Feasibility study funding for Nordic SMEs


Nefco provides grants for feasibility studies aimed at internationalisation of Nordic small and medium-sized enterprises (SMEs) and mid-cap companies through the Nordic Project Fund (Nopef).

The objective of Nopef financing is to facilitate the implementation of Nordic green solutions on global markets and to strengthen the international competitiveness of Nordic businesses. Nopef is funded by the Nordic countries through the Nordic Council of Ministers.

Funding offered from Nopef can cover up to 40% of costs, to a maximum amount of EUR 50,000, for feasibility studies aimed at evaluating a foreign business establishment or investment outside the EU/EEA region.

Supported projects should target a permanent business establishment in a pre-defined project country, typically trough the establishment of a joint venture, subsidiary or similar ownership in a local company in the project country.

Nopef funding also offers financial support for feasibility studies and preparatory activities aimed at the implementation of demonstration or pilot projects for Nordic environmental and climate solutions on international markets. In order to qualify, the project must relate to a technology, product, service or business model with a demonstration value and up-scaling potential in the target country that has been commercially proven in the Nordic region or in another country.

Who can apply for funding?

Nordic companies with at least one year of operational history that employ fewer than 500 persons and have a turnover of up to EUR 100 million can apply for funding.

The applying company must have operational activity in a Nordic country and fully commercialised products or services. The company should also have sufficient financial resources to carry out a business establishment in a foreign market.

Supported projects must have the potential to create a positive environmental impact in the project country. Relevant areas include renewable energy, cleantech, industrial goods and services, building technology, automation, monitoring and control systems, digitalisation, energy efficiency, water technology, waste management, environmental services, agriculture, forestry and aquaculture.

Projects should also have a Nordic interest, typically by improving Nordic competitiveness and export possibilities, creating job opportunities in the Nordic region and in the target country, possibilities for knowledge transfer, or through the participation of companies from two or more Nordic countries in the project.

The processing time for received funding applications is typically 5-6 weeks.

How to apply?

Go to nopef.com for further information about the instrument and how to apply or contact our experts at Nefco.


Victor Degerlund

Senior Investment Officer

Victor Degerlund
+358 106180781
Swedish, Finnish, English

Dennis Hamro-Drotz

Senior Investment Manager

+358 10 6180 641
Swedish, Finnish, English

Søren Rasmussen

Investment Manager

+358 10 618 0674
Danish, English, Swedish, Finnish

Mikael Reims

Vice President, Origination

+358 10 6180 670
Swedish, Finnish, Norwegian, English

Joakim Svahn

Investment Officer

+358 10 6180 672
Swedish, English

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