3 May 2023
Today's Top Nordic Green News:
- Finnish investments growing thanks to the green transition
- European Energy acquires 700 MW solar projects in Colorado
Finnish investments growing thanks to the green transition
According to a report by the Confederation of Finnish Industries (EK), industrial investments in Finland increased by 20% last year compared to the previous year. The growth rate is expected to slow down a bit this year but still remain positive. According to the report, the increase was largely due to the green transition such as wind farms, new battery materials, hydrogen production plants and low-emission steel. The improvement in Finland's competitiveness, combined with the high-quality wind energy production conditions, has also helped to attract more foreign investors. However, EK's Director Sami Pakarinen noted that the increase in the number of investments did not necessarily mean an increase in investment rate.
European Energy acquires 700 MW solar projects in Colorado
European Energy North America has acquired a majority stake in two solar projects in Colorado, Sandy Hill Solar and Sand Dune Solar, adding 700 MW to its existing solar pipeline under development in Texas, Arizona, New Mexico, and Colorado. This acquisition is part of the company's plan to develop 10 GW of renewable energy in the United States by 2026. The Sandy Hill Solar and Sand Dune Solar projects are set to start construction in 2024. The joint venture with Horus Partners aims to promote the green transition and create new jobs while benefiting local communities.
TECO 2030 expands partnership with Chart Industries to offer hydrogen solutions and reduce carbon emissions in shipping industry
Norwegian company TECO 2030 has expanded its cooperation agreement with Chart Industries to include Chart's liquid cryogenic fuel storage and supply systems and Howden's hydrogen solutions. The partnership aims to improve ship efficiencies and reduce carbon emissions in the shipping industry. Chart Industries has expertise in compression technologies, storage and transport equipment, liquefaction technology and end-use capabilities for hydrogen handling. TECO 2030 develops and supplies green hydrogen fuel cells for the maritime industry, as well as exhaust gas cleaning systems and carbon capture and storage solutions.
Norwegian Helinor Energy to establish fuel cell production for hydrogen in Florø
Norwegian energy company, Helinor Energy, has decided to establish its fuel cell production for hydrogen in Florø, a town in western Norway. Helinor Energy aims to contribute to reducing emissions from shipping by producing fuel cells that will use hydrogen to create electricity, allowing ships to travel without emitting CO2. The company chose Florø for the project due to its welcoming attitude, and local anchoring is essential, and so the company will recruit around 30 employees, including mechanical, electrical and logistics experts, over the next 12 months.
Nordic electricity supplier Eltel to build one of largest solar parks in southern Finland
Eltel, a Nordic supplier of electricity and telecommunications networks, has signed a contract with Finnish energy company Helen to build a major industrial-scale solar park in Lohja in southern Finland. The park, set to begin construction at the end of 2023, is one of the largest solar parks in southern Finland and will produce around ten megawatts at its peak. The annual energy production of the solar park will be ten gigawatt hours, which corresponds to the annual electricity consumption of approximately 2,000 households. Helen aims to build domestic electricity capacity of several hundred megawatts in the coming years, and Eltel is responsible for the overall contract, including project management, electrical design and contracting.
Unable to secure new funding, Finnish carbon offset firm Compensate scales down operations
Compensate Operations Ltd says that it has been working to secure new funding to continue current operations and to seek growth. Their aim, among other things, has been to expand into new markets, with Voluntary Carbon Market having experienced remarkable growth in the past years. However, despite notable interest from an array of investors, further financing has not yet been secured. This has forced to Compensate to scale down operations significantly.
What we’re reading
- COP28 head sets agenda for $100bn fund and push for ‘low-carbon’ tech (Financial Times)
- Chile’s move to control lithium risks scaring off investors (Financial Times)
- Record-high heat in the world's oceans (Swedish, Dagens Nyheter)
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.
Powered by Notified