AMWatch

SEB forms unit to invest in young greentech companies

SEB is forming a new unit that will invest EUR 28.1m venture capital in emerging green technology companies and reels in new fund manager to spearhead the initiative. SEB hopes for investment capital to more than three-fold over time.

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 in a statement. | Photo: Tt News Agency/Reuters/Ritzau Scanpix/VIA REUTERS / X02350

SEB has created the new unit SEB Greentech to support Nordic companies within the fast evolving green technology sector.

The Swedish financial group argue 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.

"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 realize the creation of technologies, products and services that can benefit society, our customers and shareholders," says SEB's President and CEO Johan Torgeby in a statement.

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