Led · Debt Financing · Jul 2026

Verda (formerly DataCrunch) builds vertically integrated AI cloud infrastructure that manages physical servers, data centres, and application-layer tools to provide on-demand, high-performance compute. Founded in 2020 and based in Helsinki, the company's Finnish data centres run on 100% renewable energy and leverage Nordic cooling and power advantages. Verda operates a dedicated AI Lab that works directly with customers to inform product decisions and is a NVIDIA Preferred Partner. The company reports being cash-flow positive and said its revenue run rate more than doubled to over $60 million in Q1 2026. It serves enterprise customers including Nokia, 1X, ExpressVPN, and Freepik. Verda plans to use new funding to accelerate product development, hire 100+ staff, and expand into the UK and US.

Participated · Equity · Aug 2025

Green Genius develops, builds and operates solar, wind, biogas and biomethane projects across multiple European markets. The company reports a total renewable energy project portfolio of about 3.1 GW and an Italian solar pipeline of roughly 650 MW of planned capacity. Of the Italian portfolio, 170 MW has reached ready-to-build status and is currently in a sale process. Green Genius says it assesses each project individually to determine whether to construct the asset or realise value through a sale, allowing recovery of capital before construction. The company is pursuing organic growth alongside selective sales of developed projects and targeted investments that create long-term value. The recent development financing is intended to increase project readiness while maintaining capital flexibility.

Led · Debt Financing · Jul 2024

EcoDataCenter is a Swedish operator of sustainable, high-performance digital infrastructure for demanding cloud and AI workloads. The company designs, builds, and operates state-of-the-art data centres with one of the industry's lowest carbon footprints. Founded in 2014, EcoDataCenter launched its first facility in Falun in 2019 and expanded capacity by acquiring the Kvarnsveden paper mill in Borlänge. It has attracted global clients and partners including CoreWeave, BMW, and DeepL, and collaborated with CoreWeave to build one of Europe’s largest AI clusters in Falun. In 2024 EcoDataCenter secured €600 million in debt financing from Deutsche Bank Private Credit and Infrastructure; together with owner Areim the company has raised roughly €1.8 billion since 2023. The new capital will be used primarily to continue expansion of the Falun and Borlänge campuses as the company scales to meet high-compute demand. EcoDataCenter builds sustainable colocation data centers that host customer-owned servers and infrastructure for major compute providers, hyperscalers, and enterprise customers like DeepL and BMW. The company emphasizes eco-friendly construction (including cross-laminated timber), renewable energy, and innovations in cooling and building materials to reduce the environmental impact of large data centers. EDC is a partner of CoreWeave and is the hosting provider for a CoreWeave–Nvidia project to build the first Blackwell cluster in Falun, Sweden. The company is owned by the holding company Areim, which says spinning out EDC is not being considered and declined to disclose a valuation. EDC will use the new capital to continue developing green data‑center technologies and to build additional facilities. To date EDC has raised €910 million ($966 million) in equity. EcoDC (EcoDataCenter) is a Swedish data centre operator offering sustainable and secure data centre solutions. Its Falun site buildings and cooling solutions have been designed to maximise energy efficiency; the site's electricity consumption is 100% renewable. The Falun site is also connected to a combined heat and power (CHP) plant enabling excess heat to be reused. Data usage is increasing rapidly, especially due to recent AI developments, which the company cites as driving demand and making the Nordics a preferred region for data centre services. EcoDC plans to expand the Falun site by 24 MW by 2025 and will make minor investments in its existing assets to support that growth. The company was founded in 2014 and is owned by Nordic fund manager Areim.

Participated · Debt Financing · Jan 2024

Northvolt is a Swedish manufacturer of battery cells for electric vehicles, operating a flagship gigafactory (Northvolt Ett) in Skellefteå and Northvolt Labs in Västerås. The company has filed for Chapter 11 bankruptcy protection in the US to enable restructuring, reorganisation and additional fundraising while continuing operations. Northvolt says operations will continue as normal during the bankruptcy and expects to complete the restructuring by Q1 2025. Founders include former Tesla executives Peter Carlsson and Paolo Cerruti; Carlsson will step aside as CEO, take a Senior Advisor role, and remain a Board member. The company has previously raised over $13.8 billion but has struggled with falling EV demand, intense Chinese competition, a €2 billion lost BMW contract, and large workforce reductions (1,600 layoffs). Operational metrics show it missed a production goal of 100,000 cells per week, shipping roughly 20,000, and it reports having enough cash for about one week of operations despite securing new financing. Northvolt is a Swedish battery startup building large-scale gigafactories to produce lithium-ion cells and packs for electric vehicles. The company aims to ramp production capacity to about 60 gigawatt hours, which the article equates to enough cells for over 1 million Volkswagen ID.3 vehicles. Northvolt says it has offtake contracts totaling more than $55 billion with automakers including BMW, Volkswagen, Volvo and Scania. It is expanding its manufacturing footprint with additional factories in Germany and Montreal; the Montreal site is intended to attract U.S. production tax credits under the Inflation Reduction Act. Financially, Northvolt secured a $5 billion debt package that includes refinancing an existing $1.6 billion facility from 2020, improving its runway for factory build-out and scale-up. Northvolt develops and manufactures sustainable battery cells and systems, with activities spanning R&D, manufacturing and recycling. It operates Europe’s first homegrown gigafactory, Northvolt Ett in Skellefteå, and runs an R&D and industrialization campus, Northvolt Labs, in Västerås. The company has received $55 billion in orders from major customers including BMW, Volvo Cars, Volkswagen Group, Scania and Fluence, and is supported by over 5,000 employees across Sweden, Germany, Norway, Poland, Portugal, the US and Canada. Northvolt is developing additional projects across Europe and the Northvolt Six fully integrated battery factory in Saint‑Basile‑le‑Grand and McMasterville, Québec, which when built will target up to 60 GWh annual production and on‑site cathode, cell and recycling facilities. Groundwork for Northvolt Six was expected to start by the end of 2023. The company was established in 2016 in Stockholm, Sweden. Northvolt makes lithium-ion batteries and is developing next-generation lithium-metal cell technology, including work on electric aviation at a California facility. The company operates a gigafactory in Skellefteå and is building another in Gothenburg with Volvo, plus plants in Germany and an energy storage factory in Poland. This round is intended to fund expansion into North America and further growth in Europe; sources say Northvolt is close to finalizing plans for a multibillion-dollar factory in Canada. Financially, Northvolt has secured more than $55 billion in customer orders and has raised a total of $9 billion in debt and equity since 2017. The company has previously issued convertible notes, including $1.1 billion last year, and continues to use convertible instruments as it prepares for future milestones. Northvolt is a Stockholm-based maker of sustainable lithium-ion batteries. The company produces cells at a Sweden gigafactory, having produced its first battery cell just before 2022 and making first commercial deliveries in spring of this year. Its core product is sustainable lithium-ion battery cells intended to supply decarbonization efforts. Financially, Northvolt has secured close to $8 billion in equity and debt to support its expansion. The latest financing is a $1.1 billion convertible note, following approximately $2.75 billion in equity funding announced about a year earlier. The company says the capital will support plans to establish a supply of sustainable batteries to enable the decarbonization of society. CEO Peter Carlsson said the company is thankful for investor support and will work to deliver on its promise to build the world’s greenest battery.