2023-01-19 15:59News

19 January 2023

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Vestas signs agreement with South Korea

Danish wind turbine manufacturer, Vestas announecd on LinkedIn that it has agreed to create a wind turbine supply chain in South Korea. For instance, Vestas will build a factory that manufactures important wind turbine components. Currently, South Korea has no wind farms installed, but envisions 12 GW of offshore wind power by 2030. According to the Yonhap News Agency, the project will require an investment of DKK 2.07 billion. However, Vestas has not disclosed the investment amount, but has said it will depend on wind power demand in the South Korean market. 


SSAB: Steel industry market should have fair competition

SSAB CEO Martin Lindqvist said that while believes that their company has at least a two-year lead in the development of carbon dioxide-free stee, the recent decision of the German government to subsidise its’ steel industry, will mean SAAB's competitive advantage will suffer significantly.  


Tunisia and Norway sign memorandum of understanding to create green and circular business models 

As part of a Tunisian delegation work trip, the Tunisian Minister of Economy discussed business opportunities with Norwegian companies and investors. There were discussions around renewable energy, green hydrogen, sewage treatment and recycling waste. Tunisia expressed that it wishes to enter the green and circular economy as part of their 2035 plan and believes a collaboration with Norway will help achieve this. Therefore, they have signed a memorandum of understanding to establish a close and long-standing collaboration. 


Södra, Equinor and Verdane collaborate to capture carbon dioxide

Södra, Sweden’s largest forest ownership company, Norway’s Equinor and the venture capitalists Verdane have combined forces and started Njord Carbon with the hope of creating a market for negative emissions. The goal is to create a complete value chain for biogenic carbon dioxide capture, through tree planting or CCS - and sell emission credits on the open market, allowing companies to compensate for their emissions they’ve failed to cut.

These three companies reckon that they include representatives from the entire value chain, including the basic industry where CO2 is captured (Södra), the oil industry with access to empty oil wells where the gas can be captured (Equinor), and the customer side (Verdane), which has already bought climate credits. Njord Carbon’s initial pool of prospective clients include the tech and financial sector.

"With today's prices and technology, we primarily see interest from the tech and financial sectors. They have the margins to be able to neutralize their relatively small emissions, and they want to show the front legs. In a next step, we see the heavier industrial companies, which account for the majority of global emissions but have a harder time justifying the cost," says Erik Osmundsen.

Dagens industri

Magnesium Capital LLP acquires majority of shares in SCADA Holding A/S

Denmark’s SCADA International, specialises in providing software solutions to the renewable energy sector. Their software allows renewable energy plants to track data and supports decisions-making. In collaboration with Morgan Stanley Investment Management, the British capital fund, Magnesium Capital LLP, has purchased the majority of the shares in SCADA Holding A/S, the parent company of SCADA International. The new owners hope to accelerate growth of the business, believing that SCADAs solutions and services will help to enable the green transition on a global scale.  


BASF announces Innovation Hub Nordic competition

BASF Innovation Hub Nordic 2023 is aimed at startups and innovators in circularity, CO2 reduction, agricultural technology and biotech. The Swedish round runs until March 10, after which a Nordic final will be held in April.


STING plans to support 100 Swedish climate tech startups

With the help of financing from ERDF (European Regional Development Fund), STING has launched the Climate Action initiative to accelerate 100 climate tech startups in the upcoming four years. STING has been integral to the growth of the startup ecosystem in Sweden and their latest initiative will not only further develop the ecosystem, but also help Stockholm achieve its 2050 goal to have net zero emissions. STING will be specifically focusing on developing climate tech areas such as, renewable energy, energy efficiency, energy systems and storage.


Eolus Vind and PNE form a joint venture to develop offshore wind farm in Latvia

Wind power company Eolus Vind announced a joint venture with German company, PNE for the development of the Kurzeme wind power project outside Latvia. Eolus has been developing the project since 2020 and brings in PNE as a 50% owner for the project, SIA Kurzeme Offshore. The wind farm has the potential to generate 4.5 TWh of renewable energy per year. 


European wind farm ports unite to achieve ambitious wind energy goals

Six wind farms across Europe have decided to collaborate to achieve the increased wind energy goals brought by the Esbjerg Declaration, which aims for Germany, Denmark, Belgium, the Netherlands, France and the UK to produce a total of 65 GW offshore wind power by 2030. The collaboration entails meeting two times a year to discuss challenges and share knowledge and insight. Accomplishing the goals will call for increasing capacity at the wind farms, which is something the ports are already struggling with. It is the hope that the collaboration will lead to solutions to this issue. 

Energi Nyheter.se

Hystar raises USD 26 million in capital for green hydrogen production  

Hystar is hoping to rapidly scale commercial production of green hydrogen with the newly raised capital of USD 26 million. Hystar has a patented polymer electrolyte membrane (PEM) electrolysis of water to produce hydrogen, which the company claims is more efficient, safer and allows for mass production. 


What we’re reading
  • Can EU anger at Biden’s ‘protectionist’ green deal translate into effective action? (The Guardian)
  • India assigns missions of green hydrogen use to some industries (Seneca ESG)

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.