Fortum partners with Norrsken Evolve on €62M

Fortum has become a limited partner in Norrsken Evolve’s oversubscribed €62 million pre-seed fund. The Finnish energy company invested through its innovation and venturing arm. The fund closed this summer, exceeding its original €40 million target.

This move strengthens a strategic partnership between a major energy incumbent and a prominent venture fund. It reflects a broader trend of established industry players seeking to accelerate climate tech innovation through early-stage capital.

Strategic alignment between energy expertise and startup ecosystem

The partnership directly links Norrsken's pan-European startup network with Fortum's deep expertise in energy systems, electrification, and industrial decarbonisation. Fortum will provide its specialised sector knowledge and extensive Nordic energy ecosystem footprint to portfolio companies.

This collaboration also supports Norrsken’s wider Electro Union campaign. That initiative is an open call for the European Union to commit to 50% electrification of final energy consumption by 2040, aiming to make Europe the world's first electro-continent.

Fortum’s broader innovation strategy in climate tech

Fortum’s investment in the fund follows its earlier, direct venture activity. In January, the company’s Innovation & Venturing division invested €2.1 million directly into Steady Energy, a Finnish startup developing small modular nuclear reactors for district heating. Fortum also granted that company access to its nuclear expertise.

Gustav Eilertsen, vice-president of Innovation & Venturing at Fortum, framed the strategic imperative. "The future energy system will be built through faster innovation and closer collaboration between entrepreneurs, investors and industry," he said.

Norrsken Evolve’s track record and campaign support

Norrsken Evolve has built a substantial portfolio since 2021, supporting more than 80 early-stage companies. These firms operate in fields including renewable energy, robotics, AI infrastructure, and advanced materials. A significant 75 percent of those companies have secured follow-on funding.

The fund makes investments of up to €500,000 in 20 to 30 companies every year, focusing on technologies for electrification, flexibility, and industrial decarbonisation. Johan Attby is General Partner at Norrsken Evolve.

Context: Europe’s rising climate tech investment

This deal occurs as European climate tech venture capital shows notable momentum. According to PitchBook data, Europe overtook North America in climate tech VC deal value in the first quarter of 2026.

Most of Europe’s growth in that quarter was driven by a small number of large deals. Early-stage financing in the region remains limited despite the overall increase.

For Fortum, the partnership grants access to Norrsken Evolve’s deal flow and connections with future developers of critical grid hardware and storage. It will only become clear over the next few years whether this accelerates commercialisation for founders or provides Fortum with a new strategic perspective.