Fortum partners with Nasdaq to accelerate growth of the carbon removal marketplace Puro.earth
FORTUM CORPORATION PRESS RELEASE 1.6.2021
Fortum has signed an agreement to sell a majority share of its carbon removal startup Puro.earth to Nasdaq, a multinational financial services company. The partnership will create a shared ownership structure designed to accelerate Puro.earth’s global growth and long-term market development as the forerunner of B2B carbon removal marketplaces.
“Our mission is to transform the world’s economy to reward carbon net-negative emissions. This partnership with its resources and competencies gives us the best possible foundation to make a difference and help our customers reach their ambitious carbon net-zero goals,” says Antti Vihavainen, CEO of Puro.earth.
Puro.earth, founded in 2019, has been developed to its current form under Fortum’s Valkea Growth Club. Puro.earth is the first marketplace to offer carbon removal from the atmosphere that is verifiable and tradable through an open, online platform. Unlike traditional carbon compensation, Puro.earth allows companies to neutralise their carbon footprint, beyond zero, by helping them source carbon removal to fulfil climate commitments. The current Puro.earth corporate clients include, e.g., Microsoft.
“We are extremely proud to see Puro.earth reaching this remarkable milestone on their growth journey. Having developed from an idea to an innovative new business solving climate-related problems in a bit over two years makes Puro.earth an excellent example of the scalable and mission-driven businesses that Valkea is building. We are confident that together with Nasdaq, Puro.earth will help the carbon removal industry to take a giant leap forward,” says Ilkka Lassila, COO of Valkea Growth Club.
Fortum launched Valkea Growth Club to offer business development support, funding, and premises for startups and growth companies. Valkea invests in high growth, game-changing companies that can help deliver Fortum’s carbon neutrality ambitions. Valkea develops Fortum’s experimented concepts to standalone companies, of which Puro.earth is a great example, as well as looks for external, early-stage startups to directly assist them on their growth journey.
“Fortum’s strategic priorities include not only transforming our own operations to carbon neutral, but also partnering with industrial and infrastructure customers. Partnering with Nasdaq will accelerate growth of the global carbon removal market. Startups like Puro.earth play an important role in the energy transition, as they are developing new technology and business models that will transform also the energy sector. We continue to collaborate and assist the best startups on their growth journey,” says Anne Jalkala, Vice President of Digital Growth Businesses at Fortum.
To support Puro.earth’s growth, Nasdaq will leverage its unique position in the intersection of the financial, corporate, and regulatory communities where it assists its clients with navigating the global environmental, social, and governance (ESG) landscape.
“The partnership with Puro.earth will provide our global network of corporate clients access to a unique marketplace for carbon removal and will allow Puro.earth to scale its platform through the Nasdaq network and technology platform. We look forward to working together with the Puro.earth and Fortum teams to create a global, transparent and authenticated market for carbon removal,” says Bjørn Sibbern, Executive Vice President and President of European Markets at Nasdaq.
In addition to CO2 removal, Valkea’s existing nine portfolio companies are developing, for instance, electric vehicle charging, battery diagnostics, and digital electricity retail. Valkea is actively looking for new ambitious startups operating in the clean energy and circular economy space to join them in innovating towards a cleaner future, as well as investors and partners with shared interests. More information can be found at www.valkea.club.
Contacts for additional information:
VP, Digital Growth Businesses at Fortum
+46 73 4496135
+44 207 935 4800 / +44 7766 256538
Puro.earth in (international) media:
Sky News- Live with Ian King, March 26, 2021
Marianne Tikkanen, Puro.earth Co-founder interviewed live by business presenter Ian King
Forbes, September 22, 2020
Women launch first voluntary scalable marketplace for ‘carbon removal’ to help corporations reach Net Zero.
Greenbiz, August 31, 2020
Carbon marketplace hawks credits in businesses that store CO2 with their products by Gloria Oladipo
Business Insider, July 2, 2020
Puro.earth Rolls Out Proven Carbon Transformation Business Model for CO2 Removal
Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.
Puro.earth is the world’s first B2B marketplace, standard and registry focused solely on carbon removal. Our mission is to mobilise the world’s economy to reward carbon net-negative emissions. We do this by helping voluntary corporate buyers accelerate carbon dioxide removal at an industrial global scale. Puro.earth provides carbon removal as a service, through identifying suppliers, verifying their carbon removals and issuing CO2 Removal Certificates (CORCs), an integral part of long-term procurement portfolios to fulfil net-zero pledges. Aiming at climate and economic impact, Puro.earth is driving forward a market of carbon negative industries, enabling a new revenue stream to accelerate their growth. Visit us at https://puro.earth or on LinkedIn Puro.earth CO2 Removal Marketplace and Twitter @PuroCO2Removal.
Fortum is a European energy company with activities in more than 40 countries. We provide our customers with electricity, gas, heating and cooling as well as smart solutions to improve resource efficiency. Together with our subsidiary Uniper, we are the third largest producer of CO2-free electricity in Europe. Close to 20,000 professionals and a combined balance sheet of approximately EUR 60 billion, we have the scale, competence and resources to grow and to drive the energy transition forward. Fortum's share is listed on Nasdaq Helsinki and Uniper's share on the Frankfurt Stock Exchange. www.fortum.com