Finnish Climate Fund — Capital Loans & Equity

Ilmastorahasto / Climate Fund was Finland's state climate investment vehicle under the Ministry of Economic Affairs and Employment. It backed projects that cut emissions, strengthened low-carbon industry, and supported digitalisation, with capital deployed as equity investments and subordinated capital loans rather than grants. The fund was always a co-investor, which made it a fit for projects that already had other serious capital behind them. Ticket sizes typically ran from EUR 4 million to EUR 40 million, and the fund capped its share at 50 per cent of total project financing. The mandate covered green hydrogen, protein production from carbon dioxide, biomass for heavy industry, large-scale renewable energy, energy-efficient industrial infrastructure, and other climate technology that could move from demonstration into scale. That profile made it especially relevant for capital-intensive Finnish projects with a clear industrial pathway. The fund was wound down after the Finnish state decided in May 2024 to end operations and consolidate the function under Finnish Industry Investment, or Tesi. It is no longer accepting new applications, so the useful takeaway is historical rather than live: this was a patient co-investment route for Finnish climate infrastructure, not a grant line and not a general-purpose venture fund.

Each grant below is a distinct funding opportunity with its own eligibility, scope, and deliverables.