Fortum sells turbine and generator services to Elcoline

Energy company Fortum says that it has signed an agreement for the sale of its turbine and generator services to an industrial maintenance service provider Elcoline Groupille.

According to the company’s press release, the sale is part of Fortum’s ongoing strategic review of Circular Solutions businesses.

According to Fortum, the transaction will not significantly affect the group’s result.

The completion of the transaction requires the fulfillment of the usual conditions, and it is estimated to be completed in the fourth quarter of 2024.

The services that are the subject of the transaction are located in Finland, Sweden and Germany and they employ approximately 170 employees.

After the deal, Fortum says it will continue its strategic review. The subject of review are battery recycling operations and a waste-to-energy business located in Great Britain. The capital tied up in the operations is around 70 million euros and they employ around 200 people.

During the last twelve months, the comparable EBITDA of the remaining businesses was around EUR -20 million.