Research and development
Sustainability is at the core of Fortum’s strategy, and Fortum's research and development (R&D) activities promote environmentally-benign energy solutions. Investments in the development of renewable energy production, like solar power, are an important part of Fortum’s strategy implementation.
In 2014, Fortum, UPM and Valmet joined forces to develop a new technology to produce advanced, high-value
lignocellulosic fuels, such as transportation fuels, or higher value bio liquids in order to develop catalytic pyrolysis technology for upgrading bio-oil and to commercialise the new technology.
Fortum also signed an agreement with Cleantech Invest Plc on partnership with regard to business development activities, potential future cleantech investments as well as information sharing. The company also started a collaboration with St1 to build Finland’s first industrial-scale geothermal pilot heat plant. St1 will begin planning the pilot production plant, which is estimated to be completed in 2016.
Furthermore, Fortum’s leasing agreement signed during the period with the UK-based Wave Hub provides Fortum with an opportunity to study advanced, full-scale wave power converters in ocean conditions. Fortum also acquired a minority share in the Finnish wave energy developer Wello Oy.
The Group reports its R&D expenditure on a yearly basis. In 2014, Fortum’s R&D expenditure was EUR 41 million (2013: 49) or 0.9% (2013: 0.9%) of sales.
|2014||2013|| Change |
|R&D expenditure, EUR million||41||49||‑16%|
|R&D expenditure, % of sales||0.9||0.9||0%|
Search Fortum Annual Report 2014