Europe’s energy transition is creating a new generation of startups focused on electrification, flexibility and industrial decarbonisation, but turning those technologies into large scale businesses requires more than venture capital. Nordic energy company Fortum has joined Norrsken Evolve as a limited partner, bringing industry expertise and access to the energy ecosystem alongside its financial commitment to the early stage fund.
Fortum Enters Norrsken Evolve
Fortum has invested in Norrsken Evolve through its Innovation & Venturing arm. The commitment follows the final close of Norrsken Evolve’s oversubscribed €62 million fund, which backs European founders developing solutions for a more sustainable and resilient economy.
Norrsken Evolve operates at the pre seed and early seed stage, supporting companies from the earliest stages of development. Norrsken describes the fund as an investment platform, founder programme and community focused on companies working on Europe’s sustainable and resilient future.
The partnership gives Fortum closer access to emerging technologies and startups, while providing companies in the Norrsken Evolve portfolio with expertise from an established energy company.
Energy Transition Creates New Opportunities
Electrification is changing how industries produce, transport and consume energy. As electricity becomes increasingly important across transport, manufacturing, buildings and other sectors, the energy system also needs new technologies that can balance demand, improve efficiency and support reliable low carbon power.
Fortum says its Innovation & Venturing activities focus on identifying emerging technologies and building partnerships that can contribute to the changing energy system. Its areas of interest include energy storage, digital energy solutions, hydrogen and flexibility services.
For early stage companies, access to this kind of operational knowledge can be valuable as they move from technology development toward commercial deployment.
Industry Expertise for Founders
Fortum’s contribution to Norrsken Evolve goes beyond capital. Portfolio companies will be able to access expertise covering power generation, energy markets, electrification, customer solutions, heating and cooling.
The energy company has experience operating across the Nordic power market and working with customers and partners on the transition toward lower carbon energy systems.
That gives startups an opportunity to understand how technologies operate outside controlled development environments and how new products can fit into existing energy infrastructure.
Connecting Startups With the Energy Ecosystem
For Norrsken Evolve, the partnership strengthens its position within Europe’s energy innovation landscape.
The fund has backed more than 80 companies, according to Fortum, with 75 percent of its portfolio companies subsequently raising follow on funding.
Norrsken’s broader ecosystem also connects founders with investors, corporate partners and other specialists. Its funds focus on different stages and geographies, with Norrsken Evolve specifically targeting European pre seed and early stage companies.
Fortum’s Innovation Strategy
The investment is part of Fortum’s wider effort to engage with startups and technologies that could shape the future energy system.
In recent years, Fortum Innovation & Venturing has invested in companies working on areas such as energy flexibility and digital optimisation. In 2025, for example, Fortum invested €1.4 million in Swedish startup Fifty Energy, whose software uses data and algorithms to optimise low carbon energy consumption and production.
Fortum has also emphasised partnerships between established energy companies and startups as a way to accelerate innovation.
Backing Europe’s Electrification Push
The Norrsken Evolve investment comes as Europe seeks to increase electrification while maintaining reliable and affordable energy supplies.
For startups, the opportunity spans multiple parts of the economy, including flexible power systems, industrial decarbonisation, energy management, storage and technologies that can help customers adapt to increasing electricity demand.
By combining Norrsken Evolve’s early stage investment network with Fortum’s operational knowledge, the partnership aims to create a stronger bridge between emerging technologies and the energy industry.
For Fortum, the investment provides a window into technologies that could influence the next generation of energy systems. For Norrsken Evolve’s founders, it adds an industry partner with practical experience of how electricity is generated, managed and delivered across the Nordic energy market.
