Energy partner Fortum to invest in Arctial to support the feasibility study on low-carbon aluminium production in Finland

FORTUM CORPORATION ONLINE NEWS 

Fortum, as energy partner, will invest in the project company Arctial which is conducting a feasibility study to explore low-carbon aluminium manufacturing opportunities in Kokkola and Kruunupyy, Finland. Announced on 4 December 2024, the project will assess various aspects, including social, technical, environmental, and commercial factors of low-carbon aluminium manufacturing in the area. The initial phase of the project is the feasibility study.

The partners and investors behind Arctial now include ABB, Fortum, Mitsubishi Corporation, Rio Tinto, Siemens, Tesi, and Vargas. Fortum is a minority shareholder in Arctial, with an investment in the single million euros. As energy partner and with decades of expertise in the Nordic energy market, Fortum will support the feasibility study in long-term hedging strategies related to a potential facility and electricity sourcing from Fortum’s existing and new generation assets.

"We are excited to be a part of the Arctial partnership. Finland’s journey towards industrial decarbonisation is taking place right now. This feasibility study is therefore of great importance”, says Fortum Executive Vice President, Corporate Customers and Markets Simon-Erik Ollus.

“We are happy to welcome Fortum as one of our new investors. Together with our partners, we will carefully assess the opportunity to establish a greenfield low-carbon primary aluminium facility. Beyond the investment, Fortum is pivotal as a strategic energy partner, offering energy expertise and providing existing and future CO2-free electricity. We share a common vision of the need for Europe to decarbonise its industries and drive the energy transition, with a potential new production facility in Finland meeting the European demand for low-carbon aluminium.", says Torbjörn Sternsjö, CEO of Arctial.

The project organisation anticipates making a final investment decision regarding a possible production facility during 2026−2027. This decision will follow a comprehensive evaluation process, with the feasibility study serving as a crucial initial step.

Fortum Corporation
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