Nordic Hardtech Weekly #2: The Nordic Case for Space — podcast with Ted Elvhage

What a start. Turns out there’s been a real need for a Nordic platform focused on founders and leaders building complex, physical tech. And the launch of our Nordic Hardtech Funding List—a database of investors who truly understand hardtech—sparked strong engagement on LinkedIn, literally giving us hundreds of reasons to keep building.

This time, we're leaving the Nordics—and even Earth itself. We’re heading to space with Ted Elvhage, founding partner at Rymdkapital and Expansion Ventures, Europe’s go-to VC for sustainable Aerospace & Defence. Spacetech is a growing force in the economy—and a rising frontier for hardtech investments. In this edition, we break down what’s driving it, and how to approach it.

• The Yard — a combined coworking space and machine hall for startups in Gothenburg. A unique workspace with industrial feeling. Check out their memberships or take a tour.
• SISP — Swedish Incubators & Science Parks is the industry association for 63 incubators and science parks across Sweden. Members support innovation, sustainability, and investments. Find your incubator or science park here.
• Recuro — a growth partner for hardtech and deep tech companies. They help with strategy, marketing, and scalable business models to drive sustainable growth. Learn more and schedule an intro call.

This week we are happy to announce Recuro as our new partner. We will collaborate closely to help the hardtech community commercialize and scale their technologies—which is the core offering of Recuro. Recuro has previously worked with companies such as Nordic Air Defence, Securitas, Readioo, and many others.

Want to partner with Nordic Hardtech?

Episode #20: The Nordic Case for Space

"We just needed capital to unlock the ecosystem"

What does space have to do with Nordic hardtech, strategic resilience, and Europe's deep tech trajectory? According to Ted Elvhage, founder of Rymdkapital and co-founder of Expansion Ventures, the answer is: everything.

In a wide-ranging conversation, Elvhage unpacks why space is no longer a niche—it’s becoming a serious arena for Nordic entrepreneurs and investors building at the edge of hardware, complexity, and sovereignty.

From Biochemist to Space Capitalist, Elvhage’s path wasn’t linear. With a background in biochemistry and research at Harvard Medical School, he moved into sales, startups, and deeptech investing. A dinner with two adventurers—who later launched Pythom Space—sparked his interest beyond Earth.

– I never thought I’d go near space. But it turns out, hardware, complexity, and high-stakes engineering—that’s exactly my thing.

The deeper he got into this multifaceted arena, the more it aligned with his roots in science and entrepreneurship. Around 2020, he partnered with veteran space executive Ulf Palmnäs to launch Rymdkapital, a Nordic fund backing early-stage hardtech and dual-use defense ventures.

– There’s a real ecosystem here—we just needed capital to unlock it, says Elvhage.

That early momentum led to Expansion Ventures, a €200 million pan-European seed fund supported by the EU’s Cassini initiative, aimed at keeping Europe competitive in aerospace and defense.

To Elvhage, deeptech’s risk profile is misunderstood. The capital is similar to SaaS—just front-loaded.

– In our space, you invest earlier, and the risk is technical and commercial, not just market.

The key, Elvhage says, is commercialization. Nordic teams must pair world-class engineering with sales and business development from day one.

Sweden, he argues, has the assets to lead—from Esrange’s launch pad to ESA BIC and KTH Innovation. What’s missing is urgency and scale. Elvhage argues that angel investors in the Nordic hardtech area are critical, that their flexibility and experience help bridge gaps traditional VCs avoid. He urges them to think in portfolios, stay close to founders, and give more than just money.

At its core, Ted Elvhages message is clear: Hardtech is accelerating, and space may well be its next growth frontier. Or, as he also puts it:

– If you can do it in space, do it in space.

• NATO’s innovation program DIANA names five winners of the Arctic Innovation Mobilisation 2025. From avalanche safety to cold-weather power, each tech tackles real challenges in extreme environments. And speaking of DIANA, Scaleout Systems joins to test federated AI on drones—one of just 5 Swedish teams building battlefield decision tools.
• First-Gen Code Goes Public. Microsoft just cracked open the vault on MS-DOS and Word. So gather your kids and explore the code that powered the revolution of personal computing.
• The future of endurance tech just got legs—literally. In a Seoul half-marathon, four-legged robots raced alongside human runners. Hardly surprising for those who know robotics is set to outscale the car industry.
• First Momentum raises €35M to fund Europe’s next-gen industrial tech, founding partner Andreas Fischer reveals. From robotics to advanced materials, they’re betting early on the founders reinventing the physical economy.
• Emmel reveals EP1, their first full-scale electric UTV prototype. A UTV (utility task vehicle) built for off-road use, EP1 features fully in-house developed systems including the drivetrain, battery, software, and chassis. The goal is to test the complete design in real conditions and build a strong foundation before moving toward production.

• While on the subject of space, Rymdforum 2025 (Sweden’s national space forum) is hosted in Trollhättan, May 4–6. Top voices from ESA, EU, and Sweden gather to shape the future of Nordic space. Join the venture!
• Luvly, who is at the forefront of revolutionizing urban mobility with its technology for sustainable, affordable and safe EV's, is opening a limited investment round to match backing from EIT Urban Mobility. Fresh off a deal with Stellantis, they’re calling it an “iPhone moment” for urban EVs. Reach out to Björn for details.
• Ideon Science Park is hosting Defense Day. Companies, investors, and researchers meet to accelerate Swedish innovation in the defense sector. Join in Lund April 29th – Reach out to Johan Vaernholt.
• NearbyStore is reinventing grocery shopping with compact, automated stores that cut costs and boost convenience. Already generating 2 MSEK in revenue with loyal customers, they're raising an angel round to scale their model. Contact Carl Bredin or visit the NearbyStore.
• Business Finland opens Deep Tech Accelerator funding. Startups under 5 years old can access up to €1.2M to scale research-based innovation globally. The funding includes grants and loans, with emphasis on market fit, IP strategy, and team growth. Apply by Aug 17.
  

While many investors say “deeptech,” they’re often just chasing software. That’s why we’ve mapped out the Nordic investors who genuinely back hardtech—meaning complex, physical technologies developed in-house. No SaaS, no apps, no fintech or food hacks—just real engineering.

Nordic Hardtech is a platform for the hardtech ecosystem — sharing knowledge, bringing inspiration, and building community through podcasts, newsletters, events, and more.

💥Get involved. Pitch a topic. Join the podcast. Get on the investor list–if you're hardtech.

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