26 April 2023
Today's Top Nordic Green News:
- Fortum launches battery materials recycling facility in Finland
- Finnish state upping its investment in lithium mining
- Denmark to assist Ukraine's wind energy development under five-year agreement
Fortum launches battery materials recycling facility in Finland
Finnish energy group Fortum has launched a battery materials recycling facility in Harjavalta, Finland. The plant is capable of recovering 95% of raw materials found in the "black mass" of lithium-ion batteries, including lithium, cobalt and nickel, for reuse in new batteries. The EUR 27 million facility is the first of its kind in Europe. The need for battery materials is significant, while Europe has limited raw materials production. Research firm MarketsandMarkets predicts the lithium-ion battery recycling market will reach USD 35.1 billion by 2031, up from USD 6.5 billion in 2022.
Several European companies have announced plans for battery recycling facilities, but only a few are in commercial production. Fortum's European rivals, including Northvolt, Norsk Hydro, Umicore, and BASF, are also developing plans for battery recycling facilities in Europe.
Finnish state upping its investment in lithium mining
Finnish state-owned mineral processing company, Suomen Malmijalostus, is investing EUR 54 million into Keliber's lithium mining and refining project. Keliber is a mining and battery chemical company that aims to open a lithium mine in Central Ostrobothnia and a lithium hydroxide factory near Kokkola port. Malmijalostus is Keliber's second-largest shareholder. Suomen Malmijalostus is investing more money in the project by participating in Keliber's targeted share issue. With the new investment, Suomen Malmijalostus' ownership in Keliber will increase from 14% to 20%.
Keliber holds several extensively explored mineral deposits in Central Ostrobothnia, covering an area of around 500 square kilometres. The estimated ore reserves are 12.7 million tonnes. In August 2022, Keliber's environmental permit for the lithium refinery became legally binding, and at the end of the year, the company announced that it would begin preparations for building the refinery in Kokkola's major industrial area. Last December, the company also received environmental and water management permits for the Rapasaari mining area and the Päiväneva enrichment plant. Keliber's goal is to start producing lithium hydroxide in 2025. Lithium has been classified as a critical raw material for the EU in terms of its economic and supply security.
Finnish charging provider Virta looking to capitalise on growing EV markets
The success of Finnish electronic vehicle charging technology provider Virta is growing and Virta claims to be a market leader in the rapidly growing EV charging industry. In 2020, Virta had 120 employees and a revenue of EUR 11 million, in 2022 the numbers had risen to over 200 and EUR 39 million, respectively. Virta has now raised EUR 85 million in new funding, of which EUR 65 million comes from venture capitalists and EUR 20 million are loans from Business Finland.
The company is preparing for the forecasted massive growth in EV business: "We now operate one of Europe's largest charging networks. We are building capacity for a billion-dollar operation," says Palola. Virta develops intelligent EV charging services and licences its technology to regional operators who then build the actual charging network and operate the service. Its customers include energy companies, property owners, and businesses, but increasingly also traditional oil companies and fuel distributors. It is, in essence, a digital platform that enables new service providers to run EV charging businesses. Virta's system includes a charging point control system that tracks devices, their condition, and usage. Virta also has an app for consumers. According to Palola, 10% of European EV drivers have registered on Virta's platform through its various customers.
Norway's sovereign wealth fund to vote against resolution for BP's tougher GHG targets
Norway's USD 1.4 trillion sovereign wealth fund (NBIM), one of the world's largest investors, said on Saturday it will vote against a resolution calling on British oil major BP to adopt tougher GHG targets. While BP already aims to reduce emissions, the motion filed by activist group Follow This ahead of an Apr. 27 shareholder vote calls on the company to align with the Paris Agreement's goal to limit global warming. Norges Bank Investment Management (NBIM), which operates the Norwegian fund, said last year that it plans to take a tougher line on companies that do not adopt credible climate plans. It did not give a reason for rejecting the motion, but the fund has said in the past that while it sometimes backs ESG proposals put forward by activist groups, it carefully judges each case on its merits. The Norwegian fund, itself built on oil and gas revenue, owned 2.73% of BP's shares worth some USD 2.8 billion at the end of 2022.
Putin signs decree temporarily seizing assets of foreign energy firms, including Fortum
President Vladimir Putin signed a decree establishing temporary control of assets of two foreign energy firms, the Finnish energy group Fortum and its former German subsidiary Uniper, sowing confusion over the fate of other Western companies in the country. This move was in response to what the Kremlin called "aggressive actions of unfriendly countries," following reports that the Group of Seven (G7) nations were considering a near-total ban on exports to Russia. Fortum's Russia division has seven thermal power plants and a portfolio of wind and solar plants, and has been trying to exit Russia. The company has said that it is "investigating" the situation, but believes that the new decree does not affect the title (registered ownership) of the assets and companies in Russia.
Smoltek announces positive test results for the company's cell material for electrolyzers
Swedish company Smoltek Nanotech Holding AB has announced positive test results of its cell material for inside their electrolyzers, demonstrating that its prototypes with only 0.5mg of iridium per square centimetre produce the same amount of hydrogen as a standard material with 2.5mg of iridium per square centimetre. The technology's unique nanostructure explains this result, and lifespan tests have shown that the material can be protected against corrosion. The next step is to fine-tune the technology's various technical parameters to further enhance the technology and reach the goal of 0.1mg of iridium per square centimetre. The electrolyzers would be cheaper because they require minimal use of iridium, a rare precious metal.
North Sea countries commit to increasing offshore wind power capacity to 300 GW by 2050
Nine North Sea counties, including Norway, have recently signed the Ostend declaration in Belgium, which states that they will increase offshore wind power capacity to 300 GW by 2050. By 2030, Norway plans to develop a minimum of 3 GW of offshore wind power, which will include 1.5 GW of floating wind technology. In addition, they will be granting permits for areas that are appropriate for 30 GW of offshore wind energy by the year 2040.
Denmark to assist Ukraine's wind energy development under five-year agreement
Denmark has announced a five-year cooperation agreement with Ukraine to help the country develop onshore and offshore wind energy. The Danish authorities will assist Ukraine in creating a legislative framework to promote wind energy and investigate the potential for offshore wind near Odessa. The collaboration aims to help Ukraine expand its electricity supply with wind energy, particularly following the destruction of a large part of the country's onshore wind turbines during the 2022 Russian invasion. Denmark's energy cooperation with Ukraine has been ongoing since 2014 and is financed by the Neighborhood Program under the Ministry of Foreign Affairs.
Fortum plans to sell 185 MW solar projects in India
Fortum plans to sell its operational solar assets in India, consisting of 185 MW of solar projects located in Rajasthan, Karnataka and Madhya Pradesh. The company aims to target an enterprise value of USD 200 million for these assets. Kotak Mahindra Capital has been hired to search for potential buyers for the assets.
What we’re reading
- British industry in push to make carbon capture a reality (Financial Times)
- The world’s top EV investors (FDI Intelligence)
- EU Bid to Swap Russia Gas for Offshore Wind Is Falling Short (Bloomberg)
- Despite Taiwan and spy balloon tensions, China invites US for climate talks (Climate Home News)
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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