27 January 2022
Vestas reports ordinary 2021 margins and announces a gloomy 2022 forecast
The Danish wind turbine manufacturer announced its interim operational profit margin for 2021. While the company had forecast a profit margin of 4% it landed on 3%. The last 12 months have been challenging for the renewable energy industry as a whole due to supply chain problems and low wind speeds that have increased costs. As Vestas looks forward, it expects a gloomy 2022, with revenues expected to be stagnant, falling between €15 billion and €16.5 billion. Vestas said that it expected the near future and at least 2022 to be heavily impacted by cost inflation, while the emergence of an energy crisis caused by geopolitics and fossil fuel volatility has also resulted in dramatic increases in energy prices,”
CEO, Henrik Andersen claims that "to mitigate short-term challenges, the industry must show the discipline needed to protect profitability and improve value creation in the long term … There is no doubt that we raise prices, and we make the prices that also reflect the current costs required to deliver our solutions to customers and be profitable."
Enorm Biofactory to build the Nordic’s largest insect factory
Enorm Biofactory will become Denmark’s first commercial insect producer with the help of a DKK 370 million loan from the governmental Danish Green Investment Fund and other investors. When the new production facility is ready, Enorm Biofactory will be able to produce 100 tonnes of larvae per day, corresponding to 11,000 tonnes of insect protein, 2,500 tonnes of insect oil and 15,000 tonnes of insect fertiliser per year. “We are very proud of what we have built up and achieved so far. With this investment in Enorm Biofactory, we are ready to take the next step on the journey towards turning green business into good business”, said Carsten Lind Pedersen, Founder and co-owner of Enorm Biofactory.
Electric vehicle startup Opibus releases Africa’s first all-electric bus
In the beginning of 2022, Kenyan-Swedish Opibus closed a financing round of SEK 65 million led by Silicon Valley investors. As a result, Opibus announced their plan to design and develop their own electric buses in Nairobi. Their all-electric bus is now ready to hit the market and will be validated in commercial operation during the year. “The price of fuel went up by 20% last year in Nairobi, which is a great incentive for companies to switch to electricity. Then we still need to alter the design and make sure that the product can be scaled - and then we must get all necessary partners in place. The plan is that in 2023 we will have a mass production of the bus”, said Albion Wilson, Chief Strategist at Opibus.
Opibus will not sell its buses with a classic one-time payment. Instead, they will invest in subscriptions where the customers pay per day. The subscription also includes charging infrastructure that is adapted to the subscriber's needs. “With that kind of financing, it will cost as much as a diesel bus, but the operating costs will be lower”, said Wilson.
ABB acquires a majority stake in InCharge Energy
ABB, has increased its stake to approximately 60% of InCharge Energy´s issued share capital. InCharge offers commercial charging infrastructure solutions for EVs, strengthening ABB's e-Mobility division in the North American market. The transaction is part of ABB e-Mobility’s growth strategy and is intended to accelerate the expansion of the portfolio to include turnkey solutions for the electric vehicle infrastructure for private vehicle fleets and public transport, electric vehicle manufacturers, carpooling companies, municipalities and owners of commercial buildings.
Press release
Alecta invests SEK 694 million in blue bonds
Alecta’s Belize Blue Bond is the name of the company’s finance loan to the state of Belize. The idea is for Belize to pay off part of its existing loans, reduce borrowing costs and release about $180 million that are earmarked for protection efforts in the marine environment. The bond will contribute to a better marine environment in the Caribbean Sea off Belize. “When a bond like this is issued, the borrower is forced in a very structured way to define their sustainable activities and sustainable assets and set up processes for how these are to be financed and followed up”, said Carina Silberg, Head of Corporate Governance and Sustainability at Alecta.
DI
COWI will only accept green projects
The technology consultant COWI has decided that the company’s future revenues will only come from projects that are related to sustainable development. As a result, COWI will not work on new projects that are not aimed at green conversion or the transition to renewable energy.
Hydrogen Pro enters into a partnership with Larsen & Toubro
The Norwegian Hydrogen Pro has entered into an agreement with India's Larsen & Toubro for the establishment of a joint venture and gigawatt-sized production of alkaline water electrolysers in India.
What we’re reading
- Battery giant LG Energy doubles in value as investors look to booming EV market (RenewEconomy)
- China builds more offshore wind in 2021 than RoW does in 5 years (Tweet)
- EU Commissioner rules out big changes to green finance proposal (Reuters)
- Full Steam Ahead: Methanol and Maritime Policy Under EU's Fit for 55 (Methanol Institute)
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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