Fortum backs Norrsken Evolve’s €62M fund to accelerate Europe’s electrification

Nordic energy firm Fortum has become a limited partner in Norrsken Evolve’s €62 million fund, aimed at accelerating Europe’s electrification. This investment comes after Norrsken Evolve’s oversubscribed €62 million fund closed at the end of summer. Norrsken Evolve is a pre-seed fund supporting the development of Europe’s sustainable and resilient future, having backed over 80 companies so far.

With 75% of these companies securing additional funding, electrification is seen as a key driver in reshaping various industries, energy systems, and societies worldwide.

The partnership between Fortum and Norrsken Evolve combines Norrsken’s strengths within the Nordic and European startup ecosystem with Fortum’s extensive experience in energy systems, electrification, industrial decarbonisation, and energy markets. For Norrsken Evolve’s portfolio companies, Fortum’s involvement provides access to specialized sector expertise and a vast network throughout the Nordic energy ecosystem.

As the future energy system relies heavily on innovation and tighter collaboration among entrepreneurs, investors, and industry players, Fortum sees this partnership as a way to strengthen its connection to the next generation of companies developing solutions for electrification, flexibility, industrial decarbonisation, and other critical energy challenges.

According to Gustav Eilertsen, VP, Innovation & Venturing at Fortum, the company’s investment validates the founders' thesis and offers a valuable asset to every founder they support.

Norrsken Evolve’s General Partner, Johan Attby, emphasizes that Fortum's expertise in energy generation, transmission, and sales complements the financial backing, providing crucial insights into the energy sector. This collaboration aligns with Norrsken Evolve's broader mission of making Europe the world’s first electro-continent by committing to 50% electrification of final energy consumption by 2040.