Press release from COWI The biomass-fuelled Avedøre power station, south of Copenhagen, is looking to capture a portion of its CO₂ and then store it below the North Sea. COWI supports Ørsted as owner’s engineer in capturing approx. 150,000 tonnes CO₂ per year. AVEDØRE POWER STATION IS FIT FOR THE FUTURE AND IS GETTING EVEN…
Press release from COWI
The biomass-fuelled Avedøre power station, south of Copenhagen, is looking to capture a portion of its CO₂ and then store it below the North Sea. COWI supports Ørsted as owner’s engineer in capturing approx. 150,000 tonnes CO₂ per year.
AVEDØRE POWER STATION IS FIT FOR THE FUTURE AND IS GETTING EVEN MORE SO!
As part of Ørsted’s green transition, the Avedøre power station has already completely phased out coal and runs on wood pellets and straw. It converts approximately 130,000 tonnes of locally sourced straw into electricity and heat annually. The heat is used in the local district heating grid that provides heat for Greater Copenhagen, and it provides vital and flexible electricity to the Danish grid.
Now, the newly announced carbon capture project targets the plant’s 100 MW straw-fired unit. The process starts with flue gas condensation and carbon capture where the CO₂ is captured, then liquified and transported to another of Ørsted’s power stations in Kalundborg. From there, it will be loaded onto ships and transported to the Norwegian part of the North Sea where it will be pumped to an underground storage. The excess heat from the carbon capture process will be utilised in the district heating network, feeding more green heat into the system.
As owner’s engineer, COWI supports Ørsted in technical and civil engineering, the process optimisation, sustainability, permitting and the procurement process.
“It’s a privilege to work on a project like this, shaping a greener future together with Ørsted. We are excited to meet the challenges and make use of the broad expertise we hold within the industry. CO₂ reduction is a key component in the mission to build a more sustainable future, and this project is a great example of using technology to battle the climate change together and make a green power plant even greener,” says Ole Biede, Project Director at COWI’s green fuels and energy sector.
The project supports the Danish government’s objectives in terms of reducing CO₂ by 3.2 million tonnes by 2030 and is expected to be operational by the end of 2025.
Originally published on 27 September.
Press release from Copenhagen Infrastructure Partners Andel and CIP will form a consortium to cooperate on two tenders for offshore wind farms in Denmark: Hesselø Offshore Wind Farm in Kattegat north of Zealand and Kriegers Flak II in the Baltic Sea COPENHAGEN, Denmark, Sept. 15, 2023 (GLOBE NEWSWIRE) — For Denmark to reach the national…
Press release from Copenhagen Infrastructure Partners
COPENHAGEN, Denmark, Sept. 15, 2023 (GLOBE NEWSWIRE) — For Denmark to reach the national climate ambitions and lower the share of fossil fuels in the national energy supply, the green transition needs to be accelerated. This will only happen through an acceleration of renewable energy and only by speeding up the development and construction of offshore wind farms.
Earlier this year, a political agreement laid the foundation for the largest Danish build-out of offshore wind historically at 9GW. The partnership formed by Andel and CIP will play a central part in the build-out and delivering on the national ambitions with two of the country’s most notable companies working together on offshore wind farms placed attractively close to the Danish island of Zealand. The two parks will have a capacity to supply power to the equivalent of two million homes.
“The international climate and energy crisis is a threat to our energy supply, and it is of great importance that we support the build-out of renewable energy. We are very happy and proud to form this strong strategic partnership with CIP, a company with expertise within development, construction, and operation of offshore wind farms. In our investment program up to 2035, DKK 90 billion will be invested into growth and the green transition. Now, together with CIP we are ready, and it is our goal to win the tenders for Hesselø and Kriegers Flak II,” said Jesper Hjulmand, CEO of Andel.
The continuous build-out of offshore wind in Denmark serves not only a purpose of transitioning the power supply but will also be central to Denmark in keeping the global position as a global leader in renewables, while growing the economy, and creating jobs both during construction and operation.
“Hesselø and Kriegers Flak II are very important pieces of the puzzle that is the transition of the Danish energy system. It is of utmost importance that we keep the transition moving, and at Andel and CIP we are ready to do our part of the job. Andel has strong competences in operating electricity supply and trading energy in large volumes both financially and to consumers, so Andel is a partner that complements our competences very well. Our common ambition is to be an important driver in the realisation of the potential for even larger amounts of renewable energy generation in Danish waters,” said Jakob Baruël Poulsen, managing partner at CIP.
The Danish authorities have appointed attractive areas designated for construction of offshore wind farms in the Northsea, Kattegat, and the Baltic Sea through a screening process followed by pre-investigations of the sites. Hesselø Offshore Wind Farm is planned for completion by 2029 and Kriegers Flak II by 2030. The two parks will have a total minimum installed capacity of 1.8 GW.
About Andel
Andel is Denmark’s leading energy and fibre-optic group. We are also a cooperative society and a group with subsidiaries. The purpose of Andel is to create welfare and growth regionally and in society in general by providing vital infrastructure and future-proof energy solutions.
Andel has 2.8 million customers and is owned by 400.000 coop members. The company’s vision is taking responsibility for building a future for everyone and playing a leading role in the green transition. This will happen through an ambitious investment strategy with DKK 90 billion invested in electrical charging, transmission and customer-focused energy solutions. Andel has 2,300 employees. Annual revenue in 2022 was EUR ~50 billion. For more information, please visit www.andel.dk
About Copenhagen Infrastructure Partners
Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world’s largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. The funds managed by CIP focuses on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and Power-to-X.
CIP manages ten funds and has to date raised approximately EUR 25 billion for investments in energy and associated infrastructure from more than 150 international institutional investors. CIP has approximately 400 employees and 12 offices around the world. For more information, visit www.cip.com
For further information, please contact:
Andel:
Morten Kidal, Head of Media Relations
Phone: +45 21703799
Email: [email protected]
Copenhagen Infrastructure Partners:
Oliver Routhe Skov, Head of Media Relations
Phone: +45 30541227
Email: [email protected]
Thomas Kønig, Partner – Investor Relations
Phone: +45 7070 5151
Email: [email protected]
Originally published on 15 September.
Antler partner Kristian Jul Røsjø says that the new fund demonstrates the firm’s continued commitment to supporting a new generation of founders in the Nordics. (Photo: Linkedin). Venture capital firm Antler announced yesterday, that it had launched its second Nordic fund, with a total target size of €150 million. According to…
Venture capital firm Antler announced yesterday, that it had launched its second Nordic fund, with a total target size of €150 million. According to the firm, €50 million had already been raised in the first closing.
The fund will back founders across the Scandinavian countries Sweden, Norway, Denmark, and Finland, with the firm set to open its new Helsinki office in 2024.
“Five years after Antler’s first investments in the Nordics, the launch of our second fund demonstrates our commitment to continue supporting a new generation of founders in the region,” Antler partner Kristian Jul Røsjø said in a press release.
According to the publication EU-Startups, Antler has made 102 investments in 2022 alone and has emerged as one of the most active early-stage venture capital firms in Europe. Its current European portfolio includes more than 300 startups across a wide range of sectors.
Among the companies backed by Antler are Two, Treyd, Evyon, Skyqraft, Circulate, and PerPlant.
In an interview with EU-Startups, Jul Røsjø said that the launch of the new fund showcased Antler’s unwavering commitment to the startup community in the Nordics.
“Five years after Antler’s first investments in the Nordics, the launch of our second fund demonstrates our commitment to continue supporting a new generation of founders in the region. The high number of investors from Fund I re-committing to our second Fund is testament to the potential of our investment strategy and the success of our portfolio companies,” said Jul Røsjø.
The firm’s Nordic portfolio now has a combined value of nearly half a billion dollars, with around 40% of the startups backed by Antler classified as ‘planet positive’. The new fund will continue this direction by investing in startups that are developing technologies aimed at having a positive societal or environmental impact.
In the Startup Greenland series we look at some of the startups that have been founded in Greenland in recent years. Every week, Björgúlfur Jes Einarsson profiles a Greenlandic startup that has caught our eye. Martin Nordlund is the founder and CEO of the multimedia startup Malou Media. At just 19…
In the Startup Greenland series we look at some of the startups that have been founded in Greenland in recent years. Every week, Björgúlfur Jes Einarsson profiles a Greenlandic startup that has caught our eye.
Malou Media is a multimedia agency based out of the Greenland capital Nuuk. They specialize in commercials and advertisement campaigns, but also provide services in animation, website design, graphic design and online marketing. The company uses Greenland’s unique landscape in their campaigns and in recent years they have worked with large international clients such as UNICEF, Google and Bayer.
The company was founded in November 2014 by Nuuk natives Martin Nordlund and his brother Mark. The idea for Malou Media came from a trip to the cinema, where Martin had an epiphany about the local advertising industry.
“I thought wow, those are some bad local commercials, we could do better. Later, I was watching the national television station and saw even worse commercials. So I thought to myself: ‘there is definitely a market here’,” explains the 28 year old Martin.
Martin, who was 19 years old at the time, reached out to his brother Mark who was living in Denmark and he moved back to Greenland to found the company. They named the agency in honor of their sister Malou, who later joined them as well.
“I was a rookie animator and my brother was a really good filmmaker so we combined those two, it gave us an edge in the industry,” says Martin. “Next year will be the 10 year anniversary of the company. It’s crazy that it has been so long, but it’s been a nice and wild journey.”
Their first big assignment was a campaign commissioned by the Greenlandic government aimed at helping kids and parents prepare for the first day of school. Martin says the campaign was a real “home run” and that it laid the foundation for what Malou Media is today. Following the successful campaign many other departments within the Greenlandic government started reaching out.
“We then had another home run and national campaigns became our specialty,” says Martin. “When you’re talking to a public client they want one contact to solve all their problems, that is what we have grown into.”
A majority of their clients are local companies, but they have worked with several foreign companies that want to utilize the picturesque Greenlandic scenery in their advertising campaigns.
“We helped Google with some assignments here in Greenland and we worked with the Bayer Group, which is a big Fortune 500 company from Germany, make a very inspiring campaign about sexual health that became very popular. We have also made a project for the Danish police, which will be shown in airports in Denmark.”
UNICEF and the Danish military also came calling, but as Martin explains their primary clients remain Greenlandic organizations and businesses. The numerous local and international projects have provided Malou Media with plenty of success in recent years.
“It’s been going pretty good in recent years. Three years ago we did around 8 million Danish kroner (USD 1.2 million) in revenue and then two years ago we did around 9.5 million (USD 1.4 million) and this year we are at around 7 million (USD 1 million),” says Martin.
That is not to say that the company hasn’t seen its share of setbacks. This year Malou Media lost two large clients, with one pulling out because of the war in Ukraine and the other going into bankruptcy. Those two accounted for 1.5 million Danish kroner in lost revenue.
“We don’t have so much recurring revenue, we are more based on campaigns, which makes it hard to forecast growth,” says Martin who claims that the company should realistically average about 7 to 9 million Danish kroner annually.
The company hasn’t received any external financing and for the first 8 months the siblings didn’t pay themselves wages with all their income going towards buying equipment.
Last year, Martin’s siblings moved on to do other things in Denmark, which caused a lot of changes in the team.
“It’s a new challenge for me as a leader to go from running a company with my siblings, to move away from a family culture to a business culture,” says Martin.
According to Martin, the startup scene in Greenland is very different from the one in Denmark, where Martin spends a lot of his time.
“I navigate a lot of the startup scene in Denmark, because I have a large network of Danish founders. There are many entrepreneurs here in Greenland, but it’s a different ballgame,” says Martin.
He claims that the growth mindset of scaling and seeking investment is lacking in the Greenlandic startup scene.
“I just don’t think that there is any culture for that here in Greenland, or a deep understanding of how to create that kind of a company,” says Martin.
Martin hopes that a more formalized startup scene emerges in Greenland in the future, but explains that companies starting out in the Arctic country face a unique set of challenges.
“Of course what you can do is limited. It’s a large country with a small population, only 55 thousand. A small community makes a small network, but also a larger impact. You can really move quickly here,” says Martin. “We did almost 2 million (USD 300,000) in revenue the first year just doing commercials and I usually don’t see that in many other places, not even among my network down in Denmark.”
However, Martin believes Greenland is a fantastic place for entrepreneurs that holds a lot of potential.
“It’s a great playground for startups,” he concludes.
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
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
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.
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.
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.
Originally published on 30 August.
Press release from Topsoe Image: Topsoe Topsoe, a global leader in carbon emission reduction technologies, is pleased to appoint Ines Kolmsee and Susana Quintana-Plaza to its Board of Directors, bringing extensive experience from positions both at senior management and Board level. Ines Kolmsee is General Partner at Matterwave Ventures and an Independent…
Topsoe, a global leader in carbon emission reduction technologies, is pleased to appoint Ines Kolmsee and Susana Quintana-Plaza to its Board of Directors, bringing extensive experience from positions both at senior management and Board level.
Ines Kolmsee is General Partner at Matterwave Ventures and an Independent Member of the Board of Directors of Etex SA, Boralex INC and Prysmian SPA.
Susana Quintana-Plaza is a Member of the Board of Directors of Hexagon Purus and a Strategic Advisor for Triton Partners, Emerald Technology Ventures and DANTE AeroNautical.
Susana Quintana-Plaza and Ines Kolmsee replace Jørgen Huno Rasmussen and Jan Kreibaum, who have been Board members since 2013 and 2020 respectively.
Jeppe Christiansen, Chairman of the Board of Directors at Topsoe, welcomes the two new Board members:
“We are on track with our strategy to enable global greenhouse gas emissions reductions through our technologies and to help reach net zero by 2050. Our new Board members, Susana and Ines, bring strong capabilities within management, strategy and energy related business and will assist us in further developing our business and succeeding in our own decarbonization efforts. I’m very proud to welcome these experienced executives to Topsoe’s Board of Directors.”
“I would also take this opportunity to thank Jørgen Huno Rasmussen and Jan Kreibaum for their commitment and valuable contribution to Topsoe over the years.”
About Ines Kolmsee
Jobs and Board positions (selected):
Education:
About Susana Quintana-Plaza
Jobs and Board positions (selected):
Education:
See the full overview of Topsoe’s Board of Directors here.
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, Topsoe
Phone: +45 27 77 99 68
Mail: [email protected]
Originally published on 25 August.
Press release from CPH Airport Copenhagen Airport has had its best summer in years. More than 2.8 million travellers passed through the terminals in July, which included two days with more than 100,000. This marks an important milestone for the airport. The appetite to travel by air for one’s summer holidays remains undiminished. July was…
Press release from CPH Airport
Copenhagen Airport has had its best summer in years. More than 2.8 million travellers passed through the terminals in July, which included two days with more than 100,000. This marks an important milestone for the airport.
The appetite to travel by air for one’s summer holidays remains undiminished. July was the busiest month since 2019 with 2,833,969 travellers.
“With passenger numbers exceeding 100,000 on several days in July, we have reached a milestone on the road to recovery for air traffic. There is a strong appetite for travel, and our 177 direct routes to 52 different countries provide customers with plenty of choice,” says Chief Commercial Officer Peter Krogsgaard of Copenhagen Airports A/S.
The two busiest days of travel were Friday 14 July and Sunday 16 July, when 101,225 and 100,013 passengers respectively passed through the airport.
Everyone at CPH well prepared
In addition to the two busiest days, passenger numbers topped the 95,000 mark on ten days in July. All employees and companies at the airport were well prepared for the busy days, whether in security, passenger service, shops and restaurants or the airlines and ground handlers who check in, board and handle baggage on behalf of the airlines.
CPH alone has taken on about 200 additional staff on top of the 1,000 who were hired in 2022. This year’s new employees were mainly hired for security, so the airport would be fully prepared for the busy summer period.
“The many peak travel days makes summer a particularly busy period, and we need everyone to perform at their best if we are to provide good service to our passengers and help them get a great start to their holidays. This summer, everyone was ready – even though the high season will invariably produce brief periods when higher passenger flows lead to longer waiting times,” says Krogsgaard.
Challenges in Europe
The agreement that NAVIAIR reached with the air traffic controllers in June meant that there was sufficient staff to handle traffic in and out of Copenhagen Airport in July. On the other hand, Germany and, not least, France had a much worse time of it this summer.
“Challenges involving air traffic controllers in France, for example, caused delays between northern and southern Europe, including on flights out of Copenhagen Airport. That is of course regrettable,” says Krogsgaard.
In addition, long bouts of exceptionally severe weather with thunder and rainstorms in central Europe posed challenges for air traffic, particularly during the last week of July.
Traffic to Spain and Greece peaking
On the routes to European destinations, 94 per cent of travellers are now back, while the recovery of long-haul intercontinental routes out of Europe is a little slower. There are still much fewer flights to Asia and China than before Covid.
Once again, London tops the list of the ten most popular destinations for the month with 172,000 passengers. When it comes to travelling to sunnier climes and getting away from the wettest July on record in Denmark, Spain is the top scorer with 450,000 passengers in the first two summer months.
Several of the Spanish destinations are now more popular than pre-Covid. In July, Màlaga and Palma were at index 111 and 106 respectively relative to 2019.
When it comes to charter destinations, Greece is the absolute favourite. Of the 290,000 travellers on the routes to Greek destinations in June and July, 180,000 were on pure charter flights. Crete is by far the most popular destination in Greece.
Originally published on 10 August.
Press release from Novo Nordisk Financial report for the period 1 January 2023 to 30 June 2023, 10 August 2023 Operating profit increased by 30% in Danish kroner and by 32% at constant exchange rates (CER) to DKK 48.9 billion. Sales in North America Operations increased by 45% in Danish kroner (44% at CER). Sales…
Press release from Novo Nordisk
Financial report for the period 1 January 2023 to 30 June 2023, 10 August 2023
| PROFIT AND LOSS | H1 2023 | H1 2022 | Growth as reported |
Growth at CER* |
| DKK million | ||||
| Net sales | 107,667 | 83,296 | 29% | 30% |
| Operating profit | 48,895 | 37,538 | 30% | 32% |
| Net profit | 39,242 | 27,528 | 43% | N/A |
| Diluted earnings per share (in DKK) | 17.41 | 12.08 | 44% | N/A |
| * CER: Constant exchange rates (average 2022). |
Lars Fruergaard Jørgensen, president and CEO: “We are very pleased with the sales growth in the first half of 2023. The growth is driven by increasing demand for our GLP-1-based diabetes and obesity treatments, and we are serving more patients than ever before. The performance in the first six months has enabled us to raise the outlook for the full year. Within R&D, we are very excited about the results from the SELECT trial. Obesity is a serious chronic disease associated with many comorbidities and the results from SELECT demonstrate that comorbidities associated with the condition can be significantly reduced by treating people with semaglutide.
On 10 August 2023 at 13.00 CEST, corresponding to 07.00 am EDT, an earnings call will be held. Investors will be able to listen in via a link on novonordisk.com, which can be found under ‘Investors’.
About Novo Nordisk
Novo Nordisk is a leading global healthcare company, founded in 1923 and headquartered in Denmark. Our purpose is to drive change to defeat serious chronic diseases, built upon our heritage in diabetes. We do so by pioneering scientific breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. Novo Nordisk employs about 59,000 people in 80 countries and markets its products in around 170 countries. Novo Nordisk’s B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on the New York Stock Exchange (NVO). For more information, visit novonordisk.com, Facebook, Twitter, LinkedIn and YouTube.
Contacts for further information |
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| Media: | |
Ambre James-Brown+45 3079 9289 |
Natalia Salomao Abrahao (US)+1 848 304 1027 |
| Investors: | |
Daniel Muusmann Bohsen+45 3075 2175 |
David Heiberg Landsted+45 3077 6915 |
Jacob Martin Wiborg Rode+45 3075 5956 |
Mark Joseph Root (US)+1 848 213 3219 |
Sina Meyer+45 3075 6656 |
Frederik Taylor Pitter+45 3075 8259 |
Company announcement No 52 / 2023
Originally published on 10 August.
Press release from Novo Nordisk Bagsværd, Denmark and Montreal, Canada, 10 August 2023 – Novo Nordisk A/S and Inversago Pharma today announced that Novo Nordisk has agreed to acquire Inversago for up to 1.075 billion US dollars in cash if certain development and commercial milestones are achieved. Inversago Pharma is a private, Montreal-based developer of CB1 receptor-based therapies for…
Press release from Novo Nordisk
Bagsværd, Denmark and Montreal, Canada, 10 August 2023 – Novo Nordisk A/S and Inversago Pharma today announced that Novo Nordisk has agreed to acquire Inversago for up to 1.075 billion US dollars in cash if certain development and commercial milestones are achieved. Inversago Pharma is a private, Montreal-based developer of CB1 receptor-based therapies for the potential treatment of obesity, diabetes and complications associated with metabolic disorders.
The acquisition of Inversago includes the company’s lead development asset INV-202, an oral CB1 inverse agonist. INV-202 is designed to preferentially block the receptor protein CB1 – which plays an important role in metabolism and appetite regulation – in peripheral tissues such as adipose tissues, the gastro-intestinal tract, the kidneys, liver, pancreas, muscles and lungs.
INV-202 demonstrated weight loss potential in a phase 1b trial and is currently in a phase 2 trial for diabetic kidney disease (DKD). Additional pipeline assets are also being developed for metabolic and fibrotic disorders. Novo Nordisk intends to investigate the potential of INV-202 for obesity and obesity-related complications.
“The acquisition of Inversago Pharma will further strengthen our clinical development pipeline in obesity and related disorders,” said Martin Holst Lange, executive vice president for Development at Novo Nordisk. “This promising class of medicine pioneered by the Inversago team could lead to life-changing new treatment options for those living with a serious chronic disease and, in particular, may offer alternative or complementary solutions for people living with obesity.”
CB1 plays an important role in appetite regulation and other cardiometabolic pathways. The mechanistic and preclinical therapeutic effects of peripheral CB1 receptor blocking are well-studied across a range of cardiometabolic and fibrotic diseases, supporting the potential treatment of many people with current unmet needs.
“We are delighted to join forces with a global leader in the obesity and metabolic disorder space,” said François Ravenelle, chief executive officer of Inversago Pharma. “We believe this combination will help unlock the full medical potential of our CB1 blockers and may one day expand treatment options for people living with metabolic syndrome, obesity and related complications. Novo Nordisk has world-class research facilities, significant global reach and a rich culture of collaboration seeking to bring our therapeutic treatments to market.”
Inversago employs 22 people, who will continue to focus on the successful completion of the ongoing and planned trials, while working closely with Novo Nordisk to drive Inversago’s technology forward in future clinical trials. The closing of the acquisition is subject to receipt of applicable regulatory approvals and other customary conditions and is expected to happen before the end of 2023.
About Inversago Pharma
Based in Montreal Canada, Inversago Pharma, is a privately owned, clinical stage company, and leader in the development of next generation CB1 receptor blocker therapies designed to help patients with complications associated with metabolic and fibrotic diseases. Inversago aims to provide new treatment options that improve the lives of patients affected by a wide range of cardiometabolic disorders. For more information, visit inversago.com.
About Novo Nordisk
Novo Nordisk is a leading global healthcare company, founded in 1923 and headquartered in Denmark. Our purpose is to drive change to defeat serious chronic diseases, built upon our heritage in diabetes. We do so by pioneering scientific breakthroughs, expanding access to our medicines, and working to prevent and ultimately cure disease. Novo Nordisk employs about 59,000 people in 80 countries and markets its products in around 170 countries. For more information, visit novonordisk.com, Facebook, Instagram, X, LinkedIn and YouTube.
Contacts for further information
| Novo Nordisk Media: | |
Kate Hanna(CA) Ambre Brown Morley |
Natalia Salomao Abrahao (US)+1 848 304 1027 |
| Novo Nordisk investors: | |
Daniel Muusmann Bohsen+45 3075 2175 |
Jacob Martin Wiborg Rode+45 3075 5956 |
David Heiberg Landsted+45 3077 6915 |
Mark Joseph Root (US)+1 848 213 3219 |
Sina Meyer+45 3075 6656 [email protected] |
Frederik Taylor Pitter+45 3075 8259 [email protected] |
| Inversago Media: | |
Philippe Périou |
|
| Inversago Investors: | |
Glenn S. Vraniak1-513-476-2669 |
Originally published on 10 August.
Press release from Ørsted Today, Ørsted’s Board of Directors approved the interim report for the first half year of 2023. Operating profit (EBITDA) for the first half year was in line with our expectations and amounted to DKK 10.2 billion. Earnings from offshore sites amounted to DKK 9.0 billion, which was DKK 3.3 billion higher than…
Press release from Ørsted
Today, Ørsted’s Board of Directors approved the interim report for the first half year of 2023.
Operating profit (EBITDA) for the first half year was in line with our expectations and amounted to DKK 10.2 billion.
Earnings from offshore sites amounted to DKK 9.0 billion, which was DKK 3.3 billion higher than in the same period last year.
Net profit amounted to DKK 2.7 billion, and return on capital employed (ROCE) came in at 13 %.
Mads Nipper, Group President and CEO of Ørsted, says in a comment to the interim financial report for the first half year of 2023:
“We’re pleased with the results for the first half year of 2023, where our Offshore business is back with strong earnings. We’re also very pleased to have announced several strategic updates and partnerships leading up to and during our Capital Markets Day in London in June.
Among significant strategic milestones during the quarter, we received development consent for Hornsea 4, one of the world’s largest offshore wind farms with a capacity of up to 2.6 GW. Furthermore, we entered into a partnership with ESB, Ireland’s leading utility company, to jointly develop an Irish offshore wind portfolio and signed an agreement to acquire Eversource’s 50 % interest in Lease Area 500 in the US. With this added seabed, our portfolio of north-eastern US lease rights amounts to more than 4 GW, making Ørsted’s lease capacity the largest in the region.
We’re pleased that New Jersey has enacted a law that allows Ocean Wind 1 to access and retain all federal tax credits without any additional costs to New Jersey ratepayers. This is an important and necessary step to ensure the project’s viability following the substantial cost increases experienced across the US offshore projects.
Finally, as the first energy developer, we’ve committed to reuse or recycle all solar panels from our global portfolio of solar farms with immediate effect.”
We maintain our EBITDA guidance of DKK 20-23 billion excluding earnings from new partnerships during the year. However, compared to the guidance provided in our annual report for 2022, we now expect higher earnings in Offshore than initially announced. In contrast, we expect earnings for our CHP plants to drop by approx. DKK 4.5 billion compared to 2022, rather than by approx. DKK 3 billion.
We lower our gross investment guidance for 2023 by DKK 6 billion to DKK 44-48 billion, primarily due to timing. However, we expect to spend approx. DKK 6 billion on acquiring PSEG’s ownership share of Ocean Wind 1 and Eversource’s ownership share of Lease Area 500 in the US. As these transactions are with non-controlling shareholders, they are not included in ‘Gross investments’, but they are included in ‘Net investments’.
Financial key figures for H1 2023:
| DKK million | Q2 2023 | Q2 2022 | % | H1 2023 | H1 2022 | % |
| EBITDA | 3,320 | 3,615 | (8 %) | 10,230 | 13,044 | (22 %) |
| – New partnerships | 0 | 0 | n.a. | 0 | 1,610 | n.a. |
| – EBITDA excl. new partnerships | 3,320 | 3,615 | (8 %) | 10,230 | 11,434 | (11 %) |
| Profit (loss) for the period | (538) | 269 | n.a. | 2,664 | 5,970 | (55 %) |
| Cash flow from operating activities | 2,447 | 2,355 | 4 % | 12,566 | 2,318 | 442 % |
| Gross investments | (7,498) | (6,372) | 18 % | (16,266) | (13,204) | 23 % |
| Divestments | (2,038) | 267 | n.a. | (2,054) | 2,194 | n.a. |
| Free cash flow | (7,089) | (3,750) | 89 % | (5,754) | (8,692) | (34 %) |
| Net interest-bearing debt | 43,924 | 41,449 | 6 % | 43,924 | 41,449 | 6 % |
| FFO/adjusted net debt | 17.7 % | 39.0 % | (21 %p) | 17.7 % | 39.0 % | (21 %p) |
| ROCE | 13.2 % | 14.8 % | (2 %p) | 13.2 % | 14.8 % | (2 %p) |
Earnings call
In connection with the presentation of the interim report for the first half year, an earnings call for investors and analysts will be held on Thursday, 10 August 2023 at 15:00 CEST.
Denmark: +45 78 76 84 90
International: +44 203 769 6819
USA: +1 646 787 0157
PIN: 994005
The earnings call can be followed live at:
https://orsted-events.eventcdn.net/events/interim-report-Q2-2023
Presentation slides will be available prior to the earnings call at: Investors | Ørsted (orsted.com)
The interim report is available for download at:
https://orsted.com/financial-reports
For further information, please contact:
Media Relations
Martin Balebo
+45 99 55 95 52
Investor Relations
Rasmus Keglberg Hærvig
+45 99 55 90 95
[email protected]
About Ørsted
The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs, and operates offshore and onshore wind farms, solar farms, energy storage facilities, renewable hydrogen and green fuels facilities, and bioenergy plants. Ørsted is recognised on the CDP Climate Change A List as a global leader on climate action and was the first energy company in the world to have its science-based net-zero emissions target validated by the Science Based Targets initiative (SBTi). Headquartered in Denmark, Ørsted employs approx. 8,700 people. Ørsted’s shares are listed on Nasdaq Copenhagen (Orsted). In 2022, the group’s revenue was DKK 132.3 billion (EUR 17.8 billion). Visit orsted.com or follow us on Facebook, LinkedIn, Instagram, and Twitter.
Originally published on 10 August.
