Investinor, KLP and forestry industry launch 3K6 fund to invest in innovative companies in Norway's forest-related sector; Investinor and KLP will each invest NOK 150M, while the forestry industry injects assets through Shelterwood AS

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Norway , July 17, 2023 (press release) –

Investinor, KLP and the forestry industry are launching 3K6, a new investment fund that will invest in innovative companies in the Norwegian forest-related sector.

The fund, which is being established, will be the first of its kind in Norway. Investinor and KLP each invest NOK 150 million in the fund, while the forestry industry injects assets through the company Shelterwood AS. The fund will be managed by Investinor, which has extensive experience in investing in the forestry sector.

"Investinor will build tomorrow's business. The goal is to make Norway richer and the world greener. Sustainability and digitalisation create great opportunities for the traditional forestry industry. But there is a great need for competent capital and active ownership. Therefore, we are now establishing 3K6 together with leading private investors to ensure long-term industrial ownership and access to capital, says Ann-Tove Kongsnes, CEO of Investinor.

KLP's CEO Sverre Thornes says that KLP as a municipal and health pension company is keen to make good long-term investments and contribute to business development around the Norway:

"Forests are an important natural resource with great potential as a sustainable input factor for value creation. We are pleased to be part of establishing 3K6, which will be a fund that will invest in business development within the forestry sector in this country, says CEO Sverre Thornes of KLP.

Shelterwood is an investment company owned by key players in the forestry industry as well as Investinor. It invests in early-growth companies in the forest-related sector, and has Arbaflame and Store Norske Elementfabrikker in its portfolio.

"If Norway are to succeed with the green shift, we must invest in the renewable industries. Forests are one of them. We want to contribute to the transition towards a more sustainable future while creating growth and value creation in Norway, says Anders Øynes, Chairman of the Board of Shelterwood.

Great potential for Norwegian wood

The volume of timber harvested in Norway has increased in recent years. Around a third of the volume is exported. The export value is around NOK 80 billion over a 20-year perspective, while processing in Norway has an estimated value creation potential of NOK 3600 billion in the same period. The fund's name 3K6, an abbreviation for 3600, tells us what the partners are working for: To harvest the great values that lie in the processing and business development of Norwegian wood.

"Every year Norway miss out on great value creation because we send unprocessed timber out of the country. By processing timber, we can not only create substantial values, but also contribute to developing industrial jobs and long value chains in Norway. This is green growth in practice," says Kongsnes.

Strong growth sector

Several trends are working for Norwegian forests.

Sustainable building is growing rapidly, where wood takes market shares from other building materials and technical limitations for wood in buildings have been greatly reduced.

At the same time, major advances are being made on the biochemistry and materials side, which means that renewable forest products can to a greater extent replace fossil-based products. This, in combination with increased automation and digitalisation, contributes to new market opportunities and increasing demand for the industry.

"In order to exploit the opportunities created by these trends, capital must be made available for profitable investments in the industry. The establishment of 3K6 is an important step on the way, says Øynes.


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