Public funding in Sweden for hardtech

Almi is Sweden's state-owned organization that provides loans, business development advice, and equity financing to Swedish SMEs, with its venture-capital arm Almi Invest (including the national Almi Invest GreenTech fund) making direct investments in early-stage tech, life-science, industrial and sustainability startups.

Backed Caplyzer AB, Radar Reticence, Digiclean Solutions AB

The Swedish Energy Agency (Energimyndigheten) is Sweden's public authority for energy research, innovation and preparedness, providing grants and R&D funding to companies, academia and public bodies working on the transition to a fossil-free energy system.

Backed Northvolt, Azelio, Minesto, Climeon

EQT is a Stockholm-founded global investment organization managing the Scaleup Europe Fund, a €5bn public-private growth vehicle backed by the European Commission and institutions including Novo Holdings, EIFO and Wallenberg Investments, aimed at scaling Europe's most promising deep-tech companies from Series B to pre-IPO.

Backed ICEYE (Espoo-based SAR satellite constellation operator), EQT Ventures portfolio also includes The Exploration Company (aerospace/space)

InnoEnergy is the EU-backed clean tech investor founded in 2010 by the European Institute of Innovation and Technology, headquartered in Eindhoven with a Swedish entity, KIC IE AB, in Stockholm. It holds equity stakes in 160+ active companies and has backed Nordic hardtech names including Minesto, CorPower Ocean and Northvolt, alongside battery, hydrogen and materials plays across Europe.

Backed Minesto, Hardt Hyperloop, Verkor, CorPower Ocean, GravitHy, Skeleton Technologies

Scaleup Europe Fund is a EUR 5 billion growth fund managed by EQT, targeting European technology scaleups from Series B through pre-IPO in sectors including AI, quantum, space, clean energy and biotech. It was founded by the European Commission alongside investors including Novo Holdings, Allianz, APG, EIFO, CriteriaCaixa and Santander/Mouro Capital, and made its first investment in August 2026, co-leading ICEYE's EUR 1 billion Series F round.

Backed ICEYE

Tillväxtverket is the Swedish Agency for Economic and Regional Growth, a government body that distributes EU structural funds, national grants and regional investment support to strengthen competitiveness and regional development across Sweden. It runs broad instruments such as regional investment aid, business-development checks and innovation support, open to companies in any sector, not a hardtech-specific fund with a public portfolio.

Vinnova is Sweden's government innovation agency, funding research and innovation projects that strengthen sustainable growth and competitiveness. It runs continuous, sector-agnostic calls for proposals, including a recurring deeptech acceleration programme, but does not publish a company-level portfolio list.