17 November 2021

Sustainable Ocean Economy report: Strengthened Nordic cooperation for competitive advantage

Strengthened Nordic cooperation within the sustainable ocean economy can give the Nordic countries a competitive advantage and help tackle environmental challenges, according to a new report financed by Nordic Innovation. The ocean economy turnover in the EU was estimated at EUR 750 billion in 2018 with 5 million employed in the sector. Three industry sectors within the sustainable ocean economy are highlighted in the report.

• Sustainable Aquaculture – Strengthen existing Nordic ecosystems in sustainable onshore and offshore aquaculture as well as help promote Nordic solutions internationally
• Maritime Technologies (ocean transport) – Low-carbon transport solutions such as electrification vessels, autonomous shipping, and sustainable tourism
• Advanced Offshore Solutions (energy) – offshore energy production, distant monitoring and maintenance and exploration of the seabed for multiple purposes.

The three industry sectors reveal a gap where a strengthened Nordic cooperation represents strong potential for innovation and business to put Nordic companies at the global forefront of the sustainable ocean economy (Press release).

HYBRIT project receives EU-funding

The HYBRIT project, a joint venture between SSAB, LKAB and Vattenfall is one of the projects to receive funding from the EU Commission’s Innovation Fund for the development and production of fossil free steel with the use of hydrogen. Neste’s Borgå refinery project covered by NGN yesterday and Stockholm Exergi’s carbon storage project are two other Nordic projects to receive EU funding. The Innovation Fund will allocate a total of €1.1 billion to seven projects in Sweden, Norway, the Netherlands, Belgium, France, Italy and Spain (Sveriges Radio, DI).

Equinor signs LoI to build offshore wind in South Korea

Equinor has signed a Letter of Intent (LoI) with East-West Power (EWP), a state-owned Korean power company, for a collaboration to build offshore wind projects (total capacity 3 GW) in South Korea. The Korean government targets an increased production of renewable energy by circa 60 GW by 2034, of which 12 GW is sourced by offshore wind by 2030. Equinor will implement floating offshore wind solutions due to the depth of the sea offshore Korea’s coast (Press release).  

Hydrogenpro establishes joint venture with Tianjin HQY Hydrogen Machinery

Hydrogenpro has established a joint venture with Tianjin HQY Hydrogen Machinery (THM), allowing Hydrogenpro to use THM’s electrolyser technology globally. The JV partners will also set up an annual 300 MW electrolyser production capacity in Tianjin, China, with an expected date of commissioning by the end of 2021. Additionally, THM will transfer employees, fixed assets and intellectual property to the JV, of which Hydrogenpro will own 75%, while the remaining 25% will be owned by the current owners of THM (DNInvestor).   

Azelio signs order in South Africa: Renewable energy storage

Azelio has signed an order for 8 units with 1.3 MWh clean electricity supply from its long duration energy storage with Wee Bee Ltd., a South African farming company. The order is valued at SEK 11 million during the 15-year contract period, including expected price increases. In addition to ensuring constant renewable energy supply. The energy storage system has a planned delivery for 4Q21 and the installation and commissioning is carried out by Azelio and its partner ALEC Energy (Press release).

Advanced Soltech signs two orders in China: Generates SEK 29 million

Advanced Soltech’s subsidiary in China recently signed two orders – one with Wuhu GuJiu New Material Technology Co. Ltd. and one with AnHui YeZhiDao Food Co. Ltd. – expected to generate circa SEK 1.44 million in annual revenue during the 20-year contract period (circa SEK 28.8 million total). The order regards the installation of two 1.8 MW solar power facilities with a total investment amounting to SEK 11 million. Construction of the facility is planned to start in 2022 (Q1) in the Anhui Province (Press release). 

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What we're reading

• Trafigura chief warns of rolling power outages in Europe this winter (Financial Times)
• Brussels seeks to curb deforestation with food import ban (Financial Times)
• EV maker Rivian eclipses Volkswagen in value while Lucid overtakes Ford (Financial Times)
• Stop the wordsmithing around coal: World Coal Association (Mining Weekly)

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