Sustainability Report 2023

Driving the Green Transition

Driving the
green transition

The transition to net-zero will transform European industries over the next decade. The technologies to achieve this are already available but need scaling through private capital and active ownership.

At Altor, we see this as the investment opportunity of
our generation with no trade-off between impact and returns. We have taken the lead in building green transition winners and transforming companies from brown-to-green.

Through our green ecosystem we aim to significantly contribute to the decarbonization of Europe. We are proud of what we have accomplished to date, but we are just getting started.

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investment opportunity

Getting to net-zero is not a bet on new technology. The technology solutions are already here. 13 proven technologies will get Europe 70% of the way to net-zero. What is needed is scaling of these technologies to industrial level where they can effectively compete with the brown alternatives. This will require more private capital and a lot more active ownership than has been available to date.

While capital has been flowing to clean tech and sustainable infrastructure, relatively little has been committed to the “missing middle” of scale-up capital. Without solving this imbalance, Europe will not get to net-zero in time. This is also creating the investment opportunity of our generation, where we believe many new abatement-focused multi- billion market opportunities and companies will be created alongside the brown-to-green transformations required within all existing companies.

Throughout our 20-year history, we have never seen an investment opportunity at this scale, and we see no trade-off between environmental impact and returns. Quite the opposite.


Altor Quote Symbol

Potential to abate about 70% of Europe’s total emissions

Technology solutions are available

Technology roadmap to net-zero in Europe

Building green
transition winners

At Altor we have been supporting companies through industrial transformations for 20 years. This industrial heritage makes us the natural partner to support companies through the green transition. Nordic companies have already taken the lead on sustainability and our Nordic base has positioned us at the center of Europe’s green transition. We focused on sustainability leadership early on with the aim to future proof all our portfolio companies, but soon went beyond that to leverage sustainability as a core value creation lever.


We invest across the green transition segments

Green transition focus

Green transition 

Green transition scale-ups


Brown-to-green transition

Innovation level

Green transition 

Scaling companies central to enabling the green transition.

Green transition scale-ups

Building new green transition start-ups.


Driving every company to achieve sustainability leadership in their sector.

Brown-to-green transition

Supporting companies transitioning from brown to green.

We have already invested in many of these technologies and the investments promise to contribute greatly to Europe’s decarbonization journey, but have also proven to be very solid investments for Altor.

Aiming high

At Altor we always aim high and we do not shy away from a challenge. That is in our DNA. If we were not investors, we probably would have been entrepreneurs. This comes in handy when supporting the green transition. A lot of hard work and creativity remain to get to net-zero.

Our aim is to significantly contribute to the decarbonization of Europe as this plays out over the next decade. We are off to a good start but there is a lot more to come. We are gearing up across technologies and geographies as we scale our efforts. We look forward to keeping you posted on our progress.


Case studies

The case studies illustrate how Altor portfolio companies work with sustainability in each their own way. While the sustainability value proposition of the cases varies from green transition scale-ups to showing true sustainability leadership, they all have their own place within our 2*2 sustainability matrix presented earlier in this report. This year, Altor has chosen to bring forward the sustainability efforts of the four portfolio companies below. the common denominator is that all cases have worked ambitiously with sustainability in 2023.

H2 Green Steel




H2 Green Steel

Ushering in a clean industrial revolution

"The steel produced in Boden will have up to 95% lower emissions than blast furnace-produced steel, and at the same time we are pushing the rest of the industry to change faster.”

Henrik Henriksson, CEO H2 Green Steel


Infrastructure built for the future

“Our business is about developing and maintaining infrastructure. A large part of our business is enabling society’s transition.”

Johan Halvardsson, CEO Eleda


In pursuit of closing the loop

“I’m proud of our dedication to circularity, and the recognition it gets from our customers, industry colleagues and other stakeholders. Our outspoken ambition to responsibly lead our industry into a circular economy stands firm, and I’m looking forward to the next steps on the journey.”

Andreas Malmberg, CEO, Trioworld Group


Transcending trends with high quality and durable fashion

˝We continue to incorporate sustainability into every aspect of our brand and business. Ongoing initiatives include reducing our CO2 emissions, paying a living wage across our supply chain and increasing transparency.”

Johanna Andersson, CEO TOTEME


We invite you to dive deeper into the details of our report. In this chapter we outline our Sustainability Journey and all the data you need in our portfolio overview, PAI indicators and underlying data for GHG emissions.

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