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  3. NG Nordic

Pioneering Circularity

Company at a glance

By transforming waste into valuable resources and removing hazardous substances from circulation, we are avoiding emissions and protecting natural ecosystems. With a strong presence across the Nordics, and in Poland and the UK, we operate through 90 processing facilities and sites, managing around 4.4 million tons of waste annually. We are a vital part of the Nordic industrial infrastructure, now generating EUR 1.2bn in revenue with a team of ~3,400 employees.

Year acquired
2018
Revenue
EUR 1.310bn
Location
Europe
Employees
2421
Investment theme
Circularity
SDG alignment

11, 12, 13

What are the challenges NG Nordic addresses?

  • only 40%

    of total waste generated in Europe is currently recycled
  • 119m

    tonnes of hazardous waste generated in Europe in 2022 requesting proper treatment and depollution

How does NG Nordic help?

  • Reality today

    Current materials system accounts for ~1/3 of global CO2 emissions, causing damage to our biodiversity and exhausting our natural resources at an unsustainable rate.

  • NG approach

    NG is a critical player for the European material system transition – handling ~2 million mt waste, scaling access to circular raw materials through reuse, collection, recycling and depollution, while being 77% Taxonomy-aligned.

  • Aspirational future

    A circular economy and materials system where waste is treated as a valuable resource and raw material, with depollution processes implemented to remove contaminants and pollutants from these waste streams, ensuring the recovered materials are safe and suitable for reuse.

  • Who is impacted?

    NG serves more than +40k industrial, commercial and municipal customers, helping to reduce negative impact on the environment from natural resource extraction by enabling access to recycled materials and reducing their GHG emissions.

  • Contribution

    NG effectively treats ~2 million mt waste, contributing to the decrease of CO2 emissions and the need for extraction of virgin raw materials. With 77% taxonomy alignment, NG demonstrates contribution to climate change mitigation, pollution prevention, and the transition to a circular economy.

  • Risks to impact

    Health and safety is a top priority for NG, due to the inherent risks related to working with heavy machinery, vehicles and hazardous waste treatment. In addition, NG’s activities entail an inherent risk of environmental harm in the form of air, soil, or water pollution.

KPI reporting*

Waste handled (tonnes)

Target 2025: 3 million tonnes

Change from '23-'24: -4%

2024
1,938,296
2023
2,024,777
2022
2,286,738

Tonnes of waste tracked and traced through the value chain, ensuring transparent and accountable waste management. Reduction due to market conditions, however a 57% recycling/material recovery rate was maintained despite volume and composition changes.

Avoided emissions (tonnes CO2e)

Change from '23-'24: -6%

2024
1,375,794
2023
1,458,077
2022
1,322,409

Reduction in GHG emissions associated with a particular NG solution compared to a reference solution. Avoided emissions reduced disproportionately due to a decrease in recyclable metals and increased hazardous waste landfilling.

Number of high-risk value chain audits

Target 2027: 50

Change from '23-'24: +17%

2024
41
2023
35
2022
30

Value chain audits ensure a responsible and compliant value chain by tracking number of audits of high-risk partners.

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  3. EA Technology

Enabling the energy transition through a smarter grid

EA Technology at a glance

EA Technology is a leading solutions provider for monitoring and management of electrical grids and assets. The company’s industry-leading product suite comprising hardware, software and services promotes the development of decarbonized, resilient, accessible, low-cost energy networks globally.

EA Technology originated in 1966 as a ground-breaking research and development organisation serving the UK electricity industry and today serves a global customer base across five regional offices in the UK, US, Australia, Singapore, and China.

Year acquired
2024
Revenue
EUR 56m
Fiscal Year ending March ’24
Location
Chester, UK
Employees
302
Investment theme
Energy Transition
SDG alignment

7, 9

The challenges we face:

  • 1.6TW

    of EU renewable electricity ­projects in grid connection queues
  • 5-8%

    average annual energy supply loss across UK distribution networks due to outages/interruptions, distribution losses, demand variability and renewable intermittency

How does EA help?

  • Reality today

    Electricity demand is set to double by 2050 and supply infrastructure to structurally change driven by electrification. The phasing in of solar, wind, electric vehicles and heat pumps are integral to drive reduced emissions and will have implications on energy infrastructure and electrical grids.

  • EA Technology approach

    EA Technology’s solutions enable electrification and renewable power connectivity by improving the availability, reliability, and cost of operating grids through real-time network visibility, pre-fault detection, and predictive maintenance.

  • Aspirational future

    EA Technology’s mission is to promote the global development of resilient, accessible, low-cost energy networks capable of supporting a decarbonized energy system.

  • Who is impacted?

    EA Technology supports network operators and large C&I customers to safeguard power networks, benefiting end customers, asset owners, communities, and the environment by increasing grid resilience, avoiding outages, and optimizing asset performance and lifespan.

  • Contribution

    EA Technology enables electricity grid operators to modernize their infrastructure to support an electrified, renewables-based system. EA Technology’s tools enable faster adoption of renewable energy sources, lower frequency of network interruptions/failures and decreased capital expenses and operational costs.

  • Risks to impact

    Given the mission-critical nature of EA Technology’s products, any operational issues could have localized adverse impact on the status and reliability of electricity grids.

KPI reporting

Additional capacity available from existing infrastructure

Target 2027: 9,800,000

2024
4,900,000
2023
0N/A
2022
0N/A

EA Technology’s solution provides detailed data on network quality and capacity, enabling grid operators to get more out of existing assets, increasing their ability to deliver cost-effective decarbonization.

Reduced power outage time for consumers (minutes)

Target 2027: 30,630,000

2024
12,450,000
2023
0N/A
2022
0N/A

EA Technology devices automate power restoration, shortening outages and ensuring a reliable grid. This is crucial as corporates, heavy industry and households increasingly rely on electricity for energy consumption, heating and cooling as well as transport.

Homes and businesses covered by VisNet Connect

Target 2027: 35,000,000

2024
24,700,000
2023
0N/A
2022
0N/A

Number of homes and businesses served by DNOs1 using VisNet Connect. The software helps accelerate grid decarbonization by automating new grid connection requests for low carbon technology.

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  3. Bollegraaf

Leading turnkey waste sorting solutions provider

Bollegraaf at a glance

Bollegraaf & Lubo Recycling Solutions (“Bollegraaf”) has a mission to design and manufacture recycling and sorting systems that take care of the environment, improve people’s quality of life and health through meaningful innovation, and the sustainable use of the planet’s limited resources

Bollegraaf is a leading turnkey sorting solutions provider in Europe and North America, enabling waste management companies and public authorities to efficiently improve their sorting & recycling processes and driving the shift towards a more circular economy. Bollegraaf’s offering covers all major waste streams and sorting applications with strong project management and engineering capabilities and a high share of differentiated in-house manufactured products, such as their Balers, Screeners and AI/Robotics driven technologies.

Year acquired
2024
Revenue
EUR 156m
Location
The Netherlands
Employees
363
Investment theme
Circularity
SDG alignment

11, 12, 13

The challenges we face:

  • 21%

    of waste volumes in Europe are disposed at landfills, a practice deemed as the least preferable solution
  • ~50%

    of waste volumes in the US are going to landfills, indicating it is lagging further behind

How does Bollegraaf help?

  • Reality today

    CO2 emissions from the materials system make up 1/3 of global emissions, harming biodiversity and depleting resources. The EU deems landfilling least preferable and is currently drafting stricter regulations. Waste-to-resource efforts are hindered by low volume, poor feedstock quality, and insufficient recycling capacity.

  • Bollegraaf approach

    With 60+ years of expertise and 4,000+ systems installed globally, including 17 large MRFs, Bollegraaf enhances waste sorting and recycling capabilities and capacity globally. Their solutions further enable secondary raw material production and reduce landfill and incineration waste.

  • Aspirational future

    A world where waste becomes a vital resource, fuelling a sustainable circular economy. In this future, we have lessened our reliance on depleting virgin materials and resource resilience is enabled, ultimately paving the way for more resilient infrastructure and planetary health.

  • Who is impacted?

    Bollegraaf enables waste producers, material producers, consumers and society to benefit from proper waste treatment, incorporating recycled materials into manufacturing, and using circular resources. This reduces the need for virgin materials and lowers emissions.

  • Contribution

    Bollegraaf’s top-tier equipment, focus on innovation and service enhance waste treatment efficiency and purity, aiding material producers in using recycled waste and complying with ever-changing legislation. This reduces landfill waste and emissions, accelerating the shift to a circular economy. For waste management companies, Bollegraaf plants enable higher recovery rates, as well as lower energy usage, higher uptime and lower maintenance costs.

  • Risks to impact

    Sorting and recycling equipment must be carefully chosen to optimize cost, yield, and output purity per waste fraction. Additionally, proper treatment of water discharge, air emissions, and other pollutants must be monitored in the sorting plant.

KPI reporting

Complete waste sorting installations delivered

2024
10
2023
0N/A
2022
0N/A

Completed installations of Bollegraaf’s waste sorting systems, indicating successful project delivery and operational capacity expansion. Excludes retrofits, modifications, and separately sold machines.

Annual waste processing capacity of installations (tonnes/year)

Target 2029: 1,7m

2024
1m
2023
0N/A
2022
0N/A

Total tonnes of waste processed annually by Bollegraaf’s installed systems, measuring operational scale and impact.

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  3. Nutris

Leading plant-based proteins provider

Nutris at a glance

Nutris is a manufacturer of high-quality plant-based ingredients extracted from fava beans, yellow peas and potatoes which are sourced from local farmers and processed via a patented technology.

The company is headquartered in Zagreb, Croatia and the production facility located in Novi Senkovac, just a two-hour drive away from Zagreb. The Nutris’ products, which include high-quality protein isolates, starch, and fiber, are exported to markets in the EU, North America and Asia.

Together with the R&D unit Bioptimate located in Copenhagen, Denmark, Nutris forms an investment platform within plant-based proteins. The strategic intent is to further expand the platform, through both organic and acquisitive growth.

Year acquired
2024
Revenue
EUR 6.8m
Location
Croatia and Denmark
Employees
77
Investment theme
Sustainable Food
SDG alignment

12, 13

What are the challenges Nutris addresses

  • 26%

    of GHG emissions stem from the global food system
  • 60-70%

    of EU soils are degraded due to unsustainable land management

How does Nutris help?

  • Reality today

    Agriculture is the backbone of our global food systems, providing the raw materials for everything we eat. However, current agriculture is at a critical juncture, facing its own sustainability-related challenges that must be solved to offer a more sustainable and regenerative solution for the future.

  • Nutris approach

    Nutris demonstrates large-scale regenerative agriculture with cost-neutral transitions. Seeds are treated and precisely applied with biostimulants and micronutrients, reducing synthetic inputs over time. Recognizing the need for gradual change, Nutris also offers equipment modifications to minimize tillage.

  • Aspirational future

    A responsible food system safeguards ecosystems through healthy soils and biodiversity while ensuring global access to nutritious diets. For farmers, this means a future of sustainable and profitable practices, ultimately providing consumers with nutritious, lower-carbon food that meets global needs.

  • Who is impacted?

    Farmers can produce food in a more sustainable and profitable way, and consumers can access more nutritious, lower-carbon food that meet global food needs.

  • Contribution

    Fava beans have the lowest CO₂ footprint of all plant-based proteins (e.g., >95% lower compared to whey protein). Moreover, Nutris showcases the effectiveness of regenerative practices. These methods improve overall soil health and ultimately contribute to ecosystem health and farm profitability.

  • Risks to impact

    Transitioning to regenerative farming as well as fava bean production involves risks like knowledge gaps, market access, as well as limited research and data.

KPI reporting

Locally produced hectares

Target 2028: 15,000

2024
6,283
2023
0N/A
2022
0N/A

Hectares of locally sourced fava beans cultivated for Nutris production.

Share of hectares with regenerative farming practices

Target 2028: 40%

2024
15%
2023
0N/A
2022
0N/A

Proportion of farmed land (hectares) implementing regenerative farming practices

Tonnes of fava bean ingredients sold (mt)

Target 2028: 40,000

2024
6,438
2023
0N/A
2022
0N/A

Total volume (mt) of fava bean ingredients sold, indicating market demand.

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  3. Logpoint

Streamlined and converged cyber security

Logpoint at a glance

Logpoint is a Cyber Security Operations company, providing data-driven intelligence for security decision making through their SIEM (Security Information and Event Management) platform. Logpoint applies existing technology, security expertise and BCAS (Business Critical Applications Security) domain knowledge to secure digital transformations, threat detection and response for mid/large customers. Logpoint offers European customers a European alternative to US cyber security products and serves over 650+ customers across all industries.

Year acquired
2023
Revenue
EUR 24m
Location
Denmark
Employees
254
Investment theme
Tech-Enabled Resilience
SDG alignment

8, 9, 16

What are the challenges Logpoint addresses

  • 277

    days to detect and respond to data breach
  • 90%

    of European critical industry actors have experienced at least one cybersecurity attack in the past two years

How does Logpoint help?

  • Reality today

    The global community faces ever more frequent and severe cyberattacks (breaches, extortions, fraud etc.), causing harms that range from the illicit gains obtained by perpetrators, to the disclosure of private and confidential information and the denial of essential services on which many depend for their health, safety and livelihoods.

  • Logpoint approach

    Logpoint enhances security by collecting and analyzing log data to detect suspicious activity, identify compromised systems, and enable rapid incident response. It also supports compliance through log retention, improves operational efficiency, and helps unify and streamline security operations to stay ahead of evolving threats.

  • Aspirational future

    A world where all governments, critical infrastructure companies, SMEs and large corporations are adequately equipped for resilience and rapid response to cyber security threats and incidents, and negative impacts on society are minimized.

  • Who is impacted?

    Logpoint empowers governments, institutions, companies, and individuals to proactively defend against escalating cyber threats, mitigating significant economic losses and safeguarding critical services for those at risk of data theft.

  • Contribution

    Logpoint contributes to the prevention of cyber-crime by offering the highest level of SIEM certification. In addition, Logpoint uniquely enables SMEs that are exposed and increasingly vulnerable to implement protection against cyber-attacks, which is important to general cyber security as the coverage of SMEs bolsters security through network effects.

  • Risks to impact

    Risks of Logpoint not delivering the desired impact include less usage of the platform, stagnating growth in new customers and technological complications. Logpoint manages sensitive data. As such, data privacy and security are of paramount importance and must be safeguarded.

KPI reporting

Protected nodes (avg. per month)

Target 2028: 1 million

Change from '23-'24: +88

2024
593,335
2023
314,964
2022
169,613

A higher average of protected nodes indicates broader security coverage and stronger defense against cyber threats, effectively demonstrating the reach and effectiveness of Logpoint solutions.

Clients in critical industries (avg. per month)

Change from '23-'24: +8

2024
324
2023
301
2022
297

Average of protected clients in critical industries signifies stronger defense of vital sectors against cyber threats, effectively demonstrating Logpoint’s impact on safeguarding essential services.

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  3. Velsera

Unites companies from healthcare and life sciences

Velsera at a glance

Velsera is a consolidation of three leading companies within digital diagnostics, bio­informatics, healthcare data and advanced analytics enabling better healthcare, diagnostics, and precision medicine. It unites Seven Bridges, Pierian and UgenTec to advance and accelerate the work of both domains. All companies remain actively engaged with existing customers, enhance current offerings, accelerate new offerings, and bring integrated solutions to market as leading providers of global omics and insights.

Year acquired
2022
Revenue
EUR 36m
Location
Boston
Employees
428
Investment theme
Changing Demographics
SDG alignment

3

What are the challenges Velsera addresses

  • 97%

    of global healthcare data generated annually goes unused in siloed systems and clinical workflows, hindering advancement of AI in the secto
  • 90%

    of clinical drug ­development fails

How does Velsera help?

  • Reality today

    Medicine moves too slow. The rapid pace of innovation in technology is not translating into acceleration of precision medicine. Too much time is wasted de-siloing and harmonizing multi-omic data, rather than analyzing and deriving insights.

  • Velsera approach

    Velsera bridges the gap between clinical and discovery by solving fundamental challenges in data assembly and reporting. The company provides integrated software and expert services to transform the dry lab workflow, enabling seamless multi-omic data identification, ingestion, secure patient data management, and analysis.

  • Aspirational future

    A connected data ecosystem revealing the true promise of precision medicine — a continuous flow of knowledge between researchers, scientists, and clinicians around the world, creating insights that radically improve human health.

  • Who is impacted?

    Velsera empowers clinical diagnostic labs, next-generation sequencing assay and equipment manufacturers, biotech and pharma, and non-profit/government agencies to make breakthroughs in precision medicine—ultimately improving patient outcomes.

  • Contribution

    Velsera drives R&D productivity and patient outcomes by accelerating innovation, improving workforce efficiency, and reducing cost of data and technology—helping to get the right medicine, to the right patient, in the fastest possible time.

  • Risks to impact

    This is a nascent and emerging space with constantly changing customer, competitor, and regulatory dynamics. Velsera is developing differentiated multi-omic capabilities and expertise to navigate the complex global environment and scale impact quickly .

KPI reporting

Cumulative reports, including patient reports created

Target 2028: 500,000

Change from '23-'24: 48%

2024
215k
2023
143k
2022
81k

Patient impact includes the 500,000+ multi-omic reports generated for patient care, assay validation, and clinical trials

Top pharma companies leveraging Velsera software and services to accelerate drug discovery

Target 2028: 10/10

2024
7 of 10
2023
8 of 10
2022
0N/A

Demonstrates Velsera’s commitment to supporting the leaders in the industry who use Velsera’s software and expert services to accelerate drug discovery

Number of researchers supported by Velsera platforms

Target 2028: 100,000

Change from '23-'24: 12%

2024
28k
2023
25k
2022
0N/A

Number of researchers using Velsera platforms to accelerate drug discovery and development, indicating Velsera’s contribution to ecosystem enablement

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  3. Milarex

Convenient, high quality seafood for all

Milarex at a glance

Milarex is an international seafood company, focusing on salmon value-added products. The company was established in 2016 and has taken a leading position within value-added processing. Milarex seeks to advance sustainable production and consumption of salmon by ensuring a sustainable source-to-product process and providing a healthy and affordable source of protein through its fish products.

Year acquired
2017
Revenue
EUR 467m
Location
Europe
Employees
1535
Investment theme
Sustainable Food
SDG Alignement

3, 12, 14

What are the challenges Milarex addresses

  • 15%

    of fish and seafood in the food value chain goes to waste, with processing being the biggest source of this waste
  • >85%

    of fish stocks are overfished or fully exploited indicating lack of sustainable certifications and practices

How does Milarex help?

  • Reality today

    Sustainable aquaculture is an important part of the roadmap to ensure future food security and building a sustainable food system with lower GHG emissions. Yet, some aquaculture players fall short of meeting criteria for sustainability.

  • Milarex approach

    Milarex promotes sustainable practices from raw fish suppliers and oversees a highly efficient and sustainable production process to produce healthier sources of protein.

  • Aspirational future

    Consumers primarily rely on salmon and other sustainable proteins to meet food needs. The share of fish with sustainable certifications is increasing, and waste from processing is limited to a minimum.

  • Who is impacted?

    Consumers across North America, Europe, Southeast Asia, and Australia access nutrient-rich protein alternatives with a significantly lower emissions profile than traditional livestock. This shift benefits the planet by reducing emissions.

  • Contribution

    Milarex contributes to consumer access to healthier and more sustainable low-carbon protein alternative with a transparent value chain.

  • Risks to impact

    Milarex has limited control over the operations of its suppliers as well as consumer behavior related to end-product use and product end-of-life.

KPI reporting

Raw material with sustainable certificate

Target 2025: Above 95% (annually)

Change from '23-'24: +1ppt

2024
97%
2023
96%
2022
97%

Raw material with sustainability certificate refers to salmon products sourced from selected farmers with specific focus on animal welfare and sustainability certifications.

Tonnes of edible product

Change from '23-'24: -2%

2024
22,960
2023
23,500
2022
21,800

Tonnes of edible product measures the amount of healthy protein processed and sold to consumers in a year.

Conversion ratio raw material to edible product

Change from '23-'24: +2ppt

2024
69%
2023
66%
2022
65%

Measurement of waste during processing, specifically the conversion of fish into edible products.

 

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  3. Holdbart

Norway’s leading retailer of surplus food items

Holdbart at a glance

Holdbart is Norway’s leading retailer of surplus food items, saving excess products which suppliers are unable to sell to conventional grocery chains and retail outlets. Products that are discontinued, overstocked, nearing their expiry date, or have old or faulty labels can be sold in Holdbart’s physical stores or on their website, offered at an up to 90% discount compared to their original prices.

Year acquired
2021
Revenue
EUR 72m
Location
Norway
Employees
397
Investment theme
Sustainable Food
SDG alignment

1,2,12

What are the challenges Holdbart addresses

  • 450k

    tonnes of food wasted in Norway in 2021
  • 1.3m

    of CO2e emissions from food waste in Norway in 2021

How does Holdbart help?

  • Reality today

    Our food value chain is inefficient, with unnecessary waste from surplus food products due to overproduction, seasonal products, campaigns, and faulty items.

  • Holdbart approach

    Holdbart purchases surplus food items and through its physical retail stores ensures access to affordable food items that would otherwise go to waste.

  • Aspirational future

    A less wasteful, more circular food system that supports access to affordable food.

  • Who is impacted?

    Producers, importers, and wholesalers gain a practical distribution channel for food that otherwise would have been wasted. Consumers across regions in Norway, including lower-income individuals and families, get a more affordable and sustainable shopping basket.

  • Contribution

    Holdbart contributes to significant decrease of food waste by selling food and retail products that would otherwise go to waste.

  • Risks to impact

    Holdbart has limited control of the operations of its suppliers, as well as consumers’ use of the products it sells and product end-of-life.

KPI reporting

Tons of food saved

Target 2027: 25,000 tonnes

Change from '23-'24: -9%

2024
13,746
2023
15,094
2022
11,292

Measures the quantity of food that has been diverted from waste and saved for consumption or use.

Potentially avoided emissions (tCO2e) from food saved

Target 2027: 70,000 tCO2e

Change from '23-'24: -9%

2024
37,117
2023
40,754
2022
30,487

Measures the environmental impact of reducing food waste, specifically in terms of emissions.

Number of shopping carts

Target 2024: 2,900,000

Change from '23-'24: +18%

2024
3m
2023
2m
2022
2m

Represents the environmental, social, and economic benefits from purchasing products from a surplus food retailer such as Holdbart.

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  3. Nofitech

Land-based facilities and equipment to blue chip salmon farmers

Nofitech at a glance

Nofitech provides land-based facilities and equipment to blue-chip salmon farmers. Its primary offering today is a recirculating aquaculture system (“RAS”), ModulRAS, which allows fish farmers to move parts of the fish’s growth cycle onto land, and offers facilities for the final growth stage, providing fish farmers with the option to locate all production on land.

Year acquired
2021
Revenue
EUR 55m
Location
Norway
Employees
98
Investment theme
Sustainable Food
SDG alignement

2, 12, 14

What are the challenges Nofitech addresses

  • 60%

    estimated increase in food production needed between 2010 and 2050 to feed a growing population
  • 50%

    emission reduction potential in moving from traditional net-pen farming to land-based systems

How does Nofitech help?

  • Reality today

    Traditional aquaculture at sea has certain negative impact on life below water, both on the marine habitat and the fish themselves (e.g., disease and lice), and this is regulated by quotas that limits the organic growth in sea-based farming.

  • Nofitech approach

    Nofitech moves parts of, or the entire, growth cycle of fish farming onto land, reducing the pressures from sea-based farming on the ecosystem and enabling fish farmers to increase overall production.

  • Aspirational future

    An efficient and sustainable aquaculture system that supports consumers with access to more sustainable proteins.

  • Who is impacted?

    Salmon farmers in the North Sea Basin gain access to a more environmentally friendly production system. The compact and modular facilities improve resource use and can better protect ocean biodiversity by reducing habitat impact and potential pollution.

  • Contribution

    Nofitech’s land-based systems provide a cost-effective method for growing post-smolt. More importantly, this approach eliminates the environmental damage to oceans caused by traditional salmon farming, offering a more sustainable advantage.

  • Risks to impact

    While RAS systems have benefits to the marine environment, potential risks to consider involve their impact on local biodiversity and water resources, logistical challenges, regulatory uncertainties, economic viability, and infrastructure demands.

KPI reporting

kg CO2e/m3 concrete for one 20m ModulRAS

Target 2027: 14,364

Change from '23-'24: 0%

2024
17,950
2023
17,950
2022
17,955

kg CO2e/m3 concrete tracks the emissions associated with the use of concrete during the construction phase of Nofitech’s ModulRAS systems.

kg CO2e/m3 steel reinforcement for one 20m ModulRAS

Target 2027: 595

Change from '23-'24: 0%

2024
744
2023
744
2022
744

kg CO2e/m3 reinforcement” tracks the emissions associated with the use of steel during the construction phase of Nofitech’s ModulRAS systems.

Land-based modules delivered

Target 2030: 50

Change from '23-'24: 42%

2024
27
2023
19
2022
11

The number of Nofitech’s modular, land-based fish farming systems that have been supplied to customers.

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  3. TBAuctions

Online auction platform for used business equipment

TBAuctions at a glance

TBAuctions, Europe’s leading digital auction platform for B2B used goods, operates with over 1,300 team members across Europe. Embracing the belief that “Everything Has Value,” TBAuctions utilizes technology, automation, and economies of scale to streamline auction processes. Their proprietary TBAuctions Platform facilitates intelligent, cross-border auctions, enhancing user experience through self-service and precise matching of supply and demand. TBAuctions champions sustainable global trade, annually auctioning millions of local products worldwide.

Year acquired
2022
Location
The Netherlands
Employees
1343
Investment theme
Circularity
Gross profit
EUR 175m
SDG alignment

12, 13

What are the challenges TBAuctions addresses

  • 2x

    estimated increase in global raw material usage by 2060, causing severe environmental damages
  • 11.5%

    of materials used in European industries come from recycled sources, with EU aims to raise this to 23% by 2030

How does TBAuctions help?

  • Reality today

    Unsustainable consumption leads to resource depletion as valuable assets may become unused or discarded, while reused goods often change hands through informal transactions, contributing to reduced illicit financial flows and price transparency.

  • TBAuctions approach

    TBA enables the reuse and re-commerce of business assets, effectively decreasing the use of natural resources and waste. In addition, the platform facilitates secure and transparent transactions and compliance in core and emerging markets, giving buyers access to more modern technology at fair pricing.

  • Aspirational future

    A less wasteful, more circular economy that provides equal access to fair and transparent pricing while supporting a prosperous environment and biodiversity.

  • Who is impacted?

    Buyers globally benefit from accessing a wider selection of goods. Sellers gain access to a large base of potential customers and a global marketplace. The wider society and environment indirectly benefit as fewer resources need to be drawn upon due to the longer lifespan of already produced goods.

  • Contribution

    TBA contributes to increased reuse of equipment, leading to more sustainable consumption and thereby less resource depletion and waste going to landfills. In addition, they contribute to a more transparent reused goods market.

  • Risks to impact

    There is a risk that reselling old machinery may become unsustainable compared to new resource-efficient machinery. Additionally, the lower price levels of used and surplus goods on auction platforms vs new goods may promote increased consumption.

KPI reporting

Number of items given a second life

Target 2027: 1.3 million

Change from '23-'24: 24%

2024
1m
2023
1m
2022
0N/A

Number of items given a second life measures how many second-hand items are sold, contributing to the reduction of waste, extension of product lifecycles, and the encouragement of a circular economy.

Total number of unique active bidders

Target 2027: 1.1 million

Change from '23-'24: 32%

2024
1m
2023
1m
2022
0N/A

Total number of unique active bidders represents individuals who have placed at least one bid within the year and is an indication of the vitality in the online second-hand market.

Total number of unique active sellers

Change from '23-'24: 42%

2024
47k
2023
33k
2022
0N/A

Total number of unique active sellers represents individuals or entities that have listed at least one item for sale within the year and is an indication of the activity in the online second-hand market.