2022-03-29 15:07News

29 March 2022

Mundus Nordic Green News

Azelio surges on stock market after USA certification

Solar energy company Azelio, which is headquartered in Gothenburg, surged by more than 30% on the stock exchange, following the announcement that a certification program will be started in the USA to meet American standards in collaboration with company MMR Group. 


Yara and Aker Clean Hydrogen cancel Hegra collaboration

Hegra was launched in August 2021 as a collaborative project between Yara, Aker Clean Hydrogen and Statkraft. The goal was to electrify Yara’s ammonia factory on Herøya in Porsgrunn and remove annual CO2 emissions by 800,000 tonnes. Due to commercial and strategic reasons, there is no basis for continuing the Hegra project under the current ownership structure and the project will be continued by Yara without Aker Clean Hydrogen and Statkraft as part owners. Aker Clean Hydrogen’s withdrawal from the project led to a 10% fall in the hydrogen company’s share when the stock exchange opened the same day. 

Press release, E24

Ørsted sells Hornsea 2 for GBP 3 billion

Danish Ørsted recently announced its decision to sell Hornsea 2, which is currently under construction, for GBP 3 billion. The buyer is AXA Im Alts and Crédit agricole Assurances, each of which will own 25%. Ørsted will keep the remaining 50%. 


 H2X Global invests in Gothenburg

An Australian manufacturer of hydrogen-powered fuel cell vehicles, H2X Global, has signed an agreement with Gothenburg’s Renova to develop hydrogen-powered fuel cell-powered trucks and light vehicles. The agreement between Renova and H2X Global includes the delivery of five work vehicles: two heavy vehicles, of which at least one 18-tonne garbage truck, and three smaller vans with a 3.5-ton tail lift. The agreement with Renova is the start of a broader expansion for H2X in Europe and later on, the company is planning on producing its own hydrogen-powered minibus. 

Press release, Di

From our sponsor
BASF confirms ambitious climate targets and takes steps to reduce product-related emissions
  1. 25% reduction of CO2 emissions by 2030 compared with 2018 and net zero by 2050 targeted
  2. 100% of 2021 global power demand of BASF to be obtained from renewable sources by 2030

  3. BASF ready to offer first net-zero and low-PCF products to customers

One year after its initial announcement, BASF has reaffirmed its ambitious climate targets. In an update for investors and financial analysts on its transformation roadmap BASF confirmed that by 2030 it aims to reduce its greenhouse gas emissions by 25% compared with 2018 and is maintaining its goal of net zero emissions globally by 2050.

Click here for the long version of the press release.

Maersk Supply Service to construct wind installation vessels for Equinor 

Maersk Supply Service has signed a contract with Empire Offshore Wind, a joint venture between Equinor and BP, for the installation of U.S. offshore wind farms Empire 1 and 2. 

The installation concept combines a new Wind Installation Vessel design with a patented load transfer system that will enable safe transfer of cargo. The concept will utilise two newly built tugs and barges to transport wind turbine components out to the installation site, while the Wind Installation Vessel itself will remain on location to carry out successive installations.

Delivery of the vessel into U.S. waters is expected in 2025.

Press release

Møller-Maersk signs partnership agreement with Egyptian authorities

AP Møller-Maersk has signed a cooperation agreement with a number of Egyptian authorities to explore opportunities for large-scale production of green fuel in Egypt. The parties will explore the possibilities for an Egyptian-based hydrogen and green marine fuel production powered by renewable energy while at the same time Maersk has undertaken to purchase the fuel.


CIP and NZ Super Fund to develop 1 GW offshore wind 

1 GW of offshore wind will be developed by Copenhagen Infrastructure Partners in New Zealand’s South Taranaki Bay together with local partner NZ Super Fund. The two partners are still in an early stage of developing the project which will become CIP’s first project in New Zealand. 


ROCKWOOL reduces products’ greenhouse gas emissions by 50%

To meet the demands for reduced CO2 emissions, ROCKWOOL has decided to phase out fossil fuels in favour of renewables. The insulation manufacturer is now able to present the results to the market in the form of new, verified environmental product declarations (EPDs) that show an average halving of the products’ greenhouse gas emissions. Together with ongoing energy efficiency measures, the transition has reduced CO2 emissions fromthe Nordic ROCKWOOL factories by 70%. 

Press release

Ferroamp and Elajo sign cooperation agreement

Ferroamp has signed a cooperation agreement with Elajo, one of Sweden’s leading installers in electricity, mechanics and energy. The collaboration means that Elajo will offer Ferroamp’s systems to its customers and install and perform service within its market area in southern Sweden. The collaboration allows Ferroamp to reach a broader marker for its solutions while Elajo complements its offer for cost savings in the industry. 


Neste commercialises chemical recycling of plastic waste

Neste continues to work on commercialising chemical recycling of plastic waste through a feasibility study of the capacity for processing liquid plastic waste at the refinery in Porvoo, Finland. The goal is to scale up the capacity for processing liquid plastic waste by implementing own techniques for pre-treatment and processing of liquid plastic waste and integrating these techniques in the refining operations. The capacity target for pre-treatment and processing during the first stage is 400,000 tonnes per year. Once the feasibility study has been conducted, the goal is to be ready for investment decisions in 2023, starting with gradual implementation in 2024. 

Press release

Cadelers tripled its revenue in 2021

Offshore wind company Cadeler has published an annual report for 2021 which shows that the company has tripled its turnover over the past year, and again has a plus on the bottom line. Revenue in 2021 amounted to EUR 61 million, corresponding to an increase of 212%, compared with EUR 19.5 in 2020. The growth reflects an utilisation rate of 77% of the vessels in the Cadeler fleet, obtained at competitive market prices. 


Wärtsilä publishes Europe’s Energy Future report 

According to a new report from Wärtsilä, Europe can halve the energy sector’s gas consumption, reduce energy costs by EUR 323 billion/USD 356 billion and increase energy independence by 2030 if Europe rapidly increases its capacity for renewable energy sources. To cope with the energy crisis and enable a rapid reduction in CO2 emission, Wärtsilä calls on European leaders to achieve a monumental level of cross-border coordination and investment in order to deliver up to 80 GW of renewable capacity per year.

The approach modelled in the report would mean that the share of renewable energy in electricity production will increase from 33% to over 60% in 2030. The direct effect of this would be to reduce electricity bills in both the short and long term by up to 10%. The approach could reduce annual gas consumption in the energy sector by 52% across Europe by 2030, and as a result, avoid a gas consumption of 5,345 TWh, equivalent to 3.5 years of Russian gas supplies to the EU. 

Press release

What we’re reading
  • World’s biggest solar and battery project “will be built” (RenewEconomy)
  • EU confronts UK on wind turbines in first WTO dispute since Brexit (Financial Times)
  • Boris Johnson’s UK energy strategy stalls as Sunak resists new spending (Financial Times)
  • British Government to take 20% stake in Sizewell C nuclear power station (BBC)

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.