Fortum Sells Stake in Electric Vehicle Charging Point Operator to Infracapital For $85 Million

By Dominic Chopping

Finnish energy group Fortum Oyj said Friday that it is selling its 30% stake in electric vehicle charging point operator Recharge AS to Infracapital for around 80 million euros ($85.0 million).

Infracapital, the infrastructure equity investment arm of M&G PLC, will own 100% of Recharge on completion of the deal, it said.

Infracapital acquired the majority share of Recharge in May 2020, with Fortum and Infracapital cooperating through a joint venture to accelerate growth of the public charging network.

Recharge has more than 4,600 connectors at 830 locations across the Nordics.

"The divestment of Recharge enables new growth investments in areas that align with our strategy," said Ilkka Lassila, Chief Operating Officer of Fortum's digital clean energy investment unit Valkea Growth Club.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

06-10-22 0315ET