29 November 2022
Sibanye-Stillwater approves EUR 588 million lithium project in Finland
South African mining company Sibanye-Stillwater has approved a EUR 588 million investment in a lithium mine and refinery in Kokkola through Finnish mining and battery chemicals company Keliber, a project that will play a role in helping Europe reduce its dependence on key battery metals for electric vehicles in China. Sibanye-Stillwater's CEO said Keliber will be the region's first fully integrated European lithium hydroxide producer, with first production scheduled to start up in 2025 and operations in 2027. The global lithium market is expected to reach 700,000 tonnes of lithium carbonate equivalent this year, and Keliber has already raised EUR 146 million, with plans to raise a further EUR 104 million in equity and at least EUR 250 million of debt by the end of January next year to fund construction.
Shell acquires Denmark's Nature Energy for EUR 1.9 billion
Nature Energy Biogas A/S, a player in the production of biogas and renewable energy from organic waste, announced that it has reached a definitive agreement under which Shell Oil will acquire 100% of the company for a total enterprise value of nearly EUR 1.9 billion. Nature Energy owns and operates 14 industrial-scale biogas plants and has approximately 30 similar plants in the pipeline in Europe and North America. The company employs a design-build-own-operate model for all of its projects and its production of biogas from organic waste is supported by three market drivers: reducing greenhouse gas emissions; providing local, safe and economically sustainable energy; and managing the growing volume of organic waste in a circular manner.
Swedbank sets climate targets for 2023 lending portfolio
To further combat climate change, Swedbank has adopted a decarbonisation target for its 2030 lending portfolio, by sector:
- For mortgages, the target is to reduce the intensity of financed emissions (kgCO2e/m2) by 39%.
- For commercial real estate, the goal is to reduce financing emissions intensity (kgCO2e/m2) by 43%.
- For oil and gas (exploration, production and refining), the goal is to reduce absolute financed emissions (tCO2e) by 50%.
- For power generation, the goal is to reduce financed emissions intensity (tCO2e/MWh) by 59%.
- For steel, the goal is to reduce financing emissions intensity (tCO2e/ton) by 29%.
Former Swedish Minister Ibrahim Baylan enters battery company Ingrid Capacity
Ibrahim Baylan, the former Social Democratic Minister for Business, Industry and Innovation, will join the board of Ingrid Capacity on 1 December 2022. Ibrahim Baylan will take on an advisory role at the company. Ingrid Capacity is currently working on projects at around 20 sites across Sweden. At an investment cost of SEK 3.4 billion, they will have a capacity of 500 MW. Among other things, Sweden's largest battery warehouse will be built in Karlshamn, with a capacity of 70 MWh. The plan is to spend about SEK 10 billion over the next five years to build the equivalent of 2 GW of energy storage facilities in northern Europe.
OX2 sells 145 MW wind farm in Finland
Wind and solar farm company OX2 has sold the Niinimäki wind farm in Finland to Finnish energy company Helen and the wind energy specialisation fund of the Bank of the Åland Islands. The wind farm will consist of 22 turbines with a total installed capacity of 145 MW. Construction of the wind farm will begin immediately and is expected to be completed by the end of 2024. Once Niinimäki is in operation, OX2 will be responsible for commercial and technical operations under a 15-year contract.
Ørsted to buy back hybrid bonds and issue green bonds
On 29 November, Ørsted announced that the company is offering to buy back hybrid bonds, which will then be followed by a green bond issue. The plan is to issue a EUR 500 million green hybrid bond, which will eventually mature in 2033. Ørsted said that the proceeds of the issue will be allocated to investments in renewable energy projects.
Vestas selected as preferred supplier for 1.3 GW project in South Korea
Vestas has been selected as the preferred supplier for the 1.3 GW Munmubaram floating offshore wind project in South Korea. If the project goes ahead, Vestas will supply 84 V236-15.0 MW turbines to be installed on the floating platform. Vestas said that this is the first time that the company has announced deliveries for a floating offshore wind project of this size and the first time that V236-15.0 MW turbines have been used on a floating platform. The agreement also includes a 20-year service contract.
OX2, Helen and Bank of Åland reach agreement on Niinimäki wind farm implementation
Renewable energy company OX2 has reached an agreement with energy company Helen and the bank of Åland to build a 145.2 MW wind farm in Pieksämäki, Finland. 22 wind turbines will be built at the Niinimäki wind farm, which will be the largest wind farm in eastern Finland when completed. The wind farm is expected to be completed by the end of 2024 and will produce more than 400 GWh of electricity annually.
Enova supports Rå Biopark with NOK 39 million
Rå Biopark has received NOK 39 million in support from Enova for the construction of the world's northernmost industrial biogas plant in Skibotn. The plant will be completed in 2025 and will produce biogas for road transport and CO2 for the food industry. When in full operation, the planned Skibotn biogas plant will generate approximately 50 GWh of renewable energy per year. Rå Biopark already has several customers in the transport and food industries and recently reached an agreement of intent with the Harstad-based shipping company Seaworks to supply liquid biogas for the company's new ships that will enter into service next year.
Candela's flying electric boat to operate in Stockholm traffic
Candela has sold 150 flying electric boats. Now, Candela is in discussions with approximately 450 cities and companies about flying electric ferries. The United States and the Middle East are the focus of international expansion, and Candela's hydrofoil ferry P-12, which can accommodate up to 30 passengers, will operate on a trial basis between Ekerö and the city of Stockholm. The cost of a round trip between Stockholm and Sandhamn on Candela's C-8 leisure boat is about SEK 70, while the cost of the same large fossil-powered glider is about SEK 2,000. For the cabs and ferries that Candela is now launching, energy and water-friendly technology means that operators can run faster at a lower cost. Compared to the current diesel ferries, operating costs are expected to be 40% lower in the Stockholm area. According to the company, Candela is now expanding production at its plant in Rotebro after raising SEK 250 million in new capital from companies such as EQT Ventures late last year.
Hexicon secures next stage of bridge financing
The Board of Directors of Hexicon AB, supported by a full mandate from the Annual General Meeting on May 12, 2022, has decided to raise SEK 81 million in convertible loan investors from existing shareholders and new shareholders. In addition, with the subsequent approval of the AGM and in accordance with the Swedish Companies Act, it was decided to raise SEK 1.5 million in convertible loans from Bjarne Borg and Hans von Uthmann, shareholders and members of the Board of Directors of the company.
Wärtsilä partners with startup Hycamite on hydrogen production
Finnish engineering company Wärtsilä has entered into an agreement with cleantech startup Hycamite TCD Technologies to develop a technology for producing hydrogen onboard ships using liquefied natural gas LNG. The overall goal is to help reduce CO2 and methane emissions from ships. The two companies' plan is to design the concept by mid-2023 and have a prototype ready for testing in the second half of 2024.
Koskenkorva plans to build a huge solar power plant
Koskenkorva in Ilmajoki, Finland, plans to build a solar park on an area of no less than 90 hectares. On 28 November, the technical committee of Ilmajoki approved the design requirements solution for the project. Before applying for the actual building permit, a soil study of the area must be carried out. According to a press release from the city of Ilmajoki, the planned park will be four times larger than the largest solar power plant currently being built in Finland at Kalajoki.
What we're reading
- Germany to get new Qatari LNG flows through QatarEnergy, ConocoPhillips deal (Reuters)
- Western wind manufacturers lose €3.3bn in boom market (FDI Intelligence)
- EU in race to settle differences over level of cap on Russian oil price (Financial Times)
- Rolls-Royce tests hydrogen-fueled aircraft engine in aviation world first (Financial Times)
- Can Europe keep the lights on? (Financial Times)
- German government approves price cap for gas and electricity (Clean Energy Wire)
- Great Barrier Reef should be placed on world heritage ‘in danger’ list, UN-backed report says (The Guardian)
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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