25 May 2022
Due to the public holiday, there will be no Nordic Green News for 26 May
Hexagon Purus loses big deal, shares crash
In January, Hexagon Purus, a supplier of hydrogen vehicle systems and battery packs for fuel cell and battery electric vehicles, said that it was negotiating with an unnamed customer for the delivery of battery packs for mass production of electric heavy transport vehicles. The total sales volumes in the period 2024–2027 was estimated to generate a turnover of USD 800 million (NOK 7.7 billion), with options for two extra years, which could increase volumes to NOK 10 billion. However, on Wednesday, Hexagon Purus advised via a stock exchange announcement that the customer had withdrawn, and its share immediately fell more than 20%, recovering throughout the day, to end down just over 10%.
Polestar puts money into StoreDot’s ultra-fast charging battery technology
Polestar has become the latest electric vehicle manufacturer to place a bet on the extreme fast charging battery technology being developed by StoreDot, with the announcment of a “strategic deal” with the Israel-based company. StoreDot is pioneering the development of silicon-dominant advanced EV battery technology and has set a target to produce batteries capable of charging up to 160km of range in just five minutes by 2024. Polestar follows it parent brand Volvo in backing StoreDot, and a growing list of fellow EV market players, including Daimler, VinFast, Ola Electric, BP Ventures, Samsung, TDK, and EVE Energy.
Quantafuel sells half of future sorting plant to French company
Norwegian Quantafuel's hunt for an investor to for the company's plastic sorting plant in Esbjerg has now been completed, and the pyrolysis company has chosen to sell half of the ownership in its Esbjerg-based subsidiary to French investment giant, Eurazeo for an undisclosed amount. The plant in Esbjerg is expected to be put into operation in the second half of 2023 and is scheduled to be able to sort 160,000 tonnes of plastic waste per year. On the same plot, Quantafuel is also currently establishing a pyrolysis plant, which, when when in operation in 2022, is expected to be able to convert 80,000 tonnes of plastic waste into pyrolysis oil annually.
"Esbjerg is a strong investment case, and this is a unique opportunity to exploit a significant untapped potential in the Danish market," reads a comment from Quantafuel's CEO Lars Rosenløv.
Statkraft and FREYR Battery sign agreement for supply of renewable energy
Statkraft, has signed a binding agreement with FREYR Battery a Norwegian developer of clean, next-generation battery cell production capacity. The agreement is expected to be finalized as a long-term physical supply agreement to secure a long-term supply of renewable power under globally competitive terms for FREYR’s planned battery cell production project in Mo i Rana, Norway.
Ferroamp carries out a directed new issue and will receive SEK 60 million
A bookbuilding procedure announced by the Company has been completed and the board of Ferroamp has decided on a directed new issue of one million shares, at a subscription price of SEK 60 per share, raising SEK 60 million. A number of Swedish and international institutional investors have subscribed for shares in the rights issue, including Swedbank Robur.
Stora Enso and Modvion in collaboration on wooden wind turbines
Stora Enso and the wood technology company, Modvion are starting a collaboration to establish wood as a first choice in the construction of wind power towers. The purpose of the collaboration is to show the great opportunities to use wood as a building material in demanding constructions.
Modvion builds wind power towers of laminated wood, which is stronger than steel at the same weight. The wooden towers are built in modules that can be transported on public roads without special permits or road alterations, enabling higher towers at a lower cost and a more cost-effective electricity production.
Navigare goes into offshore wind with an investment of half a billion kroner.
Navigare Capital Partners is investing a significant amount in five vessels for servicing offshore wind projects, to take part in expected growth in offshore wind turbines.
What we’re reading
- Saudi Aramco chief says the west needs to continue investing in oil and gas until renewables can address disruptions (Financial Times)
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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