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Fortum Battery Recycling signs Grant Agreement with CINEA
25 March 2026 at 13:25 EET
Fortum Battery Recycling has signed a grant agreement with the European Climate, Infrastructure and Environment Executive Agency (CINEA) for the NEXT HYDROMET project, the planned expansion of its hydrometallurgical battery recycling facility in Harjavalta, Finland.
The grant, with a potential of up to EUR 40 million, is part of the EU Innovation Fund programme and formalizes the funding path following the company's successful evaluation in the Net-Zero Technologies Call (IF24 Call) announced in November 2025.
The expansion of the Harjavalta facility would significantly improve Fortum's capability to recover critical metals from end-of-life electric vehicle batteries and industrial battery waste, reinforcing the circular economy for batteries within Europe.
The NEXT HYDROMET project is in its development phase, with key steps being undertaken ahead of a potential final investment decision. The grant is paid based on milestones accomplished in the expansion project.
"This grant demonstrates the value of our advanced hydrometallurgical technology and its crucial role in enhancing Europe's self-sufficiency in sustainable, critical raw materials. The grant is a key enabler that allows us to proceed with the project and support the continent's drive towards a net-zero economy", says Jaakko Soini, Director of Technology & Growth at Fortum Battery Recycling.
Fortum Battery Recycling’s facility in Harjavalta is Europe’s largest closed-loop hydrometallurgical battery recycling facility. The planned expansion will introduce Fortum’s next-generation technology designed to further improve efficiency, reduce chemical use, and maximize sustainability through on-site production of key chemicals. This breakthrough technology will set a new benchmark for closed-loop battery recycling in Europe.
In 2025, the Harjavalta facility was recognized as one of the Strategic Projects for the Critical Raw Materials Act (CRMA) by the European Commission and was granted EUR 84.6 million from Business Finland as part of EU’s Temporary Crisis and Transition Framework (TCTF).
Battery Recycling is part of the ongoing strategic review of Fortum’s Circular Solutions businesses. Fortum continues to assess potential options, including partnerships and a change of ownership, of this business.
The EU Innovation Fund empowers companies to bring breakthrough technologies to market, supporting Europe's journey towards climate neutrality by 2050. The grant supports projects that can bring significant emission reductions and boost the competitiveness of European industry.
Fortum Corporation
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Further information:
Jaakko Soini, Director, Technology & Growth Fortum Battery Recycling, jaakko.soini
Fortum Battery Recycling
Fortum Battery Recycling is part of the Fortum portfolio. Fortum Battery Recycling is a specialist in recycling of valuable metals in EV batteries. Its low-CO2 battery recycling solution makes it possible to recycle over 80% of the battery with 95% of the valuable metals contained in the battery's black mass to be put back into circulation. fortum.com/batteryrecycling
Fortum
Fortum is a Nordic energy company. Our purpose is to power a world where people, businesses and nature thrive together. We are one of the cleanest energy producers in Europe and our actions are guided by our ambitious environmental targets. We generate and deliver clean energy reliably and help industries to decarbonise their processes and grow. Our core operations in the Nordics comprise efficient, CO2-free power generation as well as reliable supply of electricity and district heat to private and business customers. For our ~5 000 employees, we commit to be a safe, and inspiring workplace. Fortum's share is listed on Nasdaq Helsinki. fortum.com
Disclaimer: Funded by the European Union. Views and opinions expressed are however those of the author(s) only and do not necessarily reflect those of the European Union or the European Climate, Infrastructure and Environment Executive Agency (CINEA). Neither the European Union nor the granting authority can be held responsible for them.