Fortum, a major Nordic energy provider, has committed to Norrsken Evolve as a limited partner through its innovation and venturing division. The move comes after the pre-seed fund completed its €62 million fundraising round this summer, which was oversubscribed.
Norrsken Evolve focuses on backing founders working on Europe's sustainable and resilient energy future. The fund has invested in more than 80 companies, with 75 per cent subsequently securing follow-on funding rounds.
The continent faces a fundamental shift toward clean electricity as its primary energy source. Developing the technologies, business models and partnerships needed to build an economy around this transition falls largely to early-stage innovators working across electrification, grid flexibility and industrial decarbonisation.
Fortum's involvement merges Norrsken's deep roots in the Nordic and broader European startup ecosystem with decades of operational experience in energy systems, electrification, industrial decarbonisation and energy markets. The energy company serves more than two million customers across the Nordic region, with core operations spanning low-carbon power generation, customer services, and heating and cooling infrastructure.
Portfolio companies gain direct access to Fortum's specialised sector knowledge and its extensive network throughout the Nordic energy sector.
The future energy system will be built through faster innovation and closer collaboration between entrepreneurs, investors and industry. Through this partnership, we strengthen our connection to the next generation of companies developing solutions for electrification, flexibility, industrial decarbonisation, and other critical energy challenges
Gustav Eilertsen, VP, Innovation & Venturing at Fortum
Europe has the talent and the technology to power its economy on clean electricity, and our founders are building the companies that will make that happen. What Fortum brings is the operational depth that financial investors cannot: real knowledge of how energy is generated, moved and sold. Their backing is strong validation of our thesis, and a genuine asset to every founder we invest in
Johan Attby, General Partner, Norrsken Evolve
Fortum's participation aligns with Norrsken's broader Electro Union campaign, which calls on the EU to commit to achieving 50 per cent electrification of final energy consumption by 2040.
Source: Tech.eu
