6. The segments:
What are the main opportunities emerging in the Nordic Ocean Economy?

Now that we have examined the Ocean Economy opportunity, the global trends reshaping the market, the Nordic region’s competitive strengths, and the current landscape of innovation, the final step is to determine where the strongest opportunities for growth and investment are emerging—what we define as the Nordic Ocean Opportunity.

At its core, this step answers the key question:

What are the main opportunities emerging in the Nordic Ocean Economy?

Step five of the investment thesis framework brings together insights from the previous steps to identify the most strategic areas for investment. It focuses on where innovation, market demand, and Nordic strengths converge. To do this, we use an opportunity mapping analysis—a structured method to highlight the most scalable and high-impact segments. The goal is to segment the Nordic Ocean Economy in a way that highlights where the best solutions can emerge—solutions that serve large and growing markets, improve on existing approaches, scale efficiently, offer a distinct advantage, and generate long-term value.

Through this process, we have identified 13 key opportunities within four main segments. Each segment represents a long-term structural area of the Nordic Ocean Economy, expected to remain relevant over time. In contrast, each opportunity is a specific business or investment potential within a segment, influenced by market conditions, technological advancements, and regulatory changes—making it more dynamic and subject to change over time.

The four key segments are:

Optimization of existing ocean activities: Improving the efficiency and value of key Nordic Ocean industries like shipping, aquaculture, and offshore wind through advanced technologies such as AI, automation, and precision tools.
New applications of ocean assets: Finding new ways to use Nordic ocean resources to solve problems and create new products, such as marine-based medicines, algae proteins, and renewable energy solutions like floating solar and wave power.
New solutions for ocean exploration, engagement, and extraction: Building advanced tools to better explore the ocean, collect data, and extract resources in a responsible way.
New solutions for ocean value protection, restoration, and management: Creating systems to protect and restore Nordic ocean assets, including pollution tracking, habitat restoration, and better resource management frameworks.

Nordic Ocean Economy Opportunity Map

6.1 Segment 1: Optimization of the existing ocean activities

The optimization of existing ocean activities is the largest, most obvious, and most immediate investment opportunity in the Nordic Ocean Economy, representing more than half of the total dealflow today. This segment encompasses solutions, technologies, and innovations that support the efficiency, sustainability, and profitability of established ocean industries where the Nordics hold global leadership today—such as shipping, fishing and aquaculture, and energy production.

These industries form a cornerstone of the Nordic economy, contributing 13% of regional GDP and an extraordinary 40% in Norway. However, as they face mounting pressures from stricter regulations, resource scarcity, and rising operational costs, the need for innovative solutions is greater than ever. The demand for change is driven not only by internal industry challenges but also by global trends. The world’s increasing appetite for fish proteins, clean energy, and maritime trade creates an unprecedented opportunity for growth in these sectors. At the same time, unsustainable practices in ocean industries are leading to tighter regulations, compelling players to adopt greener, more efficient approaches.

Across these industries, Nordic businesses face a strong push to increase efficiency and reduce their negative climate impact. And these dynamics are spurring the emergence of new companies across the Nordics that are addressing these challenges head-on. Many of the solutions developed locally for shipping, seafood production, and offshore wind, if proven successful, can also be applied globally, creating a significant potential for long-term growth. We expect many promising opportunities to emerge from this segment in the coming decades, addressing the key challenges faced by established ocean industries.

Within this segment, the most significant specific opportunities that dominate are those where Nordics are leaders today and that face the main optimization challenges:

Optimization of the shipping industry
Optimization of the fishing and aquaculture industry
Optimization of the offshore wind energy industry

Optimization of existing ocean activities

Improving the efficiency and value of key Nordic Ocean industries like shipping, aquaculture, and offshore wind through advanced technologies such as AI, automation, and precision tools.

Optimisation of shipping industry	Optimisation of fishing and aquaculture industry	Optimisation of offshore wind energy industry
Decarbonisation of shipping	Scaling and optimisation of aquaculture	Floating and modular turbine platforms
Digitalisation of shipping logistics	Sustainable fishing and quota compliance	Energy storage for renewable integration
	Increase in efficiency and fish welfare	Offshore wind project planning systems

The potential of this segment is exemplified by Cognite, a Norwegian company founded in 2016. In just a few years, the company has grown into a global leader valued at $1.6 billion (as of January 2025) by providing an industrial data platform that optimizes operations in sectors like oil and gas. Cognite shows how large companies in this sector can become and highlights the value potential of solutions dedicated to improving established ocean activities.

Moving forward, the most successful solutions in this space will be those that are able to combine increased productivity and efficiency for these leading ocean industries with sustainable practices that protect the environment and avoid harm. In the new era, winners will be the companies that can deliver both economic value and environmental responsibility.

6.1.1 Optimization of the shipping industry

Nordic countries are global leaders in shipping, with strong infrastructure, large fleets, and a focus on digitalization and decarbonization. This leadership puts them in a prime position to tackle the challenges and opportunities shaping the future of maritime transport.

The shipping industry is under growing pressure as global seaborne trade is expected to increase 35% by 2050, requiring greater cargo capacity and operational efficiency. At the same time, disruptions like the Suez Canal blockage and geopolitical shifts expose vulnerabilities in global trade routes, making resilient and adaptable logistics systems a priority. Environmental regulations are also tightening. The industry emits about one billion metric tons of CO₂ annually, pushing regulators to enforce stricter emissions targets. Meanwhile, new technologies—including AI, IoT, and advanced propulsion systems—are transforming operations, enabling smarter, cleaner, and safer shipping.

These converging factors create a pressing need to transform the shipping industry by increasing efficiency, reducing emissions, and enhancing safety. Nordic countries, as global leaders in shipping—ranking 4th globally in fleet size (Norway) and 10th (Denmark), and home to major shipping companies like Maersk—are under increasing pressure to digitalize operations.

At the heart of this opportunity lies the potential to decarbonize shipping, digitize logistics, and improve crew safety, ensuring that the sector evolves to meet the demands of the future. Main areas where new Nordic solutions are emerging:

Decarbonization of shipping: Maritime transport is responsible for 3–4% of global CO₂ emissions and at the current growth rates it could jump to 10% by 2050.
https://www.transportenvironment.org/topics/ships/climate-impact-shipping
New regulations are driving operators to cut emissions, creating a major opportunity to provide solutions that help the industry decarbonize in a cost-effective way. The range of emerging solutions spans from fuel optimization technologies to complete fuel replacement. The Nordic region is at the forefront of three main approaches to decarbonization:
- Fuel optimization: Rather than replacing fuel entirely, these solutions maximize fuel efficiency to cut waste and emissions. Companies in this space develop software and hardware solutions that allow vessels to consume less fuel while maintaining performance. Examples of this are companies like: ZeroNorth (Denmark) providing platforms to optimize fuel consumption and fleet operations. Cetasol (Sweden), Frugal Technologies (Denmark), and Hefring Marine (Iceland) creating tools to enhance vessel performance, cut fuel use, and lower emissions.
- Alternative Propulsion Systems: Some companies are developing new ways to power ships, including wind-assisted propulsion and hybrid technologies to reduce reliance on fossil fuels by replacing or complementing traditional propulsion systems. Examples are: Oceanbird (Sweden) designing wind-powered systems for large vessels, while Pascal Technologies (Norway) working on innovative propulsion systems to improve energy efficiency.
- Alternative fuels and Electrification: A growing number of Nordic startups are developing alternatives to fossil fuels, such as methanol, hydrogen, and battery-powered electric systems. Examples of companies in the space are: Liquid Wind (Sweden), Hyrex (Norway), and Kvasir Technologies (Denmark) are producing low-carbon fuels like methanol and hydrogen. In electrification, Evoy (Norway) and Candela (Sweden) lead with advanced electric propulsion systems, while Alma Clean Power (Norway) is innovating in fuel cell technology to further cut emissions.
Digitalization of shipping logistics: The global shipping industry, historically slow to adopt new technology, is now undergoing rapid digital transformation. Rising trade volumes, increased vessel traffic, and complex cargo operations are driving the need for smarter, more efficient logistics. This shift presents a major opportunity to enhance operational efficiency, lower costs, and improve safety across the shipping value chain. The most promising areas of digitalization in Nordic shipping logistics include:
- Fleet coordination: Optimizing vessel scheduling and fleet utilization is essential for reducing fuel consumption, minimizing delays, and improving operational efficiency. AI-driven planning tools and real-time data systems are enabling shipping operators to streamline logistics, maximize cargo loads, and improve route optimization. Examples of companies in the space include: Seaber (Finland) specialized in vessel scheduling, ensuring maximum shipping capacity, and minimizing delays. Navidium (Sweden) that offers advanced solutions for logistics management and operational planning, enabling better fleet coordination and resource use.
- Cargo management: New digital platforms are transforming how cargo is tracked, handled, and delivered, making supply chains more efficient and responsive. These solutions enhance visibility, automate processes, and leverage predictive analytics to prevent disruptions and improve overall cargo flow. Examples of companies include: Awake.AI (Finland) that integrates digital tools for ports, streamlining cargo flows and reducing bottlenecks, Xeneta (Norway) that provides data-driven platforms to benchmark shipping rates, helping stakeholders optimize cargo management, and Globe Tracker (Faroe Islands/Denmark) that tracks and controls refrigerated containers' conditions in real-time.
- Port operations and crew safety: Automation and data-driven systems are revolutionizing port logistics and onboard safety. Advanced scheduling tools are helping ports coordinate arrivals and departures more efficiently, while real-time monitoring technologies are improving crew working conditions and reducing risks at sea. Examples of companies include: Portchain (Denmark) that uses real-time data and advanced scheduling solutions to improve coordination between ships and ports. Scoutbase (Denmark) that develops real-time monitoring tools to enhance crew safety and prevent accidents. Dimeq (Norway) and Maranics (Iceland) that focus on improving onboard safety and creating safer, more efficient working environments.

6.1.2 Optimization of fishing and fish farming industry

Global seafood demand is rising rapidly, with consumption expected to grow from 158 million tons in 2020 to nearly 190 million tons by 2030.

https://www.fao.org/4/i3640e/i3640e.pdf

This increasing demand puts pressure on fisheries and aquaculture to scale production efficiently while meeting market needs. At the same time, stricter regulations on wild fishing quotas and sustainability standards are limiting traditional fisheries, reinforcing the need for more efficient and environmentally compliant aquaculture systems. Technology is playing a key role in addressing these challenges. AI-powered precision farming, IoT-enabled sensors for real-time monitoring, and autonomous robotics for cage cleaning and stock assessments are improving efficiency, ensuring regulatory compliance, and reducing environmental impact. These advancements are transforming fish farming into a more scalable and sustainable industry.

These converging factors create a pressing need to transform the fishing and aquaculture industry by increasing efficiency, optimizing production, ensuring compliance with new regulations, and minimizing environmental impact. Nordic countries, as global leaders in fish exports and aquaculture—particularly with Norway farming 90% of its salmon—are under increasing pressure to adapt and enhance their practices.

At the heart of this opportunity lies in solutions that support the increase of seafood production while ensuring regulation compliance and environmental considerations. Main areas where new Nordic solutions are emerging:

Scaling and optimization of aquaculture. Rising global seafood demand, coupled with stricter regulations on wild fishing quotas, is driving the need to scale and optimize aquaculture systems. As traditional fisheries face limitations, the opportunity lies in developing innovative solutions to expand production while ensuring compliance with environmental standards. The Nordic region is at the forefront of three main approaches to scaling and optimizing aquaculture:
- Scaling aquaculture systems: To meet growing demand, aquaculture is shifting beyond traditional nearshore farms to offshore and land-based systems that offer greater control, higher production, and reduced environmental risks. Companies in the Nordics are pioneering new ways to increase capacity while maintaining efficiency. Examples of companies include: Salmon Evolution (Norway) or GeoSalmo (Iceland) that focuses on sustainable land-based aquaculture systems to meet increasing demand. KIME Akva (Norway) that develops advanced offshore aquaculture systems that balance efficiency with environmental considerations.
- Increase in efficiency and fish welfare: Advancements in AI, robotics, and data-driven monitoring are making aquaculture more efficient by optimizing feeding, improving fish welfare, and reducing resource waste. These technologies help farmers improve operations while ensuring fish are healthy and growing efficiently. Examples of companies include: Aquabyte (Norway/US) that uses AI cameras for fish growth monitoring, disease detection, and feeding optimization. Stingray Marine Solutions (Norway) that uses laser technology to remove sea lice, reducing the need for chemicals. Remora Robotics (Norway) that develops autonomous cage-cleaning systems to enhance water quality and reduce maintenance. Sea Farm Innovations (Faroe Islands) that employs mechanical delousing technologies to gently remove sea lice, boosting fish welfare.
- Advanced feed and nutrition solutions: Feed is the largest cost in aquaculture and improving its efficiency can significantly impact production economics. Nordic companies are innovating with new feed formulations and marine-based alternatives to reduce dependence on traditional fishmeal while enhancing fish growth and health. Examples of companies include: Molofeed (Norway) that produces advanced feed solutions to enhance fish growth and minimize waste. Calanus AS (Norway) that develops marine-based feed products that improve fish nutrition.
Sustainable fishing and quota compliance: As fishing quotas become stricter and environmental regulations tighten, the fishing industry faces growing pressure to improve how it operates. The challenge is to ensure long-term fish stock sustainability while maintaining the economic viability of fishing businesses. The opportunity lies in tools that help monitor and manage fishing activities, support sustainable harvesting, reducing bycatch, and aligning with evolving environmental requirements. In the Nordics, companies are developing solutions in two key areas to make fishing more efficient, compliant, and resource-smart:
- Reducing bycatch and improving harvesting methods: Traditional fishing methods often result in high levels of bycatch—unintended species caught alongside the target fish—which can lead to wasted resources and ecosystem damage. New technologies are emerging to make fishing more selective, reducing environmental impact while maintaining catch efficiency. Examples of companies include: EcoTrawl (Norway) that designs trawling systems that reduce bycatch and protect marine ecosystems.
- Compliance and monitoring tools: With strict quotas and sustainability targets in place, monitoring and reporting fishing activities has become essential. New digital tools are helping fleets track their operations in real time, ensuring compliance with regulations and improving transparency across the industry. Examples of companies include: PingMe (Norway) that provides digital compliance tools for tracking fishing activities and meeting regulatory standards. Aqua Robotics (Norway) that develops systems to monitor fishing practices and ensure compliance with environmental regulations.

6.1.3 Optimization of the offshore wind energy industry

Global energy demand is set to increase by 50% by 2050, driven by industrial growth, urbanization, and energy-intensive technologies like electric vehicles and hydrogen production. Meeting this demand requires a major shift toward low-carbon energy sources, expected to provide up to 80% of global power generation by mid-century. Offshore wind is emerging as a key pillar of this transition, offering scalable energy production without competing for land. Capacity is projected to grow from 40 GW in 2020 to 2,465 GW by 2050, creating an urgent need to expand infrastructure and develop new technologies. However, scaling offshore wind presents significant challenges. High installation costs in deep waters, complex grid connections, and harsh marine conditions make deployment expensive and technically demanding. Another major bottleneck is grid stability and energy storage, as wind production fluctuates and must be balanced with demand.

These converging factors create a pressing need to optimize the offshore wind energy industry by reducing installation costs, improving grid integration, enhancing maintenance efficiency, and addressing the challenges of deep-water deployment and variable energy production. Nordic countries, as global leaders in offshore wind, are under increasing pressure to expand their capacity and meet ambitious renewable energy targets.

At the heart of this opportunity lies the potential to scale offshore wind energy, optimize turbine technology, and develop the necessary infrastructure to meet the growing demand for clean energy, ensuring that the sector evolves to support the global transition to low-carbon energy. Main areas where new Nordic solutions are emerging:

Floating and modular turbine platforms: Offshore wind energy is expanding beyond shallow coastal waters but installing turbines in deep-sea locations remains expensive and complex. Floating and modular turbine platforms are emerging as a solution, allowing wind farms to operate in deeper waters where wind conditions are stronger and more consistent. These technologies reduce installation costs, increase energy output, and make large-scale offshore wind deployment more feasible. Main emerging Nordic solutions and companies in the space are:
- Floating and modular designs for deep waters: Deploying offshore wind farms in deep-sea locations requires adaptable and scalable solutions, with modular turbine designs and floating platforms enhancing flexibility, reducing construction complexity, and enabling expansion into deeper waters. Examples of companies are: Windeed (Sweden) – floating offshore wind platforms for cost-effective deep-sea deployment; Seatwirl (Sweden) and Stiesdal (Denmark) – modular turbine designs for scalable, flexible deep-water deployment.
- Multi-turbine platforms: Traditional offshore wind farms rely on single large turbines, but multi-turbine platforms are changing the approach by capturing more wind energy within a smaller footprint. These systems optimize space and reduce material costs, improving overall efficiency. Examples of companies are: Windcatching Systems (Norway) – Multi-turbine floating platforms that use less space to capture more wind, lowering costs and increasing energy production.
- Hybrid platforms: Some floating platforms are integrating multiple renewable energy sources, combining wind and wave power to maximize efficiency and energy production. Examples of companies are: Floating Power Plant (Denmark) – Hybrid platforms that combine wind and wave energy, enhancing efficiency and overall energy output.
Energy storage for renewable integration: Renewable energy sources like offshore wind produce power intermittently, creating challenges for grid stability and continuous energy supply. Energy storage systems play a crucial role in addressing these challenges by capturing excess energy during peak production and releasing it when demand is high or production is low. This makes offshore wind and other renewables more reliable and scalable for large-scale energy grids. Main emerging Nordic solutions and companies in the space are:
- High density battery storage: One of the key solutions for stabilizing renewable energy supply is high-density battery storage. These systems store large amounts of energy efficiently, making it possible to balance fluctuations in wind power production and ensure a steady flow of electricity to the grid. Examples include: Freyr Batteries (Norway) that develops high-density batteries for large-scale storage, improving the reliability of renewable energy supply.
- Maritime and offshore energy storage: Energy storage is also critical for offshore applications, where wind farms and maritime industries require stable power supply. Offshore storage systems help optimize energy use, reduce dependency on fossil fuels, and enhance the overall efficiency of renewable energy operations. Examples include: Corvus Energy (Norway) that specializes in energy storage systems for offshore and maritime applications.
Offshore wind project planning systems: Scaling offshore wind energy requires efficient planning and management to overcome engineering challenges and streamline complex processes such as permitting and grid connection. Digital tools and data-driven analytics are playing a crucial role in optimizing project design, improving decision-making, and accelerating deployment. These technologies help reduce risks, cut costs, and enhance the overall efficiency of offshore wind development. Main emerging Nordic solutions and companies in the space:
- Analytics and optimization: Advanced analytics platforms provide real-time data and forecasting models to optimize wind farm site selection, performance predictions, and operational planning. Examples include: Aegir Insights (Denmark) that provides advanced analytics for optimizing offshore wind project planning, including site selection and performance forecasts. FutureOn (Norway) that offers digital platforms to visualize and manage subsea infrastructure.
- Operational simulations: Offshore wind farms rely on simulations to anticipate challenges, plan maintenance, and optimize energy output. Cloud-based modeling helps operators test scenarios, mitigate risks, and refine project strategies. Examples include: Shoreline (Norway) – Cloud-based solutions for optimizing offshore wind operations; Vind AI (Norway) –AI-driven platform for wind project planning and optimization.

6.2 Segment 2: New applications of ocean assets

New applications of ocean assets represent roughly a third of the dealflow in the Nordic Ocean Economy, making this segment an exciting and transformative opportunity. Building on the Nordics’ established leadership in traditional ocean industries like fishing, shipping, and offshore wind, this segment is about exploring new ways to create value from the ocean. The success of offshore wind in Denmark exemplifies this mindset. By leveraging its offshore oil and gas expertise and abundant wind resources, Denmark became a global leader in offshore wind energy—a sector shaping the future of energy production. This success has inspired a wave of innovators across the Nordics to ask: What else can we do with these resources? How can we use them differently to meet global needs and create disruptive new applications of ocean assets?

The Nordics are particularly well-suited to lead in this area because of their access to vast ocean territories—spanning over seven million square kilometers. These waters not only provide abundant resources but also serve as a real-world laboratory for developing and testing innovative solutions. This unique combination of access, resources, and expertise allows the Nordics to pioneer new applications of ocean assets and scale them effectively. Several factors are driving this opportunity. The region is home to world-class marine research institutions, active industries in ocean sectors, and a strong entrepreneurial culture in the ocean space. These elements create a supportive environment for developing disruptive innovations.

Additionally, global demand for ocean solutions—such as green energy, alternative proteins, clean water, and eco-friendly materials—is pushing for new discoveries and applications. As land becomes increasingly constrained, industries are turning to the ocean to meet the demands of growing populations. The ocean offers critical materials, energy sources, and opportunities for sustainable innovation, such as through marine living resources like algae, seaweed, and fish by-products, as well as ocean physical elements for energy production, urban development, and climate change mitigation. At the same time, new regulations limiting the use of plastics and rising self-sufficiency policies, along with geopolitical tensions, are making the ocean an essential resource for securing new sources of materials, critical materials, and energy. Furthermore, advances in tech, science, and engineering open up new possibilities for utilizing ocean assets in diverse ways.

This segment invites an open-minded approach, encouraging the exploration of all possible new applications of ocean assets, such as:

Marine living resources
Physical elements
Ocean movements, dynamics, and atmospheric interactions
Geological and chemical components (non-living resources).

New applications of ocean assets

Finding new ways to use Nordic ocean resources to solve problems and create new products, such as marine-based medicines, algae proteins, and renewable energy solutions like floating solar and wave power.

Marine living resources	Ocean physical elements	Ocean movements	Non living resources
New uses of algae and seaweed	New uses of ocean surface	New uses of ocean waves and tides	Using of ocean plastics
New uses of fish byproduct and overlooked species	New uses of subsea layers	New uses of ocean atmospheric interactions
New uses of marine microorganisms	New uses of ocean water	New uses of ocean water pressure

A great example of the potential in this segment is Kerecis, acquired by Coloplast for $1.3 billion in 2023. Founded in 2009 in Iceland, the company transformed fish skin—traditionally seen as a low-value byproduct—into a high-value medical product. By using the natural collagen and omega-3 fatty acids in fish skin, Kerecis created a globally recognized wound care solution to treat burns and chronic wounds. This success story demonstrates how underutilized marine resources can be transformed into breakthrough products, showcasing the significant potential of ocean-based innovations.

Moving forward, the most promising solutions in this segment will be those able to provide disruptive value of ocean assets, more than those providing an incremental value, and those solutions capable of transforming low-value ocean assets into high-value applications with significant global impact. We expect incredible breakthroughs in this space, many of which are yet to be discovered, as the ability to harness and repurpose ocean assets continues to evolve.

6.2.1 New applications of marine living resources

Advancements in science and technology are unlocking new ways to utilize marine living resources—such as algae, seaweed, fish by-products, and microorganisms—to create sustainable solutions in food, energy, and materials. Once considered underutilized, these resources are now being developed into high-value applications ranging from alternative proteins and bioplastics to health products and biofuels. Nordic companies are at the forefront of these innovations, transforming marine biomass into commercially viable and environmentally friendly solutions. Main areas where new Nordic solutions are emerging:

Use of algae and seaweed for:

Bioplastics and materials for manufacturing and production: Algae and seaweed are emerging as eco-friendly alternatives for industrial applications, particularly in bioplastics and renewable materials. These resources provide biodegradable and bio-based options that can replace fossil fuel-derived plastics and other synthetic materials. Examples are: Origin by Ocean (Finland) that converts invasive algae into bio-based ingredients for packaging, cosmetics, and food production. Swedish Algae Factory (Sweden) that utilizes diatom shells from algae to enhance solar panel efficiency, supporting renewable energy applications. Nordic SeaFarm (Sweden) that cultivates seaweed for use in biodegradable packaging, sustainable furniture, and food products.
Alternative proteins for human and animal feed: Algae and seaweed are nutrient-rich, making them a valuable ingredient for sustainable protein production. They are being developed into food alternatives for humans and high-protein feed for aquaculture and livestock. Examples are Nordic SeaFarm (Sweden), Ocean Rainforest (Faroe Islands) and Tari (Faroe Islands) that cultivate seaweed for human food and animal feed: Algiecel (Denmark) and Aliga Microalgae (Denmark) that develop algae/microalgae protein for food and feed.
Health compounds: Seaweed contains bioactive compounds with potential health benefits, including anti-inflammatory and immune-boosting properties. These compounds are being extracted and developed into natural health supplements and pharmaceutical alternatives. Examples are: Alginor (Norway) that extracts compounds from seaweed for anti-inflammatory and immune-support applications, offering sustainable alternatives to synthetic products.
Biofuels: Algae can also serve as a renewable energy source, providing an alternative to fossil fuels through biofuel production. Research and development efforts are focused on refining algae-based biofuels for commercial energy applications. Examples are: Biofuel Region (Sweden) that develops biofuels from algae as a renewable energy source.

Use of fish byproducts and overlooked species for:

Alternative Proteins: Fish processing by-products, such as trimmings and small fish species, can be converted into high-quality protein sources for animal feed and aquaculture. By using these materials, companies are reducing waste while providing sustainable protein alternatives. Examples are: Pronofa (Norway) that utilizes small fish and byproducts from seafood processing to create sustainable protein options for animal feed. Ava Ocean (Norway) that innovates with marine bioproducts derived from fish processing waste to improve resource efficiency. Musselfeed (Sweden) that processes blue mussels into powder and flour from marine by-products
Pharmaceutical and nutraceutical applications: Bioactive compounds extracted from fish by-products are increasingly being used in health, nutrition, and pharmaceutical applications. These compounds offer natural alternatives to synthetic treatments, supporting medical and wellness innovations. Examples are: Pelagia (Norway) that processes marine byproducts into pharmaceutical-grade ingredients. Vestland Pharma (Norway) that produces cod liver oil and other marine ingredients for supplements and medicines. Smartfish (Norway) that develops omega-3 formulations for improving metabolic health.
Therapeutic applications: Fish-derived materials are being harnessed for advanced medical treatments, focusing on tissue regeneration and disease management through innovative applications. Examples are: Kerecis (Iceland) that turns fish skin into wound dressings for tissue regeneration. Regenics (Norway) that uses salmon roe extracts to develop wound dressings and hydrogels for tissue regeneration. Marealis (Norway) that extracts peptides from shrimp shells for blood pressure management.

Use of marine microorganisms:

Chemical alternatives for industrial manufacturing: Marine microorganisms offer new solutions for industrial manufacturing by enabling bioprocessing methods that reduce environmental impact. These microorganisms can be used to produce sustainable chemicals and materials, replacing traditional industrial processes that rely on fossil-based inputs. Examples are: Again.bio (Denmark) that uses ancient bacteria combined with modern technology to transform CO₂ into carbon-negative chemicals, providing sustainable alternatives for industrial manufacturing.

6.2.2 New applications of ocean physical elements.

Innovations in using the physical aspects of the ocean—such as its surface, subsea structures, and cold deep waters—are unlocking new opportunities in renewable energy, urban expansion, carbon storage, and industrial efficiency. These advancements leverage the ocean in ways that were previously unfeasible, offering scalable solutions for energy production, climate mitigation, and infrastructure development. Nordic companies are at the forefront of these emerging applications. Main areas where Nordic solutions are emerging:

Use of ocean surface for:

Renewable energy production: Floating solar technology is making it possible to generate solar power at sea, reducing the need for land-based installations. These systems integrate with offshore infrastructure to optimize energy production. Examples include: Ocean Sun (Norway) that develops floating solar arrays in coastal waters for renewable energy. Alotta (Norway) that combines solar energy with offshore infrastructure for optimized energy production.
Urban development: Floating infrastructure is emerging as a solution for coastal cities facing land shortages and rising sea levels. By utilizing ocean space, these structures provide new areas for housing and commercial use. Examples include: Urban Rigger (Denmark) that creates floating housing to expand urban areas in coastal regions.
Aviation landing: The ocean surface is being utilized for seaplane operations, enabling efficient transport and connectivity in coastal and remote areas. Examples include: Elfly (Norway) that has developed the first fully electric seaplanes for coastal mobility.

Use of subsea layers for:

Carbon storage: Subsea geological formations, particularly those previously used for oil and gas extraction, are now being repurposed to store CO₂ from industrial emissions, reducing greenhouse gases in the atmosphere. Examples include: GreenSand (Denmark) and Norlights (Norway) that use undersea geological formations, previously used for oil and gas extraction, to store CO₂ captured from industrial emissions, reducing greenhouse gases in the atmosphere.

Use of ocean cold waters for:

Data center cooling: Data centers consume significant amounts of energy to maintain optimal operating temperatures. Using ocean water as a cooling mechanism significantly reduces energy consumption and environmental impact. Examples include: Orcaconnect (Norway) that uses submersible, ocean-cooled data centers to leverage the ocean’s thermal properties for efficient, sustainable cooling, reducing energy use and the environmental impact.

6.2.3 New applications of ocean movements, dynamics, and atmospheric interactions.

Advancements in technology and engineering are opening new ways to harness ocean forces for energy production, climate mitigation, and freshwater generation. By leveraging ocean waves, tides, atmospheric interactions, and water pressure, Nordic innovators are unlocking new ocean solutions that were previously unfeasible. These technologies present significant opportunities for renewable energy, environmental protection, and resource efficiency. Main areas where Nordic solutions are emerging:

Use of ocean waves and tides for:

New sources of green energy: Ocean waves and tidal currents are powerful and predictable energy sources that can be converted into electricity through specialized technologies. Nordic companies are developing solutions to capture this energy efficiently and integrate it into the renewable energy mix. Examples include: Minesto (Sweden) that designs underwater kite-like devices that harness tidal currents to generate electricity. CorPower Ocean (Sweden) that produces wave-energy buoys that convert wave motion into electricity. Tidetec (Norway) that develops compact tidal turbines for efficient energy capture and deployment.
Production of fresh water: With freshwater scarcity becoming a growing global challenge, some technologies are now using wave energy to power desalination, offering a sustainable alternative to traditional energy-intensive methods. Examples include: Ocean Oasis (Norway) that uses wave energy to convert seawater into drinkable water, providing an innovative solution to freshwater scarcity. Wavepiston (Denmark) Deploys a modular wave energy system to generate electricity and desalinated water.

Use of ocean atmospheric interactions for:

Mitigation of weather impacts: Ocean-based technologies are being developed to reduce the strength of extreme weather events, such as hurricanes, by altering ocean surface conditions. Examples include: OceanTherm (Norway) that is exploring underwater bubble barriers to reduce hurricane intensity by cooling surface waters, helping mitigate storm impact.
Carbon capture: Marine photosynthesis is being used to capture CO₂ and improve water quality by reducing excess nutrients. Examples include: AlgaePro (Norway) that cultivates algae for carbon capture and nutrient removal, enhancing water quality and reducing ocean eutrophication.

Use of ocean water pressure for:

Energy efficiency desalination technologies: Seawater desalination is a crucial technology for freshwater production, but it is often energy-intensive. Innovative desalination technologies use the natural pressure of ocean depths to reduce energy consumption and produce sustainable freshwater. Examples include: Waterise (Norway) and Flocean (Norway) – Develop subsea desalination systems that harness ocean depth pressure to create freshwater with reduced energy.

6.2.4 New applications of ocean non-living resources.

While non-living ocean resources—such as minerals and plastics—have long been explored, new innovations are emerging that expand their potential applications across multiple industries. These developments are transforming ocean-derived resources into high-value materials, unlocking new opportunities to be utilized across industries. Main areas where Nordic solutions are emerging:

Using ocean plastics for:

Materials manufacturing and production: Plastic pollution has become an ocean asset, with an estimated 11 million metric tons entering the ocean each year and is projected to rise to 29 million by 2040.
https://www.nationalgeographic.com/science/article/plastic-trash-in-seas-will-nearly-triple-by-2040-if-nothing-done
This growing issue presents a significant opportunity to transform ocean plastic into valuable materials for manufacturing and production. Examples of companies in the space include: AION (Norway) that converts ocean plastic waste into valuable materials, promoting reuse and reducing environmental harm. Ogoori (Norway) that upcycles ocean plastic waste into high-quality regranulate, creating a sustainable circular value chain for manufacturing.

6.3 Segment 3: New solutions for ocean exploration, engagement, and extraction

Ocean exploration, discovery, and engagement currently account for less than 15% of the dealflow in the Nordic Ocean Economy. However, its importance is growing rapidly as we enter the "Ocean Rush" era. This era is marked by a global race to explore ocean assets, uncover their potential, and engage with marine environments, alongside increasing competition for critical resources. With more than 80% of the ocean still unexplored, the development of new solutions to fully engage with the ocean represents one of the most significant and transformative opportunities for the future. This vast potential is amplified by advancements in technology and engineering, which are enabling new capabilities for ocean exploration, resource extraction, and environmental management.

The Nordic region, rich in ocean assets and backed by decades of expertise in oil and gas operations, is uniquely positioned to lead in the development of these solutions. Nordic extensive ocean territories hold abundant, yet largely untapped, resources, creating both a pressing need and a unique opportunity for innovation. The region also has a long history of ocean and Arctic exploration, with a legacy spanning early maritime trade routes, Arctic expeditions, and decades of leadership in oil and gas exploration. This combined expertise in exploration and innovation, as well as the region’s strong energy infrastructure, including offshore platforms, pipelines, and maritime facilities, provides a strong foundation for creating the next generation of tools to map, monitor, and access areas of the ocean that were previously out of reach.

Global factors are accelerating the need for innovation in ocean exploration. Emerging trends, like the global race for critical materials and shifting geopolitical dynamics, are intensifying the focus on oceans as a key resource frontier. As demand for minerals, energy, and marine data grows, especially in the Arctic and Greenland regions, competition for marine assets has intensified. Climate change is making these areas more accessible, increasing global interest in technologies that map, monitor, and secure critical resources. This includes accessing untapped resources, establishing trade routes, addressing defense needs, and supporting environmental monitoring. This places the Nordics, with their Arctic expertise and strategic positioning, at the center of a rising global demand for ocean exploration and engagement solutions.

The segment encompasses three key areas:

Solutions for ocean exploration
Solutions for ocean engagement
Solutions for ocean resource extraction

New solutions for ocean exploration, engagement and extraction

Building advanced tools to better explore the ocean, collect data, engage with the ocean and extract resources from it in a responsible way.

Ocean exploration	Ocean engagement	Ocean resource extraction
Rada and satelite sensing	Real time communication and connectivity	Seabed mineral extraction
Sensors and IoT	Inspection manteinance and repair	Refining and processing
Robotics and autonomous systems	Ocean mobility

A great example of the potential in this segment is ICEYE, a radar satellite company valued at over $900 million (as of January 2025). Founded in 2014 in Finland, ICEYE revolutionized ocean exploration with its high-resolution satellite imaging technology, capable of capturing detailed images in any weather condition. This capability is crucial for Arctic navigation, resource mapping, and disaster response. ICEYE demonstrates how advanced technologies can transform how we explore, understand, and engage with the ocean, setting a precedent for further innovation in this space.

Moving forward, the most promising solutions in this segment will be those that provide the infrastructure to enable the development of new tools for ocean exploration, discovery, and engagement, or solutions that can support multiple ocean sectors in their exploration and engagement activities.

6.3.1 New solutions for ocean exploration.

New technologies are revolutionizing how we explore and understand the ocean. Innovations in data collection, satellite imaging, and autonomous robotics are making ocean mapping, environmental monitoring, and resource exploration more precise and accessible—even in remote or extreme conditions. These advancements are improving our ability to track climate change, assess marine ecosystems, and identify potential resources. The focus here is on gathering data and expanding knowledge of the ocean environment. Main areas where Nordic solutions are emerging:

Radar and satellite sensing: Satellite and radar-based sensing technologies provide real-time insights into ocean conditions, supporting weather forecasting, resource management, and safe navigation. These solutions are particularly valuable for remote areas, such as the Arctic, where traditional monitoring is challenging. Examples include: ICEYE (Finland) that provides radar satellite imagery in all weather conditions, supporting Arctic surveillance, ice monitoring, and disaster response. Quadsat (Denmark) that develops satellite antenna testing systems to ensure reliable communication for remote ocean applications. Dynaspace (Norway) that uses satellite imagery to deliver insights for aquaculture, improving transparency in seafood production.
Sensors and IoT: New sensor and IoT technologies are improving real-time monitoring of marine environments, helping industries optimize operations, increase efficiency, and reduce risks. These systems provide accurate data for decision-making in maritime operations, offshore infrastructure, and resource management. Examples include Kongsberg Digital (Norway) that develops advanced IoT-based data platforms and analytics tools to enable smarter maritime operations and real-time decision-making. SmartOcean (Norway) that develops IoT-based systems for maritime data collection and infrastructure monitoring. Scanreach (Norway) that combines wireless sensors with IoT technologies to improve communication and operational efficiency on vessels and offshore platforms. Water Linked (Norway) that develops underwater communication systems and sensor technology for enhanced exploration and data capture.
Robotics & autonomous systems: Systems allow for precise ocean mapping, resource exploration, and monitoring without human intervention. These technologies make it possible to survey deep-sea environments, inspect infrastructure, and track environmental changes in ways that were previously too costly or dangerous. Examples include: Argeo (Norway) that provides advanced robotics and geophysical imaging systems for precise underwater mapping, resource exploration, and infrastructure management. Maritime Robotics (Norway) that produces USVs and surface drones for infrastructure monitoring and environmental assessments, streamlining routine maintenance.

6.3.2 New solutions for ocean engagement.

Unlike exploration and engagement, this category focuses on physically accessing and utilizing ocean resources. Advancements in robotics, imaging technology, and extraction processes are making it possible to retrieve valuable materials from the seabed—such as minerals, metals, and other critical resources—while minimizing environmental impact. These technologies enhance industries like energy production, electronics, and advanced manufacturing, allowing for more efficient and controlled resource utilization. The defining element here is the focus on extracting and processing ocean-based materials for industrial use. Main areas where Nordic solutions are emerging:

Real time communication and connectivity: Seamless data flow and communication are critical for offshore industries, allowing operators to monitor and manage operations remotely. New communication technologies are improving real-time monitoring, vessel coordination, and IoT integration in maritime environments. Examples are: Ocean Access (Norway) that focuses on enabling real-time communication and IoT connectivity for offshore operations. Onomondo (Denmark) that provides IoT connectivity solutions for seamless data collection and transmission in maritime environments. Ocean Space Communication (Norway) that develops control systems for autonomous and remotely operated vessels, enabling seamless communication and operation.
Inspection, maintenance, and repair: The ability to inspect, maintain, and repair underwater structures without human divers or downtime is revolutionizing maritime operations. Autonomous and robotic systems are reducing risks, improving efficiency, and minimizing operational disruptions. Examples are: Eelume (Norway) that designs snake-like robots that maneuver through tight spaces to inspect and repair underwater assets, reducing downtime and risk. ScoutDI (Norway) that develops drone-based systems for fully digitalized inspections in confined industrial spaces. Skarv Technologies (Norway) that offers autonomous systems for inspection, monitoring, and transport, improving efficiency and reducing environmental impact.
Ocean mobility: Technologies enabling movement across and within ocean environments are enhancing transport efficiency and operational performance in maritime activities. These solutions support passenger transport, cargo logistics, and overall urban connectivity. Examples are: Hyke (Norway) that designs electric, autonomous ferries for urban water transport. Zeabuz (Norway) that provides autonomy-as-a-service for electric ferries, enabling urban water transport.

6.3.3 New solutions for ocean resource extraction.

Advancements in robotics, imaging technology, and refining processes are enabling more precise and efficient extraction of ocean resources. These new solutions allow industries to access valuable materials from the seabed while reducing unnecessary environmental disruption. They also improve the ability to operate in extreme marine conditions, such as deep-sea environments and remote offshore areas. Nordic innovators are developing technologies that enhance exploration, extraction, and processing of critical materials, supporting key industries like energy, electronics, and manufacturing. Main areas where Nordic solutions are emerging:

Seabed mineral extraction: Seabed minerals, including rare earth elements and critical metals, are increasingly important for industries such as energy storage, electronics, and advanced manufacturing. New methods use robotics and geophysical imaging to locate and extract these resources with precision, avoiding inefficient or excessive material removal. Examples of companies include: Loke Marine Minerals (Norway) that focuses on extracting seabed minerals using methods designed to minimize ecological disruption. Adepth Minerals (Norway) that utilizes advanced robotics and geophysical tools to explore and assess resources with precision and minimal environmental impact.
Refining and processing: Once extracted, raw materials need to be refined and processed efficiently to meet industry demands. New refining technologies are improving extraction from both newly mined materials and recycled sources, reducing reliance on raw material mining, and enhancing the availability of rare earth elements. Examples of companies include: Reetec (Norway) – Specializes in refining rare earth elements to support the growing demand for clean energy technologies. Retein Tech (Sweden) – Develops advanced chemical processes for recycling and extracting rare earth elements from end-of-life products, helping reduce reliance on raw material mining and supporting a circular economy.

6.4 Segment 4: New solutions for value protection, restoration, and management

Ocean value restoration, protection, and management represent an early but critical segment of the Nordic Ocean Economy. While opportunities in this space are few today, this segment holds the potential to redefine how we perceive and interact with the ocean in the coming decades. The core opportunity lies in recognizing the increasing value of ocean assets and building an industry focused on their protection, restoration, and management—what can be called the "ocean asset management" industry.

Unlike other segments that focus on creating value from the ocean, extracting resources, or expanding existing activities, this segment is about safeguarding and managing the value of the ocean itself. Although this may sound futuristic, the need for such solutions will become inevitable as we better explore, measure, and understand the true value of the ocean and as the pressure to protect it grows.

This opportunity is driven by mounting global challenges, such as pollution, climate change, and unsustainable practices that degrade marine environments. The push for ocean protection and restoration comes from multiple sources: environmental movements advocating for healthier ecosystems, coastal populations facing threats from pollution and rising seas, governments recognizing the strategic importance of ocean assets, and supranational organizations like the UN and NATO pushing for better ocean governance and protection.

The Nordic region’s reliance on the ocean makes this a pressing priority. With 75% of the population in coastal areas and the Ocean Economy contributing 13% to GDP—well above global averages—the health of ocean resources is essential for industries like shipping, fisheries, and offshore energy, and therefore the Nordics have a vested interest in maintaining the health and value of their ocean assets. Furthermore, the Nordics’ deep commitment to sustainability, demonstrated by initiatives like Norway’s Sustainable Ocean Plan, sets them apart as global leaders in preserving and managing ocean resources. Moreover, as Arctic nations, they face firsthand the challenges of climate change and environmental degradation, giving them practical experience and a clear incentive to invest in solutions for ocean restoration and management.

The segment encompasses three areas, but due to the limited dealflow in the space as of today we have grouped them into two:

Ocean value protection
Ocean value restoration
Ocean value management

New solutions for VALUE PROTECtion,
RESTORATION and MANAGEMENT

Creating systems to protect and restore Nordic ocean assets, including pollution tracking, habitat restoration, and better resource management frameworks.

Ocean value protection	Ocean value restoration	Ocean value management
Regulation compliance and environmental monitoring	Ecosystem restorations	Marine genetics and bioengineering
Climate impact mitigation and adaptation	Pollution removal	Ocean finance
Pollution prevention	Waste recovery	Blue carbon credit markets
Maritime defence and security

Although this is a new and evolving space, with no established success stories yet, the most promising solutions in this segment will be those that protect or restore the ocean’s most valuable assets and introduce disruptive innovations capable of increasing the intrinsic value of these assets.

6.4.1 New solutions for ocean assets value protection

As pressures on marine environments grow, new technologies are emerging to protect ocean assets, enforce regulations, and mitigate risks from illegal activities, pollution, and climate-related impacts. These solutions are improving maritime security, enabling real-time environmental monitoring, and strengthening long-term ocean management. Nordic companies are at the forefront of these developments, offering advanced tools that support ocean protection while ensuring compliance with evolving regulations. Main areas where Nordic solutions are emerging:

Regulation compliance and environmental monitoring: Monitoring marine environments and ensuring compliance with regulations are critical for maintaining the health and value of ocean resources. AI-driven tools, remote sensing, and advanced data analytics are making it possible to detect illegal activities, track biodiversity, and manage marine ecosystems with greater accuracy. Examples are: Oceanscore (Norway) that develops AI-driven tools to detect illegal fishing and monitor marine environments in real time. Klappir (Iceland) that develops software solutions to monitor and manage environmental impacts in marine and industrial activities, ensuring compliance with sustainability targets. Spoor AI (Norway) that uses AI-powered systems to track marine life near shipping lanes and detect environmental violations. Syrenna (Norway) advanced sensors for pollution tracking and biodiversity monitoring, supporting resource management and ecosystem restoration.
Climate impact mitigation and adaptation: Oceans and coastal areas are increasingly affected by climate-related challenges such as rising sea levels, extreme weather, and ecosystem changes. Nordic companies are developing predictive tools and mitigation technologies to address these risks and help maritime industries adapt. Examples are: Skyfora (Norway) that offers weather prediction systems to enhance climate adaptation strategies for maritime operations and coastal regions. 7Analytics (Norway) that utilizes AI to model coastal flood risks, helping safeguard critical infrastructure and vulnerable communities from rising sea levels and extreme weather. Ocean GeoLoop (Norway) – CO₂ capture and utilization technologies to reduce emissions and mitigate climate change impacts on oceans.
Pollution prevention: Preventing pollutants from entering marine ecosystems is essential for protecting ocean resources. Nordic innovators are addressing pollution at its source, with technologies that intercept waste before it reaches the ocean and reduce industrial pollution. Examples are: Pinovo (Norway) that offers solutions for eco-friendly surface preparation and paint removal that prevent microplastics from entering the ocean. RiverRecycle (Finland) that focuses on removing plastic waste from rivers before it reaches the ocean, addressing the root cause of marine plastic pollution.
Maritime defense and security: Ensuring maritime security and protecting ocean assets from illegal activities requires advanced monitoring technologies. Satellite surveillance, aerial monitoring, and autonomous systems are improving the detection of unauthorized activities and supporting large-scale ocean oversight. Examples are: Vake (Norway) – Satellite-based maritime monitoring to detect illegal activities and enhance ocean security. Kelluu (Finland) that provides autonomous airships for continuous aerial monitoring, supporting maritime security and large-scale environmental observation. Nordic Air Defence (Sweden) that develops a drone interceptor platform with AI-driven aerial threat detection for maritime protection.

6.4.2 New solutions for ocean assets value restoration

The field of ocean restoration is still emerging but is gaining momentum with new technologies that aim to reverse environmental damage and enhance the economic value of marine ecosystems. Advances in pollution removal, waste recovery and ecosystem restoration are helping recover the value of the ocean assets. Main areas where Nordic solutions are emerging:

Pollution removal and waste recovery: New technologies are addressing pollution by removing harmful materials from marine environments and recovering valuable resources from waste. These solutions are helping to clean up oil spills, collect plastic debris, and restore areas affected by industrial activities. Examples include: Lamor (Finland) that specializes in oil spill response and environmental cleanup to restore polluted marine environments. Clean Sea Solutions (Norway) – Automated systems to collect and remove floating plastic waste from oceans and harbors. Norwegian Technology (Norway) that provides waste treatment solutions for offshore and onshore industries.

6.4.3 New solutions for ocean assets value management

New technologies are changing how ocean assets such as fish, seaweed, and water are valued, managed, and enhanced. These innovations are not just about improving operations—they focus on recognizing both the intrinsic and economic value of marine resources and actively increasing their worth. This is still a new field in the Nordics, but interest is growing as industries and investors see opportunities to better define, protect, and expand the worth of ocean-based assets. While early, this space has strong growth potential, with new solutions emerging to optimize and scale value creation. Main areas where Nordic solutions are emerging:

Bioengineering of ocean assets: Technologies that modify marine species to enhance their resilience, quality, and suitability for aquaculture and food cultivation through genetic and bioengineering techniques. Examples include: BMK Genetics and AquaGen (Norway) – Develop genetically optimized fish breeds to improve aquaculture productivity and quality. Seaweed Solutions (Norway) – Enhances seaweed varieties for better cultivation through breeding and molecular techniques.
Monitoring and analytics of ocean assets: Tools that manage water quality, ocean conditions, and ecosystem health to ensure operational efficiency and environmental safety. Examples include: Thalasso (Norway) and Thetis (Faroe Islands) – Provide water quality analytics and safety testing for marine farming and industries. Microwise (Denmark) – Offers ballast water testing to prevent invasive species spread.

6. The segments: What are the main opportunities emerging in the Nordic Ocean Economy?