Fortum backs Norrsken Evolve’s €62 million climate-tech fund · Digg

Fortum backs Norrsken Evolve’s €62 million climate-tech fund

The energy company becomes a limited partner in a pre-seed fund that has supported more than 80 European startups since 2021.

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Fortum’s Zabrze combined heat and power plant in Poland.

TLDR

Fortum has invested in Norrsken Evolve’s €62 million pre-seed climate-tech fund through its Innovation & Venturing division. Tech Funding News reports that the fund exceeded its original €40 million target and has supported more than 80 companies since its accelerator phase began, with 75% later raising additional funding. The partnership gives Fortum access to early-stage energy and industrial-decarbonization deal flow, while founders gain access to the utility’s operational expertise and customer network.

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Nordic energy company Fortum has become a limited partner in Norrsken Evolve, a pre-seed fund focused on climate technology. The investment was made through Fortum’s Innovation & Venturing division; the amount was not disclosed.

Tech Funding News reports that the fund reached €62 million in summer 2026, exceeding its original €40 million target. Norrsken Evolve is managed by the Stockholm-based Norrsken Foundation and targets companies working on electrification, industrial decarbonization and other energy-system problems.

An industrial partner, not just capital

Norrsken says its Evolve program has supported more than 80 companies since its accelerator phase began in 2021, and that 75% later raised additional funding. Fortum supplies more than two million customers and operates low-carbon power generation, heating and cooling businesses across the Nordic region, giving portfolio founders access to practical knowledge about how energy is produced, distributed and sold.

For Fortum, the fund creates exposure to a broader pipeline of early-stage companies instead of a single startup. The utility made an earlier direct pre-seed investment of €2.1 million in Steady Energy, a Finnish company developing small modular reactors for district heating. Whether the fund partnership turns those relationships into deployments will depend on the portfolio’s progress over the next several years.

Fortum backs Norrsken Evolve’s €62 million climate-tech fund

The energy company becomes a limited partner in a pre-seed fund that has supported more than 80 European startups since 2021.

1 Source, 2h ago, first seen 2h ago

TLDR

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An industrial partner, not just capital

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@TFNBreakingNews💰@Fortum became a limited partner in @norrsken_org by investing through its Innovation & Venturing division. https://techfundingnews.com/fortum-lp-norrsken-evolve-62m-pre-seed-fund This summer, the fund reached €62 million, exceeding the original target of €40 million. #climatetech #eutech #technology #venturecapital #vcnews #innovation #investment #funding

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