Baker Hughes Announces Deal with Fortum to Purchase Renewable Energy

Baker Hughes, 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.

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