Investor news

Fortum to sell its stakes in the biobased solutions businesses in India

23 September 2024, 9:00 EEST

FORTUM CORPORATION INVESTOR NEWS 23 SEPTEMBER 2024 AT 9:00 EEST

Fortum has signed an agreement to sell its 37.4% ownership in Chempolis Oy, including Fortum’s all biobased solutions businesses, and the shares in the holding company owning 40.3% in Assam Bio Ethanol Pvt Ltd in India to the Indian leading energy transition solutions provider AM Green Technology & Solutions B.V. The transaction will not have any material financial impact on Fortum Group’s result. The transactions are subject to certain closing conditions.

The divestment of the biobased solutions businesses 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. The strategic focus is on delivering clean energy and driving decarbonisation of industries in the Nordics. The Group’s core operations are located in the Nordics and consist of CO2-free power generation, electricity sales, and district heating and cooling.

After the divestment, Fortum continues the strategic review of its remaining Circular Solutions’ businesses: the turbine and generator services, battery recycling business, as well as a UK-based waste-to-energy business. The net assets of these remaining businesses total approximately EUR 80 million and they have approximately 400 employees. For the last twelve months (including Q2 2024), the comparable EBITDA was approximately EUR -20 million.

Fortum Corporation

Ingela Ulfves, VP, Investor Relations and Financial Communications

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 50 453 6150
Siri Markula, Director, Investor Relations and Financial Communications, tel. +358 40 743 2177

Media:
Fortum News Desk, newsdesk [at] fortum [dot] com, +358 40 198 2843