Fortum Battery Recycling to receive a grant of EUR 84.6 million from Business Finland
10 July 2025 at 13:15 EEST
Business Finland has granted funding of EUR 84.6 million to Fortum Battery Recycling for an expansion of the hydrometallurgical battery recycling facility in Harjavalta, Finland. Reception of the grant is subject to continued progress of the project and is paid on the basis of expenses incurred. However, no final investment decision has been made yet.
Granted by Business Finland, this financing is part of the EU’s Temporary Crisis and Transition Framework (TCTF), which allows EU countries to subsidise companies producing components necessary for the transition to a net-zero economy.
The support of Business Finland underscores Finland's commitment to fostering a robust domestic supply chain for critical raw materials. Earlier this year, the Harjavalta facility was recognised as one of the Strategic Projects for the Critical Raw Materials Act (CRMA) by the European Commission, further advancing the circular economy and thereby validating its strategic importance for Europe's clean transition and raw material independence.
“We welcome Business Finland’s recognition and support for this endeavor. The granted financing is an important step towards securing the financing for the project,” says Anssi Airas, Head of Business Line, Fortum Battery Recycling.
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.
Fortum Battery Recycling recovers critical metals from end-of-life lithium-ion batteries as well as battery production waste and produces secondary metals for new lithium-ion batteries on an industrial scale. The facility in Harjavalta is Europe’s largest closed-loop hydrometallurgical battery recycling facility with the current capacity of 3,000 tons of black mass processed per year. The possible expansion would increase the capacity to up to 28,000 tons per year, significantly boosting European capacity for processing critical battery materials.
Fortum Corporation
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Further information:
Anssi Airas, Head of Business Line, Fortum Battery Recycling, anssi.airas
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