Fortum to divest its turbine and generator services to Elcoline Group Oy

FORTUM CORPORATION INVESTOR NEWS 1 NOVEMBER 2024 AT 17:20 EET

Fortum has signed an agreement to sell its turbine and generator services to industrial technical services provider Elcoline Group Oy.

The divestment is part of Fortum’s ongoing strategic review of its Circular Solutions businesses. The Circular Solutions businesses are not in the core of Fortum’s strategy. Fortum’s strategic focus is on delivering clean energy and driving decarbonisation of industries in the Nordics.

The transaction will not have any material financial impact on Fortum Group’s result. The transaction is subject to customary closing conditions and is expected to be completed in the fourth quarter of 2024.

The turbine and generator services businesses are located in Finland, Sweden and Germany and currently employ approximately 170 employees.

After the divestment, Fortum continues the strategic review of its remaining Circular Solutions’ businesses: battery recycling business and UK-based waste-to-energy business. The net assets of these remaining businesses total approximately EUR 70 million and they have approximately 200 employees. For the last twelve months (including Q3 2024), the comparable EBITDA was approximately EUR -20 million.

Fortum Corporation
Ingela Ulfves, VP, Investor Relations and Financial Communication
 

Further information:

Investors and analysts:
Ingela Ulfves, VP, Investor Relations and Financial Communications, tel. +358 40 515 1531
Rauno Tiihonen, Director, Investor Relations, tel. +358 10 453 6150
Siri Markula, Director, Investor Relations and Financial Communications, tel. +358 40 743 2177

Media:
Fortum News Desk, newsdesk@fortum.com, +358 40 198 2843

Fortum
Fortum is a Nordic energy company. Our purpose is to power a world where people, businesses and nature thrive together. We are one of the cleanest energy producers in Europe and our actions are guided by our ambitious environmental targets. We generate and deliver clean energy reliably and help industries to decarbonise their processes and grow. Our core operations in the Nordics comprise of efficient, CO2-free power generation as well as reliable supply of electricity and district heat to private and business customers. For our ~5 000 employees, we commit to be a safe, and inspiring workplace. Fortum's share is listed on Nasdaq Helsinki. fortum.com