Solar mega factory and offshore wind driving positive impact sector returns

In the past week, the Power2X & Fuel Cells and Waste Management sectors did very well. A license to a 2.5 GW offshore wind project, the location of a mega factory for thin-film solar cells in Sweden as well as order on fuel cell equipment were among the major impact news. New companies entered the top 10 list.

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.

P2X and Fuel Cells on top

In the past week, the majority of the sectors had a positive performance with the Power2X & Fuel Cells and Waste Management sectors being the best with 4-5% increases. In the Power2X and Fuel Cells sector, Cell Impact rose 33% following an order from a global Japanese company. The Waste Management sector was positively impacted by Recyctec rising 38% without any company-specific news. On the other hand, CO2 & Carbon Capture decreased by 5% following poor performance across the board (Enersize -9%, Bergen Carbon Solutions -5%, and ChromoGenics -5%).

The average return of impact stocks the past week was 1.2% driven by an overall increase rather than a few companies standing out. All sectors except for the mobility sector are still down year-to-date and thus underperforming relative to the majority of global indexes that have risen.

Overview of the performance of each sector the past week


Recyctec Holding, a developer of purification methods that restore glycol to its original state so that it may again be utilized, was the best Nordic impact stock of last week with a 39% increase although the company did not report any news. The increase can be viewed as a continuation of the short-term momentum in the stock with the stock now being up over 258% over the past 6 months, after the stock has been trending downwards over the past 5 years with a 98% decrease.

Cell Impact, a developer of so-called flow plates and production technology to manufacturers of fuel cells, received an order worth MSEK 3.2 from a global Japanese industrial company. The order is a result of an already established collaboration with the counterpart.

Midsummer, a manufacturer of production equipment used for various thin-film cells and solar cell modules, rose 18% after their mega factory for the production of thin-film solar cells moved one step closer to reality after the location was decided.

Aker Horizons, is a company that specializes in investment, ownership, and further management of companies in the energy sector, announced one of their majority-owned portfolio companies together with other renewable companies has been granted a feasibility license in Australia for a 2.5 GW offshore wind project. Please note that Aker Horizons is one of the larger Nordic impact stocks.

The average return for the top 10 impact stocks last week was 18.2%.

The 10 best-performing stocks in the past week


The dynamics of the top 10 continue with new companies getting in each week. Midsummer is the best performer with a 94% increase year to date followed by Recyctec (+80%) and Nordic Aqua Partners (61%). Compared to last week, the Donkey Republic and Veg of Lund moved out while Scandinavian Enviro Systems and Volue moved in.

The current average return of the top 10 stocks year-to-date is 49.3% – significantly higher than last week’s 39.7%.

Top 10 best-performing impact stocks of the year

All sectors 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. Recyctec, Scandinavian Enviro Systems, and Agilyx have delivered 20%+ returns year-to-date with Recyctec being the stand-out.

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, 6 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, Midsummer is the best stock with a 94% gain, while Volue, Green Hydrogen Systems, and Ferroamp are also performing great with +30% returns.

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. Everfuel is the only stock to have had a materially positive impact on the sector year-to-date.

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, Nordic Aqua Partners has delivered a +60% return.

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 6 stocks, with Capsol Technologies as the best-performing year-to-date.

CO2 & Carbon Capture sector YTD


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 5 stocks. Clean Motion AB is the best performer in 2024 followed by Donkey Republic, and Havila Kystruten.

Mobility YTD


Ønsker du at modtage et af vores nyhedsbreve? Udfyld venligst formularen nedenunder.

  • Investeringscases – Nyhedsbreve med top aktuelle investeringscases fra de nordiske vækstbørser og life science sektoren, og ugentlige markedsopdateringer.
  • Børsnoteringer – Opdateringer på nye og igangværende børsnoteringer i Skandinavien samt resultaterne af dem. (Nyhedsbrev fra   
  • Nyheder – Nyheder fra og om Kapital Partner, herunder indsigt om kapitalmarkederne og børsnoteringer samt invitation til investormøder og- arrangementer.
  • Danish Biotech Weekly – Ugentlig opdatering med nyheder og kursudvikling for alle danske, børsnoterede selskaber uanset hvilket land eller børs de er noteret

*Hvis du ønsker information om vores kommende investeringsforening med fokus på de nordiske vækstbørser, herunder mulighed for at investere, så tilmeld dig nyhedsbrevet Nyheder.


Ønsker du at være en del af Kapital Partners investornetværk, hvor du får adgang til investeringer i selskaber og emissioner, samt indbydelse til investorrettede arrangementer
udfyld venligst formularen her.

Se Casen her

ekobot Investeringscase

Q&A with EKOBOT’s CEO Erik Jonuks

Afspil video

Seneste om ekobot

Del indlægget på sociale media eller på email.