2021-08-31 17:14News

31 August 2021

Mundus Nordic Green News

Svensk Plaståtervinning to invest billions

Today, 15% of Swedish households' plastic packaging is recycled, but there is a plan to increase this to 55% by 2025. This can be compared with the EU's target of 50% by 2025 and 55% by 2030. Svensk Plaståtervinning, or Swedish Plastic Recycling is investing heavily to building the world's largest and most modern facility for plastic recycling, Site Zero in central Sweden. The facility can recyclie all plastic packaging from Swedish households and creating circular plastic.

To do so, Swedish Plastic Recycling is investing a SEK 1 billion in a state-of-the-art facility that will be completed in 2023, doubling existing capacity, in order to be able to handle 200,000 tonnes of plastic packaging per year

Mattias Philipsson, CEO of Swedish Plastic Recycling said that “Today, the plant can sort out four types of plastic - in the future, twelve types of plastic will be able to be sorted and recycled at Site Zero. Packages consisting of composite plastic materials will also be able to be separated and chemically recycled or become new composite products. “There is no other facility in the world today that has that capability. We are also preparing to be able to wash and granulate the plastic in the next stage, which is expected to be ready in 2025. Then our entire plastic flow can become circular.” (Svensk Verkstad, Tidningen Näringsliv)

DNB Markets cuts the price target on Aker Clean Hydrogen

DNB Markets has downgraded its price target on Aker Clean Hydrogen to 11 from the previous NOK 19 per share, while at the same time as repeating a buy recommendation on the share, which currently trades at around 7.

DNB Markets writes that they still believe green hydrogen production can be a good place in the value chain, but points out that more competition has emerged recently from companies with positions in the energy value chain. "These companies, which have strong strategic rationale for increasing green hydrogen production, have communicated return targets well below the 10% target of Aker Clean Hydrogen," writes DNB Markets, adding that they believe it is unlikely that the market will value the company with a 10% unleveraged IRR, and has therefore reduced the price target, which now reflects an unleveraged IRR of 8.5%.

This downgrade follows news last week that several brokerages also downgraded NELs share price. (DN Investor)

Everfuel to deliver green hydrogen to fuel cells developed by TECO 2030

TECO 2030, a marine engineering company, has signed a strategic cooperation agreement with Denmark’s Everfuel for the delivery of green hydrogen for its fuel cells and fuel cell generators. This will enable decarbonisation of hard-to-decarbonise areas, such as construction sites.

As part of the agreement, the companies will develop solutions enabling Everfuel to distribute and deliver green hydrogen to sites where TECO 2030’s hydrogen fuel cell power generators are located, or to ships, vehicles or equipment with TECO 2030’s fuel cell technology installed. The technology aims to displace diesel generators, focusing on exploring the possibility of offering decentralized power supply for construction projects outside the power grid, in areas where Everfuel has available hydrogen capacity and infrastructure. (press release)

Quantafuel shares struggling in face of instability

The plastic recycling company Quantafuel published its 2Q21 results. Turnover from operations reached NOK 479,000, a significant increase from the NOK 5,000 the company earned in the same period last year. The company's profit before tax was minus NOK 9 million for the quarter, a big improvement on the loss of minus NOK 94.3 million in 2Q20.

In the opening minutes of the Oslo Stock Exchange today, the Quantafuel share plunged almost 10%, but it recovered somewhat and finished the day down around 7%.

The future of Quantafuel's plant in Skive in Denmark, and the process of finding a new top manager are the key elements in today's report, an analyst said. The costs of the plant in Skive in Denmark increase from NOK 581 million to NOK 610 million. Meanwhile, Operations Director Terje Eiken is currently interim manager of Quantafuel, after founder Kjetil Bøhn resigned after seven years as top manager in the company. (Dagens Naeringsliv)

Senior Vice President leaves Ørsted in favor of director position in Nature Energy

Lotte Rosenberg has joined Nature Energy as Chief Commercial Officer from a position as Senior Vice President and Head of Gas Portfolio & Market Trading at Ørsted, where she had been since 2007. Nature Energy is Denmark's largest biogas producer with 11 large biogas plants distributed in Denmark, while the biogas producer also operates a plant in France. (press release)

Azelio has strengthened its global organization with establishments in South Africa and Australia

Azelio's global presence has been strengthened with Country Directors in South Africa and Australia. Both of these markets have ambitious plans for a renewable energy supply and show great potential for Azelio's energy storage with the supply of sustainable electricity and heating around the clock. A potential that has now been strengthened with a local presence.  (Tanalys)

What we’re reading
  • Former boss of Norway’s sovereign wealth fund issues climate change warning for asset managers (Independent)
  • Carbon price rises above €60 to set new record (Financial Times)
  • Berlin’s university canteens go almost meat-free as students prioritise climate (The Guardian)
  • Net-Zero Demands Strong Action on Emissions by 2030 (Bloomberg New Energy Outlook)
  • EVs Bite Into Oil Demand But It Will Take a While to Hurt (Bloomberg)
  • UK launches £450m fund for energy network innovation (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 clip 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.