Key figures and financial reports

The Gasum Gas Fund aims to respond to society’s transformational challenges by developing energy solutions based on gas and producing information supporting the development of the gas sector.

Thematic areas supported may be related to, for example:

• gas-related circular economy and bioeconomy;
• gas transport and logistics;
• distributed energy solutions promoting gas use; or
• gas-based energy storage technologies (such as power-to-gas).

The Gas Fund is one of the special funds run and administered by the Finnish Foundation for Technology Promotion (TES). 

Who are grants provided to?

Grants are provided to post-graduate students for doctoral dissertation work. In exceptional cases, funding may also be provided for high-quality Master’s theses. Grants are given out for research conducted in Finland, including possible periods of working abroad on the project. The Gasum Gas Fund aims to support full-time research, with the objective being to provide full daily allowances. In addition, the Gasum Gas Fund seeks to provide long-term funding to students. Therefore funding can also be applied for through the Fund in several consecutive years. This, however, requires proof of progress made in the work. Progress must be indicated in the application as well as in the reference letter provided by the advisor or supervisor of the work.

Applications addressed to the Gasum Gas Fund are considered by the Fund’s advisory committee. The committee is chaired by Lars Gädda, Dr. Tech., and the other members are Professor Jukka Rintala from Tampere University of Technology, Professor Esa Vakkilainen from LUT University, Marianna Jokila from Finnish Foundation for Technology Promotion and Gasum CEO Johanna Lamminen, DSc. (Tech.).

In 2019, the Fund gave out 8 grants totaling €62,200. Grants have been provided since 2005. Take a look at last year’s grant recipients and their research topics > 

See also the TES website for information on how to apply for a grant >

Gasum is acquiring AGA’s Clean Energy business and Nauticor’s Marine Bunkering business from their current owner, Linde AG. Together, the businesses employs 35 employees and generates annual revenues of more than EUR 100 million. In the acquisition, several assets will be transferred to Gasum. These include an LNG liquefaction plant, two LNG terminals, two LNG bunkering vessels, and 48 gas filling stations in Sweden and Norway. The acquisition was signed on November 13, 2019. The transaction is subject to relevant approvals from competition authorities. The transaction is anticipated to be completed during 2020.

The acquisition will strengthen Gasum’s strategy by developing the Nordic gas market and creating a platform for a broader offering to its customers in the maritime, industry and road transport segments. In addition, the acquisition accelerates Gasum’s growth strategy for cleaner transport solutions in the Nordic heavy-duty vehicle market.

”The acquisition of AGA’s Clean Energy and Nauticor’s Marine Bunkering businesses is an integral part of our growth strategy. The acquisition enables Gasum to supply and to ensure the availability of a competitive, low-emission form of energy to meet the demands of industrial, maritime and road transport customers in the Nordic countries. We are very excited about this transaction which is important step for our com-pany when building the Nordic gas ecosystem and answering the increasing demand for low-emission energy solutions from customers,” says Gasum CEO Johanna Lamminen.

The acquisition is part of Gasum’s strategy execution and further strengthens the company’s capacity to offer gas solutions for various customer segments in multiple locations.

• Group revenue increased by 1.4% year on year and totaled, €838.8 million (January-September/2018: €827.4 million)

• Group operating profit totaled €86.3 million, down 7.2% year on year (€93.0 million)

• Balance sheet total increased through new investments to €1,553.7 million (December 31,2018: €1,526.6 million)

• The Group’s financial position remained strong in the reporting period, with the equity ratio being 44.6% (December 31, 2018: 43.7%).
 

CEO Johanna Lamminen comments on Q3 of 2019:

”Our financial performance was in line with our expectations during the reporting period. Our revenue totaled €838.8 million (€827.4 million) and our operating profit for the period under review was €86.3 million.

During Q3, we concluded a green loan agreement with SEB, Nordea and OP Corporate Bank and renewed our other loans in the same context. In our responsibility program, we have committed to act to curbing climate change and to promote the transition to a low-carbon society. We provide cleaner energy solutions to our customers and help them to reduce their own carbon footprint and that of their customers.

During the period under review, Gasum Portfolio Services concluded an agreement with Finland’s transmission system operator Fingrid whereby we continue to be responsible for the portfolio management and trading services of Fingrid’s loss power in the grid.

Growing the road fuel gas market is a key element in Gasum’s strategy. During the period under review, we opened three filling stations to meet the needs of heavy-duty transport and three filling stations for passenger vehicles on roads. Adding to the network of gas filling stations supports national emissions reduction targets by helping Nordic transport to switch over to using cleaner fuel solutions. The popularity of gas motoring is growing also in Finland as it is in many other countries in Europe. Gas is a cost-efficient fuel, which can replace traditional fuels and quickly achieve significant emissions reductions.

We have continued preparations for the opening up of the gas market and together with customers and stakeholders have been coordinating regulatory work relating to the Natural Gas Market Act since back in 2017.”

Read more Q3 2019 Financial result >