Climate & Energy · 2024
Grid-scale storage for a fully renewable grid
Nordic
$310M
Valuation
2
Utility contracts
Seed
Our stage
Overview
We backed Nordic's frontier bet on long-duration energy storage with patient, conviction capital.
The company
Nordic builds long-duration energy storage systems that let utilities store renewable power for days, not hours — the missing piece between an intermittent grid and a reliable one.
Our thesis
Deep tech scares most early funds off because the roadmap is measured in years. That is exactly why we leaned in. We underwrote a technical founding team on a hard science bet, wrote a concentrated check, and reserved heavily for the capital-intensive rounds ahead.
The outcome
Nordic signed its first two utility contracts and raised a $60M Series A at a $310M valuation two years after our seed. We led the seed and led again on the extension.
Keep looking
