27 April 2023
Today's Top Nordic Green News:
- Norsk Hydro and Porsche collaborate on low-carbon sports cars and battery recycling
- Swedish companies Plagazi and Quantron collaborate on hydrogen-powered trucks
- Fingrid conducts survey on challenges of electricity sufficiency in medium-term
Norsk Hydro and Porsche collaborate on low-carbon sports cars and battery recycling
Norsk Hydro, Norwegian aluminium and renewable energy company, has signed a long-term agreement with Porsche on delivering low-carbon aluminium and car parts for low carbon sports cars, as well as collaborating to develop a European value chain for batteries. The aim is to produce and recycle more sustainable materials for both battery and car manufacturers. Porsche and Hydro plan to show the first results in 2025. Hydro also aims to deliver carbon-neutral aluminium to Porsche and its subcontractors by 2030 by increasing the use of renewable energy in aluminium production and recycling.
Swedish companies Plagazi and Quantron collaborate on hydrogen-powered trucks
Swedish clean-tech company Plagazi has entered into a strategic cooperation agreement with Swedish sustainable transport developer Quantron. The collaboration aims to enable emission-free road transport in Europe using hydrogen-powered heavy trucks. Plagazi will supply green hydrogen to Quantron's hydrogen-electric vehicles and help establish a decentralised green hydrogen infrastructure for Quantron's sustainable mobility concepts. The partnership's goal is to install the first 100 Quantron trucks in Europe by 2026.
Fingrid conducts survey on challenges of electricity sufficiency in medium-term
Fingrid, Finland's transmission system operator, has conducted a survey with Swedish consulting company Afry to investigate the challenges of electricity sufficiency in the medium term. The final report will be published in June, and stakeholder feedback will be collected through consultation until August. The study has considered different capacity mechanisms and other solutions to ensure the security of the electricity supply, taking into account new ways to support the flexibility of the electricity system presented in the electricity market reform published by the European Commission in March. The presentation event will take place on June 13, with remote participation available.
DSV launches sustainable fuel solutions to reduce carbon footprint in transport sector
Danish transportation and logistics company DSV has invested in large quantities of sustainable fuels and has launched a "book and claim" solution to help customers reduce their supply chain carbon footprint across various modes of transport. By providing access to certified sustainable fuels, it aims to support the shift from fossil fuels to greener alternatives in the transport sector. The company's “book and claim” solution calculates the CO2 emissions for specific shipments and allocates the required volume of sustainable fuels, transferring the ownership of CO2 reductions to the customers. This process is verified by a third-party auditor, and customers receive a declaration to validate their emission reductions. Also, DSV is buying carbon credits from transport carriers using biofuel in their fleets as part of its new sustainable product, helping to further reduce CO2 emissions from customer shipments around the world.
Press Release, S&P Global - Journal of Commerce
Hafslund Oslo Celsius's carbon capture project halted due to large cost overruns
Hafslund Oslo Celsius’s project to capture carbon emissions from a waste plant in Oslo, Norway has been temporarily halted for a year due to projections of large cost overruns. The investment costs for the project, which is being subsidised by the Oslo city council and the Norwegian government, were initially set at NOK 5.5 billion, but higher costs from suppliers due to inflation, geopolitical instability that has lifted energy prices and a weakened Norwegian crown have resulted in delays. The project has so far used less than 10% of the investment framework, and Celsio will carry out a full review of the budget and cost reductions over the next 12 months. The aim is to establish a feasible and sustainable carbon capture project without increased investment support. Moreover, the project is part of Norway's Longship carbon capture and storage (CCS) project, and the delay may impact deposits at Northern Lights, a joint venture founded by oil firms Equinor, TotalEnergies and Shell.
Denmark pledges climate aid to Fiji
Denmark has pledged DKK 20 million to help Fiji cope with the consequences of climate change. The grant will go to the Pacific Community (SPC), an organisation created by Pacific island states many of which are vulnerable to climate change. The funds will be used to create weather warning systems and to prevent some of the challenges climate change poses to Fiji, such as rising water levels that have forced entire villages to seek new places to settle. Denmark’s cooperation agreement with the SPC will be formally concluded at the next international climate summit COP 28.
Fingrid limits new wind and solar connections to west coast grid for power system stability
Fingrid is limiting the connection of new wind and solar power production to the main grid on the west coast to ensure the stability of the electricity system and power plants. The number of rectifier-connected power plants and electricity storage has grown significantly, which can lead to instability and widespread power outages. The limitation applies to rectifier-connected equipment of more than one megawatt in the marked area on the map, but does not apply to equipment of less than one megawatt or synchronous power plants. Fingrid will inform customers about possible changes in restrictions and their removal after the completion of new connections to the national network in 2027 and 2028.
Nel Hydrogen: 1Q23 financial results shows revenue up by 68%
Nel Hydrogen reported strong financial results for the first quarter of 2023, with revenues of NOK 359 million, up 68% from the same period in 2022. The company's order intake in the quarter was NOK 580 million, up 105% from the previous year. Nel's CEO, Håkon Volldal, said the results reflected "increased production volumes and the fact that better margins on our newest contracts have started to impact our financial results". However, profit before tax fell compared to 1Q22 from NOK 82 million to NOK 194 million due to losses from operations and a negative unrealized value adjustment. The company's stock price rose 16% upon opening of the stock market on Thursday. The company also announced that it is progressing with the construction of a second production line at its Herøya facility in Norway, and that it is preparing to automate its PEM electrolyser technology's production process.
Danish Better Energy reports strong 2022 growth with revenue of DKK 2.9 billion and expansion of solar parks
Danish renewable energy company Better Energy reported solid growth in 2022, with revenue increasing to DKK 2.9 billion and ten solar parks being connected to the electricity grid in Denmark and two in Poland. The company developed a new PPA solution allowing several companies to take green energy from the same solar park through separate power purchase agreements. Better Energy also applied for permission to build a solar park at Viuf and Håstrup in Kolding and Vejle Municipality and welcomed Danish pension provider ATP as a minority owner. Furthermore, the capacity pipeline grew to more than 10 GW across Denmark, Poland, Sweden and Finland, and the number of employees increased to 264 at the end of the year.
Equinor CEO: Floating offshore wind ready for large-scale deployment
Jens Olaf Økland, director responsible for strategy and commercial solutions within renewable energy at Equinor, believes that floating offshore wind energy is now ready for large-scale production after proving its potential through thorough testing. He stated that access to gigawatt-sized projects and a pipeline with multiple projects is needed, as well as predictability in framework conditions for new projects to enter the pipeline. Equinor has been working with floating offshore wind technologies for several years, starting with the demonstration project Hywind Demo, and has since established the first real commercial floating offshore wind farm, Hywind Scotland, followed by Hywind Tampen.
What we’re reading
- Dutch government to invest €28 billion into new climate package (Euractiv)
- No tiger to die – UNDP, Asian nations to launch bonds for species protection (Carbon Pulse
- Coal demand dropped in Europe over winter despite energy crisis (Financial Times)
During the energy crisis in winter 2022-2023, the EU burned less coal than in previous years, despite concerns that coal consumption would increase due to the shortage of Russian gas supplies. A study by energy think-tank Ember reveals that coal generation fell nearly 11% year on year, while gas generation dropped as well. Renewable energy, including wind, solar, and hydroelectric, provided 40% of all electricity supplies for the first time, outperforming fossil fuel generation. Despite the energy crisis caused by Russia's invasion of Ukraine, the expected increase in coal usage did not occur, and EU power sector emissions reached their lowest point. However, the mild winter contributed to the reduced electricity demand, and future winters may not have the same outcome.
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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