TargetHeat and NucleoWatch are the exciting names of two new innovations Lundgreen’s Invest – High-Tech Defence Fund has invested in, keeping the technology and the know-how in Danish hands.

Lundgreen’s defence fund is also entering a new growth phase. Together with Normark Defence, the fund will select and retain high-potential innovations for in-house production, rather than reselling them after development.

Lundgreen’s Invest – High-Tech Defence Fund has made two new investments in technologies from Normark Defence, both of which the fund has acquired 25% of each company. One company, TargetHeat, is a thermal management technology designed to operate even at very low temperatures. For example, during arctic operations, it is critical that all equipment and aircraft components are heated to keep them operational. These can be very small and flexible heat sources, but in many cases, they are external to the equipment. TargetHeat is a 3D printed product that can generate heat while being incorporated into the equipment to be heated. This innovation is cheaper than those used today and, at the same time, lightweight, and energy-efficient.

The second company, NucleoWatch, remains confidential for security reasons, but the fund manager assures that the technology will be developed over the next year or so, and a reliable potential buyer has already come forward.

For all the innovations the fund has invested in via Normark Defence, there is a plan for each individual technology. This means that they are not simply waiting for the finished development. Either there is a kind of process underway, or they are part of a next phase that we have long collaborated with Normark Defence to initiate to produce some of the technology the foundation has invested in. The purpose, of course, is to promote innovations to small companies that generate positive cash flow within a relatively short time.

This means that further investment will have to be made in the individual companies, where Normark Defence and the fund are currently working to transform the first two innovations into real products. Further investment into these companies will be for employment, not for equipment production. There are NATO-approved factories to which production can be outsourced, where the agreement also includes liability for production defects in the product, packaging, and shipping to the recipient.

The fund’s outlook for 2026 is sustained, with the same expectation of investment opportunities in up to 10 additional new innovations from Normark Defence, as well as other opportunities presented to us by other companies. There is also an opportunity to participate in the expansion of the aforementioned innovations. In addition, we expect to continue to have exits this year. When we include the expectations from Normark Defence combined with our own assessments, we also maintain the expectation of a return on the fund of 20% this year and the same in 2027.

Due to faster-than-anticipated growth in investment opportunities, the fund is currently open to new subscriptions.

Lundgreen’s Invest – High Tech Defence Fund is a Danish defence fund that invests exclusively in high-tech products.

The fund is open to all types of investors who are interested in investing a minimum of DKK 1 million.

The fund has been in existence for more than two years and has already shown significant value growth.