28 January 2022
SSAB to rebuild its steelworks to speed up the green transition
SSAB, the Nordic’s biggest producer of commercial steel, announced that it will fundamentally rebuild its Nordic production system for sheet metal and accelerate the company’s green transition. The aim is to eliminate the company’s emissions by the beginning of the next decade, 15 years ahead of schedule. The reason being the rapidly growing demand for fossil-free steel. “We now have a unique opportunity in Sweden and Finland. Through a rapid transformation of the industry, we can create new fossil-free value chains, build long-term competitiveness and secure jobs in Nordic industry for the future”, writes Martin Lindqvist, CEO of SSAB.
The new system will result in an increased capacity for premium products, improved cost position and fossil-free production will be financed with SSAB’s own cash flow. The company’s total sales amounted to SEK 27,337 million in 2021, and SSAB reported a profit after net financial items of SEK 6,859 million for the fourth quarter of the same year.
Press release, SvD, Teller Report
Stockholm highlighted as a hub for climate technology
According to a new report from PwC, Stockholm is seen as one of the world’s most interesting areas when it comes to climate technology. “Stockholm takes place on the top list of the ten most attractive areas when it comes to tech investments in climate technology”, said David Ringmar, responsible for ESG within PwC Sweden. The report also showed that investments from venture capital and private equity companies in climate technology are booming. In the twelve months between July 2020 and June 2021 alone, investments of $87.5 billion were made globally. “This corresponds to an increase of as much as 210% in relation to investments by the year before.
H2Energy threatens to drop PtX project
H2Energy, a Swiss company, had previously announced plans to build a large-scale Power-to-X-facility in Esbjerg, Denmark where it will turn power from offshore wind turbines into green ammonia. However, the project is now threatened, as H2Energy, which plans to invest DKK 7.5 billion in establishing the project, threatens to withdraw unless more money is found to invest in renewable energy in Denmark. According to Rasmus Bach Nielsen, who is a board member of H2 Energy, “decisions must be made now - not in a few years, but now. We see a political environment in Denmark that is incredibly open and energetic in terms of accelerating development. It requires that you deliver the right terms.”
In a separate, but not necessarily unrelated analysis, Anders Nolting Magelund, a climate policy consultant, for Lederne, a professional organisation, argues that due to “decades of political backwardness, we [Denmark] risk a climate chaos in the form of everything from suddenly introduced and drastic climate legislation and fluctuating energy prices that create major differences in countries' preconditions for climate change. There is also a risk that there will be a hard knot in supply chains, a lack of green capital or a shortage of labour with green competencies, because the workforce has not been secured in a timely manner. All in all something that will be felt in and shake large parts of the world.”
Energy Supply Denmark, GridTech
Yara and Linde build demonstration plant for hydrogen
Yara has announced that it has signed a contract with German company, Linde for the construction of a demonstration plant for green hydrogen in Porsgrunn. With the support of NOK 283 million, Yara will build a demonstration plant of 24 MW for the production of green hydrogen. The demonstration plant will have a production capacity of 10 tonnes of hydrogen per day and contribute enough hydrogen to be able to produce 20,500 tonnes of ammonia annually, which according to Yara can be converted to 60,000 to 80,000 tonnes of green fertiliser. The hydrogen will replace ethane as a raw material in production, and as a result reduce the CO2 emissions by 41,000 tonnes annually.
PowerCell joins European development project
The Swedish technology developer PowerCell has decided to participate in Camelot, a European development project that aims to develop next generation membrane electrode assemblies, which are a central component of a fuel and is crucial for the fuel cell’s life, power generation and efficiency.
H&M to double turnover and halve carbon footprint
In the company’s year-end report for the financial year 2020/21, H&M announced that it will double its sales and halve its carbon footprint by 2030. “To achieve the growth and climate goals, investments will be increased and for 2022 capex is planned to amount to approximately SEK 10 billion”, wrote H&M. The company’s strong cash flow and financial position will be crucial for the ability to invest in sustainable growth. “In 2022, we will double investments. In addition to investments linked to each growth area, we will continue to invest in infrastructure such as tech and the supply chain, but also renewable energy and sustainable materials”, wrote H&M’s CEO.
Absolicon acquires rights to a new reflector film
Absolicon has agreed to pay $17,000 for the rights to the new reflector film “EverBright AI”, which will be further evaluated by Absolicon in 2022. The film is based on aluminium instead of silver and is significantly cheaper than the solution used today.
Everfuel receives SEK 45 million in grant
Everfuel Sweden, the subsidiary of Denmark’s Everfuel, has been awarded a standing grant from the Swedish Environmental Protection Agency of a total of SEK 45 million. The grant will finance two hydrogen stations in the Värmland region in Sweden.
E24
The city of Naantali joins the pioneering Hinku network of climate work
The city of Nantaali has decided to join the Hinku network for carbon-neutral municipalities in order to reduce greenhouse gas emissions further and commit to its climate goals. By joining the network, Nantaali is working towards reducing its greenhouse gas emissions by 80% by 2030. “One of the themes of the housing fair in Naantali in the summer is solar energy. A solar energy park will be built in the area, and other smart energy solutions will be seen in the area. Nantaali can serve both as an example and as a learner of new practices as part of the Hinku network”, said Saija Kajala, environmental manager of the city of Naantali.
Observations from 300 Maersk ships will provide better weather forecasts
A total of 300 Maersk-owned ships currently share data and provide a total of 7,000 weather observations every day. In order to support climate research and weather forecasts, 9 million of Maersk's collected observations of wind and weather will be shared through the Global Ocean Observing System (GOOS), jointly operated by UNESCO and WMO. “As a member of the scientific community, I am excited that we have access to this unique data set. The data will help to better understand past sea surface conditions but also help to improve future predictions - from weather to climate”, said Dr. Johannes Karstensen from GEOMAR, Helmholtz Center for Ocean Research in Kiel, Germany.
Entoprotech wins UWEF with the Black Soldier Fly Larvae
Out of 1,200 candidates Entoprotech became the global winner of the Uniting Water Energy Food (UWEF) Innovation Finals with its ability to transform organic waste into high-value sustainable products, using the Black Soldier Fly Larvae (BSFL). Instead of dumping organic waste in landfills, organizations redirect the waste to Entoprotech who feeds it to its BSFL. The BSFL is then converted into high quality protein, insect fat, fertilizers and other valuable products that ensure high quality food for people around the globe. The pilot plant is processing 15 tonnes of waste per day and the company is currently in negotiations to establish a dozen more plants.
FinTech
What we’re reading
- Global Investment in Low-Carbon Energy Transition Hit $755 Billion in 2021 (Bloomberg)
- American corporate leaders happy with direction of Biden’s Build Back Better (The Hill)
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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