Establishment of the Nordic Net Zero Fund with AVG, a Norway VC

New Frontier Capital signed a collaborative agreement with AVG to jointly establish a fund (the “Fund”) to invest in startups with carbon neutral and net zero realted technologies. AVG is a leading GP in Norway, one of the most advanced countries globally in the cleantech space.

(2nd from the right: Karl Andersen, CEO & Founder of AVG; left: Rolf Wikborg, Partner of AVG)

The Fund will target a size of US$100 million raised from both domestic and global investors in Japan, Middle East, Asia, Europe and the US.

The Fund will leverage the global information network related to the fund businesses of New Frontier Capital. The Fund will establish a Business Development Desk (BDD) within the fund management company to collect cleantech-related information. The BDD will then provide the information to prospective Japanese and global corporations who are seeking to realize a carbon neutral society, enabling the Fund to generate synergy from a Japan angle or a global angle.