5 April 2022
Soltech Energy acquires Netherlands 365zon
Soltech Energy has acquired 53.3% of the shares in Dutch solar energy company 365zon. The company had sales of SEK 250 million in 2021 and is estimated to have sales of approximately SEK 350 million in 2022 with an operating profit of 10%. This is Soltech’s first international acquisition and establishes the Group in the growing Dutch solar energy market. The acquisition is financed entirely from its own cash and with newly issued Soltech shares.
OX2 hands over Finnish wind farm to Lundin Energy and Sval Energi
On 31 March, OX2 handed over Metsälamminkanga’s wind farm to Lundin Energy and Sval Energi. With 24 turbines and a total installed capacity of 132 MW, Metsälamminkangas is the third largest wind farm in Finland. The wind farm will produce 400 GWh annually, which corresponds to more than 80,000 households’ annual electricity consumption (5,000 kWh/household). Lundin Energy and Sval Energi both own 50% of the park.
HydrogenPro shares surge after Mitsubishi order
A purchase contract for an initial delivery of 40 electrolyser systems between Mitsubishi and HydrogenPro has been converted into a firm purchase order, with a value of over USD 50 million. HydrogenPro’s share rose 18.6% following the confirmation of the contract.
Neste and CINEA sign EUR 88 million financing agreement
Neste has completed a financing agreement process with CINEA and the European Commission, which was triggered by the previously announced positive decision of EU Innovation Fund to provide Neste with EUR 88 million in financing for a clean hydrogen project at the Porvoo refinery. The “SHARC” project would introduce electrolysis and carbon capture and storage (CCS) solutions at the refinery, enabling the refinery to reduce its greenhouse gas emissions. The project is in its feasibility study phase and a final investment decision has not yet been made. The planned start date is in the mid-2020s.
e-boat start-up secures investments of SEK 500 million
The electric boat company X Shore has secured investments of SEK 500 million. The new capital will, among other things, go to continued investments in the modern and automated boat factory, X Shore Industries 1 in Nyköping. In addition, the company will intensify its R&D work and continue to invest in building a global sales network. Following the investments, new owners include founder and CEO of Northvolt, Peter Carlsson, a group of female investors including former CEO of Microsoft Sweden, Hélène Barnekow, artist Silvana Imam as well as tech entrepreneur Siduri Poli.
The Swedish National Audit Office examines tech giants’ data centre subsidies
In order to help Sweden be at the forefront of digitalisation and create new work opportunities, the Swedish Government has attracted Microsoft and other computer giants to Sweden with fossil-free energy to build their green image, investment support and electricity tax rebates. For example, Facebook has received SEK 140 million in support for the establishment of a server hall in Luleå. Another carrot has been a 98% discount on the electricity tax; while the network giants pay SEK 0.006 per kWh, an ordinary household pays SEK 0.36. From 2017 to January this year, the server halls have received just over SEK 1.3 billion in tax relief. While the new server halls were said to provide 20,000 new jobs until 2025, out of which 6,000 dedicated to the operation of the halls, only 572 people have been employed to operate them. As a result,the Swedish National Audit Office has been assigned the task to examine the Government’s support.
What we’re reading
- High-carbon goods imported to UK should be subject to new tariffs, say MPs (The Guardian)
- Turning down thermostat in EU energy crisis will save estimated 10% (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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