which requires navigating diverse regulatory environments, supply chain complexities, and cultural preferences. The substantial funding rounds mentioned suggest investor confidence, but the true test will come when these companies attempt to scale beyond Norway’s supportive environment into competitive global markets where they’ll face well-funded international competitors.