29 September 2021

Polestar to go public via $20 billion SPAC deal

Polestar, the Swedish electric car maker, has agreed to go public via a Special Purpose Acquisition Company (SPAC) at a $20 billion valuation. The start-up, spun off from Volvo cars, will receive $800 million by Gores Guggenheim and $250 million from a private investment, valuing Polestar at three times its projected revenues for 2023. Electric vehicle start-ups have fallen short of expectations. However, Polestar is already selling vehicles in several countries and is not solely a vision according to Mark Stone, senior Managing Director of Gores Group (Financial Times).

EU commission politics may conflict with St1s electric fuel plans

The EU commission wants to link electric fuel production to the production of renewable electricity, rather than receiving electricity directly from the public grid – a decision criticised by St1. The decision, which is not final, would require electric production facilities to be physically connected to, for instance wind power parks. This contradicts EU guidelines regarding the increasing importance of synthetic fuels (electric fuels) in the coming 8 years according to Timo Huhtisaari, St1s Director of Sustainability and Future Business (Yle). 

Naantali power plant plans a hydrogen production facility

Turku Energia and Green H2UB have signed a letter of intent for the construction of a hydrogen production facility next to the Naantali power plant. On top of producing hydrogen fuel for marine- and heavy vehicle transportation, the spillover heat generated as a by-product can be utilised for district heating (Yle). 

Climateview secures SEK 100 million in funding: Expansion to the US and Asia

Climateview, a Swedish climate action technology company has secured SEK 100 million in a financing round led by Commerz Ventures and Nordic Ninja VC. The company offers a software, currently utilised in 35 cities, to help cities decide the most effective path to becoming fossil free and climate neutral. With the secured funding, Climateview has set eyes on expanding into the US and Asia as well as recruiting 50 new employees (Realtid). 

Örnsköldsvik plans production facility for fossil free marine fuel

Örnsköldsvik, a locality in northern Sweden, plans a facility next to Övik Energy’s cogeneration plant for the production of fossil free marine fuel – making it the first electro-methanol production facility in Sweden. Electro-methanol is increasingly interesting for the marine transport sector in transitioning to fossil free fuels and utilises renewable energy from wind power in the production phase. If the Land- and Environment court in Umeå approves the plan, the production facility is projected to operational at the start of 2024 (SVT). 

AVINOR and SINTEF in European collaboration: Targets emission-free aviation

Norway’s AVINOR and SINTEF, alongside 29 partners, take part of SEK 250 million of  financing to aid in the transition to a low- and zero emissions by 2050. The partners are collaborating on the TULIPS project umbrella led by Amsterdam Airport Schiphol to exchange expertise from several research domains within sustainable aviation, with the aim of ultimately delivering 17 projects spinning out of the main project. These projects target innovations for in the green transition in the aviation industry, across European borders (Press release).

Equinor and Rosneft collaborate on carbon management

Equinor and Russia’s Rosneft have signed a collaboration agreement on carbon management to develop low-carbon solutions and reduce their carbon footprint from joint projects. In accordance with the agreement, the partners will exchange their expertise and explore opportunities to reduce carbon-, methane-, and greenhouse gas emissions as well as increase energy efficiency. Additionally, a potential collaboration for the use of renewable energy sources and Carbon Capture, Utilisation and Storage (CCUS) is being evaluated by Equinor and Rosneft (Press Release).  

Ørsted backed by DKK 3.7 billion loan agreement from EIB

The European Investment Bank (EIB) has backed Ørsted with a DKK 3.7 billion loan agreement for long-term financing of the Borssele 1 and 2 wind power parks off the coast of the Netherlands. The wind power parks have 94 wind turbines and a total capacity of 752 MW. The loan will facilitate Ørsted’s success in their ambition of being a world leading green energy company according to Kasper Kiim Jensen, Head of Treasury and Capital Planning at Ørsted (Press Release).

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