A group of Norway’s wealthiest business figures is taking support for Ukraine into a new phase, moving beyond donations and humanitarian aid to invest directly in the country’s growing defense technology industry.
The initiative reflects a belief that private capital can play a significant role in strengthening Ukraine’s military capabilities, supporting European security, and potentially delivering long-term financial returns.
New Fund Targets Defense Innovation in Ukraine
The effort is being channeled through a newly established investment fund known as Gardar, which focuses on Ukrainian companies developing technologies linked to modern warfare and defense.
Backers of the fund include prominent Norwegian entrepreneurs and investors from a range of industries, including real estate, finance, shipping, aquaculture and offshore energy.
Among those participating are brewery heir and property investor Christian Ringnes, salmon industry billionaire Gustav Witzøe and investor Johan H. Andresen.
More than 20 investors and companies have reportedly joined the project.
Focus on Drones, AI and Battlefield Technology
The fund has identified four Ukrainian companies for investment, although their identities remain undisclosed due to security concerns.
According to those involved, the selected businesses are working in areas such as drone defense systems, electronic warfare and artificial intelligence applications for military operations.
Supporters argue that these technologies are increasingly important in modern conflicts and could provide Ukraine with valuable operational advantages while also creating commercially viable businesses.
Ukrainian Officials Welcome Private Capital
Ukrainian authorities have praised the initiative as a new avenue of international support.
Oleksii Sobolev, who oversees economic, environmental and agricultural matters, said Norway has already been one of Ukraine’s strongest international supporters.
He described the Gardar fund as an opportunity to expand cooperation through private-sector investment rather than traditional aid programs.
According to Sobolev, the benefits extend beyond financial returns, with successful defense technologies potentially helping save lives and strengthen Ukraine’s ability to maintain control of its territory.
From Humanitarian Aid to Strategic Investment
Many of the individuals involved in the new venture previously supported Fritt Ukraina, a Norwegian group that has supplied vehicles, humanitarian assistance and defense-related support to Ukraine since the war began.
One of those supporters, telecom entrepreneur Erlend Prestgard, is now leading the Gardar initiative.
Prestgard said his experience in building companies convinced him that direct investment could create a more lasting impact than donations alone.
What began as an informal effort to raise capital for a Ukrainian anti-drone company gradually evolved into a broader search for promising defense startups capable of attracting larger investments.
Investors See Both Security and Profit Potential
While many participants acknowledge a humanitarian and security motivation behind the project, they also view the investments as commercial opportunities.
Andresen argued that private investors are often best positioned to take risks where others cannot.
He suggested that supporting Ukrainian defense innovation could strengthen Europe’s security while generating financial rewards if the businesses succeed.
Supporters of the fund believe that technological advances developed under wartime conditions could eventually find wider applications beyond Ukraine.
Political Support Emerges in Norway
The initiative has also received backing from Norwegian political figures.
Peter Frølich, who chairs Norway’s parliamentary committee on foreign affairs and defense, welcomed the move and described it as a positive complement to existing support efforts.
Frølich emphasized that the investment fund operates independently from Fritt Ukraina, despite many overlapping supporters.
He argued that investments capable of generating sustainable businesses can sometimes have a broader impact than traditional aid, helping stimulate economic activity and innovation within Ukraine.
A New Model for Supporting Ukraine
The Gardar fund represents a shift in how some international supporters are engaging with Ukraine during the ongoing conflict.
Rather than relying solely on donations or government assistance, investors are betting that market-driven solutions can help accelerate the development of defense technologies while contributing to the country’s long-term resilience.
For the Norwegian backers involved, the strategy is intended to achieve multiple goals at once: supporting Ukraine, strengthening European security and building companies that may one day deliver significant commercial returns.
