Fortum Corp (Fortum) is an energy company that generates, distributes, and sells electricity and heat. It also provides energy-related services. The company generates electricity through hydro, nuclear, natural gas, coal, biofuel, wind, solar, waste derived fuels and other sources. The company classifies its operations into three reportable segments: Generation, Consumer Solutions, and Other. As of December 31, 2024 it had total power generation capacity of 9,286 MW and heat production capacity of 1,842 MW. In FY2024, the company incurred a capital expenditure of EUR472 million, which was 8.1% of the company’s total revenue and declined 18.1% YoY.

Fortum is focused on decarbonisation as a core part of its strategy, exploring and developing new growth sources within clean energy solutions. The company aims to lead in energy technology utilisation and application development by strengthening in-house innovation, venturing efforts, and building partnerships with global suppliers, technology and service companies, research institutions, and universities. Fortum invests in start-ups with promising innovations in decarbonisation and technologies that enhance the current asset base, creating new markets and products. The company is also constructing a 2-MW hydrogen test facility in Loviisa, expected to operate between 2026 and 2028. The R&D units of Fortum Corp are responsible for accelerating innovation and the commercialisation of new offerings, strengthening in-house innovation and venturing efforts, and building partnerships with leading global suppliers, technology and service companies, as well as research institutions and universities. In FY2024, the company spent EUR31 million on its R&D, which as a percentage of revenue, stood at 0.5% and declined 44.6% YoY. ?