MIRIS X, Innovative Norwegian Platform Uses Blockchain to Offer Green Bonds

Published by Fernando on

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Miris X logo. Miris offers green bonds using blockchain technology

MIRIS X is a Norwegian company with an innovative platform that offers Green Bonds with a 48-month maturity and a fixed return of 7% per year. They focus on developing sustainable real estate projects using blockchain technology.

Who is behind MIRIS X

MIRIS X is one of the solutions from MIRIS AS, a Norwegian privately held company founded in 2016, that has a long-term vision to:

Enable the development and construction of residential, commercial, and industrial buildings that produce more energy than they use


MIRIS also has other products such as ‘MIRIS Exact’ – a digital twin platform for buildings and ‘MIRIS Edge Computing’ – an energy-efficient network of small data centers for urban areas.

MIRIS is a relatively small company with less than 50 employees. The executive team is formed by Jan Mathisen (CEO and Founder), Julie Tretteteig (CFO), and Elin Hauge (Chief Commercial Officer & Innovation Director). Particularly Jan Mathisen seems to have a long track record with experiences in real estate and telecom businesses.

The company’s most recent achievements include an industrial partnership with Nokia in January 2019 and the acquisition of Redsand Group in July 2019, which is a company focused on venture builders of tokenized business models for construction, green energy, property tech, and financial services.

YGW Rating: Company Financials
YGW Rating: Return on Investment

How does the platform work?

MIRIS X is a full blockchain-powered token economy platform, which through smart contracts enables real estate projects to be fractionalized, allowing investors to participate in projects with a minimum amount of 100 EUR. The blockchain solution is not only used on the financing side, but also at the development side of the business, keeping track of the entire supply chain, deadlines, budgets, and payments during the construction phase.

At the platform, MIRIS X offers access to its Green Bonds fund, which is a portfolio of sustainable projects. The first project in the portfolio is the Svart Hotel,

Aurora borealis at Nordic Arctic, Norway
Near location whare Miris will develop an energy negative hotel to be financed using innovative green bonds
The Svart Hotel will be located at the Nordic Arctic

“First energy-positive hotel, located close to the Svartisen glacier, north of the Arctic Circle, in the Meløy municipality. The design is low-impact, the construction based on local materials to the extent possible, and subject to rigid sustainability criteria”.


Other potential projects to be listed as part of the Green Bonds fund are Spark Technology Centers and Edge data centers.

How to invest with MIRIS?

At MIRIS X homepage, they offer two ways of investing in MIRIS Green Investments:

US Capital Global (for institutional investors)

  • Structure: Asset backed Security
  • Available: EUR 100,000,000
  • Minimum entry: EUR 120,000
  • Interest rate: 6.4%

MIRIS X platform (for individual investors)

  • Structure: Green bond
  • Available: EUR 8,000,000
  • Minimum entry: EUR 100
  • Interest rate: 7.0%

At the Green Bond Investor Memorandum, MIRIS clarifies that the “digital subscription” (MIRIS X platform) of up to EUR 8 million, is counted as part of the full EUR 100 million.

YGW Rating: Diversification

Due diligence of the Green Bond

The Green Bond offered at MIRIS X platform is registered at Norway’s Central Securities Depository and physical assets are given as a guarantee against the Green Bond, including land, construction materials, the buildings themselves, and cash in their bank account.

To select, track, and report on projects, MIRIS uses the Green Finance Framework. The framework has been developed by MIRIS in alignment with the Green Bond Principles 2018, which defines the use of proceeds, the process for project evaluation and selection, the management of proceeds, and the reporting.

Based on the MIRIS Green Finance Framework, proceeds can only be allocated to eligible projects that target:

  1. The mitigation of climate change, such as through investments in green buildings, energy efficiency, renewable energy, innovative technology with a potential for significant future energy savings, clean transportation, and waste management
  2. The adaptation to climate change, such as water and wastewater management
  3. Environmental and ecosystem improvements, such as emissions reduction and waste management

What are the risks and guarantees when investing with MIRIS X


New platform: MIRIS X is a brand-new crowdlending platform. According to MIRIS website, the platform was launched on 4th February 2019. However, their first presence in social media (first Facebook post) dates only from April 2020.

At the time of writing, it is unknown how many investors have joined the platform. However, when logging to their platform, we can see that despite having started in April 2020, the fund raise is going slow. Out of the total green bond value (EUR 100 million), less than EUR 3,000 have been invested.

MIRIS green bond - MIRIS X

Exit options: The green bond has a 48-month maturation period* and it’s full bullet, meaning that the principal and interest are only paid out at maturity (however, interest is accrued in real-time and visible at the user dashboard). The maturation period can be considered adequate for bonds, however, no early-exit option is offered. The company mentions that “you can trade part or all of your investment at any time on the marketplace”. However, there is no active marketplace at the platform and even if one is created, due to the platform novelty, trading volumes might be insufficient, leaving investors with their money locked in the platform for the full 4 years.

*When reviewing the MIRIS website and platform we’ve noticed a inconsistency on the maturation period. While at the MIRIS X platform it is stated 3-year of maturation period, the Green Bond Investor Memorandum states a maturation period of 48-months.


MIRIS X aims to keep a maximum Loan-to-Value (LTV) ratio of 75%, meaning that the total value of the bond can only be up to 75% of the value of the assets. A third-party auditor is responsible for auditing the value of the assets as the project progresses to make sure that they are in line with the market value.

YGW Rating: Due diligence & Risks


The environmental impact of the green bond is assessed by CICERO Green, which is a subsidiary of the climate research institute CICERO and Norway’s foremost institute for interdisciplinary climate research. CICERO has played an active role in the United Nation’s IPCC (Interdisciplinary Panel for Climate Change) since 1995.

CICERO assesses the impact of the green bond for sustainable projects based on their Shades of Green rating, which are Dark green (highest positive impact), Medium Green, Light Green, and Brown (lowest positive impact).

The MIRIS Green Bond fund has been rated by CICERO as ‘Medium green. However, the rating is

“Influenced by the broad set of categories, some of which allows for fossil elements, a lack of an overarching climate strategy and quantitative targets for greenhouse gas emission reductions and a symmetric lack in the planned impact reporting”.


The environmental benefits of the project have been assessed in six categories: Green buildings, Energy efficiency, Renewable energy, Clean transportation, Pollution prevention and control, and Sustainable water and wastewater management. Out of those, MIRIS X scored a low ‘light green’ in two categories: Clean transportation and Pollution prevention and control. The main points of concern from CICERO are:

  • Clean transportation: use of non-fossil fuel (biofuels) or hybrid systems, which contain fossil fuel elements
  • Pollution and prevention control: reduction of emissions (e.g. CO2, SOx, NOx, particulate matter, heavy metals, and dioxins) into the air might lead to decrease in the overall energy efficiency of the building

Finally, CICERO also points out the higher energy usage of a tokenized platform when compared to a conventional website. However, the selected coin Ethereum uses less energy than equivalent blockchain technologies, such as Bitcoin.

YGW Rating: Impact

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Conclusion of MIRIS X review

IMPORTANT: Miris X platform is no longer accessible to investors! We have reached out to customer support for clarification, but received no answer so far.

MIRIS X is an ambitious and first-of-a-kind solution, which plans to deploy a state-of-the-art energy-positive hotel and combine it with the latest technology in crowdfunding. From the start, it seems that they have a competent and experienced team behind it. Jan Mathisen has vast experience with real estate and telecom and Nicole Anderson, ex-Redsand, has experience with creating blockchain business models.

The annual interest of 7% offered by MIRIS X Green Bond fund can be considered very high for corporate green bonds, especially for a short maturation period of only 4 years. The high return seems to be aligned with the high risk of the project and the novelty of the technologies being used by MIRIS X. As a reference, the total expected cost of the first project, Svart Hotel, is around EUR 100 million and brings a 5-year ROI of 22% to MIRIS.

However, MIRIS X, the platform, still needs to prove that it has enough volume and momentum to become a true peer-to-peer platform like Trine or Lendahand. Their digital marketing is not strong enough and is lacking speed. The creation of a secondary market with good liquidity is crucial to allow exit options, before maturation, for small investors. We have reached out to their customer service via e-mail, Facebook, and a contact form at their website. After a few weeks they replied, informing that the Green Bond started raising funds in 14th April 2020.

In July 2020, US Capital Global has structured and provided MIRIS with a EUR 10 million bridge loan, targeting mainly accredited and institutional investors.

If you would like to be one of the first investors on MIRIS Green Bond for sustainable projects, and invest in a futuristic state-of-the-art luxury hotel in the Arctic Circle, you are welcome to use our referral link (strangely enough MIRIS does not describe whether there are any benefits for investors when using/sharing the referral link).

MIRIS X Review

Reviewed by: Your Green Wealth

Miris X logo edited - MIRIS X
Company Financials
Return on investment
Due diligence & Risks


MIRIS X is a brand new platform and offers green bonds for only one project, limiting investors diversification options. Social and environmental impacts are limited to Norway.


Not an investment advice: The information provided on this website is intended for general information purposes only and does not constitute investment advice, financial advice, trading advice, or any other sort of advice. You should conduct your due diligence and, if necessary, consult a qualified independent financial advisor before making any investment decisions.

Disclaimer: This website may use affiliate links. Keep in mind that we may receive commissions when you click our links and make purchases.


Fernando created Your Green Wealth to help investors find sustainable investing options. When not writing for Your Green Wealth, he is a business developer for renewable energy projects.


Mary Ann Rowland · May 2021 at 19:39

Miris is a nightmare for we who have loaned them money — and not gotten returns for years. Many shady and foggy ‘conversions’ along the way. And I have paid UNBELIEVABLY high taxes due to their deceit — invisible returns they report here in Norway. Think long and hard before you invest in them!!

    Fernando · May 2021 at 10:06

    Hi Mary Ann.
    Thank you for the warning. Could you give more details on which projects and time of your investments?
    Have you invested on Miris X Svart Hotel?

    We have rated them here relatively low, mainly due to lack of transparency and weak customer service.

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