Fortum Joins €62 Mn Norrsken Evolve Fund to Back Sustainable Startups

The investment comes after Norrsken Evolve closed its €62 million fund this summer. The fund was oversubscribed, meaning it received more investor interest than the amount it planned to raise.

Norrsken Evolve is a pre-seed investment fund that supports founders building companies focused on a more sustainable and resilient Europe. So far, the fund has backed more than 80 startups, with 75% later raising additional funding.

"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," says 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," says Johan Attby, General Partner, Norrsken Evolve.

Fortum’s investment is part of Norrsken’s broader effort to support Europe’s transition to cleaner and more sustainable energy.

Through its Electro Union campaign, Norrsken is calling on the European Union to target 50% electrification of final energy use by 2040.

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