Nordic Green News: Clear-sighted insight, without green-tinted glasses
Our mission. Why there is a need for an internationals’ guide into what’s happening (and not happening) in the Nordic climate transition.
Vestas reintroduces profit guidance
Vestas reported its second quarter earnings. In a press release the company said it had a strong performance in spite of challenging environment; with revenue increasing compared to the same quarter last year. Its combined order backlog was at all-time high level, and the full-year guidance was reintroduced after the pandemic crisis, with unchanged outlook for revenue of EUR 14-15bn, and a lower EBIT margin before special items of 5-7%.
Separately, Vestas said that it was concerned about border restrictions imposed during the coronavirus pandemic, which have made it more difficult for technicians to travel to wind farm locations.
Ørsted announces strong profit
Ørsted (formerly Dong Energy) announced an operating profit (EBITDA) of DKK 9.8 billion for the first half of 2020, an increase of 11% compared to the same period last year. Earnings from producing offshore and onshore wind farms increased by 17% to DKK 8.2 billion, due to increased electricity production and high wind speeds. Net profit was DKK 2.5 billion, giving a return on invested capital (ROCE) of 11%. The green share of our electricity and heat production increased from 82% to 88%.
Aker Solutions spins off renewables units
Aker Solutions, an engineering company for the energy industry confirmed its intentions to spin off its offshore wind development and carbon capture businesses. The two companies will receive cash injections of around NOK 500 million each and will be listed on the Merkur Market, a multilateral trading facility operated by the Oslo Stock Exchange. Aker will hold its shares in the spun-off companies.
Azelio announced further business development in pipeline
Sweden’s Azelio have signed a MoU with ALEC Energy to collaborate on over 49 MW installed capacity of Azelio's energy storage until 2025. The projects are focused on the Middle East and Africa, where Alec Energy intends to expand its offering as project developer and system integrator of renewable energy projects. Azelio’s technology stores renewable energy as heat during the day, so it can be used to dispatch electricity in the night. Azelio has started an establishment in the region through a verification project in Abu Dhabi together with Masdar and Khalifa University.
Inzile recruits Kärcher Belo's development team
Inzile, a Swedish start-up manufacturing electric trucks had swooped to recruit Kärcher Belo's development department in Tranås. This team, experts in the manufacture of street cleaning equipment, was to be affected by a corporate restructuring, which would have meant that the 12 would lose their jobs.
The Nordic countries - Sweden, Denmark, Finland and Norway 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. Nordic Green 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. We supplement these with our own opinion pieces and commentary, in English. Mundus was founded in 2012 to provide information and analysis to embassies accredited to Sweden. Mundus has a strong client base amongst diplomats, senior businesspeople and international students.