Norway’s climate investment fund and an Oslo tech investor are teaming up for a NOK 160m ($15.1m) investment in shipping software and consultancy outfit Metizoft.
The deal, announced on Tuesday, is intended to help Metizoft further develop its solutions for environmental, social and governance reporting and hazardous materials storage with an eye toward fighting climate change.
“A lot is happening in terms of sustainability reporting and life cycle assessments for shipping and the maritime sector. New regulations enter into force while the industry also sets its own targets,” said Metizoft chief executive Gry Cecilie Sydhagen.
She said the investment “not only secured capital for further growth, but also further expertise in our core areas: technology and climate”.
The investment will be led by Oslo-based Dovetail, which already backs companies in construction and e-commerce.
The government-supported portion of the investment comes from Nysno Climate Investments, which is tasked with finding and investing in companies with profitable ways to address climate issues.
“New solutions for the maritime industry are crucial to reducing global emissions,” said Nysno investment director Joe Eliston.
“Metizoft enables the industry to measure and reduce emissions, avoid damage to the environment, and ensure responsible operations.
“Metizoft is uniquely positioned, with a strong team and new solutions that we look forward to helping develop further on a global scale.”
The company was founded in 2006, initially working to map hazardous materials on board ships.
It has expanded its offerings to include shipbreaking supervision, lifecycle analysis for ships and hazardous materials inventories for yards and suppliers.
It maintains its headquarters in Fosnavag, with offices in Singapore and Shanghai.
“From the start, we have spotted new opportunities created by increased environmental regulations,” Sydhagen said.
“The Hong Kong convention was a driver for the services we’ve developed, and as it’s now ratified and enters into effect next year, an even bigger market will open up.”
Nysno’s investments include ferry operator Torghatten, as well as solar power, offshore wind and battery companies and several venture capital funds.
