Fortum is accelerating the pace of development of EV charging stations
- “Fortum has already decided to quadruple the development of public charging stations from 2019 to 2020 alone, and now we can invest even more heavily in building this socially critical infrastructure moving forward,” said Annika Hoffner, CEO of Fortum Recharge AS.
In April 2020, Fortum signed an agreement to sell a majority share of Fortum Recharge AS, the company’s network of public charging stations for EVs, to Infracapital, the infrastructure equity investment arm of M&G Plc. The new company changed its name in the autumn of 2020 from Fortum Recharge AS to Recharge AS.
Recharge is the Nordic region’s largest operator of charging stations for all types of EVs. The company owns almost 1,300 public charging stations and operates a further 1,400 charging stations in Norway, Finland and Sweden. Following the transaction, Fortum’s ownership interest in Recharge will be 37 percent.
The goal is to meet future demand
The Nordic EV market is the most advanced and fastest growing in the world. Consequently, there is a significant demand for public charging infrastructure – for normal charging, fast charging and rapid charging. The purpose of this new partnership is to accelerate Recharge’s growth plans to meet future demand. At the same time, the transaction will free up capital for further growth and development of the services for Fortum’s charging customers.
“We want to offer our customers the best charging solutions on the market.”
Annika Hoffner, CEO of Fortum Recharge AS
“We want to be at the forefront and offer our customers the best charging solutions on the market. By bringing in Infracapital as a strong financial partner, we will be able to increase both the pace of development and the number of charging stations we are to build in the future. It will allow us to take our share of the responsibility for helping society ensure a smooth transition to emission-free EVs both in Norway and abroad,” said Hoffner.
Will build the infrastructure for the emission-free vehicle fleet of the future
“The EV market is growing rapidly, and together with Infracapital, we will build the infrastructure of the future for emission-free road traffic. For Fortum, this is also a success story as it shows the value of the market-leading charging services we have built up in recent years. We want to accelerate the pace of development of our digital services for our existing and future customers,” said Jostein Lindbo, VP of Living & Mobility at Fortum.
“Infracapital is committed to contributing to Europe’s transition to a low-emission society, while also delivering value and sustainable growth for our investors. EVs will obviously play an important role in this transition, and we are pleased to be part of this market, working with Fortum – a leading partner in clean energy with a significant local presence and growth potential,” said Christophe Bordes, Managing Director of Infracapital.
Fortum is a leader in clean energy. We provide electricity, heating, cooling and smart solutions that improve resource efficiency. We want our customers and society to join us in our work to advance the transition to a cleaner world. We employ approximately 8,000 energy specialists in the Nordic and Baltic countries, Russia, Poland and India. Our turnover in 2019 was EUR 5.4 billion. Fortum’s shares are listed on Nasdaq Helsinki.
Fortum is a pioneer in charging solutions for EVs in a number of countries, including Norway. The charging network in the Nordic countries consists of 2,500 public charging stations for EVs, with Norway as the largest market.See all our charging stations here.
Infracapital invests in, builds and manages a diverse range of essential infrastructure to meet society’s changing needs and create long-term economic growth. They have worked with 50 companies around Europe and have raised and managed over GBP 6.5 billion through six funds.
Infracapital is part of M&G, a leading European savings and investment firm. M&G manages long-term savings for more than five million people and is a major investor in the UK and in the world economy. Total managed assets amount to GBP 352 billion (31 December 2019).
CEO of Fortum Recharge AS