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SKF Strengthens Industry Engagement Through Joining Industrial Alliance Nordic Compass

Rickard Gustafson, President and CEO of SKF, who announced SKF joining the Nordic Compass industry alliance
22 Oct 2026  |
Around 20 percent of global energy is used to overcome friction. As a company built on reducing friction, SKF sees significant opportunities to improve industrial productivity, energy efficiency and competitiveness through innovation and collaboration. To help advance action in this area, SKF has joined the Nordic industry alliance Nordic Compass.
Gothenburg, 22 October 2026Nordic Compass Summit, 4-5 NovemberAround 20 percent of global energy is used to overcome frictionEnergy and Security & Defence tracks
Key points
  • Nordic CompassFocused on strengthening competitiveness and resilience across the Nordic region and Europe through concrete industry-led initiatives.
  • Energy and Security & Defence TracksSKF will initially focus on contributing to the Energy and Security & Defence tracks, bringing expertise in energy efficiency, industrial innovation and critical infrastructure.
  • Inaugural Nordic Compass SummitSKF will also participate in the inaugural Nordic Compass Summit on 4-5 November.

Contributing to the Energy and Security & Defence Tracks

Nordic Compass is focused on strengthening competitiveness and resilience across the Nordic region and Europe through concrete industry-led initiatives. SKF will initially focus on contributing to the Energy and Security & Defence tracks, bringing expertise in energy efficiency, industrial innovation and critical infrastructure.

Europe’s Competitiveness Challenge Is an Energy Challenge

Europe’s competitiveness challenge is increasingly an energy challenge. Improving productivity, reducing energy losses and strengthening industrial resilience will require collaboration across industry, academia and policymakers. Through Nordic Compass, we look forward to contributing our century long expertise in friction reduction and energy efficiency to help accelerate innovative solutions that strengthen Nordic and European competitiveness

Rickard GustafsonPresident and CEO at SKF

Friction remains one of the largest hidden consumers of energy in the global economy. As a company built on understanding and reducing friction, SKF’s technologies help customers operate more competitively and sustainably. This by improving machine performance, reducing downtime, as well as increasing energy efficiency and product lifetime through circular solutions across industries ranging from manufacturing and transportation to renewable energy and critical energy infrastructure.

Supporting Critical Infrastructure and Societal Resilience

Beyond improving energy efficiency, SKF also contributes to societal resilience through technologies and solutions that support critical infrastructure, transportation systems and industrial capabilities. The Group supports both civil and defence-related value chains and provides technologies used in sectors essential to economic resilience, energy systems, transportation networks and industrial capabilities.

  • Economic Resilience
  • Energy Systems
  • Transportation Networks
  • Industrial Capabilities

Inaugural Nordic Compass Summit on 4-5 November

SKF will also participate in the inaugural Nordic Compass Summit on 4-5 November, where senior leaders from industry, government and academia will gather to advance concrete initiatives across the Nordic Compass’ priority areas.

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Since 1907, SKF has been making some of the world’s most innovative bearings, seals, lubrication systems, condition monitoring solutions, and services to reduce friction. Less friction means more energy saved and by reducing it, we...

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