8 December 2022
Einride secures financing worth more than SEK 5 billion
According to a press release, Einride Electric Trucks has secured SEK 2 billion in new capital from a consortium of new investors and support from former shareholders, as well as loan financing equivalent to more than SEK 3 billion. The company said the funds will be used to accelerate Einride's global expansion in autonomous, electric and digital freight transport. Investors in Series C include EQT Ventures, Northzone, Polar Structure, Norrsken VC and Temasek. Pensions fund AMF steps in as a significant new name in the list of owners. Loan financing was provided by Barclays European Bank. According to Di, the deal comes in the context of Einride signing customer contracts worth more than SEK 20 billion. Last year, Einride was valued at SEK 2.8 billion, and Di says the company is now valued at SEK 13 billion.
Swedavia prepares for fossil-free aviation
The Swedish aviation industry aims to make domestic aviation fossil fuel-free by 2030 and Swedavia sees three important parts of the transition to fossil-free aviation. This includes biofuels, electric aircraft and hydrogen, as well as new technologies that can make energy use even more efficient, and they may become relevant in the future for the industry and airports. Swedavia participates in several research and innovation projects and is continuous in contact with aircraft manufacturers and other players in the aviation industry who work together with aviation’s green transition. It is also currently involved in the Nordic Network for Electric Aviation platform, where, among other things, issues relating to charging are examined. Within the network, it follows the ongoing development from a standard to a large charging system (MCS) for heavy road vehicles charged at 3.2 MW. Swedavia is also involved in Green Flyway, a test site for which Östersund Municipality is the project manager, and where opportunities for electric aircraft, drones and traffic management are developed.
Equinor secures NOK 1.3 billion offshore wind licence in California
Equinor recently secured an area in Morro Bay, California, that could potentially generate around 2 GW of offshore wind energy. This is one of five floating offshore wind licences awarded by the US authorities in the auction round. Equinor paid USD 130 million, equivalent to NOK 1.3 billion at today's exchange rate. Molly Morris, Director of Equinor Wind US, said that the west coast of the US is one of the most attractive growth areas for floating offshore wind in the world due to favourable wind conditions and proximity to markets that need reliable and renewable energy.
Korkia and Solmar Consulting to develop 1 GW of solar power in Finland
Korkia and renewable energy project developer Solmar Consulting have agreed to develop 1 GW of solar power projects in the southern, western and south-eastern regions of Finland. The development phase of dozens of solar parks has already started and their completion is expected between 2025 and 2027. The development will set the stage for dozens of solar parks in the region and hundreds of millions of euros worth of investments. More than 20 projects are currently under development, with unit sizes ranging from around 40 to 100 MW.
82% of Finns support more wind power
Finns believe in renewable energy, support its increased use and want support for support for political decisions, according to the Energy Attitudes Survey. Wind power remains the second most popular form of electricity generation in Finland, with 82% of respondents supporting its growth. For Finns, the most important goal of political decisions is to increase Finland's energy self-sufficiency. Currently, Finland plans to build more than 52,000 MW of onshore wind power and there are 13,000 MW of offshore projects in the pipeline at the moment. Although only some of these projects will eventually be realised, this figure shows the huge growth potential of wind power in Finland, where at least 4,700 MW of new wind power will be completed between 2022 and 2025. Finland's installed wind power capacity will therefore double in the next three years.
PostNord to invest SEK 1.2 billion in new fleet
To keep up the pace with the green transition, PostNord has signed a loan of SEK 1.2 billion with the Nordic Investment Bank (NIB). The loan is for ten years and will be used to renew PostNord's fleet. It involves the purchase of new vehicles using electricity and biofuels, electric bicycles and charging infrastructure. The investment is expected to reduce emissions by 20,000 tonnes per year. This is the first time that PostNord has received funding specifically to finance the group's green transition. NIB is an international financial institution owned by eight Nordic and Baltic countries. The bank finances projects that increase productivity and benefit the environment in the Nordic-Baltic region.
Wärtsilä receives another UK battery order
The French company EDF Renewbables is working to launch a number of so-called energy sub-centres in the UK. As a result, additional depots must now be built, this time at Sundon, which are to provide 50 MW of power. Wärtsilä Finland has again been chosen as the builder for the project, the company wrote in a press release. In the past, Wärtsilä has delivered projects of the same size to EDF in the UK. Wärtsilä's total technology base in the UK now exceeds 424 MWh, including an island grid project to balance renewable energy in Lerwick, Shetland. Construction of the new battery depot will commence in 2023.
New company Solutvikling AS to develop large solar park in Norway
Å Energi has entered into a partnership with BTG Solenergi for the establishment of the new company Solutvikling AS. The aim of Solutvikling AS is to become the leading competence environment for planning, engineering and development of ground-mounted solar systems in Norway. Through the partnership with BTG Solenergi and the establishment of Solutvikling AS, Å Energi hopes to strengthen the development of large solar parks in Norway. Birkeland Solpark will be the first solar project to be built under the new initiative. The facility is planned to have an installed output of up to 10 megawatts peak (MWp). The permit application for Birkeland Solpark has been submitted and construction is scheduled to start in 3Q23.
Allianz invests EUR 25 million in Ren-Gas, a Finnish developer of green hydrogen and gas-to-electricity projects
Allianz, one of the world's largest insurance companies and Europe's largest infrastructure investor, has invested EUR 25 million in Nordic Ren-Gas Oy (Ren-Gas), a developer of green hydrogen and gas-to-electric projects in Finland. Ren-Gas' significant competitive advantage is the business model it has created to maximise the value of industry integration when the gas-to-electricity plants are connected to existing power plants and district heating systems. The company has already launched five industrial-scale projects with Energy Finland.
What we're reading
- Norwegian oil fund to vote against companies without net zero targets (Financial Times)
- Mining magnate Andrew Forrest becomes Australia’s largest renewables player (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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