21 June 2023
Today's Top Nordic Green News:
- Norway to develop the worlds’s “most sustainable minerals industry”
- Equinor and BP want to renegotiate US terms for offshore wind power
- Business Finland is launching a new battery and hydrogen program
Norway to develop the worlds’s “most sustainable minerals industry”
The Norwegian government has presented a mineral strategy focused on developing the world's most sustainable mineral industry. The strategy includes five key areas: promoting reuse and recycling, accelerating the realization of mineral projects, emphasizing sustainability, fostering international partnerships, and mobilizing private capital. The government aims to reduce processing time for mineral projects, enhance resource utilization, establish a zero-chemical vision, and strengthen collaborations for green supply chains. The strategy also acknowledges the importance of critical minerals for the green transition and national security. Norway plans to become a stable and long-term supplier of minerals for the green shift. An extra budget allocation of NOK 30 million has been made for mapping and research efforts in the mineral sector.
Canadian pensions manager invests $400 million in Northvolt
Canada's Investment Management Corporation of Ontario (IMCO) has invested $400 million in battery producer Northvolt, which will help Northvolt expand production of lithium-ion batteries ahead of a possible initial public offering. The investment was made in the form of convertible notes - debt that can convert to equity on pre-agreed terms.
Equinor and BP want to renegotiate US terms for offshore wind power
Equinor and BP are seeking to renegotiate the terms of the Empire Wind 1 and 2 and Beacon Wind offshore wind power projects in the United States. They cite a range of external factors, including widespread inflation, disruptions in the global supply chain and rising interest rates combined with the corona pandemic, the Russia-Ukraine conflict and increased pace of the energy transition as having negative effects. If the current framework is not changed, Equinor and BP warn that the planned projects could not only be postponed, but they could be shut down altogether. The companies are asking for three changes;
- Inflation adjustment measures during construction and commercialization
- Subsidies for expansion of electricity networks
- Extension of power purchase agreement from 25 to 30 years.
Business Finland is launching a new battery and hydrogen program
Business Finland has launched a program for the hydrogen and battery industry. The Hydrogen & Batteries – Dual Helix of Decarbonization program promotes the development and international growth of production value chains, solutions and services in the hydrogen and battery industry. The 6 year program will continue for six years will received significant resources - an expert team, operational operating budget and research and product development funding. The goals and investments are:
- Supporting innovations and ecosystems
- Export growth and investment attraction
- Development of the business environment and conditions
- Ensuring competence for the sector
The program aims for commercial results from both the hydrogen and battery industries. According to Boston Consulting Group's report (Finland's Moonshots for Green Growth), the potential of green exports to Finland is €85-100 billion by 2035.
EUDP distributes DKK 213 million to 24 projects: Topsoe receives million dollar support to produce green jet fuel
The Danish Energy Technology Development and Demonstration Program (EUDP) has just promised 24 projects a grant of a total of DKK 213 million. Among the projects that received funding were projects on sustainable jet fuel, energy-efficient hotplates and a project that will 3D print tall towers for the wind turbine industry.
SEK 200 million for research into fossil-free electricity production
The Swedish Energy Agency has allocated SEK 200 million to fund research projects focused on fossil-free electricity production. The funding aims to accelerate the development of innovative technologies and solutions that can contribute to the transition to a more sustainable energy system. The research projects will primarily focus on areas such as renewable energy sources, energy storage, grid integration, and energy efficiency. By investing in these research efforts, the Swedish Energy Agency aims to support the decarbonization of the electricity sector and facilitate the shift towards cleaner and more sustainable forms of electricity production.
Clean Industry Solutions receives a German order worth SEK 5.6 million
The solar energy and water treatment company Clean Industry Solutions has signed an agreement via a subsidiary for the installation of a solar cell system at Wössner in Southern Germany, valued at €474,000. The solar cell system is to be placed on the roof of Wössner's factory in Weil am Rhein.
Axfood and Alight sign an electricity trading agreement to build Sweden's largest solar park
Alight and grocery group, Axfood have signed a power purchase agreement (PPA) to build Sweden's largest solar park. The 63 GWh (equivalent to 12,600 villas) solar park will be three times as large as the current largest solar park in Sweden. Size makes it possible to use non-recourse project financing for the first time, signalling a change in the feasibility of large-scale solar energy in Sweden. Alight will build, own and operate the 64 MW solar park outside Norrtälje, and Axfood will buy the green energy from the facility at a low, fixed price over a 12-year period.
Charge Amps and Solar in new collaboration
Charge Amps, which develops and sells charging solutions for electric cars, entered into a cooperation agreement with the sourcing and service partner Solar Sweden. The collaboration means that Solar Sweden will initially offer Charge Amp's products to installers and business customers in Sweden, with the possibility of expanding to Solar's other markets in Norway, Denmark, Poland and the Netherlands.
Norfund invests NOK 40 million in solar cells in Sri Lanka
The Norwegian Climate Investment Fund in partnership with the French company Volta invests around NOK 43 million in a company in Sri Lanka that builds solar cells on the roofs of schools and other public buildings.
What we’re reading
- China unveils $72 bln tax break for EVs, other green cars to spur demand (Reuters)
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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