For decades, the forestry-based industry in Norway has specialised in pulp and paper production. Huge volumes of forest resources, including residues and side-streams, have been channelled into this industry. However, the recent decline in European pulp and paper production has had a tremendous impact on the market possibilities of Norwegian forestry residues. This chapter explores how different specific regional contexts within Norway are affecting the emergence of novel pathways for valorising forestry residues. In particular, we analyse and compare new path development processes in three Norwegian regions specialising in forest-based value creation. The main empirical sources for the study are interviews with representatives of and collaborators with three companies, each of which plays a major role in the three regions’ development: Norske Skog Skogn at Fiborgtangen, Trøndelag; Treklyngen in Hønefoss, Buskerud; and Borregaard in Sarpsborg, Østfold. The three cases suggest that forest-based waste valorisation often originates in the co-location of activities belonging to different value chains. Such activities can be performed by a firm operating in different lines, or by different firms, possibly belonging to different sectors. In both cases, the presence of a strong and innovative private actor in a region raises the region’s chances of waste valorisation.