30 June 2022
Yara's daughter company to invest at least NOK 15 billion in clean ammonia
And at the beginning of June, a stock exchange announcement was made that the Yara International board had started a restructuring of the company, where Yara Clean Ammonia was spun off as a wholly owned subsidiary. Yara Clean Ammonia held a capital market day on Thursday to present its' business model. Magnus Krogh Ankarstrand, who heads the business, said that two new segments will characterise the ammonia market: One is as fuel for shipping, the other is as a power source, where ammonia is used to produce electricity. To meet the growth in demand, Yara Clean Ammonia plans to invest between NOK 15 and 18 billion in the production of blue ammonia by 2030. In addition, up to NOK 4 billion will be invested in "capacity increases".
Vårgrønn Eni Plenitude to buy a 20% of giant Doggerbank offshore wind development
As Nordic Green News reported in 2020, Eni and Norwegian energy entrepreneur and investor, HitecVision announced the establishment of a new joint venture company, Vårgrønn, with the aim of developing new green energy projects in Norway and the Nordic market. The company is owned by 70% Eni and 30% by HitecVision.
Eni and HitecVision have announced an agreement to expand Vårgrønn to become a significant player in the development of offshore wind. Vårgrøn's goal is to have 5GW of offshore wind installed and under development by 2030, with a focus on the northern European markets. Today's purchase of the 20% Doggerbank stake will increase the company's portfolio by 720MW, Vårgrønn has a long-term goal of 15 GW of renewable energy by 2050. The company says that 5GW will come from offshore wind, and they will be installed and under development by 2030, primarily in the northern European markets.
Summer Break
After an intensive Spring, punctuated by the Uklraine War as a driver of change and culiminating with some major announcements in the last week, Scandinavia slides in deep summer. With most corporates winding down their press departments, Mundus Nordic Green News is also taking a summer pause. Wishing you a safe and happy vacation period.
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BASF in new Vinnova project on recycling of textile fibres
BASF is one of the participants in the new Vinnova project Chemical recycling of regenerated fibres (MMCF) with the aim of developing processes for chemical recycling of regenerated fibres such as lyocell and viscose, and investigating how the recycled fibres can be used in new textile fibers and other types of applications and applications.
Every year, almost seven million tonnes of regenerated fibres such as viscose and lyocell are produced. In accordance with the principles of circular economy, the recycling of these fibers needs to be developed, so that the bio-based resource can be reintroduced to the market when it is used up. BASF is committed to the transition to a circular economy where waste materials such as textile waste are recycled to the greatest possible extent. This project is a big step in the right direction and we are happy to be able to contribute, says Dr. René Backes, Business Development Specialist, BASF.
Vattenfall and St1 enter into partnership to produce e-jet fuel
Vattenfall and St1 have signed a LoI to develop a fossil-free value chain for the production of synthetic electric fuel. The next step will be to carry out a feasibility study together to take a closer look at the entire value chain. The intent is to begin production in 2029, which will then be gradually increased to reach the goal of 1 million cubic metres.
Axel Johnson wants to "open people’s eyes to what is edible"
Radical innovation in the food industry is required, according to Swedish holding company, Axel Johnson, which is now starting the Foodbridge initiative to invest in food tech companies at a very early stage. Foodbridge is not a separate investment company or fund, but is described as a group-wide platform that takes funds directly from Axel Johnson's own balance sheet.
Sara Öhrvall, COO at Axel Johnson said, "We have an enormous amount of knowledge internally, and want to build a platform to connect entrepreneurs with the right contacts". “Through these investments, we want to be part of the growing power in food technology. Many people need capital early, because a lot of testing is required, and we can contribute there. But it is also about us wanting to provide knowledge and insights to our own companies to drive innovation”.
Energinet initiates feasibility studies for 6 GW of offshore wind
With the recently adopted 'Climate agreement on green electricity and heat of 25 June 2022', a broad majority in the Danish Folketing agreed to initiate preliminary studies at a number of already screened locations around Danish waters that have been found suitable for offshore wind. Energinet has now been instructed to initiate feasibility studies and prepare for the establishment of grid connection points on land for areas in the North and Baltic Sea, Kattegat and for the new location of Hesselø Offshore Wind Farm.
Stena Recycling Oy acquires Encore Environmental Services in Finland
Stena Recycling Oy has signed an agreement to acquire 100% of the shares in Finnish Encore Environmental Services. The acquisition enables the company to offer its customers a wider range of services. The acquisition will roughly double Stena Recycling's operations in the recycling sector in Finland. In the rest of the Nordic region, Stena Recycling is already one of the largest players in the recycling sector and a pioneer in the circular economy. Encore Environmental Services has a strong background in paper collection and recycling.
Svensk Exportkredit borrows EUR 700 million via green bond
Svensk Exportkredit (SEK) which finances Swedish export companies issued a EUR 700 million in a green bond linked to the company's new framework for sustainable bonds. According to SEK, in a challenging capital market, it completed a very successful issue of EUR 700 million in 5 years on 23 June. The transaction was priced 5 basis points above the swap rate.
Start-up want to make the Stockholm archipelago fossil-free
In August, Stockholm will take a step towards increased fossil freedom, when Fossil Free Marine installs its first naval gas station on Lidingö. The ambition is to launch floating stations for renewable fuels throughout the archipelago by 2026.
Electric hoverfoil to make Stockholm’s waterborne public transport faster than cars and subway
The world’s fastest electric boat, the Candela P-12 Shuttle, is set to hit Stockholm’s waters next year, heralding a new era of transport. The innovative hydrofoiling electric ferry will reduce emissions and slash commuting times from Ekerö. Stockholm City believes it will make waterborne public transport more attractive than trains, buses, and cars.
Candela says that its technology reduces energy per passenger kilometre by 95% compared to current vessels, allowing for an unprecedented range of 50 nautical miles at service speed. Using the equivalent of 0.1 kWh of electricity per passenger kilometre, the ship is more energy efficient than a hybrid electric bus. Also, with up to 200 kW DC charging, it can charge its battery in under one hour.
What we’re reading
- Germany in bailout talks with Uniper amid gas crisis (Reuters)
- Crackdown on greenwashing by regulators has begun (Seneca ESG)
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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