2 May 2022

SSAB fossil-free steel project in flux as electricity lacking

In eight years time SSAB has intentions to start producing fossil-free steel in Luleå, but as of right now, the plans are in flux. According to SSAB's CEO, Martin Lindqvist, there are still several important parameters that are missing in the equation before production can even be thought of as a reality, and these “have to be solved now.” One of the primary concerns is the facilitation of electricity and power to the planned production sites, which will likely require a similar amount of power as Northvolt’s plant in Skellefteå, reports Dagens Industri. However at present, Luleå currently lacks the resources, and although the coming years will see a SEK 8 billion investment implemented to better equip the area, this will only account for roughly a third of the needed power. If the electricity is lacking, investments will be delayed,and Lindqvist called for the government and respective authorities to think outside the box and produce alternatives. 

Today's Industry

Norway and Sweden enter into strengthened green cooperation during State visit

Offshore wind, carbon handling, hydrogen, batteries and minerals are among the areas that are highlighted. “We agree to take a structured approach to linking our business community more closely to each other and exploring the possibilities for developing more green industry and sustainable exports together. We are more than neighbours and we are each other's most important trading partners. Together, we are stronger than each other for us,” says Norwegian Minister of Trade and Industry Jan Christian Vestre, who accompanied the Norwegian Crown Prince and Crown Princess during their official visit to Sweden. More than 700 people have signed up for the record-breaking business delegation with Norwegian and Swedish players who will spend their time in the next few days on a comprehensive business program.

NRK

PostNord’s climate targets agreed by SBTI

PostNord's plan and objectives for climate change have been evaluated and approved by the Science Based Targets initiative. PostNord has launched their ‘Green’ initiative focusing on emission reductions in road transport in an attempt to ensure that PostNord's emission reduction is in line with the Paris Agreement's protocols. “It feels very good that we have a clear and financed plan to achieve our lofty climate goals. That our plan is also approved by the Science Based Targets initiative makes me extra proud to lead a group that works, in accordance with the Paris Agreement, to keep the global temperature increase below 1.5 degrees” says CEO and President Annemarie Gardshol.

IT Hallbaret

Vestas ‘greatly challenged’ by the crisis in Russia and Ukraine and inflation

In 1Q22 Vestas had a turnover of almost DKK 2.5 billion, an increase of 27% compared to the same period last year. The Danish wind turbine manufacturer also secured an order book for DKK 48.9 billion which corresponds to an increase of 9.4%, compared to the first quarter last year. Despite this, Vestas CEO Henrik Andersen makes no secret of the fact that Vestas operates in a difficult business environment. This is not least due to the fact that Vestas has chosen to withdraw from the market in Russia and Ukraine. Despite the strong order intake in the first quarter of the year. Andersen describes "a very challenging business environment and an unfolding energy crisis." Andersen mentions inflation, the supply chain crisis and the war in Ukraine as key factors.

Euroinvestor

Alfa Laval acquires patented technology and strengthens its position in carbon-neutral fuel processes

Alfa Laval has acquired a patented technology from the Danish company RenCat for the extraction of hydrogen through the conversion of ammonia. Demand for cleaner fuel alternatives is increasing as part of the effort to achieve the goals for reducing carbon dioxide emissions. Ammonia is expected to be one of these clean energy sources in both the shipping industry and land-based applications. RenCat's patented technology generates hydrogen from ammonia for further use in fuel cells or internal combustion engines. Ammonia is one of the carbon-neutral synthetic fuels often called Power-to-X where "x" can stand for ammonia, methanol, hydrogen, methane, etc. Alfa Laval says that the acquired technology, combined with its' heat transfer expertise, will enable a completely new product range aimed at the growing hydrogen market. 

Press release & DagensMiljoteknik

Clean Motions' subsidiary in India has raised SEK 1.8 million in financing

Clean Motion's Board of Directors has approved an investment proposal in their Indian operations of SEK 1.8 million. The purpose is to try to restart the operational vehicle business and to provide short-term working capital to be able to implement their strategy, which is to bring in new investors for an expanded India business with the manufacture of Clean Motion vehicles.

Globenewswire

Borealis buys wind farm's entire electricity production

Borealis has signed an agreement to buy electricity from the Kronoberget wind farm to run production in Stenungsund (owned and operated by the Swedish energy company Stena Renewable) for the next ten years. The power purchase agreement (PPA),with the Finnish energy company Gasum, is the largest to date for the Borealis Group and takes the company one step closer to the goal that 50 % of its total electricity consumption will come from renewable sources.

Process

What we’re reading

• Surge of investment into carbon credits creates boom time for brokers (Financial Times)

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