Fortum to sell remaining ownership in charging point operator Recharge AS to Infracapital

FORTUM CORPORATION INVESTOR NEWS 10 JUNE 2022 AT 9:00 EEST

Fortum is selling its 30% ownership in Recharge AS (Recharge), a public charging point operator (CPO) for electric vehicles, to Infracapital, the infrastructure equity investment arm of M&G Plc. Upon completion, Infracapital will own 100% of Recharge, which is the largest charging network in the Nordic region with more than 4,600 connectors at 830 locations.

The transaction price is approximately EUR 80 million.

Recharge is one of the first startups in Fortum’s Valkea Growth Club’s portfolio. Valkea supports startups and growth companies that offer digitally-enabled solutions in the energy, resource-efficiency, and sustainability sectors.

In May 2020 Infracapital acquired the majority share of Recharge and Fortum and Infracapital started cooperation through a joint venture to accelerate growth of the public charging network.  

“Recharge is a fine example of Fortum’s long-term and successful innovation activities. Through the collaboration with Infracapital, we have succeeded in strengthening Recharge’s position in the Nordics. The divestment of Recharge enables new growth investments in areas that align with our strategy,” says Ilkka Lassila Valkea’s Chief Operating Officer. 

“Decarbonisation of the transport sector will play a vital role in achieving Net Zero and we see further growth in the company which will create value for our investors,” says Christophe Bordes, Managing Director at Infracapital.

Fortum Corporation

Ingela Ulfves

Vice President, Investor Relations and Financial Communications

Additional information:

Ilkka Lassila, Chief Operating Officer, Valkea Growth Club +358 40 524 3217

Investors and analysts:

Ingela Ulfves, VP, IR and Financial Communications, tel. +358 40 5151 531

Rauno Tiihonen, IR Manager, tel. +358 10 453 6150

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