26 October 2021

Stora Enso reaches its 2030 target 9 years early

Stora Enso has already reached its 2030 climate target to reduce emissions by 30% by 2030 - 9 years earlier than planned. For the fourth consecutive year, the Swedish-Finnish renewable materials company has topped the list of the most sustainable companies in the materials sector. The company is now working on new climate targets based on sustainability ambitions in several strategic areas - Carbon Capture and Storage (CCS), climate smart innovations for the use of residue products, and the facilitation of an increased use of wood in the construction industry according to Annica Bresky, CEO of Stora Enso (DI). 

Sweden’s Einride valued at SEK 13 billion

Einride, the Swedish truck company specialised in autonomous electric trucks, has been valued at SEK 13 billion in private, grey markets. The company’s truck, the Einride Pod, is completely autonomous and is used for customers such as Coca-Cola, Oatley, Electrolux, Bring and Lidl. Additionally, Einride has partnerships with several Swedish companies such as EQT, Norrsken VC, SKF and Ericsson (Dagensps).

Aker Horizons to establish new €1 billion renewable fund

During a presentation of its 3Q21 financial results, Aker Horizons announced its plan to raise €1 billion for a new renewable fund that is focused on infrastructure assets related to carbon capture, hydrogen and electrification. The green investment company is currently in advanced discussions with a leading global financial services provider as potential anchor investor in the fund. Aker Horizons’ shares rose by more than 4% from start on Tuesday morning (Dagens Næringsliv). 

Aker plans green industrial hub in Narvik, Norway

Aker and its subsidiary, Aker Horizons, plan a green industrial hub in Narvik, Norway through several announced initiatives. To this end, two slots of land were purchased from Narvik municipality for a total of NOK 200 million. Additionally, Aker Horizon invested NOK 90 million in Narvik Batteri, a battery production start-up company, and secured 75% of its shares. The availability of surplus energy in Narvik makes the region suitable for promoting a green shift and accommodating power-intense industries, writes Aker in a press release (Abc nyheter). 

Nilar and RRK announce battery production facility in Estonia

Nilar, in partnership with Riigiressursside Keskus OÜ (RRK), moves forward on a production facility for batteries and energy storage systems in Paldiski, Estonia. Under the agreement, the first phase of the 7,000 sqm facility is initiated, with commissioning of the battery production facility planned to start in 2022 (Q3) (Press release). 

Swedish climate politics hinders companies’ climate transition

According to Svenskt Näringsliv, Sweden’s climate politics need to be adjusted to be the catalyst in the climate transition that the Swedish government is pursuing. Swedish companies are losing competitiveness, business opportunities and the opportunity to contribute to the global targets. To this end, six areas need to be prioritised by the Swedish government, writes CEO Jan-Olof Jacke, in a debate article.

1. Drive for uniform prices of carbon emissions in EU member states.
2. Pursue fossil-free electrification where nuclear power plays an important role.
3. Secure electricity supply with electricity that can be planned for, which is not the case with large investments in wind power. 
4. Accelerate permit processes for investments in expansions of the electricity grid.
5. Modernise permit processes to facilitate companies’ investments in the green transition.
6. Strengthen competitiveness for Swedish companies outside of Sweden’s borders by improving the Swedish business climate (DI). 

OX2 sells Polish 24 MW onshore wind park to Equitix

OX2 has sold a 24 MW wind park comprising 7 wind turbines that will be built in Kraśnik, Poland, to Equitix. OX2 has developed the project since it was acquired in 2020 and secured a 15-year support for wind turbine projects through a Contract For Difference (CFD) in the Polish state-run auction for renewable energy. The wind park will be built and handed over as a finished establishment by OX2, and is expected to be finished in 2024 (DI). 

Advanced Soltech signs order in China: generates SEK 30 million in revenues

Advanced Soltech’s subsidiary in China has signed an order with Jiangxi ChongShan Copper Industry Co Ltd. for the installation of a 2 MW solar energy plant. The order is estimated to generate SEK 30 million in annual revenues during the 20-year contract period. Construction is planned to start in 2022 (Q1) and the investment in the facility amounts to SEK 12 million (DI). 

Nel receives contract for PEM-electrolyzer equipment: $2.6 million (NOK 21.7 million)

Nel Hydrogen US, a subsidiary of Nel, has received a new contract for PEM-electrolyzer equipment valued at approximately $2.6 million (NOK 21.7 million). The buyer is an undisclosed leading global fuel cell company which Nel will also provide design consulting services to under the agreement. Nel will deliver the equipment between 2022 and 2024 (DN Investor, Press release). 

TECO 2030 receives state-funded support for fuel cell development: NOK 50 million

TECO 2030 has been granted NOK 50 million in state-funded support by Innovation Norway, Norway’s instrument for innovation and development, to support its development of hydrogen fuel cells. The grant is the largest amount awarded this year by Innovation Norway to one single project. TECO 2030 will use the funding to develop and test its marine fuel cell system, a fuel cell specifically designed for use onboard ships and other heavy-duty applications. Over the next decade, TECO 2030 expects total investments to amount to NOK 1 billion and a creation of 500 new jobs within development, pilot production and full-scale production during the same period (Press release).

Norwegian PM: Drilling shutdown would mean end of green transition

Jonas Gahr Støre, Norway’s new Prime Minister has emphasised the importance of Norway’s oil and gas industry for the green transition in an interview with Financial Times. Støre addresses the paradox regarding Norway being western Europe’s largest petroleum producer and simultaneously investing largely into green technologies such as electric cars and offshore wind, claiming that Norway would still meet its climate targets. The centre-left government also wants its $1.4 trillion oil fund, the world’s largest sovereign wealth fund, to be more active in environmental investments and assessments of climate risk. Støre states that he will make early trips to Brussels to discuss Norway’s position in the EU's energy transition. He followed up with criticism aimed at the European Commission for suggesting the ban on all oil and gas activity in the Arctic which would affect Norway more than almost any other country. But he claimed that the government would emphasise oil and gas exploration in more mature areas rather than focusing on unexplored areas, something large oil companies, including state controlled Equinor, align with (FT).

What we’re reading

• Tesla value hits $US1 trillion as Hertz makes massive 100,000 EV order (The Driven)
• Nine EU countries oppose electricity market reforms as fix for energy price spike (Reuters)
• Australia’s climate policies: Morrison’s net zero plan has net zero detail, and no change to policies (RenewEconomy)
• UK’s first ‘gigafactory’ set for huge expansion (Financial Times)
• Biden fights to salvage ambitious climate agenda ahead of COP26 (Financial Times)

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