2 March 2023
Today's Top Nordic Green News:
- Hexagon Purus raises NOK 1.3 billion and strengthens ties with Japanese conglomerates
- Sweden's wind power industry faces decline in new turbine orders
- Activists, including Greta Thunberg, block ministries in Oslo, demanding dismantling of wind turbines
- Green Hydrogen Systems plans capital raising to support growth and expansion strategies
Hexagon Purus raises NOK 1.3 billion and strengthens ties with Japanese conglomerates
Norwegian hydrogen technology company, Hexagon Purus, has raised NOK 1.3 billion in a successful capital increase, which was oversubscribed several times. Mitsui & Co, one of Japan's largest conglomerates, has invested NOK 500 million in the tech company and signed a letter of intent for future investments worth up to NOK 2 billion. Hexagon Purus supplies hydrogen tanks and battery packs for the transport sector, and is in talks with Toyota subsidiary, Hino Trucks, for a long-term distribution agreement for battery solutions for large trucks in the US market.
Sweden's wind power industry faces decline in new turbine orders
The wind power industry in Sweden is experiencing a significant decline in new turbine orders, according to Swedish Wind Energy. In 2022, the industry ordered only 446 wind turbines, the lowest figure since 2015. Moreover, the industry is facing challenges in getting projects approved, with eight out of ten municipalities rejecting wind farm proposals in 2021. Experts attribute the slowdown to the post-pandemic's effects, interest rate increases and inflation.
Activists, including Greta Thunberg, block ministries in Oslo, demanding dismantling of wind turbines
Activists, including Greta Thunberg, blocked the doors of several ministries in Oslo, demanding the dismantling of wind turbines at Fosen in Tröndelag, which the Norwegian Supreme Court ruled in conflict with indigenous rights. Despite the court’s verdict, the wind farm remains standing more than 500 days after the ruling. Police removed several activists, saying it was the only way operations at the ministries could continue. The oil and energy minister tried to organise a meeting with the activists, but they refused to meet with him, wanting to meet with the Norwegian prime minister instead. Due to the demonstrations, the oil and energy minister has now had to cancel a trip to Great Britain. The activists announced plans to continue blocking ministries and hold a larger demonstration outside the Norwegian Parliament.
Green Hydrogen Systems plans capital raising to support growth and expansion strategies
Green Hydrogen Systems, a Danish manufacturer of electrolysers for green hydrogen production, has announced a capital raising of DKK 650 million to support its growth strategy until 2026. The funds will be used for product development, building a service and sales organisation, internationalisation and expanding the factory's production capacity. The company's 2022 financial results showed a turnover of DKK 10.42 million, doubling from the previous year, with an operating loss of DKK 249 million, which was in line with expectations. Green Hydrogen Systems' CEO, Sebastian Koks Andreassen, believes that the demand for green fuels, especially hydrogen, is increasing, leading to a more positive outlook for 2023.
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Swedish Metacon’s subsidiary Helbio receives order from University of Western Macedonia for biogas reforming unit
Swedish Metacon's subsidiary, Helbio, has received an order worth EUR 63,000 from the University of Western Macedonia (UoW) in Greece for a reforming unit that will be used to research the production of hydrogen from biogas and biomethane. Raw biogas is a promising source for producing renewable hydrogen as it is a very large and underutilized non-fossil energy source available locally in all countries. The reforming unit will be designed to test catalytic materials for producing chemicals and fuels from carbon dioxide and hydrogen. This area has attracted significant scientific interest as it has the potential to reduce carbon dioxide emissions in the transport sector by repurposing carbon dioxide into valuable products, ultimately contributing to mitigating global warming. Delivery is expected in Q4 2023.
Finnish energy company Helen expands into solar park development to support carbon-neutral energy production
Finnish energy company, Helen, plans to expand its solar business by building several hundred megawatts of domestic solar power capacity in the coming years. Solar energy complements wind power production, which is concentrated outside the summer months in Finland. Both energy sources keep the total production of domestic renewable electricity steady, but the control capacity can be further increased with the help of electricity storage. In the future, solar and wind power will also play a vital role in the production of green hydrogen.
The Lohja Aurinkopuisto solar park is Helen’s third solar park, with two more in the pipeline. The Ministry of Labor and Economic Affairs (TEM) has granted Lohja solar park EUR 1.58 million in RRF support from the European Union's recovery and recovery support instrument. The support program finances energy infrastructure projects and new energy technology projects that reduce Finland's greenhouse gas emissions and support the country’s carbon neutrality goals. The support includes an investment in electricity storage, which is expected to be ready to build in the first phase. Helen sees investments in electricity storage as profitable, especially when implemented in connection with the production of renewable electricity.
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What we're reading
- Musk says electric world that kicks out fossil fuels will cost less than combustion economy (RenewEconomy)
- World-first “energy island” takes shape in North Sea with contracts awarded (RenewEconomy)
- Germany Signals Support for Spanish Power-Market Revamp Proposal (Bloomberg)
- Spain, Netherlands back quick deal on EU power market reform (Reuters)
- Carbon Capture Investment Hits Record High of $6.4 Billion (Bloomberg)
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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