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Baker Hughes Announces Agreement with Fortum to Purchase Renewable Energy for Facilities and Operations in Russia

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Baker Hughes Announces Agreement with Fortum to Purchase Renewable Energy for Facilities and Operations in Russia

June 3, 2021

Fortum deal
  • Agreement will maximize the share of renewable energy used by Baker Hughes and marks another step in the company’s commitment to achieving net-zero emissions by 2050.

ST. PETERSBURG, Russia – June 3, 2021 – Baker Hughes, an energy technology company, has announced an agreement with Fortum (HEL: FORTUM) to maximize the share of renewable energy to power Baker Hughes’ facilities and operations in Russia. Signed during the St. Petersburg International Economic Forum (SPIEF), the agreement is an important step in Baker Hughes’ commitment to achieving net-zero carbon equivalent emissions by 2050.

“Baker Hughes is a long-term strategic partner for the Russian energy sector, with thousands of employees and a number of manufacturing and service facilities spanning the region,” said Lorenzo Simonelli, chairman and CEO of Baker Hughes. “Our agreement with Fortum will help advance our global commitment to achieving net-zero carbon emissions and continue to support Russia in its energy transition.”

“We are delighted that wind and solar facilities managed by Fortum Russia division and its joint ventures support global leaders such as Baker Hughes in pursuing their sustainability policies in Russia,” said Markus Rauramo, CEO and President, Fortum. “We are convinced that renewable energy can support decarbonization of the most important sectors of the economy. Also, it is due to the growing conscious demand of industrial customers for green energy that the renewable energy sector is getting an additional market-based incentive to build new capacities.”

In Russia, Fortum owns the largest wind and solar portfolio of more than 2 gigawatts (GW) directly and through joint ventures. Today’s agreement represents another milestone in Baker Hughes’ journey to net-zero emissions, which includes partnering with customers and suppliers to advance low-emissions technologies and as well as investing in emissions reduction technologies for operations.

Baker Hughes has taken similar actions to purchase renewable energy for its electricity needs in multiple regions. In 2019, the company announced it would purchase 100% of the electricity it consumes in Texas from renewable sources. In addition, Baker Hughes’ 20+ facilities in the U.K. have used 100% wind power since 2014; renewable hydroelectric energy is used at Baker Hughes’ campus in Celle, Germany; and on-site solar power is used at multiple sites in the U.S., Italy, and additional locations.

About Baker Hughes

Baker Hughes (NYSE: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and with operations in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com. 

About Fortum

Fortum is a European energy company with activities in more than 40 countries. We provide our customers with electricity, gas, heating and cooling as well as smart solutions to improve resource efficiency. Together with our subsidiary Uniper, we are the third largest producer of CO2-free electricity in Europe. Close to 20,000 professionals and a combined balance sheet of approximately EUR 60 billion, we have the scale, competence and resources to grow and to drive the energy transition forward.

Fortum's share is listed on Nasdaq Helsinki and Uniper's share on the Frankfurt Stock Exchange. www.fortum.com   

Media Relations

Marina Oplachko

+7 (985) 4419300

marina.oplachko@BakerHughes.com

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