Fortum joins Norrsken Evolve’s €62M fund to drive Europe’s electrification

Nordic energy company Fortum has joined Norrsken Evolve as a limited partner through its innovation and venturing arm. The investment comes after Norrsken Evolve closed its €62 million fund this summer, following an oversubscribed fundraising round.

Norrsken Evolve is a pre-seed fund focused on supporting founders developing solutions for a more sustainable and resilient Europe. So far, the fund has backed more than 80 companies, with around 75% going on to secure follow-on funding.

Electrification is changing industries, energy systems and societies worldwide. For Europe, clean electricity is one of the few energy sources that can be produced at scale within the continent. Building an economy around electricity will require new technologies, business models and partnerships, many of which are already being developed by early-stage startups.

The partnership combines Norrsken Evolve’s strong network across the Nordic and European startup ecosystem with Fortum’s long-standing expertise in energy systems, electrification, industrial decarbonisation and energy markets.

For companies in the Norrsken Evolve portfolio, Fortum will provide access to industry expertise and its broad network across the Nordic energy sector. Fortum serves more than two million customers and focuses on low-carbon power generation, customer services, and heating and cooling.

Gustav Eilertsen, VP of Innovation & Venturing at Fortum, said the future energy system will require faster innovation and stronger cooperation between entrepreneurs, investors and industry. He added that the partnership will help Fortum connect with startups working on electrification, flexibility, industrial decarbonisation and other key energy challenges.

Johan Attby, General Partner at Norrsken Evolve, said Europe has the talent and technology needed to build an economy powered by clean electricity. He added that Fortum brings practical industry experience and a deeper understanding of how energy is generated, distributed and sold, which can support founders in the fund’s portfolio.

Fortum’s investment also supports Norrsken’s wider goal of helping Europe become the world’s first “electro-continent” through its Electro Union campaign. The campaign calls on the European Union to target 50% electrification of final energy consumption by 2040.