25 April 2023
Today's Top Nordic Green News:
- Swedish H2 Green Steel enters final financing phase
- Port of Gothenburg invests SEK 15 million in Västvind wind farm partnership
- Norwegian and Norsk e-Fuel partner to build world's first full-scale electrofuel plant for sustainable aviation fuels
Swedish H2 Green Steel enters final financing phase
It was announced on Monday that the Swedish company H2 Green Steel (H2GS) is planning on raising another EUR 1.5 billion as part of an equity push. A EUR 1.5 billion equity financing would be one of the largest deals in Europe this year, amidst a cooling private market due to volatile markets and falling technology valuations. With the help of advisers from Morgan Stanley, H2GS seeks to boost its liquidity ahead of its planned 2025 inauguration date, when it hopes to launch its steel-making production.
H2GS is in development of green steel, which uses electric furnaces instead of coal-fed ones and aims to cut 95% of emissions. The company is planning to build its first factory in Boden, Sweden, close to the Arctic Circle, and will use EUR 1.5 billion equity financing to fund the construction. However, there are concerns about the power needs of H2GS and its rival Hybrit, which could exceed Sweden's current electricity production.
Port of Gothenburg invests SEK 15 million in Västvind wind farm partnership
The Port of Gothenburg is investing SEK 15 million to become a partner in Eolus Vind's Västvind offshore wind farm. The park has not yet received a permit application, but the port hopes it will be granted. The head of innovation at the Port of Gothenburg, Viktor Allgurén, says that if the park does not materialise, it is a risk they are willing to take.
The offshore wind farm is planned to have an installed capacity of 1,000 MW and the potential to generate 4-4.5 TWh of renewable electricity per year. The project is located in the Swedish economic zone, and Eolus is carrying out investigations and dialogues to enable coexistence with other interests such as commercial fishing and shipping. The permit application is expected to be submitted to the Land and Environment Court and the government in 2023, with construction planned to start in 2027 and completion in 2029.
Norwegian and Norsk e-Fuel partner to build world's first full-scale electrofuel plant for sustainable aviation fuels
Norwegian Airlines has partnered with Norsk e-Fuel to build the world's first full-scale electrofuel plant in Mosjøen, Northern Norway, to produce sustainable aviation fuels. Norwegian aims to reduce emissions by 45% by 2030, and the partnership will secure 20% of its need for sustainable jet fuel by that time. The partnership involves Norwegian investing over SEK 50 million for a minority stake in the company, with details of the collaboration to be finalised in the coming months. The electrofuel produced reduces greenhouse gas emissions by up to 99% compared to fossil fuels.
World's first dynamic, green Power-to-Ammonia plant under construction in Denmark
Denmark is building several Power-to-X plants to store renewable energy, with Lemvig multiplicity constructing the world's first dynamic green ammonia plant. The plant is part of an EUDP project and is set to be operational at the beginning of 2024, producing ammonia for heavy transport and as a fertiliser product in agriculture. The facility will operate with energy from its own wind turbines and solar cells, making it a dynamic plant, cutting production when there is no sun or wind. ABB is providing full electrical integration for the PtA plant, with control and management of the overall process, and is partnering with Skovgaard Energy, Topsoe and Vestas for the project.
Modvion and Metsä Wood partner for laminated wood supply for wooden wind turbines
Swedish wood technology company Modvion has partnered with Finnish firm Metsä Wood to use laminated wood (LVL) in its wooden wind turbines. Laminated wood is crucial to the design of the towers as it offers high strength relative to its weight, making the towers lighter and reducing the need for expensive reinforcements. The use of LVL also enables significant emissions reductions, with a life cycle analysis carried out by the Swedish research institute RISE showing a wooden wind turbine reduces emissions by 90% compared to a steel tower of the same height and load. The towers also become carbon dioxide negative as the wood stores carbon.
Norwegian energy companies partner to develop floating offshore wind project
Å Energi and Corio Generation have formed a partnership to launch Nordvegen Vind, a project to develop floating offshore wind in Utsira Nord, Norway. Nordvegen Vind is set to help establish the standard for floating offshore wind in Norway and support the development of the country's offshore wind industry. The project is expected to create new jobs, increase activity in the supplier industry and open up new export opportunities. By 2050, the International Renewable Energy Agency (IRENA) predicts floating wind farms could cover 5-15% of the global installed capacity for offshore wind.
H2X Global signs joint venture for IPO assistance to list on London Stock Exchange
H2X Global, an automotive company specialising in hydrogen-powered vehicles, has signed a contract with several firms to help it list on the London Stock Exchange in H2 2023. Joint Venture partner Arden Partners will lead a pre-IPO round in April, and other partner Zeus Capital will be the lead manager for the listing in late 2023. H2X Global has orders worth USD 33.5 million for its hydrogen-powered trucks, SUVs, buses and generators. Moreover, H2X Global is currently in a joint venture in the Nordics with green hydrogen producer Norwegian Hydrogen AS.
Swedish investment companies FAM and Qarlbo Energy join forces to invest in green hydrogen
Swedish investment company Qarlbo AB's subsidiary, Qarlbo Energy, has been acquired by FAM AB, owned by Wallenberg Investments AB, for a 25% stake. Qarlbo Energy is a green hydrogen and fossil-free energy systems pioneer, and the acquisition aims to develop its platform of knowledge, insights, networks and capital. Qarlbo Energy's existing network of companies, research and investors is expected to benefit from FAM's support. The company has already established an infrastructure for fossil-free transport through its own subsidiaries, with plans for 24 hydrogen-filling stations in Sweden by 2025. Moreover, the acquisition expands the board of Qarlbo Energy.
What we’re reading
- UK and Netherlands to build new North Sea power link (Financial Times)
- Canada becomes global leader in green energy incentives, boosting project value by as much as 50% (RystadEnergy)
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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