10 March 2023

Today's Top Nordic Green News:

• Danish green hydrogen company Everfuel set to raise DKK 300 million
• Denmark inaugurates world’s first cross-border CO2 storage site
• SSAB’s CEO warns that Sweden is losing its competitiveness

Danish green hydrogen company Everfuel set to raise DKK 300 million

Danish green hydrogen company Everfuel is set to raise between DKK 300 million or EUR 20 - 30 million. French investment management and banking companies Hy24 and BNP Paribas have already subscribed for EUR 10 million and EUR 2 million respectively. The funds will be used to finance the Agder Hydrogen Hub, HySynergy phase 2, other growth opportunities and general company purposes. Moreover, Everfuel has also announced a joint venture with Hy24 to develop electrolyser capacity in the Nordics, with plans to invest EUR 200 million in green hydrogen infrastructure. Everfuel’s stock price has risen by 12.4 % so far this year.

E24

Denmark inaugurates world’s first cross-border CO2 storage site

Project Greensand has become the first venture to achieve cross-border CCS, by shipping CO2 from Belgium and injecting it into a depleted oil field under the Danish North Sea in an inauguration witnessed by European Commission President Ursula von der Leyen on Wednesday.

The project aims to safely and permanently store up to 8 million tonnes of CO2 every year by 2030, equivalent to over 10% of Denmark's annual emissions. The European Commission estimates the EU will need to store at least 300 million tonnes of CO2 p.a. by 2050 to reach its net-zero climate objective. According to Lars Aagaard, the Danish minister for climate, energy and utilities, “there is, my friends, no chance in hell that we will meet the global climate targets without CO2 storage”.

Euractiv

SSAB’s CEO warns that Sweden is losing its competitiveness 

The CEO of Swedish steel company SSAB, Martin Lindqvist, has warned that Sweden could fall behind in the global race to produce carbon-neutral steel unless the government addresses its electricity supply. Lindqvist says both the USA and Finland want their carbon-neutral steel production, so for SSAB it is not a question of if, but where the production should happen. However, the production is being hindered by external circumstances. Therefore, Lindqvist calls for more coordination, transparency and support from the authorities to expedite permits for electricity lines and improve the allocation of transmission capacity. Given Sweden’s strong record in sustainability, the country has the potential to emerge as a prominent player in this emerging sector.

Lindqvist believes that the allocation of transmission capacity is more crucial than increasing electricity production. The current "first come, first served" system for power allocation in Sweden is causing problems because companies are requesting more electricity than required at that moment in time. This leads to a queue of companies that want electricity but are unable to get it. Martin Lindqvist wants the system changed to prevent hogging of electricity supply and consider the time aspect of when electricity is needed and the benefit to society. If a certain project is less energy-intensive, but creates more job opportunities, then that should be factored into the power allocation process. Moreover, the steel industry has long lead times for projects and needs a steady, secure supply of low-carbon electricity. 

tidningennäringslivet

Essity produces soft tissue with renewable hydrogen

Sweden’s Essity has become the first company to manufacture soft tissue paper in a CO2-free production process using renewable hydrogen gas. The pilot project was carried out at Essity's production plant in Mainz-Kostheim, Germany. Previously, Essity's drying process for paper relied on natural gas to achieve the high temperatures required, making renewable energy an unviable option. However, by using renewable hydrogen gas in the drying process, Essity has shown that even energy-intensive production processes can be carbon-free. The Mainz-Kostheim plant converts recycled paper into soft tissue paper, which is sold under the company's brand, Tork, and produces 152,000 tons of soft tissue paper annually.

papperochmassa, Press Release, Press Release

IVECO partners with E.ON to provide charging solutions for EVs in Scandinavia

IVECO, the commercial Italian vehicle manufacturer, has partnered with energy company E.ON to develop charging infrastructure ahead of the entry of their fleet of EVs in Scandinavia. The deal will provide integrated electric solutions for IVECO eDAILY vehicles in Sweden, Denmark and Norway, which will come with E.ON charging stations and customer support. The collaboration comes as the market for transport vehicles is increasingly moving towards electric, with the market share for electric vehicles in Sweden expected to rise sharply in the coming years. The IVECO eDAILY can be equipped with up to three batteries, giving a range of up to 300km.

Press Release

CIP acquires South African renewable energy developer Mulilo Energy Holdings

Danish Copenhagen Infrastructure Partners (CIP) has acquired South African renewable energy developer Mulilo Energy Holdings, including its 25% stake in the 75 MW Du Plessis Dam solar park, which is set to be built by Total Energies by 2025 after receiving a Power Purchase Agreement (PPA) with Eskom in December. Eskom is a national utility company in South Africa. Mulilo Energy Holdings is also applying for permission to build two 200 MW wind farms, Mulilo Newcastle 1 and 2. The acquisition amount has not been disclosed.

"We are proud to have made CI NMF's (Copenhagen Infrastructure New Markets Fund) first investment to date in South Africa and in a platform company," says head of NMF 1 and partner in CIP, Niels Holst.

EnergiWatch

Danish consultancy Ramboll achieves best organic growth in 14 years, driven by high demand for sustainable solutions

Danish global architecture, engineering and consulting company, Ramboll, has announced its best organic growth in over a decade. Despite macroeconomic uncertainty, gross revenue increased by 12.6% to DKK 16 billion with organic growth of 9.9%. Growth was driven by high demand for services in renewable energy such as offshore wind power and Power-to-X, water systems and climate adaptation, low-carbon buildings and sustainability strategies. Growth was particularly high in Great Britain, Germany, Denmark and Norway. Ramboll expects continued strong growth and greater profit in 2023.

Press Release

What we’re reading

• French oil giant targets 30GW of wind and solar for green hydrogen projects in Australia (RenewEconomy)
• Europe experienced second-warmest winter on record, EU scientists say (Euractiv)
• Germany to build 25GW of “hydrogen ready” gas plants to back up wind and solar (RenewEconomy)
• UK poised to redefine atomic power as ‘green’ in bid to pull in private investment (Financial Times)
• Greenwashing crackdown in Europe fails to shed light on which funds are truly sustainable (Reuters)
• China’s CATL cements position as EV battery leader with jump in profits (Financial Times)
• EU opens subsidy race with US to fight exodus of green projects (Financial Times)

The European Commission has released an overhaul of state subsidy rules that would allow member states of the European Union to offer "matching" incentives to firms developing green technologies in a bid to keep them from being lured overseas by the US Inflation Reduction Act (IRA), which offers $369 billion in subsidies and tax credits for clean energy. This is a radical departure in how state subsidies have been policed within the bloc. The measures will allow states to pump billions of euros into the production of solar panels, batteries, wind turbines, electrolysers and heat pumps. This subsidy plan is open to all EU member states, with the commission placing some conditions to avoid pitting one member state against another. Applications to "match" US incentives must be from one member state in a less wealthy region or from a group of three countries, where at least two are in a less developed area. The new regime allowing matching subsidies, which can be either cash or tax breaks, will be open until 2025.

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