Nel ASA, a Norwegian hydrogen company, has announced that it has made a final investment decision to expand the production capacity of its PEM electrolyser manufacturing facility in Wallingford, Connecticut. The expansion is estimated to cost approximately NOK 260 million and will increase the annual production capacity to 500 MW by 2025. The investment is expected to contribute to further expansion plans in the US, including the development of a Gigafactory with a potential production capacity of up to 4 GW distributed between both PEM and Alkaline. Nel is also expanding in Norway with the construction of a second production line at its Herøya facility, with a production capacity of approximately 1 GW expected in April 2024.
TT/Omni/GP informs that France wants to form “a nuclear power alliance” with Sweden and some 10 other EU member states to cooperate closely on safety issues, access to expertise and investments. This according to the French Minister for Energy, Agnès Pannier-Runacher, who is taking part in the informal EU meeting of energy and transport ministers at Arlanda today chaired by the Minister for Energy, Business and Industry, Ebba Busch (KD).
Pareto's chief analyst Lars Ove Skorpen presented the large investment that is needed for Norway to meet its climate commitments in the company's annual conference in Oslo. According to Skorpen, it will require approximately NOK 420 billion, assuming that solar, wind and water will all contribute. In addition, the Energy Commission recently concluded that Norway needs 40 TWh of new power by 2030.
Climeon, a Swedish waste heat technology company, has signed a new contract to supply its HeatPower 150 system for a flexible, climate-neutral power plant being built by UK partner Landmark Power Holdings. The deal replaces a 2019 contract and will see the system installed in a power station in Rhodesia, Nottinghamshire, UK. Landmark Power Holdings has developed a concept for flexible power production with natural gas-powered engines that uses Climeon's technology to increase energy efficiency, alongside carbon capture technology to minimise emissions. The plant will be Landmark's first climate-neutral and flexible power plant in the country.
Metacon, a Swedish energy technology company, has signed a 3.9 million euro contract with its distributor and EPC partner Hydroholding for the supply of a 1 MW PEM electrolyser and hydrogen filling station in Slovakia. The integrated system will include containerised electrolysis, compression, storage, dispensing, tooling and cooling equipment, and will be put into operation at the beginning of 2024. The filling station will have a capacity of 400 kg per day and will deliver green hydrogen to fuel various types of vehicles in the region, showcasing Metacon's ability to deliver complex turnkey hydrogen solutions.
The multinational animal health and nutrition company Alltech and the Finnish circular economy company Finnforel are joining forces to buy Raisioaqua's fish feed business from the Finnish company Raisio. The acquisition will complete Finnforel's circular economy farming chain, while also increasing access to Alltech's nutritional technologies. Finnforel's production chain is based on RAS technology. “At the heart of Finnforel's strategy are so-called giga factories specialised in sustainable farming. In these, the entire production chain is in our own hands, from the broodstock and the eggs they produce to the consumer products”, says Pekka Viljakainen, chairman of Finnforel.
Danish hydrogen producer Everfuel and French Hy24, administrator of the world's largest capital fund for green hydrogen, are entering into a JV to accelerate the development of green hydrogen infrastructure in the Nordic region. With an equity capital of 200 million euro, Everfuel and Hy24 will kick-start the development of electrolysis capacity across the Nordic countries, thereby financing, building, owning and operating up to 1 GW of electrolysis. Everfuel owns 51% of the joint venture and Hy24 49%. The JV’s first asset will be the hydrogen plant in Fredericia, HySynergy, which is expected to come into operation with 20 MW of electrolysis capacity in the second quarter of 2023.
Swedish Advanced Soltech's Chinese subsidiary has signed a contract with SuQian Huida Pastoral Industry Development to install a solar energy plant with a total capacity of 10 MW. The project is estimated to generate annual revenue of SEK 9.8 million, or approximately SEK 196 million over the 20-year agreement period. The solar energy plant will be built at a cost of SEK 73 million and construction is expected to begin in the fourth quarter of 2023. The project is located in JiangSu province and is expected to reduce carbon dioxide emissions by 6,700 tons annually.
Minesto has signed a cooperation agreement with Taiwan Cement Green Energy (TCCGE) for the development of renewable energy from tidal and ocean currents in Taiwan. The partnership involves the assessment of economic and technical conditions, selection of suitable offshore installation sites, and filing applications for price support. With the majority of Taiwan's energy still being produced from fossil fuels, the availability of marine energy for renewable energy presents an opportunity to speed up the transition to clean energy, especially with the adoption of a new price support for electricity generated from ocean energy in 2022.
Flowocean, a Swedish floating wind power company, has extended its capital raising process through Pepins until March 28. Pepins is a Swedish fintech company specialised in investments and capital acquisitions. The company aims to raise SEK 7 million with an over-allotment option of SEK 5 million. Flowocean has decided to extend the subscription period as it is in ongoing negotiations with larger business angels and institutions, and wants to complete these dialogues in consultation with Pepins.
Nel ASA reported strong financial results for the fourth quarter of 2022, with revenues reaching NOK 414 million, up 67% from the same period the previous year, and order intake of NOK 982 million, up 135% year-on-year. Nel also reported a record order backlog of NOK 2.61 billion at the end of the quarter. The positive results were driven by strong growth in all segments, including fueling, alkaline electrolysers and PEM electrolysers. The company is looking to capitalise on its experienced workforce and fueling technology by reducing complexity and transitioning to standardised high-capacity products. However, Nel reported an EBITDA of NOK -216 million, with losses in the fueling segment, low margins on some electrolyser projects and increased personnel expenses for large-scale projects impacting its financial performance.
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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.