Umoe was founded as Ulltveit-Moe-gruppen in 1984, and had various investments mainly related to shipbuilding and engineering. These were sold, and instead Umoe ventured into catering through Umoe Catering.[citation needed]
In 2008 he sold the Knutsen OAS tanker fleet and started investing in renewable energy. Umoe Bioenergy cultivates sugarcane in Brazil for the production of 230 000 tonnes of bioethanol per year.[citation needed]
Umoe Solar was developing a facility for the production of 5 000 tonnes of poly-silicon in Miramichi, Canada.[1] In May 2010 the project was postponed until an unknown date.[citation needed]
Ulltveit-Moe donated NOK 70 million for the creation of a climate house in Oslo to communicate research-based knowledge about global warming, especially to youth.[citation needed]
The magazine Kapital estimated his fortune to be NOK 2.6 billion in 2024 (US$228 million 2025).[10] Through his company Umoe, Ulltveit-Moe owns a stake in the liberal think-tank Civita.[11][12]