17 Sep 2020 12:30

SEB forms unit for investments in green technology

Markus Hökfelt

SEB is forming a new unit within the bank that will invest venture capital in green technology to contribute to a sustainable transition. 

The green technology sector is undergoing rapid development and will play a key role in the transition to a more sustainable society. However, there is a shortage of venture capital in the sector as investments in new, green technology often take a longer time to develop and mature than traditional venture-capital investments. SEB has therefore created a new unit, SEB Greentech, to support Nordic companies within this sector.

“This is an expression of our ambition to contribute to a sustainable transition. It is critical that young greentech companies gain access to funding at an early stage so they can realise the creation of technologies, products and services that can benefit society, our customers and shareholders”, says SEB’s President and CEO Johan Torgeby.

The unit is starting out with SEK 300m in investment capital, with an ambition for an increase to SEK 1b over time. It will invest in companies that develop solutions which in a decisive way can improve the use of natural resources and reduce negative ecological impacts. This can involve investments in renewable energy, energy storage, water and agricultural technology, circular business models and waste management, for example.

“We believe we can contribute with capital to an area that is important for society and in which Sweden can build a strong position as we have exciting entrepreneurs within green technology”, says Sara Öhrvall, who has the overall responsbility for the sustainability transition within SEB.

“There is also value for the bank’s customers in being closer to the technological development that is taking place to contribute to the climate transition, and it is also an opportunity to transfer competence within the sustainability area to the bank”, says Sara Öhrvall.

SEB Greentech will be headed by Markus Hökfelt, who has been recruited from Almi Invest, where he is currently Fund Manager for Almi Invest’s GreenTech fund. He will assume his new position on 1 November.

“With SEB Greentech and other platforms, the bank now has the entirely right tools to invest private equity that creates long-term value for companies in this sector”, says Markus Hökfelt.

Investment and exit decisions will be made by a newly formed Greentech Investment Committee. The unit will also appoint an external advisory board with experience within green technology. SEB Greentech will be a sister organisation of SEB Venture Capital, which invests venture capital in the fintech sector.

For further information, contact
Frank Hojem, Head of Corporate Communication, 
+46 70 763 9947 

Press contact
Niklas Magnusson, Group Press Officer 
+46  70 763 8243

SEB is a leading Nordic financial services group with a strong belief that entrepreneurial minds and innovative companies are key in creating a better world. SEB takes a long term perspective and supports its customers in good times and bad. In Sweden and the Baltic countries, SEB offers financial advice and a wide range of financial services. In Denmark, Finland, Norway, Germany and the United Kingdom, the bank's operations have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The international nature of SEB's business is reflected in its presence in some 20 countries worldwide. On June 30, 2020, the Group's total assets amounted to SEK 3,218 billion while its assets under management totalled SEK 1,909 billion. The Group has around 15,000 employees. Read more about SEB at https://www.sebgroup.com.