The security situation in Europe is driving a historic rearmament. Swedish deeptech companies in nuclear power, battery technology and solar cell technology supply solutions to the defence sector and NATO. On Eqvor you can invest in these unlisted companies.
- 3 Swedish companies with verified defence exposure available on Eqvor
- Blykalla works actively within the NATO DIANA programme
- Altris supplies sodium-ion batteries for military applications
- Exeger's Powerfoyle is integrated into defence products and mission-critical environments
- Unlisted shares, traded via Eqvor's digital platform
What are defence shares?
Defence shares are shares in companies whose products or services are used in defence, security and military applications. This can mean the traditional defence industry with weapons and vehicles, but increasingly also deeptech companies that supply self-sufficient energy solutions, advanced batteries and critical infrastructure for the defence sector.
The changed security situation in Europe after Russia's invasion of Ukraine has dramatically increased demand for defence-related technology. NATO countries are increasing their defence budgets, and programmes such as DIANA (Defence Innovation Accelerator for the North Atlantic) channel capital to innovative technology companies with defence relevance.
Unlisted companies with defence exposure on Eqvor
Below you will find the companies that are available on Eqvor and have verified exposure to the defence sector. Click on a company to see current information, the share price and how to place an order.
Develops lead-cooled small modular reactors (SMR) and works actively within the NATO DIANA programme on reactor concepts for defence applications. Strategic partnership with Sam Altman's Oklo. Founded in 2013, a KTH spin-off.
See the shareDefence is an explicit business area. Works with Oscilion on Nordic sodium-ion battery modules for military applications. Sodium-ion technology is strategically important for European defence. Founded in 2017, Uppsala.
See the shareThe Powerfoyle material is used in defence products and mission-critical environments where self-sufficient energy solutions are crucial. Thin and flexible solar cells for integration into equipment. Founded in 2009, Stockholm.
See the shareWhy is interest in defence shares growing?
Europe is in a new security situation. NATO countries have committed to raising defence spending to at least 2 per cent of GDP, and many countries go further than that. Sweden, which recently joined NATO, is sharply increasing its defence budget, and demand for defence-related technology is expected to grow for a long time to come.
The modern defence industry is not just about weapons and vehicles. Self-sufficient energy, secure communication systems and advanced battery technology are critical components for modern armed forces. Deeptech companies with defence relevance can therefore benefit from increased defence budgets without being traditional arms companies.
Risks to be aware of
The companies on this page are primarily not pure defence companies but deeptech companies with defence exposure as one of several segments. This means that defence business is not yet their primary source of revenue. The companies are in early phases with long timelines to profitability. Unlisted shares have lower liquidity than exchange-traded alternatives. Always carry out your own analysis before you invest.
Frequently asked questions about defence shares
What are defence industry shares?
Defence industry shares are shares in companies that supply products or services to military customers, defence ministries or NATO programmes. They range from large defence groups such as Saab to innovative deeptech companies developing energy solutions, batteries and materials with defence relevance.
What is NATO DIANA?
DIANA (Defence Innovation Accelerator for the North Atlantic) is NATO's programme for accelerating innovative technologies with defence relevance. The programme connects innovative companies with defence organisations and provides access to capital and test environments. Blykalla is one of the Swedish companies working actively within the programme.
How do I buy defence shares on Eqvor?
Create an account on Eqvor, choose the company you want to invest in and place an order via the platform. Eqvor matches buyers and sellers on the unlisted market. Depending on whether the company is connected to Euroclear, the shares are delivered to your securities account or registered directly in the company's share register.
Company information based on public data and Eqvor's platform data, May 2026.
