Fortum Corporation is a Finnish state-owned energy company formed in 1998 through the merger of Imatran Voima (IVO) and Neste's energy division. It has grown through acquisitions in Nordic and Russian markets, divested oil and telecom businesses, acquired and later divested Uniper, and is transitioning towards renewable energy.
Imatran Voima, a Finnish state-owned energy company, is established to build hydropower plants. #energy #history
Neste, a Finnish state-owned oil refining and marketing company, is founded. #oil #energy
Imatran Voima and Neste's energy division merge to form Fortum Corporation, a new state-owned energy company. #corporate #merger
Jaakko Ihamuotila becomes the first CEO of Fortum, leading the newly merged company. #leadership
Fortum goes public on Nasdaq Helsinki, with the Finnish state retaining a majority stake. #ipo #finance
Fortum acquires Swedish energy company Birka Energi, expanding its Nordic presence. #acquisition
Fortum divests its oil and gas business to Neste, focusing on power generation. #divestiture #strategy
Tapio Kuula succeeds Jaakko Ihamuotila as President and CEO of Fortum. #leadership
Fortum sells its telecom subsidiary, further streamlining its focus on energy. #divestiture
Fortum acquires Finnish power company Länsivoima, strengthening its domestic position. #acquisition
Fortum acquires a stake in Russian power generator TGK-10, marking its expansion into Russia. #expansion #Russia
Fortum increases its stake in TGK-10 to become the majority owner, gaining control. #acquisition #Russia
Fortum acquires E.ON's electricity distribution network in Sweden, expanding its Nordic reach. #acquisition
Fortum completes its first wind farm in Sweden, entering the wind energy sector. #renewable #energy
Fortum acquires a minority stake in Norwegian energy company Hafslund. #investment
Fortum sells its electricity distribution network in Finland to a consortium led by First State Investments. #divestiture
Pekka Lundmark becomes President and CEO of Fortum, succeeding Tapio Kuula. #leadership
Fortum enters the Indian solar energy market, setting up solar power projects. #solar #India
Fortum sells its Swedish electricity distribution network to Ellevio. #divestiture
Fortum announces a bid to acquire German energy company Uniper from E.ON. #acquisition
Fortum completes the acquisition of Uniper, significantly expanding its European footprint. #acquisition #strategy
The European Commission grants antitrust approval for Fortum's acquisition of Uniper. #regulation
Fortum sells its electricity distribution business in Norway. #divestiture
Fortum sells its distribution operations in Estonia, Latvia, and Lithuania. #divestiture
Markus Rauramo succeeds Pekka Lundmark as President and CEO of Fortum. #leadership
Fortum announces a target to achieve carbon neutrality in its own operations by 2035. #sustainability #climate
Fortum announces its intention to exit the Russian market due to geopolitical tensions. #strategy #Russia
Fortum finalizes the sale of its Russian operations, exiting the market entirely. #divestiture #Russia
Germany nationalizes Uniper due to energy crisis; Fortum's stake is transferred to the German government. #regulation #energy
Fortum announces a new strategy focusing on renewable energy and clean technologies. #strategy #renewable
Fortum sells its remaining stake in Uniper, exiting the German market. #divestiture #strategy
Fortum invests in offshore wind projects in the Nordic region to expand its renewable portfolio. #wind #renewable
Fortum appoints a new Chairman to guide the company's strategic direction. #governance