15 December 2021

Denmark allocates DKK 16 billion to North Sea CCS

Denmark will allocate DKK 16 billion towards Carbon Capture and Storage (CCS) subsidies over the coming decade in a move to achieve one of the world's most ambitious climate targets. According to the Danish government, the aim is to put the first North Sea CCS facilities in service in 2025 (Reuters).

Northvolt and Galp build lithium refinery in Portugal

Northvolt and Galp will build a lithium refinery in Portugal under a joint company, Aurora. The refinery will produce 35,000 tonnes of lithium hydroxide annually for the use in batteries to power 700,000 electric vehicles. Portugal has large lithium deposits that the partners have applied for a permit to excavate. The expected cost of the refinery is EUR 700 million (SEK 7.2 billion) (SvD).

Norwegian Wealth Fund increases divestments based on ESG risk

Norway’s $1.4 trillion sovereign wealth fund, Norges Bank Investment Management, has exited 370 companies over the past decade based on ESG screening. Based on the same model, the fund has already blacklisted nine companies, and a further 65 firms which pose similar sustainability risks. The fund screens for a range of ESG risks, including climate change, ocean sustainability, children- and human rights, tax and transparency, anti-corruption, water management and as of late, biodiversity. The ESG filter differs from the divestment recommendations made by Norway’s ethics council and the fund has opted out of disclosing company names (Bloomberg). 

ABB and HydrogenPro collaborate for optimising green hydrogen production

ABB has signed a contract with HydrogenPro for the delivery of electric equipment for the world’s largest alkaline high-pressure electrolyser. The aim of the collaboration regards optimising the production of green hydrogen by reducing production costs and accelerating the commercial use of hydrogen as an energy source. Additionally, HydrogenPro aims to test the electrolyser’s performance extensively in order to explore opportunities for optimising the system. The customised testing-facility on Herøya is expected to produce 1,100 cubic metres of green hydrogen per hour (Nm3/h) in 2022 (Press release).

Cling Systems raises SEK 21 million for battery recycling

Cling Systems, a Swedish start-up, has raised SEK 21 million in financing led by Trucks VC and First Venture. The financing will primarily be allocated to accelerating the development of Cling’s platform, aiming to solve the problem of battery recycling. Today, thousands of different battery models with different recycling properties are making it increasingly difficult for companies to recycle old and used batteries, according to William Bergh, Founder of Cling Systems. Cling tackles this issue by helping clients in finding old batteries as well as which batteries that are recyclable. Additionally, the company claims that the logistics underlying battery recycling constitutes 50% of the recycling costs (Breakit).

What we’re reading

• Spain to invest 6.9 bln euros in renewables, green hydrogen, energy storage (Reuters) 
• China's Guangdong province plans to move data centres undersea to cut power use (Reuters)
• Shell goes bigger on solar and batteries with major new US acquisition (RenewEconomy)
• Germany boosts its climate fund with 60 bln euro injection (Reuters)

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