Umicore signs new renewable PPA in Finland with Gasum

Belgian materials technology and recycling group Umicore (EBR:UMI) announced today the signing of a 10-year power purchase agreement (PPA) with Gasum to source renewable electricity for its Finnish facility in Kokkola.

Under the terms of the contract, the Finnish energy company will supply about 35 GWh of certified renewable electricity per year to Umicore until 2035. The power will come from a zero-subsidy wind farm in Finland that was commissioned last December, the announcement says.

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This is the second renewable PPA between the two companies after in September 2022 Gasum agreed to provide Umicore with about 45 GWh of certified renewable electricity per year until 2034.

“Last year more than 40% of our global electricity needs came from renewable sources and in Europe this was almost 60%. Securing renewable electricity supply reduces the carbon footprint of our materials and secures our sustainable growth,” commented Geraldine Nolens, Umicore’s ESG Executive Vice President.

Umicore’s ultimate goal is to achieve net zero for both its Scope 1 and 2 greenhouse gas emissions by 2035. The objective for 2025 is to cut its Scope 1 and Scope 2 emissions by 20% from the 2019 baseline.

In Kokkola, Umicore refines cobalt and makes precursor cathode active materials for electric vehicle batteries.