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Press release

Fortum invests in R&D through cleantech funds

16 July 2008, 12:41 EEST

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