Fortum invests in €62M Norrsken Evolve fund for European electrification

Nordic energy company Fortum has joined the Norrsken Evolve fund as a passive investor through its innovation and venture capital arm. The investment follows the final close of the Norrsken Evolve fund, which reached a total of €62 million this summer, exceeding its original targets.

Norrsken Evolve operates as a pre-seed fund focused on supporting European startups that develop technologies for electrification, energy flexibility, and industrial decarbonization. The fund has previously invested in over 80 companies, with 75 percent of those successfully securing subsequent rounds of financing.

The partnership aims to combine Norrsken’s presence in the Nordic and European startup ecosystems with Fortum’s industrial expertise in energy systems and low-carbon power generation. This collaboration is intended to support the development of new technologies and business models necessary to build a European economy based on clean electricity.