Mundus International continues with our tracking of the Nordic green transition with an analysis of Nordic green business plans via their press releases and media coverage. It is the only analysis that we know of its type, tracking total activity, dissecting it via country and technology type. In addition, we look for changes in government policy and activity in the financial markets, collating the key drivers of economic transformation.

• After a quiet February, Nordic green business activity surged to its highest month ever. Activity was generally strong across the board, with Norway, Denmark and Finland at or near the all-time peaks. In addition, cross-border projects, where firms from more than one Nordic state partner together continue to rise.

• Although weak immediately following the outbreak of war, project announcements saw a healthy rebound in March. 11 major projects were recorded over the month, indicating that, despite the war, firms are not holding back on major long-term decisions.

• The Financial index had another strong month, with 23 announcements. Amongst the most interesting was the ‘go ahead’ for a NOK 9 billion investment in CCS, confirming Norway as a leader in demonstrating and developing this technology. Also making the news from Norway was Aker Horizons takeover of Aker Clean Hydrogen and  Offshore Wind, as the Aker parent company mopped up its disappointing offspring and TrønderEnergi and HitecVision establishing a new renewable JV company, through which they plan to  invest NOK 15-20 billion. Nel raised NOK 1.5 billion and Tibber raised USD 100 billion, both to fund growth, Mitsui invested NOK 5.5 billion into Mainstream Renewable Power.

• In terms of technologies, the big picture is still about renewables and hydrogen. That said, work is ongoing in other important areas.  Energy systems saw significant progress, with Azelio announcing progress with US certification and Tibber’s financing round completed. PtX had a solid month.

• Notable amongst the 11 major project commitments that we recorded was the significant amount of outbound FDI investment by Nordic firms. Copenhagen Infrastructure Partners made investments in the US and Australia, and Neste proceeded with a biofuel project in the US. Meanwhile, Northvolt committed to its third megafactory, this time in Germany. Maersk is making big investments across the board, with Maersk Supply Services building a new, specially designed vessel for servicing wind farms and the parent company also announcing a deal with Einride to electrify deliveries.

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