Norway will allocate over $107 million for venture investments in Ukrainian defense-tech
The Norwegian government intends to allocate 1 billion Norwegian kroner (approximately $107.5 million) for venture investments in Ukrainian defense companies.
The Norwegian government intends to allocate 1 billion Norwegian kroner (approximately $107.5 million) for venture investments in Ukrainian defense companies.
This is reported by AIN, citing information from the Norwegian government.
"If Russia succeeds in Ukraine through the use of military force, the likelihood that it will resort to military force against other countries will increase. That is why investments in the Ukrainian defense industry are also investments in the security of Europe and Norway," said the country’s Defense Minister, Tore Sandvik.
The new investment program is reportedly designed for three years, and the funds will be allocated from the military aid budget, which is already provided for by the Nansen Support Program for Ukraine. The state investment company Investinor will manage these funds.
The latter specializes in venture investments, financing innovative enterprises and attracting private capital. It is Investinor that will decide which funds and in what amount to allocate state funds.
Previously, Norwegian Finance Minister Jens Stoltenberg said that the idea is that in the structure of each fund that receives funding from Investinor, private funds should account for at least 50% of the total capital.
As dev.ua reported, Norway will jointly produce surface drones with Ukraine .
Previously, Norwegian investors raised $85 million for investments in Ukrainian military startups.
Norwegian Prime Minister: "The tripling of Norwegian defense support will now be immediately translated into drones, artillery, ammunition support and investments in our own production"
Norwegian Prime Minister: "The tripling of Norwegian defense support will now be immediately translated into drones, artillery, ammunition support and investments in our own production"
Norwegian Kongsberg will invest in the production of Ukrainian Seawolf maritime drones
Norwegian Kongsberg will invest in the production of Ukrainian Seawolf maritime drones
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