16 November 2022
Rystad Energy identifies Finland, Denmark and Sweden as Europe’s renewable powerhouses
Long considered pioneers in renewables, the Nordic region is preparing to further grow its renewable capacity and become a major powerhouse for Europe. Denmark, Sweden and Finland are planning to add to their renewable generation capacity considerably in the years to come. In the three countries combined, Rystad Energy expects onshore wind and utility-scale solar PV alone to grow from 32 GW in 2022 to 74 GW by 2030. Onshore wind will be the dominant energy source, accounting for 61.5 GW of the installed capacity with the remaining 12.8 GW to come from solar PV:
- Sweden is set to install 30 GW of onshore wind by 2030, part of its plan of becoming a significant energy exporter, with just 3 GW of solar PV expected to be added over the period. Long term, Sweden aims to source 65% of its generation capacity from renewables by 2030 compared to 23% presently, rising to 100% by 2040.
- Finland is set to ramp up onshore wind capacity from 5 GW in 2022 to 20 GW by 2030. Only 0.8 GW of new installed capacity is expected to come from solar PV. By 2030, Finland is aiming for 51% of its power generation to be renewables-based compared to 17% at present.
- Denmark’s power mix already consists of mainly renewable energy (70%) and is now aiming for renewables to hold a 55% share of its overall energy consumption by 2030. In terms of renewable energy sources, Denmark will grow onshore wind capacity by 11.5 GW and solar PV by 9 GW up to 2030. Offshore wind capacity will rise from 2.3 GW presently to 8.8 GW by the end of this decade.
Nel and GM collaborate to develop cost-competitive renewable hydrogen production
Nel Hydrogen US, a subsidiary of Nel ASA, has entered into a joint development agreement with General Motors to help accelerate industrialization of Nel's Proton Exchange Membrane (PEM) electrolyzer platform. Nel will continue to compensate GM for development work and IP transfer, and will pay licensing fees upon successful commercialization, depending on how much of the final product is based on GM technology. The next step will be to industrialise the production of the PEM electrolyser equipment in a similar way, which will enable technological advances. GM is developing and commercialising the HYDROTEC hydrogen fuel cell and Ultium battery technologies to deliver on the most important aspects: performance and cost.
Ingrid Capacity to build 20 MW of battery storage in Vimmerby
This autumn, Ingrid Capacity said it was building Sweden's largest battery warehouse in Karlshamn, with a capacity of 70 MW, corresponding to E.ON's regional network. Now the company can showcase its next facility, which includes a 20 MW battery warehouse in Vimmerby. Ingrid Capacity currently has 500 MW in various stages of development at around 20 sites across Sweden.
Apotea founder invests SEK 3 million in shrimp farming in Västervik
The Swedish company Cresponix, founded by Anders Kiessling, a professor at the Norwegian University of Agriculture, Sergio Zimmermann, an industry expert from Brazil, and Mattias Djurstedt, an entrepreneur, has developed a system that reuses the waste produced by shrimp farming and converts it into feed, which is then fed the shrimps again. Now, Pär Svärdson, the founder of Apotea, has invested SEK 3 million into Cresponix. Fish and shellfish farming is one of the fastest growing industries in the world and Cresponix is now able to expand and build a facility that can supply 32 tonnes of shrimp per year.
Renewcell and Eastman to develop yarn using Circulose
In 2019, American company Eastman began commercial-scale molecular recycling of various plastic wastes that would otherwise go to landfill or be incinerated. Renewcell, a textile recycling company, and Eastman have now signed a letter of intent to develop yarn using Circulose, which is a 100% recyclable, biodegradable and raw textile material. The agreement is Renewcell's first collaboration with a US fibre producer.
SeaTwirl receives SEK 50 million in funding from the Swedish Energy Agency
SeaTwirl has won a call for support from the Swedish Energy Agency for "large-scale pilot and demonstration projects for energy and climate transition." The support amounts to SEK 50.4 million for a 1 MW wind turbine to be installed by SeaTwirl in Norway. The support received will continue to be paid until February 2026 and will be delivered when the project reaches its scheduled milestones. The Swedish Energy Agency has assessed that SeaTwirl's floating wind turbine has the potential to transform the energy system by enabling the development of offshore wind power at a competitive cost at depths (> 50m) and with lower material consumption than today's offshore wind power. With new forecasts of increasing demand for renewable electricity, it is expected that deeper areas of the sea will also be required for offshore wind power generation.
First waste heat recovery system delivered to HSB by Ecoclime Group
HSB's housing cooperative Biologigränd in Umeå, with 350 flats, will use Ecoclime Group's system solution Evertherm SEW, which recovers 95% of the energy in wastewater. The contractor is HSB Norr and Norrtech AB and the order value amounts to SEK 5 million. The entire project will be completed in 2024 and Ecoclime will start delivering the system in June 2023. In the case of Biologigränd, it is estimated that 413 MWh of energy will be saved annually, while almost 30 tonnes of CO2 will be reduced annually.
European Energy commissions wind farm in Kingebol and proposes a solar park in the same area
European Energy Sweden has now completed the Kingebol wind farm in the municipality of Åmål. All tests have been completed and the six wind turbines will produce 108 GWh of new green electricity annually, which are to be exported via Vattenfall’s regional network. Full commissioning will take place next week. European Energy has also presented plans to build a solar park near the wind farm. The solar park will be located on the other side of the E45 and will have a capacity of 37 MW. The solar park would produce around 45 GWh per year and could be ready within 12-16 months if the County Council agrees to the project. If approved, the hybrid park will be the first of its kind in Sweden.
Norwegian Freyr is adding a new battery factory in the USA
Norwegian Freyr has announced that it will build a new battery plant, Giga America, in Coweta County, Georgia, USA. With the support of US president Biden, the green shift has accelerated and financing has become much easier both locally and nationally. In addition to the anticipated production tax credits associated with the recently passed inflation reduction bill, there is funding from the State of Georgia and Coweta County to support Freyr's plans. In addition, Freyr will apply for grants and/or direct loans from the US Department of Energy to develop the Giga America plant, which Freyr estimates will cost USD 1.7 billion. By 2029, value-added upstream and downstream components and additional cell production lines are expected to result in a total capital investment of over USD 2.6 billion. Upon completion of all planned construction phases, the Giga America complex is expected to be one of the largest battery manufacturing developments in the world.
Euro Steel acquires wind turbine component manufacturer Valmont SM
Valmont SM, a local wind turbine component manufacturer based in Hjordkær, Denmark, which has had a US owner for the past nine years, has been acquired by Danish company Euro Steel in Hedensted. The sale of Valmont SM will not affect the strategy to focus on serial production of components for the energy sector, especially wind energy. After the sale of Valmont SM to Euro Steel, the plant will be known as SM Industries A/S, Sønderjyske Maskinfabrik.
FOM Technologies secures new order from Morrow Batteries
The small Danish company FOM Technologies has announced that it has been selected to supply equipment for Morrow Batteries new plant in Norway. However, the order does not change the company's financial guidance for revenues and EBITDA for 2022 or 2023.
Hydraspecma acquires wind power division of Ymer Technology for SEK 835 million
Hydraspecma, the wholly-owned portfolio company of Aarhus-based investment firm Schouw & Co, has agreed to acquire the wind power division of Swedish industrial group Ymer Technology for SEK 835 million, including debt. Ymer Technology’s wind power division employs around 180 people and is expected to generate sales of around SEK 800 million in 2022.
Flexens plans to build a large hydrogen plant in Kokkola
Flexens recently announced that it has signed a letter of intent for a land lease agreement to build a hydrogen plant with a capacity of around 300 MW in the large industrial area of Kokkola, Finland. The investment value is set at around EUR 500 million. According to current estimates, the final investment decision could be made by the end of 2024 or early 2025. The completed production plant will either be operated by Flexens itself or by an industrial partner. According to Flexens, Kokkola was chosen as the location for the planned plant because the region has an industrial ecosystem suitable for production plants.
COP27
In final week of COP27 climate talks, success hinges on 'loss and damage'
Climate negotiators and COP27 observers have warned that a no-deal on “loss and damage” funding could thwart other agreements. The issue has leapt to the top of the COP27 agenda after more than 130 developing countries successfully demanded it be added to the agenda for the first time. (Reuters)
Rich nations offer Indonesia $20bn to wean it off coal
Wealthy nations led by the US and Japan have offered Indonesia a $20bn package to help pay for the coal-dependent country’s shift to renewable energy as world leaders attempt to lure developing economies away from fossil fuels. The deal, which includes $10bn in public funding and a further $10bn from private sector investors, was unveiled during the G20 meetings in Bali on Tuesday following more than a year of negotiations between leaders. As part of the agreement, Indonesia has pledged to cap power sector emissions at 290 megatons of CO₂ annually by 2030, and to generate about a third of its power from renewable sources by 2030. Indonesia is a coal-producing nation and one of the world’s biggest carbon emitters. (Financial Times)
Turkey to bid to host COP31, Czechia and Brazil reported to seek 2024-25 climate summits
Turkey has emerged as a bidder to host the COP31 global climate summit, putting up a challenge to Australia and the Pacific Islands, which were thought to have been the sole contender to hold the talks in 2026 up until now, while Czechia and Brazil are reported to be respective candidates for COP29 and 30. (Carbon Pulse)
What we're reading
- Billions flow to nascent US battery sector with push from climate law (Financial Times)
About Nordic Green News
The Nordic countries are some of the most dynamic and successful economies in the world. They are also leaders in sustainability, from renewable energy, biofuels, carbon capture and storage and the hydrogen economy, circular economy business models and battery development, the Nordics are pioneers in policy design, technology development and consumer uptake. Mundus Nordic Green News is covering this transition for the international community. Every day we curate the stories of most relevance to international businesspeople and policy experts from the flow of news. Mundus Nordic Green Indices summarise the meta-data from our daily coverage to enable easy tracking of trends. We supplement these with our own opinion pieces and commentary.
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