Fortum invests in Norrsken Evolve fund to accelerate energy innovation
Fortum has invested in Norrsken Evolve fund as a limited partner to enhance access to early-stage energy technologies and business models.
Energy company Fortum has invested as a limited partner in venture capital fund Norrsken Evolve through its Innovation & Venturing arm. The investment aims to strengthen Fortum's access to early-stage companies developing technologies and business models for the evolving European energy system.
Norrsken Evolve recently completed its oversubscribed €62 million pre-seed fund and has already invested in over 80 companies across Europe. Fortum stated the investment provides closer access to emerging companies focused on areas including electrification, energy flexibility, and industrial decarbonisation.
The transformation of energy markets necessitates new technologies and operating models. Fortum seeks to understand these developments by investing in early-stage innovations. Additionally, the company will offer its specialist expertise to portfolio companies in fields such as power generation, energy markets, and customer solutions.
According to Norrsken Evolve, Fortum's operational knowledge provides founders with practical industry experience beyond traditional investment support. The fund is part of the broader Norrsken ecosystem, connecting tens of thousands of entrepreneurs and investors focused on sustainability.