4 March 2022
Fortum wants to extend operation of the Lovisa nuclear power plant until 2050
Fortum is applying for both reactors at the Lovisa nuclear power plant to receive an operating license until 2050. An extended operating license would result in a total investment of approximately EUR 1 billion by 2050. Over the past five years, Fortum has invested an estimated amount of SEK 325 million in the nuclear power plant. The company’s new plan was announced in connection with its decision to restructure all operations in Russia and stop any new investments in the country.
“Nuclear power as a producer of emission-free electricity is central to Fortum and the decision to continue production in Lovisa is above all an investment in security of supply when it comes to domestic electricity”, said Markus Rauramo, CEO of Fortum.
Perstorp to renew billion investment in green chemistry
Sweden’s leading chemical group Perstorp has, together with partner companies Fortum and Uniper, submitted an application to the European Innovation Fund for a financial grant of EUR 97 million for their Project Air. The total investment in Project Air is estimated at approximately SEK 2,457.5 million. Project Air is a unique investment in Sweden which can reduce the world’s carbon dioxide emissions by 400,000 tonnes by building a production plant for sustainable methanol in Stenungsund. The goal is to reach large-scale production of sustainable methanol by 2026.
AxSol becomes majority owner of Solkompaniet
Axel Johnson’s solar energy company AxSol has, due to a new share issue, become the majority owner of Solkompaniet. The company’s ambition is to lead the development in the Swedish market for large-scale solar energy, which is expected to multiply in the coming years.
The Norwegian Aurora hydrogen project put on ice
Eviny, Equinor and Air Liquide have decided to put the Aurora hydrogen project on hold. In order to make an investment decision, the parties are dependent on a minimum volume for the production plant. With today’s framework conditions, the additional cost of choosing hydrogen compared to marine diesel is too high for many shipping companies. Pending the development of the liquid hydrogen market, the parties will continuously assess whether there is a basis for continuing the investment.
Norway invests in South African solar energy
The Norwegian state owned company Norfund makes its first investment under the new climate investment fund. The investment in wind and solar energy in the South African company H1 amounts to NOK 217 million and is made with Norfund’s British sister fund CDC. The capital will help to finance an energy supply of 2.4 GW and the annual production of approximately 6,400 GWh will help to avoid annual emissions of as much as 6.2 million tonnes of CO2.
“South Africa is one of several developing countries that are dependent on a drastic increase in the supply of risk capital if they are to succeed in replacing coal with renewable energy, and we see great opportunities to contribute”, said Tellef Thorleifsson, CEO of Norfund.
European Energy will collect CO2 from Jutland’s biogas plants
With a 50 MW electrolysis plant from Siemens, European Energy has secured the technology that will give the Danish developer the world’s first large-scale plant for the production of e-methanol. In addition, European Energy recently announced that the 450,000 tonnes of CO2 that is needed to produce the sustainable fuel will be retrieved from Jutland’s biogas plants.
Helen increases its wind power production with new investment
The Finnish company Helen recently announced that it will invest in renewable energy by acquiring the Kalistanneva wind farm from the French VALOREM Group together with the Bank of Åland’s Wind Power Special Investment Fund. The investment is another step towards achieving the carbon neutrality target by 2030. The wind farm will consist of 30 wind turbines, reach a total capacity of 165 MW and generate an annual amount of electricity equivalent to the electricity consumption of 60,000 households. Construction will begin in April 2022 and is expected to be finalised in January 2025.
Volvo testing wireless EV charging tech in Gothenburg
During a three-year period, Volvo will test wireless charging for electric cars in Gothenburg. A small fleet of electric Volvo XC40 Recharge cars will be used as taxis in Gothenburg in a three-year pilot part of the Gothenburg Green City Zone. The cars are equipped with a wireless charging system from Momentum Dynamics. Charging pads will be embedded in the ground at two taxi ranks. Volvo will use 360-degree cameras to help drivers put the cars in the correct position and when they're in the right spot, the taxis' batteries will automatically top up.
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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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