25 August 2022
Finland faces the threat of a EUR 7 billion carbon sink bill
Statistics Finland reported in May that Finland's land use sector, i.e. fields, forests and other land uses, no longer absorbs CO2, but becomes a source of emissions. Last year, for the first time, the land use sector produced more greenhouse gas emissions than it stored. Satu Hassi, Member of Parliament from the governing parties, attributes this to a slowdown in forest growth, which in turn is due to construction, such as wind power. This risks leading to an additional bill of more than EUR 7 billion for Finland. According to the Finnish Climate Panel, the situation calls for a carbon sink rescue programme to be drawn up this autumn. The MPs agree that measures are needed to save carbon sinks, but they have different views on the severity of the situation.
SeaTwirl AB becomes one of the winners in Smart Energy Catalyst 2022
SeaTwirl announced at the end of July that the Swedish Ministry of Commerce has selected the company as one of the winners of the Smart Energy Catalyst 2022 class. The designation is awarded annually to a company in the programme that the Swedish Ministry of Commerce considers to have the most potential to expand its business idea globally. Companies that pass the selection are given a strong springboard for international development - including tailored commercialisation support, advice and coaching in selected markets. SeaTwirl was named this year's winner along with X Shore, 100% Electric Boats and Evolar AB.
Ovoco produces steel through completely CO2-free production process
Ovoco has released its Sustainability Report for the financial year 2021. The report shows that Ovoco is leading the way towards a sustainable society and closing the loop with recycled steel from fully carbon neutral operations. Currently, Ovako's steel products today consist of more than 97% recycled steel on average. Since 2015, Ovako has reduced carbon dioxide emissions per tonne of steel by 57% and the cradle-to-gate carbon footprint of Ovako's steel products is 80% lower than the global average, while emissions from steel production are 95% lower. Marcus Hedblom, President and CEO of Ovoco, said that they have a clear goal for the future and will continue to make progress towards products that do not produce CO2 emissions.
ABB and Hydrogen Optimized expand hydrogen energy partnership
Swiss-Swedish ABB and Canadian technology innovation company Hydrogen Optimized Inc. (HOI) have signed an agreement to expand the existing strategic relationship between the two companies. This includes ABB's investment in HOI's parent company Key DH Technologies Inc. (KEY), as both companies aim to take a leading position in the rapidly emerging global market for large-scale green hydrogen production systems. The signing comes after the two companies unveiled their new solutions at the German-Eastern Canadian Renewable Hydrogen Energy Expo in Stephenville, Newfoundland on 23 August. The two companies are promoting the deployment of economical, large-scale green hydrogen production systems to decarbonise hard-to-remove industries such as ammonia and fertilisers, chemicals, metals and steel, for cement, tools and fuel for aircraft, ships, trucks and railways. At the same time, both companies are leveraging their respective strengths and resources to rapidly commercialise HOI's patented RuggedCell™ water electrolysis technology, which converts renewable electricity such as hydroelectric, solar and wind power into green hydrogen for industrial use, in the world's largest green hydrogen production facility.
Green Hydrogen Systems makes significant adjustments in 1H22 report
Green Hydrogen Systems states that EBITDA for 1H22 was DKK -132 million compared to DKK -67 million in the first half of 2021, reflecting the company's continued investment in the size of the organisation and in its activities. Earlier this year the company announced technology problems with its Series A platfrom. The company wrote in a stock exchange announcement that complications will affect guidance in 2022 due to further delays in backlog deliveries. As a result, the company does not know how the delays will affect production and earnings for the year. But the company says the technical difficulties have not shaken its convictions with its technology.
Metacon presents interim report for 2Q22
Metacon published net sales for 2Q22 of SEK 20.1 million and losses of SEK 15.3 million. The company said that the second quarter was the most eventful in the company's history and included unforeseen events such as the Russian invasion of Ukraine. However, the company continued to work according to its growth plan and it concluded the largest deal to date in the first half of 2022. Metacon is preparing to move to First North and has raised funds. There are currently a large number of initiatives in Sweden regarding the establishment of new green hydrogen refuelling stations, which is a very favourable development for Metacon.
SUN4ENERGY GROUP AB publishes interim report for 2Q22
SUN4ENERGY GROUP AB reported a turnover of SEK 45.6 million in 2Q22 and an operating profit of SEK 1 million for the period. CEO Per Norrthon stated that the company had achieved strong growth. Compared to the same period in 2021, it grew by more than 468% and compared to the first quarter of 2022 by more than 130%. In addition, the company achieved a profitability of SEK 1 million during the period, compared to a loss of SEK 4 million in the previous quarter.
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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