Swedish Institute and Business Sweden launch Pioneer Prize award: Meet the 8 nominated startups

The Swedish Institute and Business Sweden have jointly launched the Pioneer Prize, a new award focused on recognising emerging innovation in sectors including climatetech and healthcare.

The initiative aims to promote Sweden’s role in global business and technology. Sweden, for a country of 10 million, has previously produced companies such as Skype, Klarna, Spotify, and Mojang Studios, as well as firms like IKEA, Saab, Scania, and Volvo.

The Pioneer Prize has announced its eight startup nominees. Public voting will be open both in Sweden and internationally until Monday, 12 May.

Madeleine Sjöstedt, Director-General of the Swedish Institute, says, “Sweden has a long and proud history of producing companies which fundamentally reshape an entire industry or space. It’s with this in mind that we have launched the Pioneer Prize: to continue and further strengthen the internationalisation of Swedish companies, while demonstrating Sweden’s ability to produce solutions to current global challenges.”

Pioneer Prize finalists announced ahead of Expo 2025

Eight startups have been nominated for the Pioneer Prize, selected from over 200 alumni of Business Sweden’s Catalyst scaleup programme.

Jan Larsson, CEO of Business Sweden, says, “Business Sweden exists to help Swedish companies excel overseas, while attracting external investors and talent to consider Sweden as a destination in which to do business.”

“We hope that in celebrating the latest crop of Swedish innovation – recognising their unique way of achieving impact at-scale, and improving our world – we can draw attention to our Catalyst programme, which has been a stepping stone for some of our country’s best entrepreneurs and companies.”

A jury of professionals from investment, venture capital, and the startup sector narrowed the list from 24 candidates. Jurors include Karolina Bjurhed (Industrifonden), Markus Hökfelt (SEB Green Tech Fund), Sofia Högman (Trade Commissioner of Sweden to India), and Marek Kissa (NordicNinja VC).

The winner will be announced on 14 May 2025 during Sweden’s National Day at Expo 2025 in Osaka. 

The event will feature a Swedish delegation including HM King Carl XVI Gustaf and Minister for Foreign Trade and International Development Cooperation, Benjamin Dousa. The winning startup will also present to the business delegation at the expo.

Meet the nominated startups!

Blue Ocean Closures

Blue Ocean Closures, a company based in Karlstad, develops and produces closures made from cellulose fibre. These closures are designed for use in packaging and are made using pulp fibres from managed forests. The materials are bio-based, break down in nature, and can be recycled as paper.

Candela

Candela, based in Stockholm, designs and manufactures electric boats and ferries for both professional and leisure use. The company uses hydrofoil technology to improve efficiency and reduce energy use in marine transportation. 

Candela aims to support a shift away from fossil fuel-powered vessels by advancing the performance of electric alternatives.

Cemvision

Cemvision, based in Stockholm, produces cement that offers a significant reduction in CO2 emissions compared to traditional Portland cement. The product is made using recycled industrial materials and kilns powered by renewable energy, operating at lower temperatures. Cemvision’s cement reaches early strength faster than conventional options, which can support higher productivity in construction.

CorPower Ocean

CorPower Ocean, headquartered in Stockholm, designs, builds, and operates wave energy farms. The company focuses on converting ocean waves into renewable energy as part of its mission to support long-term energy needs.

Elonroad

Elonroad, based in Lund, has created a conductive charging system that integrates rails into road surfaces, allowing electric vehicles to charge while in motion or parked. The system addresses challenges related to battery size and cost by enabling continuous energy transfer without traditional charging stations.

GreenIron

GreenIron has developed patented technology designed to reduce emissions in the metal, mining, and manufacturing sectors. The process is energy-efficient and operates without fossil fuels. GreenIron focuses on building a value chain that includes ore extraction, metal recycling, and steel production.

Modvion

Gothenburg-based Modvion is a technology company focused on engineered wood solutions. It designs and builds wind turbine towers using wood instead of steel or concrete, aiming to lower emissions in wind power production. The company sees engineered wood as both a construction material and a carbon sink.

Neola Medical

Neola Medical, based in Lund, has developed Neola, a device that provides continuous monitoring of lung function in premature infants. The system uses a spectroscopic method to track changes in lung volume and oxygen concentration, offering real-time alerts for potential complications. The company aims to support better outcomes for preterm infants and reduce the time spent in intensive care.

Brief about the Swedish Institute

The Swedish Institute (SI) is a public agency that promotes interest and trust in Sweden internationally. Its work includes sharing information about Sweden, supporting exchanges and partnerships, and analysing how Sweden is perceived abroad. 

SI focuses on areas such as Sweden promotion, cooperation in the Baltic Sea region, and global development. It facilitates international exchanges, offers study grants, supports language education, and markets Sweden as a study destination. 

It also funds leadership programmes and alumni networks, aiming to build long-term relationships with individuals and organisations around the world.

To support its efforts, SI monitors global media, conducts studies, and tracks Sweden’s rankings in international indexes. The agency’s work is financed primarily through the Swedish state budget, with around SEK 294M (nearly €26.80M) allocated to grants and scholarships, much of which comes from the Swedish aid budget. 

Trust in Sweden is a central element in all of SI’s activities, influencing trade, tourism, education, and international cooperation.