17 December 2021

Final Nordic Green News for 2021

Today's news is the last for 2021. But fitting, for a final edition, there were plenty of announcements pushed out by organisations keen to make the most of the last serious business day of the year. And, we have also attached our November indices, which provide great insights on overall movements in the market.

We wish you a Merry Christmas, and look forward to being with you again in 2022.

Enova provides NOK 1 billion in support for hydrogen ventures

Enova announced that it will hand out over NOK 1 billion in support to 3 companies seeking to advance hydrogen ventures. According to Enova’s CEO, Nils Kristian Nakstad, “The projects contribute to an investment in the development of solutions for hydrogen for industrial purposes in Norway, with the potential for the spread of technology and learning globally.” The companies to receive support from Enova are Yara Norge AS (NOK 283 million), Tizir Titanium & Iron AS (NOK 261 million) and Horisont Energi AS (NOK 482 million). 

Yara will invest in a PEM electrolysis plant for the production of hydrogen at its mineral fertilizer factory in Porsgrunn. TiZir Titanium & Iron (TTI) will replace coal with hydrogen at a smelter in Tyssedal. And through the Barents Blue project, Horisont Energi will establish ammonia production from natural gas with carbon capture near Hammerfest in Finnmark.

Horisont Energi up 22% after Enova support for ammonia facility

Horisont Energi’s stock is up 22% following the award for its Barents Blue Ammonia Plant, the EU’s first clean ammonia plant. The plant will be established in Finnmark and produce clean ammonia based on hydrogen from natural gas, combined with CO2 capture- and storage. Horisont Energi counts on placing 25% of the funding on a FEED-study during the spring in order to take a final investment decision in the start of 2023 (E24, E24).  

Sweden makes moves on its climate agenda

The Swedish government has released a range of climate-related announcements needed to achieve the national climate targets.

The government has decided to grant biogas facilities the ability to apply for investment support from Klimatklivet in a press release. The decision underlies the goal of reducing greenhouse gas emissions from manure management and increasing the production of renewable electricity. According to Annika Strandhäll, Minister for Climate and the Environment, as agriculture is, like the rest of the society, undergoing an electrification journey, it is imperative for farmers to produce renewable electricity with biogas from manure. Industriklivet is overseen by Energimyndigheten with a budget of around SEK 750 million allocated for financing climate-positive projects.

In another press release, the Swedish government decided to make more vehicles and machinery eligible for its climate premium. The changes result in an accelerated electrification and transition to fossil-free trucks, buses, and machinery, by including more types of environmental vehicles and machinery, and increasing the climate premium for electric buses, starting 18 January 2022. The government will grant SEK 1,440 million to the climate premium for 2022, where SEK 1,100 million will be allocated to electric buses (Energimyndigheten). Furthermore, Energimyndigheten has been tasked by the Swedish government to determine if the share of renewable biofuels in conventional fuel mixes are sufficient for achieving Sweden’s climate goals. In accordance with a reduction mandate, all fuel suppliers are required to blend renewable- and fossil-free fuels in conventional fuels. To this end, Energimyndigheten will analyse the reduction levels starting 2022 (Press release). 

Swedbank Robur Transfer now aligned with Paris Agreement

Swedbank Robur launched its first funds, Access Edge, in 2020 which are managed in line with the Paris Agreement. Now the company has taken another step and secured the share capital of circa SEK 120 billion in its pension savings fund family, Swedbank Robur Transfer, which is also managed in line with the Paris Agreement. To align with the agreement, the new fund has at least 50% lower carbon footprint than a reference value based on the whole market’s footprint. Additionally, emissions will be reduced by 7% annually, and the fund should prioritise companies in climate-promoting activities (Press release). 

The EU introduces punitive tariffs on Chinese wind turbine towers

Following illegal cost dumping of wind turbine towers, the EU has decided to introduce punitive tariffs on towers imported from China. The EU Commission has spent 14 months examining accusations of cost dumping and finally implemented a tariff between 7.2-19.2% on the towers, depending on the manufacturer. Although the decision comes as a relief for European wind turbine tower manufacturers, Vestas strongly opposes the final decision, alluding to the impact that trade restrictions have on competitiveness (Finans).  

Adapteo updates 2030 sustainability goals

Adapteo, a leading actor in the adaptable buildings sector, presented its updated sustainability goals for 2030, which were;

• To produce climate neutral buildings by 2030.
• Buildings are to consist of 100% sustainable materials by 2030.
• To have fossil-free shipping by 2030.

These ambitious targets build on Adapteo’s already circular business model of adaptable buildings. With the updated goals, the company is targeting a 100% circular flow by 2030, meaning that it will be able to re-use material from old buildings into newly developed buildings (Press release).

Quantafuel awarded NOK 14 million for development of chemical recycling

Quantafuel announced that it was awarded NOK 13.7 million from the Norwegian Research Council to further develop chemical recycling of plastic waste into synthetic oil products. The funds will be applied in Quantafuel’s Innovation Hub at the Norwegian University of Science and Technology (NTNU). With the low-carbon synthetic oil products, Quantafuel aims to replace fossil oil products (Press release).

Soltech Energy acquires façade-company with a SEK 110-million turnover

Soltech Energy has acquired the façade-company, ESSA Glas & Aluminium starting 1 January 2022. The Örebro-based company has a turnover of SEK 110 million with good profitability which strengthens Soltech’s position in the façade-industry – an increasingly important segment of the solar energy industry. Soltech Energy will finance the acquisition completely out of own pocket and new share emissions. The purchase price was not disclosed (SvD).

CISH raises SEK 10 million from directed share issue to Assindia

The board of Clean Industry Solutions Holding Europe AB (CISH) has decided on a directed share issue of 3,125,000 shares to Assindia AB to a price of SEK 3.20 per share (SEK 10 million) – a 2.14% discount compared to the closing price on 15 December 2021. The revenue from the share emission will be invested in supporting the company’s strategic development goals (SvD).

What we’re reading

• HSBC releases revised coal exit plan, green groups say it lacks urgency (Straits Times)
• Goldman Sachs sets 2030 carbon emissions reduction targets (Reuters)
• Australia’s CSIRO’s predicts stunning reductions for low cost battery storage and hydrogen electrolysers (RenewEconomy)
• EU leaders battle over carbon price as energy costs soar (Financial Times)
• EDF shares slide after faults found at nuclear plant (Financial Times)

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