SpinDrive featured in Nefco’s 2025 Annual Report: A Finnish cleantech success story scaling globally
Lappeenranta, Finland (Mar 23th, 2026) – SpinDrive, a Finnish company specializing in active magnetic bearing solutions, has been featured in Nefco – the Nordic Green Bank’s 2025 Annual Report. The recognition highlights SpinDrive’s journey to become an international cleantech company delivering sustainable solutions across global markets.
Founded in 2015 with a mission to commercialize magnetic bearing solutions for high-speed machines, SpinDrive’s technology eliminates the need for polluting lubricants while significantly improving efficiency, reducing maintenance costs, and extending equipment lifespan. The company’s vision is to become a world leader in advanced magnetic bearing solutions with integrated IoT condition monitoring.
A bold vision for climate impact
SpinDrive has set an ambitious climate target: to help mitigate 500 million tonnes of CO₂ emissions annually by 2050. By enabling industrial machinery to operate without lubricants and with greater energy efficiency, the company’s solutions contribute directly to decarbonizing some of the world’s most energy-intensive sectors.
Today, SpinDrive serves customers across Finland, the United States, Germany, Denmark, France, Italy, Spain, the United Kingdom, and several other countries. The company operates offices in Finland and Germany, with a growing international presence.
Nopef support enabled US market entry
A key milestone in SpinDrive’s international expansion was the support received from Nopef (Nordic Project Fund), managed by Nefco. The funding enabled a pilot project and a joint development agreement with a local partner in the United States—a critical step in bringing SpinDrive’s technology to the North American market.
The feature in Nefco’s 2025 Annual Report showcases SpinDrive as a prime example of how Nordic innovation, supported by targeted green financing, can scale internationally while delivering measurable environmental impact.
About the recognition
Nefco’s Annual Report highlights projects and companies that demonstrate strong potential for scalability and positive environmental impact. SpinDrive is featured on page 27 of the report, under the section covering Nopef-funded projects.
“We are proud to be recognized by Nefco as a company driving the green transition,” said a SpinDrive’s CEO Janne Heikkinen. “The support we received was instrumental in our US expansion, and we remain committed to delivering solutions that help industry become cleaner, more efficient, and more sustainable.”
About SpinDrive
SpinDrive improves the energy efficiency of industrial processes by providing active magnetic bearings to equipment manufacturers. SpinDrive solution increases system efficiency by at least 15%, which enables a 2-year payback time. SpinDrive system is completely maintenance-free, which reduces the overall equipment maintenance costs by 80%. We eliminate the need for oil lubrication, which provides manufacturers with an opportunity to enter new markets. Our built-in sensors enable condition monitoring of the whole unit.
About Nefco – the Nordic Green Bank
Nefco is an international financial institution founded in 1990 by the five Nordic countries: Denmark, Finland, Iceland, Norway and Sweden. As the Nordic Green Bank, Nefco’s mission is to accelerate the green transition by financing the initial scale-up of Nordic green solutions on international markets.
Nefco serves the interests of its Nordic owners and supports global environmental and climate targets through concrete actions. The organization provides financing exclusively for activities that generate direct or indirect environmental or climate-related benefits, including loans, equity-type financing, and feasibility-study grants. A pioneer in green financing since its establishment, Nefco has financed and implemented over 1,800 green projects across areas such as energy efficiency, renewable energy, clean water and sanitation, waste management, and cleaner industrial processes.
Guided by Nordic priorities, the EU Green Deal, the Paris Climate Agreement, and the Kunming-Montreal Biodiversity Framework, Nefco operates with a clear principle: expecting more than Return on Investment – aiming for Return on Impact.
In addition to its own paid-in capital, Nefco manages trust funds and initiatives on behalf of various donors, including Nordic governments, the Nordic Council of Ministers, and the European Union. Nopef (Nordic Project Fund), the program that supported SpinDrive’s US expansion, is one such trust fund financed by the Nordic Council of Ministers and managed by Nefco.
For more information, please contact:
Nikita Uzhegov, COO and Co-founder
+358 50 5188 569
SpinDrive, Mar 23th, 2026