Marius af Schultén

Partner, Member of the Finnish Bar

Services

  1. Environment, Energy & Green Transition
  2. Restructuring Proceedings

Contact details

I head Castrén & Snellman’s Environment, Energy and Green Transition team. My key areas of expertise include land use planning and permitting of large-scale infrastructure projects.

I have gained extensive experience as strategic advisor to domestic and international energy and infrastructure project developers, investors, funds, and financial institutions on their investments in Finland. This has included advice on green field project development, M&A transactions involving project companies or project assets, various types of co-operation agreements between developers and administrative court proceedings related to various permits and land use plans. My key focus sector is renewable energy, notably the onshore and offshore wind power, photovoltaics, battery storage, and hydrogen sectors, among others. In addition, I have been involved in various mining, forestry, chemicals, and aquaculture projects. Chambers Europe ranks me as one of the leading legal experts in Finland in the category of Energy and Natural Resources.

Regardless of the nature of the assignment – whether project development, transactions, or court proceedings – understanding the client’s business is the key to high quality legal advice. Our job as lawyers is to help our clients in navigating through the legal jungle, thereby ensuring the successful realisation of their projects. This is only possible by focusing on finding solutions, not just searching for problems. This is the mindset that I strive to keep in everything I do.

Latest references

Nevel – Acquisition of Labio’s business
We advised Nevel Oy in its acquisition of the business of Labio Oy. Lahti Aqua Oy and Salpakierto Oy sold their entire shareholdings in Labio to Nevel, expanding Nevel’s already significant biogas portfolio. The transaction will have no impact on Lahti Aqua’s water utility operations or Salpakierto’s municipal waste management responsibilities. Labio’s operations and customer relationships will continue as before. ‘This partnership is a natural next step for us as we continue investing in sustainable material efficiency and renewable energy solutions. By integrating Labio’s comprehensive offerings and expertise, we can provide customers with a strong platform for material circularity. We are also strengthening our market position as one of Finland’s leading material efficiency solution providers,’ says Ville Koikkalainen, Director of Industrial and Biogas Business at Nevel. Nevel is an energy infrastructure company offering advanced, climate-positive solutions for industry and real estate. It operates more than 130 energy production plants and manages over 40 district heating networks. Nevel’s annual turnover is EUR 150 million, and it employs 190 experts in Finland, Sweden and Estonia.
Case published 16.7.2025
KoBold Metals – Earn-In Agreement with Aurion Resources
We advised KoBold Metals on the Finnish legal and tax aspects related to its earn-in agreement with Aurion Resources. Under the agreement, KoBold (through its wholly owned subsidiary KoBold Exploration Finland Oy) can earn an undivided 75% interest in commodities discovered (other than any discoveries that are predominantly gold or silver), by incurring USD 12 million in exploration expenditures on or before the fifth anniversary of the date of signing the agreement. The exploration area covers approximately 35 km2 in Aurion’s 100% owned 160 km2 Risti Property in Sodankylä, Finland Following satisfaction by KoBold of the earn-in requirements, a joint venture will be established with KoBold owning 75% and Aurion 25%. KoBold Metals Company is a US-based exploration and mining company, supported by high profile investors such as Breakthrough Energy Ventures, Andreessen Horowitz, and Equinor. It combines expertise in geosciences with artificial intelligence, machine learning, and data science to improve and accelerate the exploration process in search of the critical minerals necessary for the global energy transition.
Case published 26.3.2025
Fortum – Acquisition of a project development portfolio for renewable power from Enersense
We are acting as a counsel to Fortum in a transaction in which Fortum is strengthening its renewable power project pipeline through the acquisition of a project development portfolio from Enersense. The debt-and-cash free purchase price is approximately EUR 9 million, with the potential for project-specific earn-outs subject to projects successfully reaching a final investment decision in the future. The transaction is subject to customary closing conditions and is expected to be completed during the first quarter of 2025. Fortum is a leading Nordic energy company with the purpose to power a world where people, businesses and nature thrive together. Fortum’s core operations comprise of efficient, CO2-free power generation as well as reliable supply of electricity and district heat to private and business customers. The company is listed on Nasdaq Helsinki. One of Fortum’s strategic targets is to develop at least 800 MW of ready-to-build onshore wind and solar projects by the end of 2026.
Case published 19.12.2024
International reinsurance companies – Ad hoc arbitration proceedings
We successfully represented a panel of reinsurance companies in an international ad hoc arbitration. The dispute arose out of a reinsurance treaty under the terms of which the reinsurers had reinsured a portfolio of risks underwritten by the cedent. The parties disagreed as to whether the reinsurance provided coverage for a certain loss that had occurred because of the market turmoil caused by the Covid-19 pandemic. The case involved highly complex legal and contractual questions requiring special expertise on reinsurance law and practice. The arbitral tribunal rejected the counterparty’s claims for reinsurance compensation against our clients in full. The amount in dispute was approximately EUR 34 million.
Case published 16.9.2025
byFounders.vc – DataCrunch’s USD 64 million Series A funding round
We supported byFounders.vc as the Finnish counsel in their investment in DataCrunch Oy in a USD 64 million Series A funding round. DataCrunch provides scalable AI compute solutions from energy-efficient data centers in Iceland and Finland. byFounders.vc is the community-powered early-stage venture fund investing in globally ambitious teams connected to the Nordic and Baltic countries.
Case published 11.9.2025
Springvest – ReOrbit’s EUR 45 million Series A funding round
We advised Springvest Oyj in organising a EUR 45 million Series A funding round for ReOrbit, a space technology company and a leading provider of software-first satellites. It’s the largest all-equity Series A round in Finland and one of the most significant deals overall in the European space and defence sector. The purpose of the funding round is to support ReOrbit’s growth. The round consisted of a private placement reserved for professional and institutional investors, which included, e.g. Icebreaker.vc, Expansion VC, 10xFounders, Inventure VC, Varma Mutual Pension Insurance Company, and Elo Mutual Pension Insurance Company, and an EUR 8 million public share offering, which was oversubscribed within 4.5 hours. Springvest is a Finland-based investment firm that connects unlisted growth companies with investors. ReOrbit builds sovereign satellites and connected systems for national security.
Case published 9.9.2025
Ten Eleven Ventures & Tesi – EUR 275 million Series B financing round of IQM Quantum Computers
Castrén & Snellman advised the lead investors Ten Eleven Ventures and Tesi in the EUR 275 million Series B financing round of IQM Quantum Computers, the global leader in building quantum computers. The round is largest Series B round ever in Finland and the second largest in the Nordics. In addition to the lead investors represented by C&S, the round was participated by several new and existing investors, including pension funds Elo Mutual Pension Insurance and Varma Mutual Pension Insurance, strategic investors Companies of Schwarz Group and Winbond Electronics Corporation, and sovereign wealth funds EIC and Bayern Kapital. Ten Eleven Ventures is the original cybersecurity-focused, global, and stage-agnostic investment firm. The firm identifies, invests in, and helps grow top cybersecurity companies addressing critical digital security needs, leveraging its team, network, and experience to build successful businesses. Since its founding, Ten Eleven Ventures has raised over USD 1 billion and made over 60 cybersecurity investments across various stages worldwide. Tesi (Suomen Teollisuussijoitus Oy / Finnish Industry Investment Ltd) is a state-owned investment company with an industrial policy mission focused on driving economic growth, renewal, and investments. Tesi invests on market terms both in venture capital and private equity funds, and directly in startups, scale-ups, and large industrial projects. IQM Quantum Computers, founded as a deep tech spin-off from Aalto University in 2019, specialises in developing quantum computers utilizing superconducting circuits. The company designs and produces quantum processors at its facility in Espoo, providing computing solutions and optimizations tailored to both research and industrial applications. In addition to its Finnish operations, IQM has expanded its presence to Germany, France, Italy, Japan, Poland, Spain, Singapore, South Korea, and the United States.
Case published 4.9.2025
Vapaus Group – Acquisition of Azfalte
We represented Vapaus Group, a leading provider of employee bicycle benefit services, in its cross-border acquisition of Azfalte, a French corporate bicycle solutions company. The acquisition accelerates Vapaus Group’s international expansion and strengthens its position in sustainable mobility by combining Vapaus’s digital platform and circular-economy capabilities with Azfalte’s established enterprise programs and partner network in France. The transaction advances Vapaus’s growth strategy and increases its ability to help employers meet well-being and sustainability goals in one of Europe’s most dynamic cycling markets. Vapaus Group is at the forefront of sustainable mobility services and has been a pioneer in the employee bicycle benefit sector since 2020 with a vision to become the leading bicycle benefit service in Europe. Vapaus has automated the employee bicycle process through its technology platform, covering payroll, invoicing, logistics, insurance, and financing. Azfalte, founded in 2020, is a pioneer of corporate cycling in France, optimizing financing, tailored bikes, insurance, maintenance, assistance, training, and carbon tracking for the benefit of its clients.
Case published 1.9.2025

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