EQT Infrastructure to acquire Cypress Creek Renewables, a leading integrated renewable energy platform in the US

eqt
  • EQT Infrastructure will support Cypress Creek’s continued growth and strategic vision – through development pipeline execution, fleet optimization and expansion, and scaling of the operations & maintenance services business
  • The acquisition of Cypress Creek marks EQT Infrastructure’s first acquisition of a renewable energy platform in the US and directly aligns with EQT’s thematic approach to investing in sustainable, values-focused businesses
  • Cypress Creek will benefit from EQT’s global advisor network and in-house digitalization and sustainability expertise

EQT is pleased to announce that the EQT Infrastructure V fund (“EQT Infrastructure”) has agreed to acquire Cypress Creek Renewables (“Cypress Creek” or the “Company”), a leading vertically integrated renewable energy platform, from certain funds managed by HPS Investment Partners, LLC (“HPS”) and Temasek.

One of the leading solar and storage energy companies, Cypress Creek develops, owns, and operates projects throughout the US. With approximately 300 employees, the company’s integrated platform provides the foundation for continuous innovation, securing the company’s leadership position in the energy transition.

The Company operates across 25 states, with 1.6GW in operating assets and a proven track record, having commercialized 11GW since inception in 2014. Cypress Creek is deeply rooted in the U.S. renewable energy market, offering a full suite of services across utility-scale and distributed solar and storage, with an expansive pipeline of future development and O&M services opportunities.

Cypress Creek, with its forward-thinking leadership team, is well-positioned to take advantage of the growing renewable energy market and continued investment in the US, supported by expanding federal and state policy, technology cost optimization, and corporate sustainability goals.

EQT Infrastructure is committed to building upon the success of Cypress Creek by making investments in operational, organizational, digital and sustainability initiatives to help the Company continue expanding and differentiating. EQT will leverage its extensive global experience of partnering with renewable energy and sustainability driven businesses, and network of global EQT advisors, to support Cypress Creek in its next phase of growth, as the Company continues to execute on its objective of becoming the most reputable sustainable energy company in the market.

Alex Darden, Partner within EQT Infrastructure’s Advisory Team, said, “Cypress Creek plays a critical role in North America’s renewable energy development and infrastructure market. Its platform is optimally situated to benefit from tailwinds of increasing and durable demand for clean and responsible energy. EQT is excited to invest in and partner with CEO Sarah Slusser and the entire Cypress Creek team as the Company pursues its next phase of growth and strategic vision. This investment aligns directly with our thematic approach of investing in sustainable businesses that have a positive impact on society. As a responsible investor, we are committed to working with Cypress Creek on transforming and supporting North America’s green energy future.”

Sarah Slusser, CEO of Cypress Creek, commented, “Cypress Creek Renewables is thrilled to have EQT backing our talented team and multi-year growth plan, centered on our mission of powering a sustainable future, one project at a time. With EQT, we will accelerate our sustainable growth in developing the highest-value solar and storage energy projects, providing best-in-class O&M services for ourselves and our customers, and expanding our fleet of operating assets.”

The transaction is subject to customary conditions and approvals and is expected to close in the second half of 2021.

Barclays served as financial advisor to EQT Infrastructure in connection with the transaction and Simpson Thacher & Bartlett LLP served as legal counsel. Morgan Stanley & Co. LLC served as the exclusive financial advisor to Cypress Creek in connection with the transaction and Kirkland & Ellis LLP served as legal counsel.

With this transaction, EQT Infrastructure V is expected to be 35-40 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on its target fund size, and subject to customary regulatory approvals.

Contact
Daniel Yunger, daniel.yunger@kekstcnc.com, +1 917 574 8582

About EQT
EQT is a purpose-driven global investment organization with more than EUR 67 billion in assets under management across 26 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About Cypress Creek Renewables
Cypress Creek Renewables is powering a sustainable future, one project at a time. We develop, finance, operate and own utility-scale and distributed solar energy and storage facilities across the US. With 11GW of solar developed and more than 3.7GW under operations and maintenance management, Cypress Creek is a leading solar and storage energy company. 

More info: ccrenew.com

About HPS Investment Partners
HPS Investment Partners is a leading global investment firm with over $72 billion of assets under management as of July 2021. HPS seeks to provide creative capital solutions and generate attractive risk-adjusted returns for clients. HPS manages various strategies across the capital structure that include syndicated leveraged loans and high yield bonds to privately negotiated senior secured debt and mezzanine instruments, asset-based leasing and private equity.

More info: www.hpspartners.com

About Temasek
Temasek is an investment company with a net portfolio value of S$306B (US$214B) as of March 2020. Its three roles as an Investor, Institution and Steward, as defined in the Temasek Charter, shape Temasek’s ethos to do well, do right and do good. Temasek actively seeks sustainable solutions to address present and future challenges, through investment and other opportunities that help to bring about a better, smarter, and more sustainable world.

More info: www.temasek.com.sg


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Arendals Fossekompani and Ferd join forces to establish offshore wind company

Ferd

Seagust will be structured as a 50:50 joint venture between AFK and Ferd, with a mandate to become an offshore wind developer with operations domestically and internationally. Simen Elvestad has been appointed Chief Executive Officer of the company and assumed office on 1 June 2021. Mr. Elvestad comes from the position of Prepare for Operations Manager for the Fosen Wind Project at Statkraft. He has over 20 years of hands-on experience in international energy projects, including major offshore wind projects such as Dudgeon, Sheringham Shoal and Creyke Beck B (now named Dogger Bank B and part of world’s largest offshore wind project, Dogger Bank Wind Farm).

“We at AFK are proud to be joining forces for the first time with Ferd to create a Norwegian offshore wind company. Together we have over 100 years of Norwegian industrial know-how from the energy sector, the financial strength, the experience and the capabilities to ensure that Seagust can succeed both domestically and internationally. With deep roots in southern Norway and a network of relevant portfolio companies along the south-western coast, we have a solid platform from which we aim to develop a regional industrial champion with a focus on collaborating with Norwegian suppliers across the value chain. We strongly believe that by further developing the Norwegian offshore wind industry, we will not only contribute to lift the Norwegian supplier industry by creating thousands of renewable energy jobs, but also support energy-intensive industry along the coast by providing them with surplus renewable power,” says Morten Henriksen, Executive Vice President at AFK and Chairman of Seagust.

AFK is a green-tech investment company that owns energy- and technology-related companies which enable the transition to a green economy. AFK is notably a majority shareholder in Volue, a leading European technology company offering full digitalisation of the clean energy value-chain for renewable energy sources, such as offshore wind.

Ferd will be investing in the joint venture through its Impact Investing arm, which focuses on companies with the potential to have a positive impact on the climate and environment. Ferd Impact Investing’s portfolio includes NeXtWind, which is building a portfolio of onshore wind energy assets in Germany, and Wind Catching Systems, which develops a disruptive concept for offshore floating wind energy. Ferd is also a 50 percent owner of Aibel, a tier-1 supplier to the international offshore wind industries, which is in in process of delivering three converter platforms with jackets for Dogger Bank.

“Ferd sees significant growth and value creation opportunities in renewable energy, and we are excited to have found a major industrial partner like AFK with a focus on long-term ownership to join us in writing this new chapter in Norwegian offshore industry history. We have a solid track-record of developing Norwegian companies that succeed internationally. CEO Simen Elvestad brings deep domain expertise and extensive experience from some of the world’s biggest offshore wind projects to Seagust, which will ensure that the we are well positioned to compete for acreage in the North Sea and beyond. I am confident that Seagust has what it takes to shape this new industry and unlock the vast amounts of renewable energy potential that reside offshore Norway, with minimal environmental footprint,” says Morten Borge, Chief Executive Officer at Ferd.

The Norwegian Ministry of Petroleum and Energy has opened two areas in the North Sea, Utsira Nord and Sørlige Nordsjø II, for offshore renewables including offshore wind power. Combined, the two areas allow for the development of 4 500 MW of wind power. As of 1 January 2021, it is possible to submit license applications for offshore wind power projects. The authorities are currently working on the licensing process and will present the guidance for actors who wish to develop offshore wind power projects in Norway on 11 June. Seagust will consider submitting applications to develop offshore wind at both the Utsira Nord and the Sørlige Nordsjø area.

“I am honoured to have been appointed to take the helm of Seagust, which we will develop into a leading regional, sustainable offshore wind player. Decades of experience from the maritime and oil and gas industry has provided south-western Norway with a technologically advanced, world-leading service and supply industry. Seagust will have a clear strategy to collaborate with Norwegian suppliers across the value chain and forge alliances with foreign suppliers to facilitate knowledge transfer, position Norwegian technologies for a growing global market, and drive down costs through innovation. Norway is uniquely positioned to take a sizeable share of the rapidly growing offshore wind market, and our ambition is for Seagust to play a central role in this new industrial adventure,” says Simen Elvestad, CEO of Seagust.

Increasing offshore wind production is imperative if the world is to achieve the climate targets set out in the Paris Agreement. The European Union estimates up to 450 GW of offshore wind power is needed by 2050 to keep temperature rises below 1.5°C, of which almost 50 percent should come from the North Sea. Today, installed offshore wind capacity totals approximately 32 GW worldwide.

About Arendals Fossekompani:
Arendals Fossekompani, headquartered in Arendal, southern Norway, has for more than 100 years produced hydropower which has been used to build Norwegian industry and Norwegian communities. The know-how, capital and engineering skills related to the production of hydropower have laid the foundation for Arendals Fossekompani to successfully own energy and technology-related companies, including solar power and batteries, which enable the transition to a green economy.

About Ferd:
Ferd is a family-owned Norwegian investment-company committed to value-creating ownership of businesses and investments in financial assets. For Ferd, value creation is about generating more than just a financial return. It is also about making a positive contribution to the growth and development of society and our environment, in a way that supports the sustainability goals. Our wide-ranging activities encompass active ownership and corporate development at private and listed companies, investment in financial assets, real estate development, investment via external managers, impact investing and social entrepreneurship. Ferd has delivered both a positive impact and a solid financial return in wind power, a sector in which Ferd has significant positions and ambitions going forward.

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DIF Capital Partners invests in 108 MW onshore wind project portfolio in Poland

DIF

DIF Capital Partners (“DIF”) is pleased to announce that DIF Infrastructure Fund VI has acquired 100% of four onshore wind projects in Poland, with a total capacity of 108 MW. DIF acquired the projects from German wind project developer Sabowind. As the projects are ready to build, DIF will invest throughout the construction of the projects.

The wind projects, which will be equipped with 54 Vestas V100 / V90 turbines, will be constructed under a turbine supply agreement by Vestas and under a tailored EPC contract by Sabowind. The projects are located across Poland. Construction commenced upon closing of the transaction and the projects are expected to become operational by Q3 2022 (two projects) and Q1 2023 (two projects). Once commissioned, Sabowind will be responsible for the technical and commercial management. The projects benefit from contracts-for-difference with the Polish state, providing fixed price tariffs for the power offtake for a period of 15 years.

The total production is estimated to be c. 300 GWh per year, which is the equivalent to the annual power consumption of around 75,000 households; thereby avoiding around c. 100,000 tonnes of CO2 emissions per year from fossil fuels. The projects will support Poland’s energy transition by expanding the country’s renewable energy capacity and reducing dependency on power production from fossil fuels.

Christopher Mansfield, Partner at DIF Capital Partners, said: “DIF is delighted to enter into its second onshore wind transaction in the Polish renewables market and to support Poland’s ongoing energy transition. The projects fit well within the investment strategy of DIF Infrastructure Fund VI and with the earlier acquired Polish projects form an attractive wind portfolio with a total capacity of 171 MW, which is expected to be fully operational within the next 24 months. The transaction once again underlines DIF’s strong position in and commitment to the renewable energy market.”

DIF was advised by DNB (financial), Allen & Overy (legal), PwC (tax and accounting) and DNV (technical).

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with €9.0 billion of assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

  • Traditional DIF funds, of which DIF Infrastructure Fund VI is the latest vintage, target equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and (renewable) energy projects.
  • DIF CIF funds target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy and transportation sectors.

DIF Capital Partners has a team of over 160 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. For further information please visit www.dif.eu

Contact: Allard Ruijs, Partner; a.ruijs@dif.eu.

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DIF Capital Partners agrees to sell a portfolio of European PPP assets to Equitix

DIF

DIF Capital Partners (“DIF”) is pleased to announce that DIF Infrastructure III (“DIF III”) and DIF Infrastructure IV (“DIF IV”) have agreed to the sale of their stakes in a portfolio of six European PPP assets to Equitix, a leading UK and European infrastructure fund manager.

The portfolio consists of shareholdings in a number of critical infrastructure projects that DIF invested into as primary transactions: A1/A6 Road, IJmond Sea Lock and N18 Road in the Netherlands; A7 Nord Road and Netz West Rolling Stock in Germany; as well as the KAV Vienna Hospital in Austria. With the exception of IJmond Sea Lock which is currently in the final stages of construction, all of the projects are operational under availability-based contractual structures that are backed by strong public counterparties.

Andrew Freeman, Head of Exits at DIF, said: “We are very pleased with the sale of this well diversified and optimised portfolio of North-Western European PPP assets which represents an attractive exit for our DIF III and DIF IV investors. We believe Equitix is an excellent counterparty and is perfectly positioned to manage the assets until maturity.”

Hugh Crossley, Chief Investment Officer for Equitix, said: “As we continue to diversify and grow our European portfolio, we are always looking out for attractive opportunities to acquire high-quality assets that meet our responsible investment criteria. The DIF portfolio does just this and will allow us to leverage our continental expertise for the benefit of investors in our European Infrastructure Fund.”

DIF was advised on the transaction by Cantor Fitzgerald and PwC (financial), Allen & Overy (legal), PwC (tax & accounting), as well as Atkins and Arup (technical).

Equitix was advised by CMS (legal), Deloitte (tax and accounting) and Arcadis (technical).

Closing of the transaction is subject to the receipt of customary approvals and consents.

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with €8.5 billion of assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

  • Traditional DIF funds, of which DIF Infrastructure Fund VI is the latest vintage, target equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and (renewable) energy projects.
  • DIF CIF funds target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy and transportation sectors.

DIF Capital Partners has a team of over 160 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. For further information please visit www.dif.eu.

Contact: Allard Ruijs, Partner; a.ruijs@dif.eu.

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DIF Capital Partners acquires a 117MW wind project in Uruguay

DIF

DIF Capital Partners (“DIF”) and Enercon GmbH (“ENERCON”) are pleased to announce that DIF, through its DIF Infrastructure Fund VI, has acquired 100% of the ownership of the 117MW Peralta I/II onshore wind projects in Uruguay.

The project, comprising 50 ENERCON E-92 2.35MW turbines, has been operational since October 2015 and benefits from a 20-year 100MW power purchase agreement with UTE, Uruguay’s state-owned utility. The project will continue to be maintained by ENERCON under a long-term agreement and asset management services will continue to be delivered by SEG-Heliotec. Following the acquisition of the 50MW Cerro Grande project in 2019, this is the second Uruguayan ENERCON project that DIF has acquired.

Christopher Mansfield, Partner and Head of Renewable Energy, said: “We are very pleased to have acquired our second renewable energy project in South America, which is the result of our strong relationship with ENERCON. We believe this investment is attractive for DIF’s investors due to the long-term project agreements that provide a high degree of predictability of future cash flows.”

DIF has been advised by Voltiq (transaction), Hughes & Hughes and Gómez-Acebo & Pombo (legal), DNV (technical) and Mazars (financial and tax & accounting). ENERCON was advised by FICUS Advisory.

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with €8.5 billion of assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

  • Traditional DIF funds, of which DIF Infrastructure Fund VI is the latest vintage, target equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and (renewable) energy projects.
  • DIF CIF funds target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy and transportation sectors.

DIF Capital Partners has a team of over 160 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. For further information please visit www.dif.eu.

Contact: Allard Ruijs, Partner; a.ruijs@dif.eu.

 

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DIF Capital Partners sells portfolio of wind and solar projects in France and Germany

DIF

DIF Capital Partners, through its DIF Infrastructure Yield I fund (“DIF Yield”), is pleased to announce the sale of a renewable energy portfolio, totalling 180MW, to Kallista Energy, a French independent producer of renewable energy.

The sold portfolio comprises 15 wind and solar parks, of which five operational wind parks and three solar parks (total of 90.2 MW) are located in France and seven operational wind parks in Germany (89.5 MW).

Christopher Mansfield, Head of Renewable Energy, said: “This transaction represents a good result for DIF Yield and we believe that Kallista Energy is well placed to further optimise the residual value of this renewable energy portfolio. DIF Capital Partners will continue to manage the West European PPP/PFI and operational solar PV portfolios that remain in DIF Yield.”

DIF Capital Partners was advised by Augusta & Co (transactional) and Watson Farley & Williams (Legal).

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with €8.5 billion of assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

  • Traditional DIF funds, of which DIF Infrastructure Fund VI is the latest vintage, target equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and (renewable) energy projects.
  • DIF CIF funds target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy and transportation sectors.

DIF Capital Partners has a team of over 160 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. For further information please visit www.dif.eu.

Contact: Allard Ruijs, Partner; a.ruijs@dif.eu.

 

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DIF Capital Partners and OX2 sign 63 MW wind power deal

DIF

DIF Capital Partners (“DIF”) and OX2 AB (“OX2”) are pleased to announce that DIF, through DIF Infrastructure Fund VI, will acquire 100% of two onshore wind projects in the Podlaskie and Łódź regions of Poland, with a total capacity of 63 MW. As the projects are ready to build, DIF will invest through the construction of the projects.

The wind projects, which will be equipped with Vestas V126 turbines, have been developed and will be constructed under a tailored EPC contract by OX2. Construction commenced upon closing of the transaction and the projects are expected to become operational by end of 2022. Once commissioned, OX2 will be responsible for the technical and commercial management of the projects, which benefit from contracts-for-difference with the Polish state, providing fixed price tariffs for the power offtake for a period of 15 years.

The total production is estimated to be c. 200 GWh per year, which is the equivalent to the annual power consumption of around 50,000 households; thereby avoiding around c. 70,000 tonnes of CO2 emissions per year from fossil fuels. The projects will support Poland’s energy transition by expanding the country’s renewable energy capacity and reducing dependency on power production from fossil fuels.

Christopher Mansfield, Partner at DIF Capital Partners, said: “DIF is delighted to enter the Polish renewables market through this new partnership with OX2 and to support Poland’s ongoing energy transition. The projects fit well within the investment strategy of DIF Infrastructure Fund VI and adds to the track record of DIF-managed funds, which have invested in c. 2.3GW of wind and solar power projects in Europe, North and South America and Australia.

Paul Stormoen, CEO, OX2, said: “I am very happy to welcome DIF Capital Partners as a new partner with its extensive experience from long-term investments in renewable energy projects. Our partnership is a significant step in OX2’s ongoing expansion in Poland. It more than quadruples the amount of green energy that will be produced from the wind farms in Poland built by OX2.”

DIF was advised by PWC (financial), Allen & Overy (legal) and DNV (technical). OX2 was advised by DNB Markets (financial) and DLA Piper (legal).

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with €8.5 billion of assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

  • Traditional DIF funds, of which DIF Infrastructure Fund VI is the latest vintage, target equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and (renewable) energy projects.
  • DIF CIF funds target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy and transportation sectors.

DIF Capital Partners has a team of over 160 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. For further information please visit www.dif.eu

About OX2

OX2 develops, builds and manages renewable power generation. OX2 has taken a leading position in large-scale onshore wind power over the past 15 years, having developed and constructed more than 2.4 GW of wind power in Europe. OX2 currently has contracted asset management services for 44 wind farms 2.25 GW). OX2’s mission is to lead the ongoing energy transition and promote a more sustainable future. OX2 has operations in Sweden, Norway, Finland, Poland, Lithuania and France. Its head office is in Stockholm, Sweden. Sales revenue in 2020 amounted to €510 million. For more information, please visit: http://www.ox2.com.

For further questions, please contact:

DIF Capital Partners
Allard Ruijs, Partner
a.ruijs@dif.eu

OX2 Poland
Katarzyna Suchcicka
Country Manager
katarzyna.suchcicka@ox2.com
Mobile: +48 507 701 903

OX2 Group
Head of Communications
Mikael Östlund
mikael.ostlund@ox2.com
Phone: +46 709 100 159

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Aibel awarded an additional offshore wind contract

Ratos

Aibel has again been awarded an offshore wind contract by the SSE Renewables and Equinor consortium, developing the world’s largest offshore wind farm in the Dogger Bank area in the UK part of the North Sea.

Aibel is to provide the converter platform for the power transmission from the offshore wind farm to the shore. This in connection with the construction of the third phase of the Dogger Bank wind farm, Dogger Bank C. In 2019, Aibel was awarded a contract for two transformation platforms for the first phases of the project, Dogger Bank A and Dogger Bank B.

The offshore wind farm in the Dogger Bank area will have a combined capacity of 3.6 GW, making Dogger Bank the largest offshore wind farm in the world, and are expected to produce enough energy to power the equivalent of 6 million UK homes.

In May 2019, Aibel was awarded a similar contract (DolWin5) for the connection of the offshore wind farm Borkum Riffgrund 3, with the German network operator TenneT as customer. Renewable energy projects form an increasing part of Aibel’s project portfolio.

“With this contract, we once again confirm our position as a preferred supplier in the European offshore wind segment and strengthen our role in the ongoing energy industry transformation,” says Aibel’s President and CEO, Mads Andersen.

“It is gratifying to note how well Aibel has succeeded in positioning itself as a preferred supplier in offshore wind segment and gradually increases its exposure to renewable energy,” says Christian Johansson Gebauer, Head of Business Area Construction & Services at Ratos.

Dogger Bank A will be put into operation in 2023, while Dogger Bank B is planned for 2024 and Dogger Bank C in 2025.

Read more about the project here: www.doggerbank.com

 

For further information:
Helene Gustafsson, Head of IR and Press
Phone: +46 70 868 40 50
helene.gustafsson@ratos.com

Christian Johansson Gebauer, Head of Construction & Services
Phone: +46 8 700 17 00

 

About Ratos:
Ratos is a business group consisting of 11 companies divided into three business areas: Construction & Services, Consumer & Technology and Industry. In total, the companies have SEK 33 billion in sales and EBITA of SEK 2 billion. Our business concept is to develop companies headquartered in the Nordics that are or can become market leaders. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas for Ratos. Everything we do is based on Ratos’s core values: Simplicity, Speed in Execution and It’s All About People.

 

 


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Vow ASA and Betula Energy aim for biocarbon production in Bamble in Norway

Reiten

Vow and Betula Energy have entered into an agreement whereby Vow will supply technology and equipment to produce biocarbon to a new plant that Betula Energy will establish in Bamble, a municipality in South-East Norway. At this location, Betula Energy, which is the new name of former entity BioGren AS, will establish bioenergy and biocarbon production from forest wood mass in the form of pellets, biocarbon and bio-oils.

Demand for biocarbon in the Nordic region is expected to increase significantly in the next few years. Large, international industrial groups are undergoing a significant green transformation to achieve their goals of significant reductions in the use of fossil coal by 2030. Biocarbon has qualities that enable it to replace fossil coal as a reducing agent in the metallurgical industry.

Technology and solutions from Vow will play a key role in this change. We are in the process of showing not only the Norwegian, but also the international industry, that we have technological solutions that accelerate the green energy transition,” says Henrik Badin, CEO of Vow ASA.

The plant in Bamble will be the second in Norway where Vow’s technology is used in this way. At Follum near Hønefoss, Vow’s wholly owned subsidiary Vow Industries plans to build a similar plant. Here, wood waste from the forest industry and recycled wood from the construction industry will be converted into CO2-neutral energy in the form of biocarbon for the metallurgical industry, gas for district heating, and bio-oils for the petrochemical industry, Badin continues.

Synergies in the production of bioenergy are important

Betula Energy will produce homogeneous wood particles as a raw material and feedstock for one production line for biocarbon for the metallurgical industry, and one production line for wood pellets as a replacement for fossil coal in thermal power plants. With such configuration, synergies can be achieved by using the syngas from biocarbon production to dry wood particles for both production lines. Betula Energy will handle reception, cutting, drying, and pelleting for both production lines. This provides economies of scale.

At the Betula Energy’s facility, detailed control of production is planned through all stages to ensure the desired and consistent quality of the products. The choice of Vow’s technology is consistent with this principle and will ensure the quality of the biocarbon produced, says Gisle Hegstad, general manager of Betula Energy.

Vow will supply the process equipment for the biocarbon production, and orders will be placed by Betula Energy once they have secured financing planned within 2021. For Vow, this order may result in the delivery of process equipment worth up to NOK 200 million.

Market with great potential

Today, the metallurgical industry in Norway consumes annually close to one million tonnes of fossil based reducing agents. This corresponds to around seven percent of the nation’s CO2 emissions. In the Nordic countries, this consumption is four-five times greater.

The market for biocarbon is already large and growing. The first construction phase for Betula Energy will be able to produce 15,000 tonnes of green and climate-neutral biocarbon, and corresponding volumes of bio-oils.

ow ASA

 

Giving waste value and enabler of a circular economy

Vow’s world leading solutions convert biomass and waste into valuable resources and generate clean energy for a wide range of industries. Cruise ships on every ocean have Vow’s technology inside which processes waste and purifies wastewater. Fish farmers are adopting similar solutions, and public utilities and industries use the company’s solutions for sludge processing, waste management and biogas production on land. Vow’s ambitions go further than this. With their advanced technologies and solutions, they turn waste into biogenetic fuels to help decarbonize industry and convert plastic waste into fuel, clean energy and high-value pyro carbon.

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Battery Tech Innovator E-Magy Raises € 5 Million In Funding Round Led By SHIFT Invest

Shift Invest

The funds will be used to scale the production of E-magy’s proprietary nano-porous silicon and to accelerate qualification programs with electric vehicle (EV) and battery manufacturers. E-magy will expand the team and prepare for the construction of a new facility in the Netherlands with production planned for 2023. The use of E-magy’s specialty silicon in EV battery anodes increases energy density of battery cells by 40%, enabling longer-range EVs and lower-cost compact cars.

Dutch battery tech scale-up E-magy has secured an additional € 5 million of funding. SHIFT Invest, an impact venture capital fund that invests in circular technologies, smart food & ag-tech, bio-based innovations and smart materials, has led the funding round with participation of existing investors including PDENH. The Dutch Ministry of Economic Affairs and Climate Policy has committed an innovation credit to accelerate the development of E-magy’s unique technology.

Battery Tech Innovator E-Magy Raises € 5 Million In Funding Round Led By SHIFT Invest

The fresh capital injection enables E-magy to increase production at its fully operational pilot production line for nano-porous silicon and accelerate qualification programs with automakers and battery manufacturers. The company will also use the funds to expand the team and make preparations for a new facility in the Netherlands which will boost annual capacity to thousands of tons per year. E-magy plans to start production at the new facility in 2023.

Casper Peeters, co-founder and CEO: “The additional funding comes at an exciting time when we are scaling up production capacity of our proprietary nano-porous silicon and are advancing with automakers and battery manufacturers to improve battery cell performance. Nano-porous silicon is the solution to the urgent need for high-energy batteries, enabling affordable and efficient electric vehicles for everybody. E-magy is set to power millions of electric vehicles.”

Bram Ledeboer, partner at SHIFT Invest: “We are pleased to support the E-magy team to become a leading supplier to the EV battery industry. Innovation plays a crucial role in rebalancing the world we live in and E-magy is well positioned to create significant impact by boosting the performance of batteries at lower costs.”

The technology

E-magy processes silicon in a unique, cost-effective and scalable way to make ‘nano-sponge’ particles which form the basis of non-swelling, high-capacity silicon anodes of lithium-ion batteries. E-magy’s nano-porous silicon improves the energy density and shortens the charge time of batteries allowing for an extended range at lower costs and leading to more compact models than today’s high-end vehicles. Silicon is abundantly available and environmentally benign.

The opportunity

As almost all global automakers focus on the production of new series of all-electric and plug-in EVs, the demand for batteries is rising exponentially. E-magy offers a highly scalable, next generation battery material that can provide automakers with a clear competitive edge. Moreover, E-magy’s technology platform allows for use in various other devices such as e-bikes and scooters, drones, computers and handheld devices, medical devices and electric energy storage systems for balancing of (renewable) energy supply and demand.


About E-magy
E-magy (www.e-magy.com) designs and manufactures nano-porous silicon material for advanced lithium-ion batteries. E-magy works with partners throughout the global automotive supply chain. The people behind E-magy have 20+ years of silicon crystallisation experience and are based in Broek op Langedijk, The Netherlands. E-magy empowers tomorrow’s batteries today.

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