The Nordic impact stocks delivered a negative return of 1.5% in the past week driven by a general negative trend and only few stocks in positve territory. Most notably, the production-oriented energy sector continues to massively outperform the equipment-oriented energy sector with no obvious explanation. Furthermore, a Norwegian recycling business reached the top 3 for the second week in a row and has already produced a return year-to-date of 110%.

NORDIC | IMPACT Helps you to invest more sustainably in the businesses of tomorrow. We track the development of more than 100 Nordic impact companies within multiple impact sectors from small to large cap.

Energy Production & Storage stands out

In the past week, the Energy Production & Storage and Mobility sector generated a positive return, and they have done decently year-to-date as well. The two sectors were driven by Nordic Financials (formerly known as AEGA), and Donkey Republic respectively rising 36.9% and 9.5%. The two sectors have also come off to a good start to 2025 with 4-5% returns. The Energy Production Equipment & Services sector continues its drawdown with a 4% decline in the past week, and 50% down in the last twelve months. Notably, there have been major declines across the line over the past week and year. 20 out of 25 stocks are down more than 50% in the Energy Production Equipment & Services sector over the past year. Interestingly, there continues to be a significant difference between the production-oriented and equipment-oriented energy sectors.

Overall, the average return for impact stocks over the past week was -1.5%.

The impact sectors the past week, year-to-date, and last twelve months

Top 10 impact stocks of the week – Vow Green Metals on the podium for the second week in a row

Nordic Financials (Formerly known as AEGA) (36.9%) operates in the energy sector. The company owns, develops, and manages solar cell parks. The company collaborates with both local and international development partners who provide pipelines of new projects for the acquisition and construction of new solar parks. The stock is down over 20% today.

Vow Green Metals (27,2%) is a Norwegian company engaged in the recycling of biomass and the production of biochar. The company is active throughout the value chain, from development and delivery to the customer. The increase started prior to last week, when the company signed a three-year biocarbon supply agreement with Outokumpu, a leader in stainless steel, for Vow Green Metal’s facility in Hønefoss.

Recyctec AB (25%) operates in recycling. The group has developed purification methods that restore glycol to its original state so that it may again be utilized. In contrast to the traditional treatment of glycol, which has a low value in combustion and recycling, a greater energy value is recovered. 

The average return for the top 10 stocks in the past week was 15.4%.

The 10 best-performing stocks in the past week

Top 10 impact stocks of the year

Vow Green Metals has come off to a very good start with a 110% return, which already surpasses the best returns generated in 2024. Alternus Energy Group, an independent solar power producer, is second with a 59% return, and Nordic Financials, which owns, develops, and manages solar cell parks, is third with a 42% return.

The average return for the top 10 stocks in the past week was 34.7%.

The return for the top 10 impact stocks year-to-date

Waste Management

The waste management sector, characterized by its essential and non-cyclical nature, should present a stable investment opportunity with long-term potential, driven by increasing environmental awareness, regulatory demands, and the growing need for efficient waste disposal and recycling solutions. Despite this, the majority of the stocks have performed negatively this year. Vow Green Metals stands out from everyone else in the sector that seems otherwise balanced although Cinis Fertilizer AB is down 40%.

Waste Management – YTD

Energy Production & Storage

The Energy Production and Storage sector offers substantial investment opportunities, as it stands at the forefront of the transition towards renewable energy sources, driven by climate concerns and technological advancements. Year-to-date, 7 stocks have delivered a positive return.

Energy Production & Storage – YTD

Energy Production Equipment & Services

The Energy Production Equipment & Services provides technical equipment and machines to other energy-producing companies such as Ørsted. The sector is to some extent influenced by oil and gas price fluctuations and industry trends. Year-to-date, there is already quite a spread between Hexicon at 38% and REC Silicon at -64%.

Energy Production Equipment & Services – YTD

Power2X & Fuel Cells

The Power-to-X and Fuel Cells sector offers exciting investment opportunities in the evolving landscape of clean and sustainable energy technologies, but investors should also be mindful of the evolving regulatory and competitive landscape in this rapidly advancing field. Every stock in the sector has declined, and NEL ASA fell 28% just in the past week.

Power2X & Fuel Cells – YTD

Food & Beverages

The food and beverages sector is heavily driven by consumer demand and having strong brands is a major advantage. Investors should consider factors such as changing consumer preferences, health and sustainability trends, and global supply chain dynamics to identify promising opportunities. Year-to-date, the Food & Beverage sector dominated by fish companies has two stocks at each end with +10% returns and negative 10% returns.

Food & Beverages – YTD

CO2 & Carbon Capture

The CO2 and Carbon Capture sector presents compelling investment opportunities for companies capturing and removing carbon dioxide from the atmosphere. It is a small sector comprising only 5 stocks, with Capsol Technologies as the only stock with a +10% return year-to-date.

CO2 & Carbon Capture sector YTD

Mobility

The mobility sector includes among others ride-sharing platforms and the development of electric vehicles to lower emissions and costs for consumers while increasing flexibility. Mobility is the smallest sector we track totaling only 4 stocks. Havila Kystruten is the stock with the highest return at 22%.

Mobility YTD