Waste-to-energy is currently at the forefront of clean technologies. It consists of the burning of different types of wastes (solid, liquid, gaseous) that provide heat and electricity. With high efficiency levels in energy production (80-90%) and low flue gas emissions, this type of energy production has quickly spread throughout Europe. In addition, laws created by both the EU and national governments have created new agendas regarding landfill and waste disposal. Problem: We have identified three different problems that currently exist: (1) the lack of academic literature which explores specifically business models within the renewable energy industry and the potential that business models possess in exploiting the opportunity within the market place; (2) which methods are effective within a business model in achieving the value that a firm wishes to create, capture, and deliver; (3) current academic literature does not provide enough understanding of the influences and pressures that stakeholders place upon shaping a firm’s current/potential business model. Purpose: The purpose of this investigation is to examine the business models used by three different waste-to-energy firms in Denmark, Norway, and Sweden and to identify the methods used to create, capture and deliver value. Moreover, we aim to identify and investigate the stakeholders within the waste-to-energy industry of these three companies with the goal of explaining the influence and pressures they place upon the firm’s business model through the use of institutional theory.