Lundin Energy | Lundin Foundation

Lundin Energy develops oil and gas resources in Norway efficiently and responsibly for a sustainable, low-carbon future. In partnership with the Foundation, Lundin Energy makes impact investments in early-stage, scalable start-ups that address climate change, renewable energies and marine and ocean health. The Foundation also strengthens the regional investment ecosystem by serving as an anchor funder in local incubator programs.

In 2019, Lundin Foundation and Lundin Energy re-invested in Katapult Ocean, an innovative accelerator program and investment fund. Launched in partnership with the World Wildlife Fund (WWF), Katapult Ocean targets the best in ocean technology start-ups from across the globe. Last year, the fund selected 23 businesses from more than 800 applicants worldwide to participate in the accelerator. Over half of the selected businesses generated first revenues and secured more than USD $7 million from follow-on funders.

In partnership with Lundin Energy, the Foundation closed an equity investment in Evoy, a successful start-up emerging from the Katapult Fund. Evoy aims to achieve zero emissions in small marine industry through electric motor propulsion systems. Evoy received the SPIR 2019 award, which is given to Norway’s top green technology start-up. The Foundation also financed renewable energy companies in Africa through TRINE, a top Swedish financing platform.

The Foundation and Lundin Energy continued their support of business incubator Arctic Accelerator, which helps innovative start-ups across northern Norway, and the CHARGE incubator, which supports first generation, immigrant entrepreneurs.

Through these investments, Lundin Energy supported 51 start-ups that secured $8.3 million in follow-on funding.