Fortum, as the energy partner, will support a feasibility study to explore low-carbon aluminium manufacturing opportunities in Kokkola and Kronoby, Finland. With decades of expertise in the Nordic energy market, Fortum’s role in the study is to support in long-term hedging strategies related to a potential facility and electricity sourcing from Fortum’s existing and new generation assets.
If realised, the aluminium manufacturing facility would mark the first greenfield primary aluminium development in continental Europe in over 30 years, significantly boosting the supply of domestic low-carbon aluminium in Europe. The facility, if realized, would consume approximately 7 TWh of electricity annually.
The feasibility study will be conducted by the Arctial project company and its global industry leader partners Rio Tinto, Vargas, Mitsubishi Corporation, Fortum and Finnish Industry Investment (Tesi). The feasibility study will assess the low-carbon aluminium manufacturing opportunity across social, technical, environmental, and commercial dimensions.
“Finland’s existing almost fully CO2-free power generation mix and strong pipeline of new wind and solar projects are key to the decarbonisation of various industrial sectors. We are pleased to be able to support the Arctial project company with our Nordic power market expertise and by providing our insights to their feasibility study,” says Executive Vice President Simon-Erik Ollus at Fortum.
Fortum's strategic priorities are to deliver reliable, clean energy and drive decarbonisation in industries in the Nordics. Fortum´s power generation portfolio offers an optimal clean energy mix and it is working together with industrial partners to find solutions to reduce their carbon footprint.
“We have a strong hypothesis centred around low-carbon aluminium produced in Europe, for Europe. The first step is to conduct a detailed feasibility study, and we look forward assessing the opportunity together with the municipalities of Kokkola and Kronoby, Finnish authorities, and our leading partners,” says Torbjörn Sternsjö, CEO of project company Arctial.
The project organisation anticipates making a final investment decision regarding a production facility during 2026-2027. This decision will follow a comprehensive evaluation process, with the feasibility study serving as a crucial initial step.
