Fortum to sell its e-mobility business Plugsurfing to Fleetcor Technologies
FORTUM CORPORATION INVESTOR NEWS 1 SEPTEMBER 2022 AT 14:45 EEST
Fortum has divested its e-mobility business Plugsurfing to Fleetcor Technologies, Inc., a leading global business payments company. The new owner will enable Plugsurfing to speed up the scaling of its business. The transaction price is approximately EUR 75 million on a cash and debt free basis and Fortum expects to record a tax-exempt capital gain of approximately EUR 50 million in the Other segment’s third-quarter 2022 results.
The change of Plugsurfing’s ownership has no impact on their existing partnerships or customers.
Plugsurfing is a Pan-European platform, fostering sustainable mobility and a seamless driver experience through aligning the entire car charging ecosystem − drivers, charging point operators, and carmakers. Their service connects over one million registered electric vehicle (EV) drivers to a network of 300,000 charging points, enabling over 800,000 charging sessions each month.
The Berlin-based startup was acquired by Fortum in 2018 and subsequently merged with part of the Charge and Drive business developed by Fortum. Plugsurfing has been grown as one of the portfolio companies in Fortum’s Valkea Growth Club. Valkea supports startups that offer digitally enabled solutions in the energy, resource-efficiency, and sustainability sectors.
“Fortum has been a good owner for Plugsurfing and we are thankful for the support we have received thus far. With Fleetcor Technologies, an exciting future is ahead of us. We will expand into new customer segments, like fleets, and grow our business to meet the multifaceted demands of the future EV ecosystem”, says Tatu Kulla, the CEO of Plugsurfing.
Fortum Corporation
Ingela Ulfves
Vice President, Investor Relations and Financial Communications
Further information:
Sanna Pekari, SVP, Business Technology, Fortum, tel. +358 40 733 4561
Tatu Kulla, CEO of Plugsurfing, tatu.kulla@plugsurfing.com, tel. +358 400 294499
Investors and analysts:
Ingela Ulfves, VP, IR and Financial Communications, tel. +358 40 5151 531
Carlo Beck, IR Manager, tel. +49 172 751 2480
Fortum
Fortum and Uniper form a European energy group committed to enabling a successful transition to carbon neutrality for everyone. Our 50 gigawatts of power generating capacity, substantial gas import and storage operations, and our global energy trading business enable us to provide Europe and other regions with a reliable supply of low-carbon energy. We are already Europe’s third largest producer of CO2-free electricity, and our growth businesses focus on clean power, low-carbon energy, and the infrastructure for tomorrow’s hydrogen economy. In addition, we design solutions that help companies and cities reduce their environmental footprint. Our 20,000 professionals and operations in 40 countries give us the skills, resources, and reach to empower the energy evolution toward a cleaner world. fortum.com; uniper.energy
About FLEETCOR®
FLEETCOR Technologies (NYSE: FLT) is a leading global business payments company that helps businesses spend less by providing innovative solutions that enable and control expense-related purchasing and payment processes. The FLEETCOR portfolio of brands automate, secure, digitize and manage payment transactions on behalf of businesses across more than 100 countries in North America, Latin America, Europe, and Asia Pacific. For more information, please visit www.FLEETCOR.com
