Norwegian cleantech company Alva Industries AS (Alva) has raised USD 11 million (NOK 117 million) in a Series A funding round.

Investors are EnvisionTech, Statkraft Ventures, Drone Fund, Jakob Hatteland, and other existing investors and employees. The funds will be used to scale Alva’s production capacity and product portfolio to become a leading supplier of electric motors in the growing market for industrial drones.

EnvisionTech’s latest investment in leading global supplier of glass fibre pressure vessel producer