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Fortum Acquires Shares in Seabased

The Finnish power company Fortum has acquired shares in Seabased AB corresponding to an approximate 10% stake in the company. Both parties have agreed not to disclose the value of the deal.

"We are happy to have Fortum as our new shareholder. To have a major player such as Fortum onboard is a commitment in Seabased when we move towards commercialization", says Oivind Magnussen, CEO, Seabased.

"We have worked closely together during the wave power project in Sotenäs and believe there is a potential for a commercially viable solution, something Seabased now will continue to develop," says Sebastian Johansen, Senior Technological Expert at Fortum.
"Fortum is looking forward to future co-operation with Seabased from its new role as an owner."

About Seabased

Seabased is a high-tech clean energy growth firm that designs, builds and installs complete, grid-connected wave parks. Our proven, patented, simple yet highly efficient technology can provide cost-effective renewable energy generation without creating eyesores or requiring significant land area use. With over 100 patents, more than 4.5 years of generator run time and an operational factory on the west coast of Sweden, Seabased is a market leader in wave energy. Our vision is to provide renewable wave power solutions to a global market in a manner that is technically, economically, ecologically and ethically sustainable. www.seabased.com

About Fortum

Fortum is a leading clean-energy company that provides its customers with electricity, heating and cooling as well as smart solutions to improve resource efficiency. We want to engage our customers and society to join the change for a cleaner world. We employ some 9,000 professionals in the Nordic and Baltic countries, Russia, Poland and India, and 62% of our electricity generation is CO2 free. In 2016, our sales were EUR 3.6 billion. Fortum's share is listed on Nasdaq Helsinki. www.fortum.com

Further Information:

Seabased: Oivind Magussen, CEO, This email address is being protected from spambots. You need JavaScript enabled to view it.
Fortum: Sebastian Johansen, Senior Technological Expert, +358 40 354 3683, This email address is being protected from spambots. You need JavaScript enabled to view it.