15 March 2022

Northvolt to build third battery factory in Germany

The Swedish battery manufacturer Northvolt is building a third factory in Germany called Northvolt Drei. The facility will be located near the North Sea coast northwest of Hamburg and possess an annual production capacity of 60 GWh - enough to produce batteries for one million electric cars. The factory will produce lithium-ion batteries with the lowest environmental footprint in all of continental Europe. When all three factories are in full swing, Northvolt will have a total annual production capacity of 170 GWh. Northvolt Drei is planned to be up and running in 2025. 

Press release , Elbilen , Dagens Näringsliv

OX2 applies for Natura 2000-permit for huge windfarm off Gotland

OX2 has applied for a Natura 2000 permit for an offshore wind farm between the Swedish islands of Gotland and Öland. The new wind farm Aurora will consist of up to 370 turbines and its electricity production is estimated at around 24 TWh per year, which is the yearly consumption of about 5 million households or over 15% of Sweden’s annual demand. Aurora will also contribute to reduced emissions of carbon dioxide of about 14 million tonnes per year. The permit application is currently being processed by the County Administrative Board of Gotland. 

Press release

Swedbank: “The transition to more sustainable energy systems will continue”

In its latest Investment Strategy, Swedbank has reduced its previous overweight call position equities to neutral. At the same time, the previous underweight in interest rates is raised to neutral. In equities, overweight is concentrated in the United States. In Sweden, the stock market has declined more than in Europe since the turn of the year and is weighted neutrally, while the underweight in Europe remains. 

As a result of the invasion of Ukraine, energy independence has come high on the agenda. Renewable energy is therefore a theme in the Investment Strategy this time. Swedbank sees good opportunities to add this type of stock to the portfolio, partly because valuations in the sector have fallen over the past year, but also underlying growth is high, due to climate change and now also to accelerate the phasing out and independence of Russian oil and gas. 

Separately, Danske Bank also announced that it had raises its price target for Vestas to from DKK 185 to DKK 220

Realtid, NPInvestor

Enova grants Hystar financial support of NOK 38 million

Hystar has developed a unique, patented electrolysis technology that will make the production of green hydrogen cheaper. In collaboration with SINTEF, Hystar’s technology has been verified over several thousand hours of testing. Enova recently announced that they will support the company with NOK 38 million. Hystar’s next step on the way to large-scale commercialization of the hydrogen solution is pilot testing of a complete 1 MW plant located at Kårstø. 

SINTEF , Montelnews 

European Energy goes forward with Swedish hybrid park

European Energy’s plans for a hybrid park at Grevekulla in Sweden continue. However, authorities, organisations and nearby residents must be given the opportunity to comment on the facility. If everything goes according to plan, the solar cells at Grevekulla may join the six Siemens Gamesa turbines in mid-2023. 

EnergiWatch

What we’re reading

• EU seeks solution to energy bills conundrum (Financial Times)
• Ford plans Turkey battery plant as all vans to go green by 2035 (Financial Times)

---