Fortum invests in R&D through cleantech funds

Fortum Corporation
Press release
16 July 2008

Fortum invests in R&D through cleantech funds

Fortum has decided to invest in cleantech venture capital funds in order to
contribute to the research and development of environmentally-benign energy
technologies. The first investment, USD 10 million (approx. EUR 6.3 million),
was made in the Canadian Chrysalix Clean Energy Fund. Other investment
opportunities are currently being evaluated.

Cleantech funds invest in companies that focus on the development of renewable
energy production and solutions enhancing energy efficiency, performance and
productivity. A central objective is that these technologies simultaneously
reduce energy consumption, the amount of waste produced or emissions. Chrysalix'
portfolio includes companies developing fuel cell and LED technologies, fusion
and solar energy technologies and lithium batteries for use in applications such
as electric cars.

“Investing, either directly or through venture capital funds, in companies that
develop environmentally-benign energy technologies is an important part of
Fortum's research and development strategy. Our objective is to gain strategic
insight into the development of new energy technologies, while expecting sound
financial returns,” says Timo Karttinen, Senior Vice President, Corporate
Development.

Fortum's own research and development efforts focus on carefully selected key
areas, where the goal is to attain the highest level of expertise in these
particular fields. Efforts are focused on creating growth opportunities,
participating in climate change mitigation, long-term development of a
non-emitting energy system and continuously improving current operations.

Over the past few years, Fortum has strengthened its R&D resources, shifting the
focus of its research programmes more clearly towards achieving long-term
competitive advantages. Concrete examples of Fortum's recently launched R&D
efforts include a joint project with TVO for developing a CO2 capture system at
Fortum's Meri-Pori power plant, and a collaboration project with the city of
Stockholm for wide-scale adoption of electric cars.

Fortum Corporation
Corporate Communications

Further information:
Timo Karttinen, Senior Vice President, Corporate Development, tel. +358 50 453
6555
www.fortum.com/research