17 March 2023
Today's Top Nordic Green News:
- TECO 2030 unlocks NOK 50 million grant from Innovation Norway to power the green transition in the maritime industry
- European Commission announces initiatives to accelerate renewable hydrogen industry
- Finnfund sells its stake in Africa's largest wind farm to BlackRock, as farm exceeds expectations
TECO 2030 unlocks NOK 50 million grant from Innovation Norway to power the green transition in the maritime industry
Norway’s TECO 2030 has unlocked a NOK 50 million grant from Innovation Norway, which was awarded in October 2021 to boost the deployment of its proton exchange membrane (PEM) fuel cell technology in applications for the shipping and heavy-duty industry. Tore Enger, group CEO of TECO 2030, said the grant would accelerate the development and deployment of its fuel cells and the industrialisation of the production facility in Narvik. The PEM technology can help reduce emissions from the maritime sector and at the same time provide more jobs requiring higher education in the region, said Monica Ahyee, regional director, Innovation Norway Nordland.
European Commission announces initiatives to accelerate renewable hydrogen industry
The European Commission has presented initiatives aimed at accelerating and scaling up the renewable hydrogen industry, including identifying electrolysers as a strategic net zero technology and setting a target of meeting at least 40% of the EU’s annual electrolyser manufacturing deployment needs by 2030 with electrolysers made in Europe. The package also includes a proposal for a "Critical Raw Materials Act" and the highly anticipated "Hydrogen Bank", with a first pilot auction set to launch in the autumn of 2023. Nel ASA's CEO, Håkon Volldal, welcomed the initiatives and said the company is committed to adding capacity where the market needs it.
Finnfund sells its stake in Africa's largest wind farm to BlackRock, as farm exceeds expectations
Finnish development financier and impact investor, Finnfund, is selling its stake in Africa's largest wind farm, the Lake Turkana Wind Power (LTWP), to BlackRock's Climate Finance Partnership. The wind farm covers about 14% of Kenya's current electricity needs and was connected to the national grid in 2018. Finnfund's deputy director, Helena Teppana, says the wind farm has exceeded expectations in many ways, including a utilisation rate of around 60% annually, compared to 20-30% in Europe. The sale requires the fulfilment of a few preconditions, but the return paid by the company and transaction sum together correspond to more than twice the capital investment made by Finnfund.
Norwegian Hydrogen collaborates on green liquid biogas production with GrønGas and Jens Peter Lunden
Norwegian Hydrogen, energy entrepreneur Jens Peter Lunden and Danish GrønGas have entered into a collaboration on wind power, electrolysis and liquid biogas. The partnership will see the establishment of Grøn Brint ApS, a 50/50 joint venture owned by Norwegian Hydrogen and Jens Peter Lunden. The company will own and operate electrolysis plants for the production of green hydrogen primarily for use towards the production of liquid biogas, which will start as early as 2023. The collaboration will utilise an innovative technology developed by GrønGas, where green hydrogen is used directly in the production of liquid biogas. The parties have ambitions to expand the collaboration to include other opportunities in the production of hydrogen and other e-fuels, based on wind power, with several large projects under planning.
Klarna launches label for Conscious Brands in electronics, evaluating environmental performance with Clarity AI
Klarna, a Swedish fintech firm with 150 million users globally, has launched a new label in its app for "conscious brands" in the electronics industry. Klarna partnered with Clarity AI to create the world's first evaluation of electronics brands' environmental performance, giving users data on topics including greenhouse gas emissions and renewable energy usage. Brands can earn up to five different labels depending on their progress in sustainability.
What we’re reading
- EU’s Net-Zero Industry Act aims to bring home clean tech production (Euractiv)
- Critical Raw Materials: ensuring secure and sustainable supply chains for EU's green and digital future (EU)
- DOE offers $750M to help drive clean hydrogen production costs down 60% by 2026 (Utility Dive)
- EU’s net zero plans will fail without more money, warn industry chiefs (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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