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Fortum partners to develop wave power in the UK

2/24/2014 11:00 EET

PRESS RELEASE 24 February 2014

Fortum has signed a leasing agreement with the UK-based Wave Hub in order to
test wave power solutions off the coast of Cornwall. The agreement provides
Fortum with a new opportunity to rapidly deploy advanced, full-scale wave power
converters in ocean conditions.

Fortum believes that a transition to a Solar Economy, where energy production
is based solely on renewable energy sources, is inevitable, although gradual.
As an inexhaustible and emissions-free energy form, wave power can play an
important role in the future, and that is why it is also a key focus area in
Fortum's research and development work.

The Wave Hub facility offers Fortum a unique opportunity to test wave power
converters in favourable ocean conditions. The site is consented, constructed
and grid connected, which significantly reduces the time it takes to get
devices into the water. The berth that Wave Hub will provide is capable of
handling up to 10 megawatts (MW) installed generation.

“This is as much ‘plug and play’ as it gets when it comes to wave power
generation development. The site already has everything we need to start
testing,” says Fortum's Chief Technology Officer Heli Antila, PhD. “From the
very beginning, Wave Hub has been very supportive of our project development,
which is important as this is a testing environment,” Antila continues.

“One wave power solution that we are currently evaluating to be deployed at the
site is the ‘Penguin’, developed by Finnish wave power company Wello,” says
Heli Antila. “This technique comprises vessels that float on the water and
capture kinetic energy, which is then turned into electrical power, with
minimal anchoring attached to the bottom,” she concludes.

Fortum Corporation
Corporate Communications

Further information:

Heli Antila, CTO, Fortum Corporation, +358 40 571 7188
Claire Gibson, Managing Director, Wave Hub Limited, + 44 (0) 1736 800290

Information to editors on Fortum's wave power development:
Fortum has been actively involved in wave energy development since 2007 and has
participated in the development of several technologies. One of these is the
Finnish AW-Energy’s WaveRoller™ technology, which has been successfully tested
off the coast of Portugal. Last year, Fortum also signed a cooperation
agreement with the French marine technology company DCNS to further test and
develop AW-Energy’s technology off the coast of Bretagne, France.

In Sweden, Fortum and Seabased AB are currently cooperating around a
10-megawatt wave power park on the west coast of Sweden, in Sotenäs. It is one
of the world’s largest wave-power demonstration projects and will start
production during 2014. The technology of choice in Sweden is Seabased's linear
wave power generator that is placed on the bottom of the sea.

The new agreement with Wave Hub is another step in Fortum’s aim to test new and
promising wave power technologies in order to develop new renewable energy for
the next generation.

About Fortum

Fortum’s purpose is to create energy that improves life for present and future
generations. Catering to the versatile needs of our customers, we generate,
distribute and sell electricity and heat, and offer related expert services.
Our operations focus on the Nordic and Baltic countries, Russia and Poland. In
2013, Fortum’s sales totalled EUR 6.1 billion and comparable operating profit
was EUR 1.6 billion. We employ approximately 9,900 people. Fortum’s shares are
traded on the NASDAQ OMX Helsinki.

About Wave Hub

Wave Hub offers a grid-connected and consented area of sea with an excellent
wave climate, backed up by world-class research, excellent port infrastructure
and an established supply chain in South West England. There is no fixed period
for working at Wave Hub but we expect that developers will move on to building
larger, commercial scale projects in our region and elsewhere once their
technologies have proved their reliability over a number of years.