Fortum to do strategic review of its battery recycling business

The Finnish energy conglomerate Fortum will sell its recycling and waste business to the thematic impact investment firm, Summa Equity, through its portfolio company NG Group. The total consideration on a debt- and cash-free basis is approximately EUR 800 million.

The divestment of the recycling and waste business is part of Fortum’s strategic review of its Circular Solutions businesses, which was initiated in August 2023.

Fortum's battery recycling business, which include both re-processing and Europe's only hydrometallurgical battery recycling facility for black mass, was not included in the sale. However, the company states that it will continue the review of the rest of the Circular Solution's bussinesses of which battery recycling is one. nerships in biobased solutions businesses and a UK-based waste-to-energy business. The net assets of these remaining businesses totals EUR 90 million and they have approximately 400 employees. For the last twelve months (including Q1 2024), the comparable EBITDA was EUR -29 million.