16 November 2021

Neste hydrogen project receives EU-funding

Neste’s hydrogen project by the Porvoo-refinery is one of the projects to receive funding from the EU commission’s Innovation Fund for the development of green hydrogen. According to the EU Commission, the aim of Neste’s project is to reduce the emissions from the Porvoo-refinery by replacing the use of grey hydrogen with green hydrogen as well as reducing emissions by producing blue hydrogen. The Innovation Fund will allocate a total of EUR 1.1 billion to seven projects in Sweden, Norway, the Netherlands, Belgium, France, Italy and Spain (MSN).

Fortum Oslo Varme will not receive EU-funding for CCS-project

Fortum Oslo Varme’s Carbon Capture and Storage (CCS) project was not on the list of projects to receive funding from the EU commission’s Innovation Fund. The project has received large interest and will raise NOK 3 billion from the Norwegian state fund, provided that remaining funding comes from external sources. The company will continue pursuing the project and is now looking into other financing solutions according to Jannicke Gerner Bjerkås, Director of CCS at Fortum Oslo Varme (Press release).

Oatly shares fall amid supply issues

Oatly’s shares have dropped significantly as a result of missed revenue expectations for its latest quarter and its lower sales guidance. Revenue was $171.1 million, missing the expectations of $185.7 million, while the forecast sales will come in at $635 million, a downward revision from the previously forecasted $690 million. The Swedish food company is experiencing supply-chain issues including higher rates of logistics and containers, as well as virus-related disruptions in Asia, which has impacted Oatly’s results. According to Oatly’s earnings report, the company assigns its issues to timing and expansion projects (Yahoo).

Volvo Cars to release three new electric car models

Volvo Cars will release three new electric car models by 2025, a measure to take the auto manufacturer closer to its 2030 goal of being an all electric brand by 2030. The three models are in the small-, mid-, and large sized SUV category with new model names. Volvo Cars intends to make fully electric vehicles similarly priced to combustion engine vehicles, given customers’ unwillingness to pay a premium price for electric cars when they become the norm (DI).

Everfuel hydrogen fuelling network taking shape: 3Q21 report

Everfuel announces that it is progressing with the roll-out of the Scandinavian hydrogen fuelling network in its 3Q21 report – with an ambition to make green hydrogen commercially available for zero emission mobility across Europe. All fuelling stations within Everfuel’s network are, or will be, accessible for customers using the Everfuel app, which is connected to the proprietary big data system aimed at driving efficiency and competitiveness across the hydrogen value chain. Key financial highlights from the company’s 3Q21 report were.

• Total revenue: EUR 149,000
• EBITDA: EUR -1.8 million
• Cash position (end of September): EUR 69.5 million (Press release, Energiwatch)

Soltech group integration targets Sweden’s real estate sector

Three solar energy companies in the Soltech group have merged, with the aim of creating a national solar energy company that will shape the future of Swedish smart real estate. Swede Energy, Merasol and Soltech Sales & Support merge into Soltech Energy Solutions which will target three prioritised areas.

• Soltech Energy Solutions targets large-scale solar energy solutions and will install Sweden’s largest solar façade, and Scandinavia’s largest roof-placed solar power facility in 2022.
• Establish smaller and local solar power facilities, as well as reliable energy storage- and charging infrastructure to create the future of smart cities where energy is produced, stored, and used where it is needed.
• Energy storage and energy control solutions for the future of smart real estate, to optimise energy consumption. The aim is to create buildings that use self-produced renewable energy at peak-demand (Press release).

Semcon and Hystar collaborate on hydrogen: New electrolysis technology

Semcon and Hystar will collaborate on the development of a new electrolysis technology for hydrogen production. The project aims at increasing production volumes from electrolysis by over 150% compared to the current electrolysis technology – with the same energy consumption. The new technology will enable Hystar to produce more energy efficient electrolysers with the potential of reducing capital costs for electrolysis by up to 60% according to Tommy Ekman, Technical Program Manager at Semcon (Press release).  

Nilsson Energy establishes business on Gateway Säve: Energy storage

Nilsson Energy, a Swedish energy company, will establish a facility on Gateway Säve for developing and producing turnkey container-based systems, used for energy storage and energy supply solutions. The decision of Gateway Säve was determined by the proximity to infrastructure and other sustainable mobility actors. In the new facility, Nilsson Energy will produce the container-based energy modules comprising the production of de-centralised green hydrogen via electrolysis, battery-, storage-, and fuel cell technology. The aim is to supply its clients with storage of renewable energy and offer them fossil free mobility (Press release). 

What we’re reading

• The planet is on the clock and Australia has an inexplicable position on climate – it really isn’t funny (The Guardian)
• EU carbon prices hit record high after COP26 (Financial Times)
• Singapore to review its climate change target as world leaders agree COP26 deal (ChannelNewsAsia)
• Shell cannot outrun the climate pressure (Financial Times)
• Biden aims to speed up climate policy push after COP26 (Financial Times)

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