30 November 2022
Swedish Government presents two new ministries from 1 January 2023
As of 1 January 2023, two new ministries will be created in Sweden. One will be responsible for climate and enterprise, and the other for rural affairs and infrastructure. The ministries concerned will remain in their current form until then. The purpose of the reorganisation is to highlight climate and energy issues. The new Ministry of Climate and Enterprise will gather expertise and experiences in the areas of energy, climate, the environment and business. The new Ministry of Rural Affairs and Infrastructure will gather expertise and experience on rural, forestry, transport and housing issues.
SENS signs a letter of intent with a global European industrial company
Sustainable Energy Solutions Sweden Holding AB announced that it has spent a period of time evaluating and discussing the technical feasibility of underground energy storage projects with a global European supplier of compressor technology. The two companies have now signed a letter of intent to enhance discussions and continue feasibility studies on the use of advanced technology in mines. SENS’ partner company is said to be a global player in the industry with extensive experience in supplying products to the industry. The objective of this collaboration is to be able to utilise the company as a supplier of advanced technology to optimise operational efficiency and assess the compatibility of the mine with a full-scale energy storage power plant.
Vestas receives order for 756 MW wind project in Australia
Vestas has secured an order from France's TagEnergy for 756MW turbine order and EPC contract for the Golden Plains Wind Farm in Australia. TagEnergy says that it has reached an “innovative” financial close on the gigawatt-scale project – requiring no power purchase agreements. This means that around AUD 2 billion of funding, from a list of global financial heavyweights, including CBA, Westpac, Denmark’s EKF, Germany’s KfW IPEX-Bank, Japan’s Mizuho Bank and Bank of China will accept market risk in their debt finance arrangements.
Stage one of the project is set to be Vestas’ largest onshore wind farm in Asia Pacific and will feature 122 V162-6.2 MW wind turbines from the EnVentus platform. Upon completion, Vestas will also deliver a 30-year service and maintenance agreement.
Danish Scanmetals secures CS Capital as new major investor
The first major investment has been made by the newly established capital fund Core Sustainability Capital (CS Capital), with pension company Velliv as the main investor. CS Capital has acquired a 33% stake in the Danish company Scanmetals, whose technology allows for more efficient identification and classification of metals in incineration plant ashes. Scanmetals aims to contribute to the promotion of a circular economy through its waste metal recovery technology, which CS Capital backs strongly.
Study estimates that wind power can reduce Swedish electricity prices by SEK 0.37 / kWh
It is estimated that around 1,000 new wind turbines will be commissioned in Sweden between 2022 and 2025, and a new report by Sweco says that these could reduce the price of electricity in Sweden by SEK 0.37 per kWh. Sweco, an engineering firm, has also looked at various scenarios for the future Swedish electricity market. They conclude that clearer policies and faster licensing for all types of electricity are needed if Sweden is to cope with the doubling of electricity consumption that many believe is required for a green transition.
Greenergy and SEB Investment Management Nordic Partnership
Bengt Dahlgren Greenergy, a subsidiary of the technology consultancy Bengt Dahlgren, has started a partnership with SEB Nordic Green Energy Fund, an alternative investment fund for professional investors managed by SEB Investment Management. The fund invests in renewable energy and currently has over SEK 3 billion in investment capital. The partnership aims to build local and sustainable energy solutions for homeowners, municipalities and industries in the Nordic region. While the fund covers the cost of investment, Greenergy represents a total commitment from project conception to operation and management. At the same time, all opportunities for energy optimisation and efficiency are used to minimise energy demand and operating costs.
Baseload Capital and Orcan Energy commission first waste heat project with Chevron USA
Baseload Capital and Orcan Energy have announced the commissioning of the first project to harness waste heat from existing field operations at Chevron USA's San Ardo oil and gas field in California, USA. Baseload Capital is the project operator, partnering with Orcan Energy, a clean technology company, to provide thermal power generation technology. The project, which began operations in July 2022, demonstrates the potential for reliable and cost-effective renewable energy production from existing oil and gas wells and aims to pave the way for similar projects at other sites around the world.
Å Energi launches 500 MW ground-mounted solar investment at Birkeland Solar Park
The merger between Glitre Energi AS and Agder Energi AS, was officially completed on 30 November. Later that same day, Å Energi launched its first 500 MW ground-mounted solar investment at the Birkeland Solar Park. An important reason for the merger is the opportunity for the company to develop more renewable energy sources to secure future electricity surpluses. Å Energi is Norway's largest electricity group, with operations along the entire value chain from production to consumers. Å Energi has already started work on the identification and development of the ground-mounted solar park and has submitted its first licence application for the Birkeland Solpark in Agder. Construction is expected to start in 3Q23 and the solar park will have an installed output of up to 10 MW which is equivalent to generating approximately 10 GWh of energy per year.
Finnish startup Cactos raises EUR 2.5 million to solve energy crisis with second hand Tesla batteries
Cactos, a Finnish startup looking to complete non-sustainable energy practices, has created a more efficient circular energy system for Europe by transforming secondary-use electric car batteries into smart energy storage devices. The company has just raised EUR 2.5 million in equity and debt financing led by Superhero Capital. The founders of Cactos also participated in the financing. The funds will be used to drive growth, increase production and international expansion.
What we’re reading
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Norway postpones new oil and gas exploration licences until 2025 (Financial Times)
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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