Norway-based Heaten was in the early stages of making high-temperature industrial heat pumps when it scored an investment from Azolla Ventures two years ago.
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In the announcement reported by Fortune, Initialized managing partner Brett Gibson wrote that it’s time to adjust or falter.
Strategic partnership to accelerate the rollout of Heaten’s industry-leading very-high-temperature-heat-pump solutions.
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In its first investment, Azolla co-invested in Norway-based Heaten with Shell Ventures and Nysnø Climate Investments.