2 February 2023
Equinor and Vår Energi withdraw from Horizont Energi’s blue ammonia project
The aim of the Barents Blue project is to establish a zero emissions factory that would produce blue ammonia, produced using natural gas from oil companies, with the emitted CO2 captured and stored. But now, Horizont Energi’s original partners in the venture, Equinor and Vår Energi have withdrawn from the project, and will be replaced by Spanish ammonia fertiliser producer, Fertiberia. The market strongly disliked this news, resulting in Horizont Energi’s share price falling by 54% on Euronext, dropping its market value to NOK 385 million.
“Development of the proven resources in the region, including Goliat, Alke and Lupa [fields], will require an export solution with greater capacity than what we see as realistic within the scope of the project," said Vår Energi in a message. While Equinor has also withdrawn, they are still open to gas supply opportunities, despite changes in partnership.
The new partnership agreement with Fertiberia will be in place on April 1st, and Horizont is now looking for CCS operators.
Equinor and BP propose expansion of New York offshore wind project
Energy companies, Equinor and BP, have submitted a proposal to expand their Beacon Wind project, which is located 60 miles from the eastern coast of Long Island. The expansion will supply 1,360 MW and has the capacity to supply power to about one million homes in New York.
Alfa Laval increases investments to further global energy transition
Alfa Laval is a Swedish manufacturer of heat transfer, centrifugal separation and fluid handling products. Today, Alfa Laval announced that it will invest SEK 3.8 billion in a capacity expansion project for its heat exchangers around the world. “Although the global economy continues to be volatile, we see strong demand for our products in energy-related applications, both in the traditional supply and in new and growing areas such as hydrogen, heat pumps and data centres,” said Tom Erixon, President and CEO of Alfa Laval.
Minesto’s board decides to issue a SEK 153 million rights issue
The board of Minesto, a Swedish ocean energy developer, has agreed to issue a SEK 153 million rights issue, subject to approval at a general meeting. The aim is for the proceeds of the issue to be used for continued commercialization and expansion of the company's project portfolio in early target markets. In addition, the proceeds will finance the completion of an ongoing project and first phases of a project. Lastly, it will strengthen the balance sheet, and cover expenses.
Eviny agrees with Norwegian Energy Commission's report
The Norwegian Energy Commission has recently published a report discussing the long processing times for energy projects, recommending that deadlines should be implemented. The Energy Commission also proposes a market-based system for managing hydropower and a tax-system that facilitates power production investments.
Eviny, the largest renewable energy company in western Norway issued a press release with its opinions. The company says that it agrees with the challenges and proposals highlighted in the Energy Commission's report, but would like to see more offensive proposals. Rune Indrøy, EVP at Eviny, says high-price subsidies should be scrapped and “municipalities that give up land and resources for power production must be compensated to a greater extent than is done today”.
Finnish Climate Fund loans €10 million to Norsepower to reduce shipping emissions
The Finnish Climate Fund will loan €10 million to Norsepower, a Finnish manufacturer of energy efficient wind propulsion systems for shipping. The investment will allow Norsepower to increase production capacity and in turn reduce fuel consumption and emissions in the shipping industry. Depending on the wind conditions, Norsepower's product can reduce the vessel's fuel consumption between 5% and 25%, which significantly reduces shipping emissions.
EU ruling threatens Swedish biofuels
The EU Court’s ruling on 21 December 2022 nullified the EU Commission's 2020 decision on Swedish tax exemptions for non-food based biogas and biogasol (LPG) used for heating and motor vehicles. If the judgement wins legal force (following appeal), a new in-depth state aid review by the EU Commission will have to take place, creating uncertainty about the future conditions for the tax exemption.
This tax exemption has been a critical, but unstable element of Swedish support for its biofuels industry. Rickard Nordin, the Speaker for the Environment and the Climate from the Centre Party, warns that the move would “immediately increase prices by 20%, which for a truck could cost SEK 1,000 per tank”. The Minister for Energy, Business and Industry, Ebba Busch (KD) told Sveriges Radio (SR) that the Government is preparing to respond to the ruling.
Sveriges Radio, Energiföretagen
Northvolt’s battery factory in Borlänge gets green light
Northvolt, a Swedish battery developer and manufacturer, has received a green light from the Nacka District Court to build a battery factory in Borlänge. The factory is going to be built on the site of a closed paper mill. It took the court seven months to approve the factory’s application.
Rejlers diversifies into security of connectivity in renewable energy
Swedish company Rejlers offers engineering consultancy services. Rejlers is now strengthening its offering in data protection, information security and cybersecurity in mission-critical environments. The company plans to do this by acquiring Three Kings, a Finish consultancy specialised in security solutions in renewable energy.
Previously, Rejler has offered energy companies round-the-clock monitoring of electricity grid connections. Now they hope to also offer cyber security monitoring, especially as threats in the energy and infrastructure sectors have increased.
Australian solar forecasting company acquired by DNV
An Australian solar forecasting company, Solcast, has been acquired by an Norwegian asset management energy company, DNV. Solcast’s platform can predict, with up to 90% probability, the daily output of rooftop solar systems, using weather data and modelling. According to DNV, Solcast’s data-driven approach to solar monitoring will help DNV’s customers plan and later dispatch energy on demand.
“DNV’s Energy Transition Outlook forecasts that solar PV will grow 20-fold by 2050 and this acquisition will help us meet the sharp increase in demand for reliable data analytics and trusted monitoring systems,” says Remi Eriksen, DNV’s CEO.
Soltech Energy acquires 100% shares in Plåtteamet i Örnsköldsvik
Soltech Energy is a group that acquires and develops companies in the solar, roof, facade and electrical technology industries. It recently acquired Plåtteamet i Örnsköldsvik AB, which now became part of Soltechbolaget Wettergrens Tak. The acquisition strengthens the company's investment in Västernorrland County and is financed entirely from own cash and with newly issued Soltech shares. Soltech Energy will help Plåtteamet i Örnsköldsvik to strengthen assembly capacity, among other things.
What we’re reading
- BP predicts drop in fossil fuel demand but claims investment needed for another 30 years (Euronews)
- Norway's Equinor says sanctions prevented it helping on Nord Stream (Reuters)
- Four Indonesians take Swiss cement giant to court over climate (Al Jazeera)
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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