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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2023
Once-in-a-generation
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 multibillion 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.

Potential to abate about 70% of Europe’s total emissions
Technology solutions are available
Technology roadmap to net-zero in Europe

Power
- Wind
- Solar PV
- Next-generation nuclear

Industrial, Hydrogen & Carbon management
- Hydrogen
- H2 DRI
- Carbon Capture Utilization and Storage (“CCUS”)
- Circular textiles

Transportation
- Batteries
- E-trucks
- Sustainable fuel

Buildings
- Heat pumps
- Insulation

Agriculture
- Sustainable fertilizers
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 growth/enablers
Green transition scale-ups
Sustainability leadership
Brown-to-green transition
Innovation level

Green transition growth/enablers
Scaling companies central to enabling the green transition.

Green transition scale-ups
Building new green transition start-ups.

Sustainability leadership
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.
Anders Ekdahl, Head of Market and Communication Nordic Climate Group“The long-term goal is to contribute, through products, services and business models, to the most sustainable climate solutions with maximum energy efficiency being implemented by our customers.”
Therese Hillman, CEO Network of Design“Each of our design brands work to create products that can be passed on from one generation to the next. This requires robust and ever improving processes for what materials to use, choice of suppliers and production methods and solutions for care and repair. Sustainability is key to lead in our line of business.”
Burkhard Straube, CEO Vianode”Vianode is well positioned to enable sustainable electrification and EV deployment across North America and Europe with strong backing from Altor and Hydro.”
Elin Kling and Karl Lindman, Founders Toteme“We needed the right partner for the next chapter in our global growth journey, without compromising our brand values. We firmly believe that Altor’s extensive experience in relation to technology, E-commerce and sustainability in key markets will strengthen our business.”
Malin Cronqvist, Global Head of Sustainability Svea Solar“In less than two hours, the sun delivers more energy to the Earth than we use in an entire year. Clean, limitless energy.”
Martin Lewerth, CEO Aira“We are pleased to welcome Altor as a new investor: their track-record of scaling green transition companies internationally is impressive. It is great to have them onboard as a partner as our mission is to drive the green transition and take European households off gas.”


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
Eleda
Trioworld
TOTEME

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

Eleda
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

Trioworld
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

TOTEME
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

Details
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.