Mikko Huumo has joined Finland-based oil group Helen as director of its corporate venturing unit to set up a fund focused on energy transition.
He said Helen Ventures’ €50m ($55m) fund would focus on electric mobility, digital (energy related) solutions, debcarbonisation, smart energy solutions and circular economy. And added: “So, one could say that very strong link with e.transition.”
Huumo joined Helen Ventures last month after nearly seven years at local energy utility Fortum, most recently as head of external venturing. Fortum is expected to continue in external venturing through an internal promotion and also made a cornerstone commitment to US-based venture capital firm Valo Ventures, which was launched by CapitalG alumnus Scott Tierney and raised $175m for its debut fund last summer.
Finland has been rapidly expanding its venture ecosystem with Innovestor Ventures making a first close of its third venture fund at €30m.
Petri Laine, managing partner at Innovestor Ventures, which acquired the portfolio from its first two funds from state-backed Finnvera in December 2016, said: “We announced last week our third fund that focuses on industrial technology in the Nordics / Baltics. Even more reason to join for the [Global Corporate Venturing Symposium] June event in London.”
This will be followed by the first GCV Academy in Stavanger, Norway, at the beginning of September and collaboration with the Offshore Northern Seas (ONS) energy conference in partnership with local bank DNB.
