The Nordic impact stocks had a difficult year in 2024 with 6 out of 7 sectors producing double-digit declines. 2025 has come off to a better start of the year, and although there is political uncertainty globally for climate change, 2025 will be an interesting year for the Nordic impact stocks. We are already seeing early signs of this with high stock returns. In the past week specifically, Vow Green Metals, a Norwegian recycling business, signed a three-year biocarbon supply agreement with Outokumpu, a leader in stainless steel, for Vow Green Metal’s facility in Hønefoss.
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.
Poor performance in 2024 – is 2025 getting better?
In 2024, every impact sector declined and 6 out of 7 sectors even had double-digit declines. On a more positive note, the impact sectors have come off to a good start in 2025, and hopefully, they can recover from 2024. Year-to-date Mobility, Energy Production & Storage, and Waste Management have done well with 2-4% returns following good performance by Havila Kystruten, Alternus Energy Group, Gigasun, and EcoRub. However, Energy Production Equipment & Storage had a bad start with a 3% decline year-to-date and 7% in the past week with Aker Horizons and Norsk Renewables dragging down the sector.
Overall, the average return for impact stocks over the past week was 1.6%.
The impact sectors the past week, year-to-date, and last twelve months

Top 10 impact stocks of the week
Vow Green Metals (58,3%) 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. During the week, the company signed a three-year biocarbon supply agreement with Outokumpu, a leader in stainless steel, for Vow Green Metal’s facility in Hønefoss. The company already has an agreement in place for 75% of the volume, and this agreement covers the remaining 25%.
Havila Kystruten (22,1%) is a shipping company. The company is part of the Havila Shipping Group. Havila Coastal Route offers cruises. Today, cruises between Bergen and Kirkenes are mainly offered. The company owns and manages a number of vessels adapted for the aforementioned transports, where customers are found in a number of sectors.
Bergen Carbon Solutions (14%) focuses on the use and conversion of carbon dioxide into various carbon products. The company’s proprietary product Eco-Nanotechnology converts CO2 molecules into carbon and oxygen. The carbon atoms are then used to build various carbon structures such as carbon nanofibers and carbon nanotubes.
The average return for the top 10 stocks in the past week was 17.1%.
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 65% return and the company already has similar returns to the best-performing stocks in 2024. Hexicon, working with novel offshore wind technology, is second with a 42% return, while Alternus Energy Group, an independent solar power producer, is third with a 40% return. Although 2025 has just begun, there have been great returns in the top 10. In 2024 only 1 stock more than doubled, and it should be a surprise if there are no stocks with 2x returns in 2025 based on how the year has begun.
The average return for the top 10 stocks in the past week was 27.1%.
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 and EcoRub with +20% returns so far this year.
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 42% and REC Silicon at 63%.
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. NEL ASA is the only stock with a positive impact on the sector’s performance 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, the Food & Beverage stocks have generated quite similar returns with no single stock standing out in each end.
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 Bergen Carbon Solutions 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 only company in the sector with a positive return at 33%.
Mobility YTD
