23 August 2021

REintegrate and European Energy to build Maersk's first power-to-methanol plant

REintegrate and European Energy have entered into a new collaboration with AP Møller-Mærsk. Together, they will develop and establish a plant that will produce 10,000 tpa of CO2-neutral e-methanol for AP Møller-Mærsk's first container ship with the ability to operate on green e-methanol. REintegrate has capability for the production of green e-methanol through a test laboratory in Aalborg. The new plant will be its third e-methanol plant, as they are also building an e-methanol plant in Skive, starting in 2022. Fuel production is expected to start in 2023. (Energy Supply)

Stena Line to use blue methanol from Swedish steel production

In April 2015, the German ferry Stena Germanica became the world's first methanol-powered ferry. In a world-unique project, the ferry was converted to be able to run with both traditional ship fuel and methanol and has since run daily between Gothenburg and Kiel with methanol in the tank. Now, Stena Line, together with several partners in the EU-funded FReSMe project, have developed and tested a completely new ship fuel - methanol recycled from the Swedish steel industry. The new fuel is called blue methanol, produced from CO2 recovered from the blast furnace gases from SSAB's steel production in Luleå. The project is part-financed by the EU. (Klimatsmart)

Soltech Energy continues M&A focused strategy

Sweden’s Soltech reported a 2Q characterized by strong growth. Total revenues for the Group amounted to SEK 266.2 million during the quarter, up 71%. Driving this growth was revenue from the Swedish operations, which increased by 102% to SEK 220.7 million. The Chinese operations reported a reduction in revenues to SEK 45.5. The Group reported an operating profit of SEK 8.3.

Soltech develops and sells solar energy solutions to private individuals and companies, both solar facades and roofs. To be successful in solar installation, requires deep expertise in associated areas. Since 2019, Soltech has therefore acquired 16 companies in the solar, roof, facade and electrical engineering industries. The strategy is to transform traditional companies into "solar companies" with an environmentally oriented and modern business. 

The financial strategy takes advantage of the fact that traditional companies in electricity, roofing and facades can be acquired at low valuations. Companies in these sectors are valued at 3-5 times EBIT (operating profit). Solar companies that have grown have a completely different level of their valuation, according to Stefan Ölander, CEO of Soltech.

Acquisitions will probably increase in pace during the second half of the year and Ölander describes a consolidation in the market for solar energy, something that he says suits Soltech well. The immediate risks for Soltech are stated to be a sharply increasing cost base and a lack of synergies from the acquisitions.

(SvD Näringsliv, SvD Näringsliv, SvD)

Green Hydrogen Systems plows into the red

The Danish hydrogen company has maintains its outlook for the year, after a second quarter deficit of DKK 350 million. In connection with its accounts for the second quarter, the newly listed Green Hydrogen System, which produces electrolysis plants, announces that it was on track in relation to its target for 2025: a turnover of DKK 40-60 million and an operating loss before depreciation and amortization (EBITDA) of DKK 105 to 115 million. (Finans)

Nordic companies call for Danish hydrogen strategy

Senior representatives from Green Hydrogen Systems, NEL, Everfuel, Ballard Power Systems and Hydrogen Valley have called for a Danish hydrogen strategy. Given the recent IPCC report which highlighted the crisis in the world climate, industrial solutions are required urgently. Therefore, they argue that it is more important than ever that there is a Danish hydrogen strategy and an action plan that can create a buyer market for hydrogen for transport and make it economically profitable for the industry to spread the technology, scale hydrogen production and exploit the potential that Denmark has. (Altinget)

Several brokerages downgrade their price targets for NEL

DNB Markets, SEB and Norne Research have lowered their price targets for Nel, which presented its quarterly report last week. DNB Markets has reduced the price target to NOK 10 for the Nel share, from the previous NOK 11, and repeats its sell recommendation. Norne Research reduces the price target to NOK 20, from 30, but keeps a buy recommendation. DNB Markets says that while the promising long-term outlook for green hydrogen is important for the Nel investment case, the brokerage believes that the medium-term concerns, confirmed in the second quarter report through lack of orders, strong competition and raw material costs, are likely to weigh on the share price. NEL’s shares closed today at NOK 13.85.  (DN Investor)

Azelio delivers interim report

Azelio reported revenues of SEK 629K and a loss of SEK 99 million. During 2Q21 Azelio strengthened its commercial organization by establishing local sales organizations in Australia, South Africa and the Middle East. It has concluded 15 Letters of Intent and has two extensive collaborations with Abu Dhabi-based Masdar and the Moroccan Masen.

The company was also selected as an Accelerator program for India and Indonesia with the aim of introducing Azelio's technology in company with the Swedish Energy Agency and Business Sweden. The work of preparing to start production at the end of September this year continues as planned, with, among other things, securing its supply chain and designing and tuning in a number of new processes. (press release)

Everfuel and ASKO collaborate on the roll-out of hydrogen infrastructure

Everfuel and grocery wholesaler ASKO  have entered into a Letter of Intent to develop a coordinated plan to apply to Enova for support for the acquisition of vehicles and the establishment of hydrogen infrastructure. ASKO is one of the largest freight transporters in Norway and operates a fleet of around 700 large and medium-sized trucks. The company has a stated goal of achieving zero emissions by 2026. The parties have entered into a LoI to support each other's applications for support for trucks, filling stations and, if necessary, hydrogen production, to meet demand along a chosen traffic corridor between Oslo and Trondheim. (Yrkesbil)

Several Norwegian banks say no to fossil fuels

Norwegian banks are now sending clearer signals to companies, cutting funding for those who do not take responsibility for combating the climate crisis. Storebrand and Handelsbanken have excluded oil and gas companies from several of their funds, whereas DNB has launched an upgraded sustainability plan with time-bound goals, and allocated NOK 1,500 billion for climate work. (Vårtland)

Danish Energy Agency announces a new support round for 428 MW

The Danish Energy Agency announced a new technology-neutral auction round of DKK 1.2 billion for support of up to 428 MW for renewable energy. The tender round uses a "contract for difference" model, where renewable developers can get a fixed settlement price of up to 25 øre / kWh for 20 years, with a total potential support of up to DKK 1.2 billion in 2020 prices. By using a CfD model, the state assumes a larger share of the long-term risk associated with developing renewable energy.

The deadline for submitting bids is 22 October. Solar cells, wind turbines, wave energy plants and hydropower plants can compete for the support, according to the announcement from the Danish Energy Agency. There is a requirement that the projects must be connected to the grid within two years, with the exception of the offshore wind turbines which have a deadline of four years. (Montel)

Duni buys 20% in German takeaway specialist Relevo

Swedish Duni Group has bought 20% of the shares in the German company Relevo GmbH , which focuses on reusable take-away systems. Duni writes that Relevo GmbH is a supplier of reusable takeaway food and beverage systems. It was founded in 2020 by three entrepreneurs in Munich. Relevo has created a digital platform with reusable take-away products and works to combat the problems of plastic waste by offering smart and sustainable solutions, which are easily accessible to companies in the catering and take-away industries. Relevo has grown rapidly since its inception and now has 35 employees. (press release)

GKN Aerospace is investing in hydrogen flights

GKN Aerospace is investing in hydrogen aviation in the new H2JET project, which started on 1 July. SEK 24 million will be invested in the development of key components for hydrogen-powered aircraft engines. 

In addition to GKN Aerospace, Chalmers University of Technology, Lund University, KTH, Högskolan Väst, Rise and Oxeon are participating. The project participants will develop technical solutions for three important subsystems for hydrogen-powered aircraft engines for civilian medium-range aircraft. (Transportnet)

Foxway acquires the leading Norwegian company in recycled IT equipment Greentech AS

With sales of more than SEK 3 billion and more than 700 employees in offices in the Nordic countries, Germany and Spain, among other places, Sweden’s Foxway has had a strong growth journey in recent years. Part of the success is Foxway's business model where the entire product life cycle is handled within the company's walls. Greentech is the largest reseller of recycled IT equipment in Norway, and also also the largest trading venue for used ICT equipment in Norway.

Foxway and Greentech will jointly target companies, schools and the public sector. (IT Kanalen)

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