The data center power solutions industry in the Nordics focuses on providing critical energy management systems to support the increasing demand for cloud computing and digital services. Companies range from corporate giants to specialized startups, offering innovative power supply technologies, energy management, and sustainable solutions designed to enhance efficiency and reduce carbon footprints. As data centers shift towards renewable energy sources, operators are investing in advanced power solutions and energy storage options. Interesting trends, like energy virtualization and the integration of artificial intelligence, are setting the stage for sustainable growth in this sector, positioning the Nordics as a frontrunner in energy innovation.


This ranking explores a mix of 15 investors, including corporate entities, private equity firms, and venture capitalists, all operating in the data center power solutions industry. Hailing from key hubs like Stockholm and Helsinki, these investors vary in size—from large global corporations like SEB and EQT Group to emerging venture firms. Established between 1856 and 2019, they collectively facilitated an impressive number of deals in 2024, showcasing their commitment to the sector's growth and innovation. Their strategies reflect a growing emphasis on sustainable energy and efficient power management solutions.


Top 15 Data Center Power Solutions Investors in the Nordics


1. EQT Group

  • Website: eqtgroup.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 1001-5000
  • Number of deals in 2024: 30
  • LinkedIn: eqt-partners

EQT Group is a prominent investment firm based in Stockholm, Sweden, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Founded in 1994, EQT serves institutional investors by managing diverse investment portfolios across various sectors and geographies. Notably, EQT has made significant strides in the data center power solutions space, highlighted by its acquisition of EdgeConneX in 2020, a company known for its data center operations and services. Furthermore, EQT's recent agreement to acquire Scale Microgrids in 2025 aligns with its Transition Infrastructure strategy, emphasizing its focus on energy solutions that are vital for data centers. These transactions underscore EQT's active role in the data center power solutions industry, enhancing its profile as a relevant investor in this sector.


2. Equinor

  • Website: equinor.com
  • Type: Corporate
  • Headquarters: Stavanger, Rogaland, Norway
  • Founded year: 1972
  • Headcount: 10001+
  • Number of deals in 2024: 6
  • LinkedIn: equinor

Equinor ASA, founded in 1972 and based in Stavanger, Norway, is a public entity operating primarily in the energy sector, focusing on oil, gas, and renewable energy. With a workforce of over 10,000 employees, Equinor is committed to sustainability and aims to become a net-zero emissions entity by 2050. The company serves a diverse customer base, including governments and industries, providing energy solutions that address climate challenges while ensuring energy security. Notably, Equinor has made significant investments in energy technology companies such as Mainspring Energy, which raised substantial funding in Series C and D rounds, indicating a focus on innovative energy solutions. Additionally, their involvement with Convergent Energy and Power further emphasizes their interest in energy storage and management technologies. The acquisition of Triton Power, which includes plans to transition to hydrogen usage, showcases Equinor's strategic direction towards cleaner energy sources, which is highly relevant for powering data centers sustainably.


3. Addtech AB

  • Website: addtech.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1906
  • Headcount: 1001-5000
  • Number of deals in 2024: 9
  • LinkedIn: addtech-ab

Addtech AB, founded in 1906 and based in Stockholm, Sweden, is a corporate investor specializing in technology solutions across various sectors, including automation, electrification, energy, industrial solutions, and process technology. The company serves OEM manufacturers and end-users, enhancing operational efficiency and sustainability through innovative solutions. Notably, Addtech has made several strategic acquisitions that align with the data center power solutions industry. For instance, they acquired Power Technic ApS, a supplier of power supply products, in July 2018, and Powernor AS in January 2021, both of which contribute to their capabilities in power solutions. Additionally, their acquisition of Duelco A/S, a supplier of electrical distribution products, further emphasizes their commitment to enhancing power solutions, which are critical for data centers.


4. Chalmers Ventures


Chalmers Ventures is a venture builder and tech investor based in Sweden, founded in 2015. They specialize in deep tech innovations and support researchers and entrepreneurs in commercializing their technologies through various programs that provide business guidance, financing, and community networking. In 2023 and 2024, Chalmers Ventures has been actively involved in funding ZeroPoint Technologies, which raised significant amounts in multiple funding rounds, including a seed round and Series A funding. These investments are aimed at expanding ZeroPoint's international presence and developing new products, which may include solutions relevant to energy efficiency and sustainability in data centers. Their model emphasizes active ownership and investment in startups, helping them scale and succeed in the market, which could be beneficial for innovations in data center power solutions.


5. Industrifonden

  • Website: industrifonden.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1979
  • Headcount: 11-50
  • Number of deals in 2024: 9
  • LinkedIn: industrifonden

Industrifonden is a venture capital fund based in Stockholm, Sweden, founded in 1979. The fund specializes in investing in early-stage companies, particularly in the fields of Deep Tech, Life Science, and Transformative Tech. Industrifonden provides financial support and strategic guidance to startups, helping them scale their innovative solutions and create long-term value through partnerships with passionate founders. Notably, Industrifonden has been involved in significant transactions relevant to the data center power solutions sector, such as their investment in Flexenclosure, a developer of intelligent power management systems and pre-fabricated data centers, which raised $24 million in funding. Additionally, their investments in ZeroPoint Technologies, which focuses on climate tech and energy solutions, further demonstrate their interest in technologies that can enhance power management and efficiency in data centers.


6. Seb

  • Website: sebgroup.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1856
  • Headcount: 10001+
  • Number of deals in 2024: 13
  • LinkedIn: seb

Skandinaviska Enskilda Banken AB (SEB) is a leading banking group in Northern Europe, founded in 1856, providing a wide range of financial services including corporate and investment banking, asset management, and private wealth management. SEB serves large corporations, institutional clients, and private individuals, helping them manage their financial assets and navigate investment opportunities. In 2023, SEB participated in a debt financing round for Delska (DEAC, Data Logistics Center), which is directly related to data center operations. This transaction, along with their other investments, showcases SEB's capability and willingness to engage in sectors that include data center power solutions, despite their broader investment strategy.


7. Bravida

  • Website: bravida.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2000
  • Headcount: 10001+
  • LinkedIn: bravida

Bravida is a corporate investor based in Stockholm, Sweden, founded in 2000. As a technical service provider, Bravida specializes in the installation and maintenance of various systems, including electrical, heating, sanitation, ventilation, and security systems. They serve property owners and facility managers across the Nordic region, ensuring that essential systems function reliably and efficiently. In recent years, Bravida has made several strategic acquisitions to strengthen its position in the market. Notably, they acquired KT Elektric A/S, an electrical service provider, to enhance their capabilities in electrical services and building automation, which are crucial for data centers. Other acquisitions, such as Hangö Elektriska and Profire Sprinkler, further demonstrate their commitment to expanding their service offerings in electrical and related systems. These transactions highlight Bravida's potential relevance in the data center power solutions sector, particularly in electrical installations and maintenance.


8. Altor Equity Partners

  • Website: altor.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2003
  • Headcount: 51-200
  • Number of deals in 2024: 6
  • LinkedIn: altor

Altor Equity Partners is a private equity investment management firm based in Stockholm, Sweden, founded in 2003. The firm specializes in enhancing operational efficiency and sustainable growth for its partners through tailored investment strategies and digital transformation solutions. Altor has made significant investments in various sectors, including technology and energy. Notably, they acquired NorthStar Battery, a manufacturer of high-performance batteries and standby power systems, which are essential for backup power solutions in data centers. Additionally, Altor's investment in Eleda Group and their stake in OX2, a renewable energy developer managing multiple wind parks, further demonstrate their commitment to energy solutions that can support data center operations. Their involvement in the photovoltaic power sector through Sunbooster also aligns with the growing trend of integrating renewable energy sources into data center power strategies.


9. Helen Ventures

  • Website: helenventures.fi
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2019
  • Headcount: 1-10
  • Number of deals in 2024: 7
  • LinkedIn: helen-ventures

Helen Ventures is a venture capital firm based in Helsinki, Finland, founded in 2019. The firm specializes in investing in clean energy technology companies, providing both capital and expertise to support businesses in the renewable energy sector. Their portfolio includes notable companies such as Renewabl and Virta, which focus on enhancing sustainability and reducing carbon emissions. In 2023, Helen Ventures participated in a funding round for Voltfang, a startup that develops energy storage solutions using second-life EV batteries, raising €5 million. Additionally, they have invested in Gradyent, a company that aims to improve the efficiency of district heating systems, securing €10 million in a Series A round in 2022 and €1.9 million in a previous seed round. These transactions highlight Helen Ventures' commitment to supporting innovative energy solutions that can have implications for energy management in data centers.


10. Nokia

  • Website: nokia.com
  • Type: Corporate
  • Headquarters: Espoo, Uusimaa, Finland
  • Founded year: 1865
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: nokia

Nokia Corporation, founded in 1865 and based in Espoo, Uusimaa, Finland, is a leading telecommunications and technology solutions provider specializing in networking technology and digital transformation. The company offers a diverse range of products and services, including cloud infrastructure, mobile networks, and security solutions, primarily targeting businesses and organizations across various industries. Notably, Nokia has made significant acquisitions to bolster its capabilities in areas relevant to data centers. For instance, the acquisition of Elenion Technologies in 2020 aimed to enhance optical connectivity for 5G, cloud, and enterprise networking, which is crucial for data center operations. Additionally, the acquisition of DeepField in 2016 was intended to improve network and service automation through real-time analytics, further supporting data center efficiency. These strategic investments highlight Nokia's commitment to advancing technologies that are integral to the data center power solutions sector.


11. NIBE Industrier AB

  • Website: nibe.se
  • Type: Corporate
  • Headquarters: Markaryd, Kronoberg, Sweden
  • Founded year: 1952
  • Headcount: 5001-10000
  • LinkedIn: nibe-ab

NIBE Industrier AB is a corporate investor based in Markaryd, Kronoberg, Sweden, founded in 1952. The company specializes in energy-efficient heating and cooling solutions, offering a range of products including heat pumps, hot water heaters, and smart home technology. Their customer base includes homeowners and property managers seeking reliable climate control systems that minimize energy consumption. NIBE has been active in expanding its portfolio through acquisitions, including Eltwin A/S, which specializes in industrial electronics, and LS Control A/S, which focuses on control systems. These acquisitions indicate NIBE's strategy to enhance its technological capabilities, which could be beneficial in the context of data center power solutions. Additionally, their acquisition of Enertech Global, a heat pump firm, further emphasizes their commitment to energy efficiency, a key consideration for data centers.


12. ASSA ABLOY Group

  • Website: assaabloy.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 10001+
  • Number of deals in 2024: 21
  • LinkedIn: assaabloy

ASSA ABLOY Group, founded in 1994 and headquartered in Stockholm, Sweden, is a leading provider of security solutions specializing in locks, doors, gates, and entrance automation. The company has a strong focus on innovation and has established itself as a leader in the security industry through numerous acquisitions and a diverse product portfolio. Notably, ASSA ABLOY acquired LifeSafety Power in September 2019, a company that specializes in smart integrated access control power solutions, which is particularly relevant for data centers that require reliable power for security systems. Additionally, ASSA ABLOY has made several other acquisitions, including Nomadix in March 2024, which may further enhance its capabilities in providing integrated solutions that could benefit data centers. Overall, ASSA ABLOY's strategic acquisitions reflect its commitment to expanding its offerings in the security and power solutions sectors.


13. Vattenfall


Vattenfall is a leading energy company based in Solna, Stockholm, Sweden, specializing in the production and retail of electricity and heat. Founded in 1909, Vattenfall serves both businesses and consumers with a focus on sustainable energy solutions aimed at reducing dependency on fossil fuels. The company is committed to achieving fossil freedom by 2040 and is actively involved in innovative energy technologies and partnerships. Notably, Vattenfall's acquisition of The Node Pole in 2016 highlights its strategic interest in the data center sector, aiming to enhance the data center campus and position Sweden as a prime location for industries requiring stable and sustainable energy. Additionally, Vattenfall's other acquisitions, such as WSK Puls and DELTA Energie, further demonstrate its commitment to expanding its renewable energy capabilities, which are crucial for powering data centers sustainably.


14. Summa Equity

  • Website: summaequity.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2016
  • Headcount: 51-200
  • Number of deals in 2024: 6
  • LinkedIn: summa-equity

Summa Equity is a private equity firm based in Stockholm, Sweden, founded in 2016. The firm specializes in thematic investments that address global challenges, with a strong emphasis on sustainable investment solutions across various sectors, including resource efficiency and technology. Summa Equity manages over £4 billion in equity and focuses on aligning financial returns with positive societal impact. Notable transactions include the acquisition of EA Technology, which specializes in power grid management, highlighting their commitment to energy transition. They also backed Tibber, a smart energy services company, in a significant funding round, further demonstrating their engagement in the energy sector. Other investments include Kiona, Lakers Holding, and Lin Education, showcasing a diverse portfolio but with a clear inclination towards energy and technology solutions.


15. Lagercrantz Group AB

  • Website: lagercrantz.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2001
  • Headcount: 1001-5000
  • Number of deals in 2024: 6
  • LinkedIn: lagercrantz

Lagercrantz Group AB is a technology group based in Stockholm, Sweden, founded in 2001. The company operates approximately 80 subsidiaries that provide specialized technical solutions across various niche markets. Their business model emphasizes both acquisitions and organic growth, catering primarily to business customers seeking tailored technology solutions. Notably, Lagercrantz has made strategic acquisitions that enhance its capabilities in areas relevant to data center power solutions. For instance, the acquisition of Suomen Diesel Voima Oy in December 2023, a manufacturer of generator sets, positions Lagercrantz to play a role in power generation for data centers. Additionally, their acquisition of Direktronik AB in 2007, a reseller of hardware for data and network communication, further aligns with the needs of data centers for reliable communication infrastructure. These transactions highlight Lagercrantz's commitment to expanding its footprint in sectors that support data center operations.



Data Center Power Solutions Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
EquinorStavanger, Rogaland, Norway10001+19726
Addtech ABStockholm, Stockholm, Sweden1001-500019069
Chalmers VenturesSweden11-50201526
IndustrifondenStockholm, Stockholm, Sweden11-5019799
SebStockholm, Stockholm, Sweden10001+185613
BravidaStockholm, Stockholm, Sweden10001+20000
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
Helen VenturesHelsinki, Uusimaa, Finland1-1020197
NokiaEspoo, Uusimaa, Finland10001+18653
NIBE Industrier ABMarkaryd, Kronoberg, Sweden5001-1000019520
ASSA ABLOY GroupStockholm, Stockholm, Sweden10001+199421
VattenfallSolna, Stockholm, Sweden10001+19090
Summa EquityStockholm, Stockholm, Sweden51-20020166
Lagercrantz Group ABStockholm, Stockholm, Sweden1001-500020016


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