Search Results for "Climate change"

🇩🇰 TOPSOE JOINS CONSORTIUM TO SOLVE THE GLOBAL CHALLENGE OF ENSURING FOOD FOR A GROWING WORLD POPULATION

September 29, 2023

Press release from Topsoe In a new consortium, Topsoe will team up with companies and university researchers to help the rising global challenges with food insecurity and greenhouse-gas emissions from agriculture.   According to a recent UN-led report, 250 million people faced severe hunger during 2022, which was an increase of 65 million compared to the year…

Press release from Topsoe

In a new consortium, Topsoe will team up with companies and university researchers to help the rising global challenges with food insecurity and greenhouse-gas emissions from agriculture.  

According to a recent UN-led report, 250 million people faced severe hunger during 2022, which was an increase of 65 million compared to the year before.  

The consortium aims to provide a more sustainable way of producing proteins through fermentation. Through biological and electrochemical processes, it is possible to utilize CO2 to produce proteins that can be used directly in food for humans. Topsoe will provide technical expertise and insights as well as its SOEC electrolysis technology.  

“The technologies are estimated to be able to produce enough protein for more than 1 billion people every year, creating a stable source of nutritious food for people living in areas with limited potential for conventional agriculture, such as in low- or middle-income countries,” says Poul Georg Moses, Chief Technology Officer, Power-to-X at Topsoe. 

While supplying nutritious food to a growing world population, this will also enable a decoupling of our food production from land use and be a major contribution to a more sustainable society.  

In the consortium, funded by The Bill & Melinda Gates Foundation and The Novo Nordisk Foundation, Topsoe will work with Novozymes A/S, Washington University in St. Louis, USA, Lectrolyst LLC and the Novo Nordisk Foundation CO2 Research Center (CORC) at Aarhus University in Denmark.  

The total funding from the two foundations is up to DKK 200 million (€27 million) and covers a two-year period. If the work of the consortium is successful, it will be possible to continue the support for later stages of the project.
 

About Topsoe
Founded in 1940, Topsoe is a leading global developer and supplier of decarbonization technology, catalysts, and services for the energy transition. 

Our mission is to combat climate change by helping our partners and customers achieve their decarbonization and emission-reduction targets, including those in hard-to-abate sectors such as aviation, shipping, and the production of raw materials. From carbon reduction chemicals to renewable fuels and plastic upcycling, we are uniquely positioned to aid humanity in realizing a sustainable future. 

Topsoe is headquartered in Denmark, with over 2,400 employees serving customers all around the globe. To learn more, visit  www.topsoe.com.

For more information, please contact:
Ulrik Frøhlke, Media Relations Manager
Phone: +45 27 77 99 68
Mail: [email protected]

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🇳🇴 Viridis Bulk Carriers receives 152 million

September 27, 2023

Press release from Arena Pro Ocean Hyway Cluster  Enova has granted Viridis Bulk Carriers financial support of 152 million NOK to help finance the construction of 2 ammonia-powered bulk carriers. The financial support to Viridis Bulk Carriers is part of a 709 million NOK package from Enova, a Norwegian government agency. The 709 millions is…

Press release from Arena Pro Ocean Hyway Cluster 

Ocean Hyway Cluster — Hub For Ocean

Enova has granted Viridis Bulk Carriers financial support of 152 million NOK to help finance the construction of 2 ammonia-powered bulk carriers.

The financial support to Viridis Bulk Carriers is part of a 709 million NOK package from Enova, a Norwegian government agency. The 709 millions is shared between a number of vessels and charging solutions for emission-free maritime transport. Espen Barth Eide, the Norwegian Minister for Environment and Climate, announced the award in a press conference in Oslo this morning:

“The world’s energy systems must become emission-free if we are to succeed in reaching the goals we have set ourselves in the Paris Agreement. For shipping, this requires us to adopt new technologies and sustainable zero-emission fuels. The projects that Enova supports make an important contribution to this. Here, the entire breadth is covered from demand, distribution and use of hydrogen and ammonia, development of technology for CO2 capture on board ships, all-electric operation of ships as well as charging facilities for these”.

The 709 million NOK from Enova is divided between:

  • 3 ammonia-powered vessels

  • 1 bunkering facility for ammonia

  • 2 hydrogen-powered vessels

  • 3 fully electric vessels

  • 3 high-power charging systems

  • 1 vessels with carbon capture

Deliveries starting in 2025

The investment grant is an important and necessary step to realize the carbon free transportation system including ships, cargo and bunkering that Viridis Bulk Carriers and its ecosystem of partners have developed for the past three years. The Viridis vessels which are designed to support charterers cargo capacity needs, have similar sailing range as the current fleet of short sea bulk vessels, and to maintain the crew and societal safety at the level of conventional vessels. Viridis Bulk Carriers expect to place orders for ships around year end 2023, with deliveries starting in 2025.

The ENOVA grant enables construction of these highly innovative vessels, which we expect will be amongst the very first ships to kickstart the ammonia-powered green shift in shipping, says André Risholm, Co-founder and board member at Viridis Bulk Carriers.

Collaboration with client partners & key suppliers

The Viridis vessels have been designed with the customer in focus and close collaboration with client partners and key suppliers. The company has collaborated with the 8 charterers in the ‘Flexbulk NH3 Ammonia Power‘ consortium project to ensure that cargo capacities and operational capabilities are just as future-proof as the power technology and emissions reductions. Ocean Hyway Cluster has the role as project controller. The vessel design is by Kongsberg Maritime, one of the world’s premier marine technology groups and the leading ship designers.

This is a key milestone in our long-term commitment to decarbonize the short sea bulk market together with forward-thinking clients and leading technology makers, says Espen Nordstrøm, Co-founder and board member at Viridis Bulk Carriers.

Ships and infrastructure being developed in parallel

Solving the chicken-and-egg dilemma of new ships and new bunkering infrastructure has been a key challenge that the partners around Viridis Bulk Carriers have been working to solve. Together with Yara Clean Ammonia, Azane Fuel Solutions and other partners in the “Ammonia fuel bunkering network” project, Viridis is making sure that ammonia fuel will be available by the time the vessels start operations.

We are building a new fuel value chain by leveraging partnerships from production to bunkering to providing an ammonia-powered shipping service. We solve the “chicken-and-egg” dilemma by having them both appear at the same time, says Peder N. Jarlsby, Board member at Viridis Bulk Carriers.

Ocean Hyway Cluster is part of the Flexbulk NH3 Ammonia Power project. You can read more about our projects here. This article is based on press releases from Viridis Bulk Carriers and Enova.


Originally published on 26 September. 

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🇳🇴 Aker Solutions earns Nyhamna M&M extension

September 20, 2023

Press release from Aker Solutions September 19, 2023 — Aker Solutions has secured a sizeable1) contract from Shell to provide brownfield modifications services and maintenance support for the Nyhamna facility in Norway. Shell, as technical service provider to Gassco, has executed an option to extend a framework agreement for another four years, or until September…

Press release from Aker Solutions

Shell, as technical service provider to Gassco, has executed an option to extend a framework agreement for another four years, or until September 2028. The scope of the contract includes maintenance and modification services on the onshore Nyhamna natural gas processing plant in Aukra. The plant serves the Ormen Lange field and is connected to the Polarled pipeline in the Norwegian Sea.

Aker Solutions has, since 2007, delivered projects and provided services to the Nyhamna facility, where gas first arrives onshore before it transports to the UK.

“This contract will be included in our already strong backlog built on long-term customer relations. We’re pleased that Shell is giving us renewed trust to be its main contractor on this significant facility, and look forward to continuing the successful collaboration,” said Paal Eikeseth, executive vice president and head of Life Cycle, Aker Solutions.

The contract is of significance to the over 150 Aker Solutions’ employees in Kristiansund.

“This extension secures work for our employees on site at Nyhamna, our engineering office in Kristiansund, and it will provide ripple effects to local subcontractors and others,” said Eikeseth.

The contract will be booked as part of Aker Solutions’ third-quarter order intake.

1) Aker Solutions defines a sizeable contract as between NOK 0.5 billion and NOK 1.5 billion.


Originally published on 19 September. 

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🇫🇮 New research consortium strengthens hydrogen communication in Finland with BotH2nia hydrogen network

September 18, 2023

Press release from BotH2nia A research consortium led by the University of Oulu, which aims to achieve a fair hydrogen transfer, is boosting hydrogen research communication in Finland. Together with the BotH2nia hydrogen network, the consortium will start producing general-interest articles on hydrogen research, in addition to future research articles and conference presentations. [caption id=””…

Press release from BotH2nia

Both2nia - Etusivu

A research consortium led by the University of Oulu, which aims to achieve a fair hydrogen transfer, is boosting hydrogen research communication in Finland. Together with the BotH2nia hydrogen network, the consortium will start producing general-interest articles on hydrogen research, in addition to future research articles and conference presentations.

New research consortium strengthens hydrogen communication in Finland with BotH2nia hydrogen network
BotH2nia organises events where people from the hydrogen sector meet. Photo from BotH2nia goes Luleå event on 24.1.2023. Photo by Visa Noronen

As part of the project, many meetings and interviews will be organised with those whose lives will be affected in practice by the green transition. With BotH2nia, the consortium also organises regular events where researchers meet officials from municipal, regional and national governments. The Hydrogen Impact Forum, which meets four times a year, uses scientific findings to address issues raised by both the private and public sectors. The aim is to generate, develop and disseminate hydrogen best practice across the country.

Funding has been secured for a new communication effort. The Strategic Research Council (STN) of the Academy of Finland has allocated €27 million for research into a just green revolution. The STN awarded funding of almost €3 million to the JustH2Transit project, a small part of which will be used for new hydrogen communication.

The multidisciplinary consortium brings together the University of Oulu, the Natural Resources Institute of Finland (LUKE), the University of LUT and VTT. The project aims to lead the change in Finnish society related to the increasing use of hydrogen on the basis of researched knowledge.

The project will map the current situation of hydrogen transition in Finland and the related system-level bottlenecks. In parallel, the environmental, techno-economic and social impacts of hydrogen transition will be examined. The linkages of the hydrogen economy to the bio- and circular economy will be assessed from the perspectives of resource use and sufficiency. Answers and alternatives to these themes will be sought to strengthen our societies’ resilience, resilience and equity.

Read more: Nearly €3 million for a just hydrogen transition research project

Further information:

Marko Huttula, Director of the Just H2 Transit research consortium, Professor, University of Oulu

p. +358 40 056 6218


Originally published on 15 September. 

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🇳🇴 TECO 2030 sign supply agreement to realize ammonia powered deep-sea shipping

September 14, 2023

Press release from Ocean Hyway Cluster TECO 2030 and Pherousa Green Shipping AS (PGS) sign green package supply agreement for up to six modern, zero-emission Ultramax dry bulk carriers of about 63.000 deadweight tons each. Each vessel will be equipped with 12 megawatts (MW) of TECO 2030 fuel cells for main propulsion onboard. The TECO…

Press release from Ocean Hyway Cluster

Ocean Hyway Cluster

TECO 2030 and Pherousa Green Shipping AS (PGS) sign green package supply agreement for up to six modern, zero-emission Ultramax dry bulk carriers of about 63.000 deadweight tons each. Each vessel will be equipped with 12 megawatts (MW) of TECO 2030 fuel cells for main propulsion onboard.

The TECO 2030 delivery scope is a green package approx. worth EUR 23 million per vessel. The delivery for TECO 2030 includes a complete system of fuel cells installed on a skid solution as well as power and automation equipment and is estimated to start shipment to shipyard by early-2026, with delivery in mid-2026. The fuel cell system will go into production at our Innovation Center in Narvik, Norway at the end of 2024.

“We are proud to sign a firm supply agreement for six vessels with Pherousa Green Shipping, they are a young forward-thinking shipowner who wants to realize zero emissions deep-sea shipping. Pherousa is an exciting company, with a clear vision of proving that hydrogen and ammonia can be utilized to fuel tomorrow’s deep-sea vessels,” said an enthusiastic Tore Enger, Group CEO TECO 2030.

A 12 MW fuel cell system will be utilized for full propulsion onboard each of the six vessels, enabling 100% emission-free operations. Each vessel will be about 63,000-deadweight tons and the first vessel is targeted for delivery Q1 2027.

The article will continue below.

Each vessel will be about 63,000-deadweight tons and the first vessel is targeted for delivery Q1 2027. Illustration: TECO 2030

Fuel cell and cracker combo

The TECO 2030 fuel cell system will be installed in combination with a Pherousa Green Technologies AS’ (PGT) ammonia to hydrogen cracker. Bunkering ammonia and cracking to hydrogen on board the vessel will solve the present storage and infrastructure challenges of hydrogen as a marine fuel and thus paving the way for zero emission deep-sea shipping.

Opting for hydrogen fuel cells in combination with an ammonia cracker allows shipowners to commence with ammonia and transition to hydrogen whenever desired, minimizing the investment risks. This approach does not only position ammonia as a viable hydrogen carrier but also enables its economic trade as a preferred fuel in shipping and complementing its traditional role in the chemical and fertilizer sector.

Truly Zero Emission by Choice

The total supply agreement is subject to financing of PGS’ newbuild vessels and reaching a final contract of supply including closing price negotiations according to industry standards.

”We are excited to team up with TECO 2030 and incorporate their Fuel Cell solution together with our own Cracking technology, permitting the Pherousa newbuildings to be the first ever fully electric deep-sea vessels on water” said Hans Bredrup, Chairman of the Pherousa group. He further commented: “The technology combination between TECO 2030 and Pherousa doesn’t only reduce the ammonia consumption versus the ammonia fueled Internal Combustion Engines currently being developed, it also avoids burning Ammonia together with Carbon based pilot fuels” and adds: “Truly Zero Emission by Choice”.


Originally published on 14 September. 

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🇸🇪 NYAB begins work for Talga at Europe’s first commercial battery anode refinery

September 14, 2023

Press release from NYAB NYAB begins the earthworks at Talgas’ new battery anode refinery located in Luleå Industrial Park. The facility will be powered by renewable electricity and is part of Talgas’ investment in climate-smart battery anodes, using natural graphite from the Vittangi mine in Kiruna municipality. Preparations for the construction of the refinery will…

Press release from NYAB

Skartagroup

NYAB begins the earthworks at Talgas’ new battery anode refinery located in Luleå Industrial Park. The facility will be powered by renewable electricity and is part of Talgas’ investment in climate-smart battery anodes, using natural graphite from the Vittangi mine in Kiruna municipality. Preparations for the construction of the refinery will start with this agreement and will begin in September.

The green industrial transition continues in northern Sweden

Northern Sweden is experiencing a significant investment boom and only in Luleå there are plans for 100 billions of kronors. Luleå Industrial Park is a hub for green transition, where cluster of heavy industrial companies such as Talga invest.

Talga AB develops green graphite battery anode products, technology and advanced materials. Talga is now establishing its first commercial facility in Luleå, where the planned annual production of battery anode material will be sufficient for approximately 200,000 new electric cars each year.

“We are very pleased that with this agreement with NYAB we are able to start our significant investment in Luleå. Facilities like this are crucial to the transition to a more sustainable future. By using natural graphite from Vittangi, green energy and proprietary process technology, we can reduce carbon dioxide emissions from the production of battery anodes by as much as 92%”, says Peder Enoksson, Project Director at Talga.

NYAB’s works include necessary earthworks. Excavation, filling, pipe laying and soil coatings for civil engineering installations and buildings within the property. Work will begin immediately. The signed contract includes an option for additional land and infrastructure-related works, which is intended to be started no later than spring 2024. The parties have agreed not to disclose the contract value.

“NYAB is founded in Luleå and has a deep understanding of, and close connection to, the regions where we operate. To now be established with another important project in Luleå Industrial Park puts us in a good position to capture future business opportunities. We want to continue to contribute to the green and industrial transition. We are proud of the trust Talga shows us”, says Magnus Granljung, Managing Director of NYAB Sverige AB.

Further information

Magnus Granljung
MD, NYAB Sweden
Phone: +46 70 293 90 95

NYAB is building a clean future with decades of experience from complex and challenging projects. We enable the green transition in the Nordic region by offering engineering, construction and maintenance services in renewable energy and sustainable infrastructure to customers in the public and private sectors. NYAB is headquartered in Oulu and has over 400 employees in Finland and Sweden.


Originally published on 11 September. 

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🇨🇦 Alberta expects to unveil carbon capture incentive program in months

September 13, 2023

FILE PHOTO: A TORC Oil & Gas pump jack is seen near Granum, Alberta, Canada May 6, 2020. Picture taken May 6, 2020. REUTERS/Todd Korol/File Photo (Reuters) – Alberta, Canada’s largest oil-producing province, will finalize an investment incentive program for emissions-cutting technologies like carbon capture and storage in “coming months,” the…

FILE PHOTO: A TORC Oil & Gas pump jack is seen near Granum, Alberta, Canada May 6, 2020. Picture taken May 6, 2020. REUTERS/Todd Korol/File Photo

(Reuters) – Alberta, Canada’s largest oil-producing province, will finalize an investment incentive program for emissions-cutting technologies like carbon capture and storage in “coming months,” the province’s energy minister, Brian Jean, said on Tuesday.

Carbon capture and storage (CCS) is seen as a key tool in helping Canada’s high-polluting oil and gas industry slash emissions without cutting back on production, but companies are holding back on final investment decisions because of the high costs involved and have been lobbying for more government support.

An Alberta incentive program, which would work alongside a federal government investment tax credit first announced last year, would be a key step forward for Canada’s nascent CCS industry and could spur projects forward.

Jean said the incentives, which will be similar to the existing Alberta Petrochemical Incentives Program, should be designed properly, and he is having conversations with stakeholders.

“We’re going to make sure we do a robust consultation to get it right,” Jean told Reuters in an interview. “If we get it right, that means that we’re going see another economic boom here in Alberta.”

Liberal Prime Minister Justin Trudeau’s federal government is aiming for net-zero emissions by 2050. But oil producers in Canada, the world’s fourth largest producer, are also the country’s biggest polluters.

A number of companies including Enbridge Inc, TC Energy and a group known as the Pathways Alliance, consisting of Canada’s six largest oil sands producers, are proposing to build major CCS storage hubs.

Alberta Premier Danielle Smith instructed Jean in a mandate letter in July to develop an incentive program for technologies including CCS, lithium for batteries and geothermal development.

However Alberta, which also has a net-zero 2050 target, has repeatedly clashed with Ottawa over interim targets and a promised cap on oil and gas emissions that is supposed to be announced later this year.

Since last year, Ottawa and the Alberta government have been urging each other to contribute more public funding to support CCS technology.

(Reporting by Nia Williams, editing by Timothy Gardner)

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🇳🇴 Ocean Hyway Cluster: Key highlights from new funding scheme

August 31, 2023

Press release from Ocean Hyway Cluster Enova held a webinar on the upcoming support program for hydrogen and ammonia powered vessels. We have summarized the key highlights of the new funding scheme. Thursday 24th August, Enova invited all interested parties to join the webinar on the upcoming support program for hydrogen and ammonia powered vessels….

Press release from Ocean Hyway Cluster

Ocean Hyway Cluster

Enova held a webinar on the upcoming support program for hydrogen and ammonia powered vessels. We have summarized the key highlights of the new funding scheme.

Thursday 24th August, Enova invited all interested parties to join the webinar on the upcoming support program for hydrogen and ammonia powered vessels. The aim is to reduce network and cost barriers, contribute to cost reductions and further support the development of technology.

Contract for Difference is challenging
Many are talking about the need for contract for difference in development of hydrogen and ammonia value chains. Enova have evaluated contract for difference to be very challenging in the current immature market where we don’t have established cost estimates and are lacking a clear market price. By guaranteeing a difference we risk manipulation of market price which will make it harder to create functioning market mechanisms. However, they acknowledge that this can change quickly as ships start entering the market and comment that operational support is something that is continually evaluated. As for now, this support program is the greatest contribution to getting zero emission vessels into the market.

Credit: Enova.

New for this support program is the use of competitive bidding, allowing Enova to support up to 80% of the additional costs of investing in a hydrogen/ammonia vessel compared to a conventional vessel. This requires the process to be based on competition where cost-efficiency is the most important criteria for awarding support. 75% will be based on cost-efficiency (Support (NOK)/DWT(tons)), and 25% will be based on grade of innovation. This type of process requires a strict competitive regulation which deviates from other Enova support schemes.

Enova has defined two sets of criteria for support, one for hydrogen and one for ammonia. However, the general terms are identical and there are only a few technical differences related to the use of pilot fuels in ammonia vessels.

Key highlights
We have summarized a few key highlights from the support schemes, but encourage all to watch the recording from the webinar and read the two programs for more details:

Additional costs directly related to the ship can include both the propulsion system (all technologies) and technologies related to energy efficiency. Costs related to infrastructure are not included.

Applicants need to be a registered in Norway and document sufficient execution abilities related to financial, technical, and organizational aspects. These are further described in the program and are additions defined by Enova.

The project can include up to three vessels, which can be new builds or retrofit of existing vessels.

Final investment decision within 12 months of received commitment letter and execution/operation within 36 months.

The project must include a credible plan for bunkering location and provider of hydrogen/ammonia and document a positive cash-flow in operation.

There is an upper limit of support set to 150 MNOK and the project cannot have received any support from Enova previously.

The vessel needs to be able to fully operate on zero-emission fuels (exception for ammonia engine requiring a pilot fuel). During normal operation, there is set a minimum of 50% of energy consumption which shall be possible to cover by hydrogen/ammonia.

There are no requirements from Enova that the vessel shall operate on zero-emission fuels. Please note there are no requirements stating that the hydrogen/ammonia should be either blue or green.

Compared to an equivalent fossil fuel vessel, the vessel shall reduce the total CO2-emission onboard by 25% during the first 5 years to qualify for support.

The vessel shall be commercially operated.

The vessel shall be registered in NIS/NOR or operate at least 1/3 of the time in Norway/Norwegian economic zones, or document 1/3 of arrivals in Norwegian ports.

A minimum of 50% of the bunkered ammonia/hydrogen in the first 5 years of operation shall be bunkered in Norway.

Share your opinion
To ensure the support scheme is targeted, easy to understand and lead to actual vessels running on zero emission fuels in Norway, Enova is asking for feedback on the support program. We highly encourage all our members to contribute with your insights. Enova is asking for one response per company which can be uploaded as a PDF file by 06.09.2023.


Originally published on 31 August. 

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🇩🇰 COWI’S RECORD-BIG ORDER BOOK

August 30, 2023

Press release from COWI The green transition is not slowed down by inflation and higher costs of materials, which benefits COWI and its expertise in sustainable solutions. In the first six months of the year, COWI’s business has grown organically by 12 per cent, and its record-big order book is approaching DKK 6 billion. This…

Press release from COWI

COWI strengthens its North American corporate structure - The ...

The green transition is not slowed down by inflation and higher costs of materials, which benefits COWI and its expertise in sustainable solutions. In the first six months of the year, COWI’s business has grown organically by 12 per cent, and its record-big order book is approaching DKK 6 billion.

This summer’s soaring heatwave and extreme precipitation made it clear that climate change is real and that we need to act now to find a solution. And action is being taken. In the first half-year, COWI achieved organic growth of 12 per cent, driven by strong customer relations and continued investments in new green energy, sustainable infrastructure and energy-efficient production facilities. In those six months, the order book grew by DKK 611 million to DKK 5.8 billion.

Our growth is highly satisfactory and a result of executing on our strategy. It shows that our strategic focus on the green transition addresses a growing need in the market. Public and private investors are working hard to transition to a fossil-free future, while efforts are made to design a world for millions of new citizens that are connected by green infrastructure. Our expertise gives COWI a central position in this transition

Jens Højgaard Christoffersen, Group CEO

COWI’s recent wins include, among other projects, the expansion of the Copenhagen Metro (M5), a new stage of the Bergen Light Rail and another stage of the East Link railway project in Sweden. In addition, green investments in the USA are picking up speed as US politicians have agreed to allocate billions to that end.

PROFITABILITY IS DROPPING NOW – BUT WILL GO UP

In the first six months of the year, the revenue went up by eight per cent to DKK 3,933 million, compared to DKK 3,365 million in the same period last year.

“This growth is quite satisfactory when you consider the negative impact of currency movements of DKK 182 million,” clarifies Jens Højgaard Christoffersen.

Profitability (EBIT) dropped to 3.9 per cent due to a lower billability rate and the negative impact of currency movements.

“Net 475 people joined COWI in the first six months of the year, and it takes time for new colleagues to be up and running and billable. On the other hand, they give us the power needed to continue our growth,” he explains.

Jens Højgaard Christoffersen is confident that the company’s profitability will go up considerably in the coming years.

“All the fundamental parameters point in the right direction. We’re growing because our customers return to do repeated business with us and because investments in a sustainable future will accelerate. Also, the share of large projects with a higher margin is growing relatively more than the other projects in our portfolio,” says Jens Højgaard Christoffersen.

The acquisition of Icelandic Mannvit is highlighted as a strategic growth acquisition.

“Mannvit’s expertise in carbon capture, geothermal energy and hydropower is in high demand. And we’ll continue to invest in innovation and digitalisation to boost our business,” ends Jens Højgaard Christoffersen.

MAJOR WINS

In Denmark, COWI with subconsultants Arkitema and ØLLGAARD Rådgivende Ingeniører has been awarded a large design project for HOFOR – Greater Copenhagen Utility. The full-service consultancy for HOFOR’s Tinghøj Water Reservoir project includes rebuilding of Tinghøj Water Reservoir, a huge drinking water storage facility just north of Copenhagen. In principle, the water reservoir equates to an enormous water tower situated at the highest point near Copenhagen, 47 meters above sea level, and it is a protected building. The expected fee is approximately DKK 80 million and the project will run until 2031.

In Denmark, in a joint venture with Arup, COWI will act as owner’s engineer (OE) for Metroselskabet, assisting with concept and reference design for what is set to be the world’s greenest metro to date, M5. The initial phases of our services, the concept and reference design, will run for two years, but Metroselskabet has the option to continue our role as OE during construction for the next ten years. M5 is expected to open in 2035.

In Sweden, COWI will design Preem’s production facility for green fuels in Lysekil. It is a large-scale production site for turning renewable raw materials into green fuels. The new plant in Lysekil is expected to reduce carbon dioxide emissions from vehicles by up to 1.7 million tonnes a year. COWI will be responsible for design, engineering and project management. The project is the single largest assignment COWI has had for Preem.

In the UK, COWI has completed the pre-FEED phase of our first massive carbon capture project in the country, Runcorn, one of the first energy-from-waste facilities in the world to have the technology. When finalised, the Runcorn project is set to remove 450,000 tonnes from the atmosphere annually.

In Norway, COWI was awarded the contract for the detailed design of Bergen Light Rail. The project concerns the fifth stage of the construction of Bergen Light Rail, which will extend from Bergen city centre to Åsane and will be ready in about ten years. COWI was awarded the contract together with our subconsultants, Rambøll and Asplan Viak. The total construction cost of this project is estimated at NOK 17 billion and the revenue for the design works is budgeted at NOK 1-1.5 billion.

GROUP FINANCIAL RESULT

COWI financial result H1

COWI financial result H1


Originally published on 30 August. 

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🇮🇸 Snerpa Power Raises €2.2m in Funding to Accelerate the Decarbonisation of the Energy Sector

August 30, 2023

Press release from Snerpa Power We are incredibly happy to announce that Snerpa Power has completed it´s first funding from Crowberry Capital and BackingMinds. This strategic investment round marks a significant milestone as we accelerate our product development efforts and pave the way for international expansion. Our team is growing and we will be looking…

Press release from Snerpa Power

We are incredibly happy to announce that Snerpa Power has completed it´s first funding from Crowberry Capital and BackingMinds. This strategic investment round marks a significant milestone as we accelerate our product development efforts and pave the way for international expansion. Our team is growing and we will be looking for diverse talent in the coming weeks and months in the field of software development, data science and business development. Check out the open positions HERE.

Our press release below:

As Power Intensive Industries account for 37% of global energy use and 24% of global CO2 emissions, the need for efficient, automated and sustainable solutions has become imperative to lower CO2 emissions and balance the energy grid. The new investment into SnerpaPower, which was oversubscribed within two weeks and co-led by VC firms, Crowberry Capital and BackingMinds, will be used for international expansion and further product development.

Industry veterans, Íris Baldursdóttir (CEO) and Eyrún Linnet (CTO), founded Snerpa Power in 2022 with the vision of helping accelerate the world’s energy transition. The energy balancing markets stand at a total of around €70bn (2020) worldwide and the need for flexibility services is expected to grow tenfold in this decade alone.

Snerpa Power can unlock the full potential of the power intensive industry, such as metal producers, data centres, hydrogen producers, leading to new revenue streams, increased competitiveness, and cost savings.

INVESTORS:

  • “I was so lucky to learn before Snerpa Power was established what Iris and Eyrun were brewing. Without any hesitation I encouraged them to focus fully on establishing Snerpa Power knowing that their strong customer value proposition is built on a long standing industry experience”, says Jenny Ruth Hrafnsdottir, Founding Partner of Crowberry Capital

  • “We’ve been looking at investing in the broader Energy space for a while and when we met the co-founders of SNERPA Power, Iris and Eyrun, we were instantly fascinated by their unique insight and combined +40 years of industry experience. Therefore’ it was a no-brainer for us to support two such strong female leaders in their mission to drive the green transition within the energy sector”, says Susanne Najafi, Founding Partner of BackingMinds


FOUNDERS:

  • “Power Intensive Industries recognize that energy efficiency and sustainable energy usage are pivotal in maintaining competitiveness within today’s rapidly evolving energy landscape. Ambitious industries want to be a part of the net-zero energy system and the energy system needs them to actively participate. However, new tools and solutions are urgently needed to solve complex challenges and make it attractive and profitable for industries to take part. That’s what Snerpa Power is all about and there are substantial savings for industries to be made.”, says Íris Baldursdóttir, CEO of Snerpa Power

  • “We believe that through innovation, automation and digitalization of industrial load there are gains to be created for the benefit of our customers and the energy system as a whole. We partner up with power intensive users to find the optimal solution adapted to their load characteristics, and of course the trends on the electricity market”, says Eyrún Linnet, CTO of Snerpa Power

Snerpa Power´s Energy Management System enables companies to leverage real-time data for improved and automated decision-making around electricity consumption, scheduling, contract management and providing flexibility to the grid. By being present in flexibility markets through the software, industries can safely and in a profitable way contribute to grid balancing and stabilisation without jeopardising their core operations.

In an ever-changing energy landscape with a net-zero energy system as the goal, Snerpa Power empowers industries with new strategies for energy management, leading to improved efficiencies, reduced energy costs, and enhanced power system stability overall.

CROWBERRY CAPITAL FUND

Webpage

Investment team:

  • Jenny Ruth Hrafnsdottir (Founding Partner)
    VC since 2014. Operational experience as VP of Business Dev & Marketing of MIT spinout BionX. Lead Engineer & Product Manager at Ossur hf, CPH OSSR. Jenny holds a Dipl.-Ing. from KIT and has lived in Iceland, Germany & USA.

  • Helga Valfells (Founding & Managing Partner)
    VC since 2009. Helga has served on boards of publicly listed companies such as the Iceland Telecom and Islandsbanki and been an advisor to the Minister of Business affairs in Iceland. She has operational experience from Merrill Lynch and Estee Lauder in UK and was the CEO of NSA Ventures. Helga has an MBA from LBS & BA from Harvard and has lived in Iceland, Guinea, USA, UK, Denmark and France.

  • Hekla Arnardottir (Founding Partner)
    VC since 2010. Hekla spent 10 years in various operational roles at Össur CPH: OSSR while the company grew from $10 to $350m. She was in charge of all clinical and product testing at Össur and established Össur offices in Shanghai while leading product management in Asia. Hekla is an engineer by trade and studied at University of Iceland and DTU and has lived in Iceland, Denmark, Germany and China.

  • Hrafnkell Ásgeirsson (General Counsel)
    Qualified lawyer in Iceland. Joined Crowberry in 2023 after 4+ years with Iceland’s largest law firm, focusing on venture capital.

Investment approach of Crowberry Capital:

Crowberry Capital is a venture capital firm based in Iceland and Denmark that invests in seed and early-stage startups across the Nordics. Crowberry has a strong follow-through strategy and commits to putting your company first, as the strong and growing portfolio evidences. With the second fund of €90M, Crowberry is looking to partner with the next generation of tech leaders in the vibrant Nordic tech ecosystem, which we believe everyone should have the opportunity to be part of. We are looking for companies that are solving real problems and making a positive impact on the world.

Crowberry Capital’s II fund:

  • Focus: Crowberry Capital is a Nordic seed and early stage venture fund.

  • Size: €90m fund (European Investment Fund (EIF), nordic pension funds, The Danish and Icelandic Sovereign Wealth Funds (EIFO & Kria), family offices,)

  • Deployment: 40% on new investments and 60% on follow-up investments

  • Focus: Nordics

  • Deals per year: 8-10 deals per year.

  • Fund investments: 30 investments throughout fund lifecycle

  • Investment range: €500.000-€2.000.000 on initial investments.

BACKING MINDS FUND

Webpage

Investment team:

  • Sara Wimmercranz (Founding Partner)
    Awarded Sweden’s most influential tech investor by Dagens Industri, co-founder of Footway, Dragon in Sweden’s version of Dragon’s Den

  • Susanne Najafi (Founding Partner)
    Awarded Sweden’s most influential tech investor by Dagens Industri, ranked #1 at 40 under 40’s list of Sweden’s Top Tech Founders by DI and #1 of Sweden’s 100 most Inspiring Leaders, Susanne has been awarded Pioneer of the Year by His Royal Highness for her work to democratise venture capital.

  • Sara Resvik (Managing Partner)
    Ex-Industrifonden and Schibsted & Ex-Board of Fyndiq, DPOrganizer, and Formulate

  • Jasenko Hadzic (Principal)
    Ex-CEO & Co-founder of Tame, facilitated investments into some of DK’s largest exists, Board of Serviceform + Skrym

Investment approach of BackingMinds:

  • BackingMinds follows user trends and behaviour to find the biggest problems in need of solutions, in underinvested areas.

  • We find and back high-performing founders outside the networks of traditional venture capital.

  • We provide money and roll-up our sleeves with hands-on support from hiring, expansion, sales etc. and the international network of ours and our investors.

The BackingMinds II fund:

  • Focus: BackingMinds is the only venture capital firm in Europe with a unique focus on “blind spots”

  • Team: The team most consists solely of former operations (many other VCs are former bankers)

  • Size: €50m fund (no institutional investors, only family offices and strong successful individuals and company builders)

  • Deployment: 60% on new investments and 40% on follow-up investments

  • Focus: Nordics, but can invest across entire Europe except the UK.

  • Deals per year: 2-5 deals per year.

  • Fund investments: 20 investments throughout fund lifecycle

  • Investment range: €500.000-€3.000.000 on initial investments.


Originally published on 30 August. 

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