15 Best European AI Stocks According to Morgan Stanley

12. Fortum Oyj (OTC:FOJCY)

Number of Hedge Fund Holders: N/A  

Fortum Oyj (OTC:FOJCY) engages in the generation and sale of electricity and heat in the Nordic countries, Sweden, Germany, the United Kingdom, the Netherlands, and internationally. It is based in Finland. The company has not had the best of business years. Markus Rauramo, the CEO of the firm, said during the first quarter earnings call that decarbonization was driving power demand, providing his company with growth opportunities in the long term through investments in new clean energy production. Per the CEO, one example of this was the development of several sites across Finland by his firm for various industrial purposes, including data center build. These sites include Pori, Inkoo, Rauma, Orimattila and Nurmijärvi.

Fortum Oyj (OTC:FOJCY) is among the firms that are targeting possible deals with the government of neighboring Sweden as the latter tries to build 2,500 MW of new nuclear power by 2035. This endeavor could cost as much as $38 billion. The CEO of the firm has, however, warned that it is not feasible to invest in new nuclear power plants in the region due to the steady drop in power prices.