Istanbul, Turkey — Scandinavian technology company Volue, backed by financial giants managing a staggering $36.7 trillion in assets—including the U.S.-based State Street Bank and Advent International—has entered the Turkish market by acquiring a majority stake in Istanbul-based energy tech startup SmartPulse. The move marks Volue’s first major footprint in Turkey and further reinforces its role in global clean energy digitalization.
Founded in 2020 through the merger of four Nordic companies (Markedskraft, Powel, Scandmatic, and Wattsight), Volue is headquartered in Oslo and operates in 30 offices across Europe and Japan. The company focuses on enhancing energy efficiency, reducing emissions, and accelerating industrial digitalization. Volue became publicly traded on the Oslo Stock Exchange in 2021.
Deal Details and Strategic Alignment
SmartPulse, founded in 2018 by Ozan Korkmaz, Uygar Yörük, Kerem Topuz, and Önder Akar, offers a next-generation digital energy management platform. The company leverages IoT infrastructure and AI-driven analytics to enable real-time monitoring and optimization of energy facilities. Its smart energy trading tools have found traction not just in Turkey but across Spain, Portugal, Ireland, Bulgaria, and Croatia.
The Norwegian company is in the final stages of acquiring a controlling interest in SmartPulse. If finalized, the acquisition would place the Turkish startup under the operational control of Volue—providing SmartPulse with expanded capital, international reach, and technological resources.
Backed by Global Powerhouses
SmartPulse’s credibility had already been boosted when it secured a strategic investment from Toshiba Energy Systems & Solutions Corporation (Toshiba ESS) in 2023. That deal, made at an $18 million valuation, marked the startup’s first major global backing and introduced it to Asian markets. The agreement was publicly announced by Toshiba ESS CEO Tadasu Yotsuyanagi.
Now, with Volue stepping in, SmartPulse gains access to a network of elite financial and industrial backers, including:
• State Street Bank and Trust Company (SSBT): The world’s largest custodial bank, with $36.7 trillion in assets under custody as of 2022.
• Advent International: A leading global private equity firm managing $92 billion in assets across the U.S., Europe, Latin America, and Asia.
• Generation Investment Management: Co-founded in 2004 by former U.S. Vice President Al Gore and ex-Goldman Sachs executive David Blood, the fund focuses exclusively on sustainable and renewable energy investments.
Volue’s largest shareholder is Arendals Fossekompani, a Norwegian energy company founded in 1896.
A Strategic Gateway into Turkey’s Energy Transformation
With this acquisition, Volue signals strong confidence in Turkey’s clean energy transition and positions SmartPulse as a regional hub for smart grid and energy optimization technologies. The partnership could also accelerate Turkey’s integration into EU-aligned smart energy frameworks, potentially opening up further cross-border collaborations and funding opportunities.
This deal underlines a growing global trend: sustainability-focused digital transformation in energy sectors, and Turkey’s increasing relevance as a strategic market for innovation in clean and intelligent energy systems.
Source: Patronlar Dünyası/ Prepared by: İlayda Gök