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    FORTUM   FI0009007132

FORTUM OYJ

(FORTUM)
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Fortum to Expand Battery-Recycling Capacity With $29 Million Investment in New Plant

06/17/2021 | 03:46am EDT

By Dominic Chopping

Finnish state-controlled utility company Fortum Oyj said Thursday that it will expand its lithium-ion battery recycling capacity by investing around 24 million euros ($29 million) to build a new hydrometallurgical plant in Harjavalta, Finland.

The new facility will enable recovery of scarce metals such as lithium, nickel, cobalt, and manganese from old electric vehicle lithium-ion batteries, while also recycling waste derived throughout the battery supply chain, it said.

"The new facility in Harjavalta will create approximately thirty jobs in the near future, but its impact will be felt throughout Europe as it will be the largest facility in the market of its kind once completed," said Kalle Saarimaa, Vice President of Fortum Recycling & Waste.

Fortum disassembles lithium-ion batteries and treats them at its plant in Ikaalinen. The battery's black mass, containing critical metals, is collected and taken to Harjavalta for hydrometallurgical processing.

The new facility to be built, which is expected to begin operations in 2023, will enable a significant increase in Fortum's processing and recycling capacity, enabling it to recycle the major part of electric vehicle batteries reaching their end-of-life in Europe, it said.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

06-17-21 0546ET

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -0.42% 34935.47 Delayed Quote.14.14%
FORTUM OYJ 1.03% 23.49 Delayed Quote.17.97%
WTI -1.18% 72.831 Delayed Quote.52.09%
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Financials
Sales 2021 63 052 M 74 966 M 74 966 M
Net income 2021 1 628 M 1 935 M 1 935 M
Net Debt 2021 6 653 M 7 910 M 7 910 M
P/E ratio 2021 13,7x
Yield 2021 4,87%
Capitalization 20 644 M 24 489 M 24 545 M
EV / Sales 2021 0,43x
EV / Sales 2022 0,42x
Nbr of Employees 20 036
Free-Float 47,3%
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Technical analysis trends FORTUM OYJ
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 19
Last Close Price 23,24 €
Average target price 22,82 €
Spread / Average Target -1,80%
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Managers and Directors
Markus Heikki Erdem Rauramo President & Chief Executive Officer
Bernhard GŘnther Chief Financial Officer
Veli-Matti Reinikkala Chairman
Anja McAlister Deputy Chairman
Essimari Kairisto Independent Director
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