Bird & Bird’s has advised Fortum, a leading energy company, in a transaction involving a sale of a majority share of its carbon removal startup Puro.earth to Nasdaq, a multinational financial services company. The partnership will create a shared ownership structure designed to accelerate Puro.earth’s global growth and long-term market development as the forerunner of B2B carbon removal marketplaces.
The deal is an integral part of Fortum’s purpose in securing a fast and reliable transition to a carbon-neutral economy by providing customers and societies with clean energy and sustainable solutions.
The client comments: “Bird & Bird delivered excellent advice from both strategic and practical perspectives. The team was very motivated and efficient which contributed to the successful outcome”.
Partner Mikko Ahonen comments:
“It was again rewarding and fun to work with Fortum and their superb team. Our deep knowledge and legal know-how about the clean/renewable energy sector and transactions of this nature together with our strong relationship with Fortum really contributed to this excellent outcome and process. I really want thank our client, together with our advising team in this matter, for having the opportunity to contribute to the important purpose this deal represents.”
Puro.earth is the world’s first B2B marketplace, standard and registry focused solely on carbon removal. Its mission is to mobilise the world’s economy to reward carbon net-negative emissions.
In addition to Ahonen, Bird & Bird’s key team consisted of the following lawyers: partner Katia Duncker (Competition), counsel Päivi Tammilehto (Competition), counsel Mika Puurunen (Corporate), senior associate Matti Kuokkanen (Corporate) and associate Johanna Rein (Corporate).
