Nysnø Climate Investments, SINTEF Venture and FinStart Nordic invest in MoreScope AS

Stavanger, 02.07.24: Nysnø Climate Investments (Nysnø), SINTEF Venture VI, FinStart Nordic and existing shareholders have collectively invested 34 million NOK in the Norwegian company MoreScope AS.

MoreScope AS provides a data-driven platform that helps companies and investors map, improve and report their carbon footprints. With a diverse client base in energy, seafood, industry and finance, this new capital will strengthen the company's position and growth in the Nordic market.

Artificial intelligence for climate

MoreScope has developed a data-driven platform that simplifies the estimation of carbon emissions based on expenses and actual activities. The company integrates with various accounting software, offering automated greenhouse gas emissions estimates based on each company's data. These estimates are further analysed by algorithms originally developed at SINTEF. MoreScope is also developing a decarbonization simulator to assist businesses in quantifying their transition plans.

Data-driven climate reporting

The EU’s directives for sustainability, CSRD (Corporate Sustainable Reporting Directive) and SFDR (Sustainable Finance Disclosure Regulation) are tightening sustainability reporting requirements for companies and investment funds. These regulations are already in effect for investment funds and will apply to more companies starting in the 2024 fiscal year.

– The new CSRD framework makes it essential for companies to have efficient and accurate solutions for calculating their carbon footprints. The regulations demand precise reporting and sharing of emission information from the supply chain. With MoreScope's technology and data-driven methodology, we can help companies map and realize their transition and decarbonization plans, says Sophie Bruusgaard Jewett, CEO of MoreScope.

Strategic investment in sustainability

MoreScope gains solid investors on the owner side with deep knowledge of climate, sustainability strategy and technical value.

– We are thrilled to welcome Nysnø, SINTEF Venture and FinStart to the MoreScope team. This signals trust in our company and the potential of our technology and methodology. The investment will accelerate the development of our software and enable faster growth, says Bruusgaard Jewett.

– MoreScope enables companies to set realistic and measurable climate goals. They provide the necessary benchmarks to track progress, enabling faster decarbonization as well as steering capital towards green investments. We look forward to working with the company and our co-investors to contribute with wiser climate decisions, says Solveig E. Sundsdal, Senior Associate at Nysnø's investment team.

– Our long-term research and development in this field have enabled us to create a research-based and data-driven tool for decision support and improvements concerning a company's carbon footprint. We are very pleased to commercialize this through MoreScope, says Asle Jostein Hovda, Investment Manager at SINTEF TTO.

– FinStart Nordic's mandate is to make strategic investments in technology and sustainability. As part of SpareBank 1 SR-Bank group, we aim to contribute long-term and sustainable growth in the business sector. MoreScope helps companies achieve and succeed with some of their most important sustainability goals and necessary transitions. We look forward to collaborating with the company, and together assist businesses succeed in their necessary transformations, says Vidar Aksland, CEO of FinStart Nordic AS.

– MoreScope is growing rapidly. With this capital increase, we have secured an even stronger ownership group and a financial foundation for an ambitious strategy, enabling us to expand the platform's services and allowing us to focus on further growth, both nationally and internationally, says MoreScope's Chairman, Einar Gamman.

About MoreScope

MoreScope is a platform company that makes it easier and faster than ever to collect, analyse and quantify climate data. The company provides businesses and investors with the tools they need to understand and reduce their carbon footprints and quantify their climate impact. Established by EV Private Equity, Arkwright and Eviny Ventures in 2021 under the name xIQ, the company was renamed in 2023 after merging with the software company MoreScope, which was spun off from SINTEF in 2002. MoreScope's headquarters are in Oslo.

About Nysnø Climate Investments AS

Nysnø Climate Investments is the Norwegian state’s climate investment company. Nysnø invests in companies and funds with technology for reducing greenhouse gas emissions. With a managed capital of 5,4 billion NOK, Nysnø invests in renewable energy, digital technologies, resource efficiency, sustainable consumption and circular economy. Nysnø is headquartered in Stavanger and is owned by the Ministry of Trade, Industry and Fisheries.

About SINTEF Venture VI

SINTEF Venture VI is an early-phase fund managed by SINTEF TTO, who invests in spin-off companies with technology from SINTEF. In addition to SINTEF, the fund's investors include KLP, Gjensidigestiftelsen, Sparebankstiftelsen DNB, Sparebank 1 SMN Invest, Reitan Kapital, Koteng Holding and Investinor.

About FinStart Nordic

FinStart Nordic was established in 2018 by SpareBank 1 SR-Bank ASA, as the strategic investment arm within fintech, technology and impact companies. The investment fund is closely integrated with the group's strategic business development and innovation efforts, offering opportunities for collaboration, partnerships and distribution.

Contacts:

• Sophie Bruusgaard Jewett, CEO & Co-founder, MoreScope - sophie@morescope.com, +47 416 42 141
• Solveig E. Sundsdal, Senior Associate, Nysnø Climate Investments - solveig@nysnoinvest.no, +47 994 07 780
• Vidar Aksland, CEO, FinStart Nordic - Vidar.Aksland@sr-bank.no, +47 918 28 170
• Asle Jostein Hovda, Investment Director, SINTEF TTO – asle.hovda@sintef.no, +47 48228941