21 October 2021

Preem tightens climate target

Preem has tightened its climate target of becoming climate neutral to 2035 – ten years earlier than planned. The new target is unrelated to the intense debates regarding the climate impact of its oil refineries in Lysekil and Gothenburg according to Magnus Heimburg, the CEO of Preem. To reach the net-zero emissions target throughout its value chain, Preem has identified several prioritised areas.

• Replace the use of fossil crude oil with renewable materials in their refineries
• Establish large carbon capture facilities
• Replace natural gas with renewable gas and fossil-free hydrogen
• Adapt their production capacity and expand operations to offer services and products demanded in a sustainable society

The aim is for the whole organisation to be in line with the Paris Agreement, not only by their oil refineries, but also the emissions along their value chain (Press release, Dagens miljöteknik).

Nel ASA reports all-time high revenues in 3Q21. Shares leap up.

Nel ASA reported all-time high revenues of NOK 229.3 million in their 3Q21 financial results – up 55% from NOK 147.7 million in 3Q20. Further, Nel reported an EBITDA of NOK -113 million in 3Q21 (NOK -42.1 million in 3Q20), including one-offs and ramp-up costs relating to costs of the new Herøya facility. The spike in revenue is mainly related to an increase in its electrolyser segment compared to 3Q20, which includes a growing order backlog of over NOK 1 billion and a pipeline of potential orders of $6 billion. Nel’s shares were up nearly 17% on the day. (Press release).

Electrons reverse direction and flow from UK to Norway

After the commissioning of the North Sea Link subsea interconnector, electricity has been shared in one direction, namely from Norway to the UK. However, for the first time since the commissioning, Norway imported electricity from the UK for three hours due to the strong winds in the region. Norway is mostly expected to export electricity to the UK in the long run, according to John Brottemsmo, Senior Market Analyst at Kinect Energy. However, the North Sea Link interconnector enables the opportunity to level out seasonal fluctuations of energy supply and ensure stable prices (Fvn).

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Boliden receive state-funded support for electrification: SEK 66.8 million

The Swedish Energy Agency (sv: Energimyndigheten) has decided to award SEK 66.8 million to Boliden for its investment in electrical production systems for underground mines. The total investment cost, amounting to SEK 167 million, is used for Boliden’s electric trolley line solution to assist the electrical mining- and construction vehicles and ultimately replace diesel-fuelled machinery, the largest emitter of CO2 in the mining industry (Bergsmannen).

KappAhl present climate strategy

KappAhl, a Swedish clothing brand has presented a climate strategy for its future sustainable business model that is in line with the Paris Agreement. KappAhl seeks to halve its absolute climate impact throughout the value chain by 2030 by reducing emissions from approximately 200,000 tonnes in 2017, to 100,000 tonnes in 2030. An absolute climate goal means that the company will operate within a climate budget, unrelated to its growth plan according to Sandra Roos, Vice President Sustainability at Kappahl. The climate strategy also includes intermediate climate targets such as halving the climate emissions per product by 2026 and using 100% sustainable materials by 2025. Furthermore, the clothing company is employing solutions to improve the circular designs of their clothing, offering reduced climate impact throughout the clothing item’s lifecycle (Press release).

Axfood builds Sweden’s largest solar farm

Axfood, in collaboration with Alight, will build Sweden’s largest solar farm with an expected commissioning in the start of 2023. The solar farm will consist of 60,000 solar panels with an installed capacity of 40 MW, which covers 15% of Axfood’s annual electricity consumption is a step in the direction of the organisation’s 2030 net-zero target. The collaboration between Axfood and Alight falls under a signed Power Purchase Agreement (PPA), where Alight owns, builds, installs, and operates the facility, while Axfood commits to purchasing all of the electricity produced in the solar farm for ten years (Press release).

Norwegian minister targets more Norwegian solar power

The Norwegian Minister of Petroleum and Energy, Marte Mjøs Persen (L), says she has strong faith in Norwegian solar power as a driving force to creating industrial jobs in Norway. To this end, her first official mission as Minister was to open up a solar power plant as a test facility for solar panels (Tu).  

Hynion and Premac sign collaboration agreement for hydrogen filling stations

Hynion and Premac have signed a collaboration agreement to develop hydrogen filling stations. The Swedish-Norwegian partners will collaborate on producing hydrogen filling stations  and preparing for a rapid expansion of hydrogen by deepening relationships with  experienced construction companies according to Kurt Dahlberg, Board member at Hynion. Premac has 40-years of experience in designing and constructing different types of filling stations, while Hynion’s expertise falls under the design, establishment and operation of hydrogen filling stations (At).

European project launched to explore hydrogen potential

66 European gas distribution companies and organisations from 13 European countries have launched a new project named Ready4H2, to explore the potential of hydrogen and strengthen the establishment of a hydrogen market in Europe. The partnering countries aim to show in which way distribution networks are key for realizing the growth potential of hydrogen and the associated reduction of CO2e (Brintbranchen). 

Cinis Fertilizer to produce alternative fertilizer from battery- and paper residue  

Cinis Fertilizer, the Swedish cleantech start-up, has signed an agreement with Dutch fertilizer producer Van Iperen International, to sell an alternative fertilizer produced with residue products from paper- and battery manufacturing. Cinis Fertilizer will build two fertilizer factories, one in Örnsköldsvik and one in Skellefteå next to Northvolt, over the next four years, which Van Iperen will be the exclusive marketer for (Energiwatch, Hd).  

Statkraft: Greater action needed to shift global course to meet climate target

Norway’s state owned power producer, Statkraft, is urging greater action to shift the global course to the 1.5-degree climate target, in their annual Low Emissions Scenario that analyses developments in the global energy markets. The analysis highlights key areas that are imperative to increase action;

• Renewable energy is becoming more cost competitive in comparison to fossil alternatives
• Electrification as the main tool for cutting CO2, which when originating from renewable energy sources, electricity is the most environmentally friendly form of energy.
• Political ambitions and pace need to increase.
• Green hydrogen is imperative to limit climate change to Paris Agreement levels due to its storage opportunities to stabilise the seasonal fluctuations of electricity prices from renewable energy sources (Globenewswire).

What we’re reading

• Brussels to delay decision on how to classify nuclear power for green finance (Financial Times)
• Rio Tinto plans massive 7GW wind and solar for smelters and iron ore mines (RenewEconomy)
• Cop26 corporate sponsors condemn climate summit as ‘mismanaged’ (The Guardian)

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