All posts by Janice Gundersen

FREYR to buy Trina Solar’s 5GW solar module facility in Texas, US

The $340m transaction will close by the end of 2024.

FREYR Battery has agreed to take over Trina Solar’s 5GW solar module manufacturing facility in Wilmer, Texas.

The $340m transaction will close by the end of 2024, subject to customary conditions and the completion of a preferred stock issuance.

Trina Solar will receive $100m in cash, a $50m repayment of an intercompany loan and a $150m loan note.

The deal also includes 9.9% of FREYR’s outstanding common stock and a convertible loan note that could convert into an additional 11.5% of FREYR’s outstanding common stock.

The facility, which commenced production on 1 November 2024, is set to reach full production in 2025.

30% of the expected total production output from the facility is already committed to be sold through contracts with customers in the US.

Read full article here

Prime Minister Støre congratulates Donald Trump

‘On behalf of the Norwegian Government, I would like to congratulate Donald Trump on his victory in the US presidential election. The US is Norway’s most important ally and we work closely together in many areas. I look forward to continuing our cooperation with the US under Mr Trump’s leadership,’ said Prime Minister Jonas Gahr Støre.

The US election has been a very close race, but Wednesday morning it became clear that Mr Trump had won and will be the next President of the US.

‘Over the years, Norway has maintained cooperation with the US through changing times and different administrations. We will continue to do so. The Norwegian Government’s primary aim is to safeguard Norway’s interests. The US is important for the Norwegian economy, for our jobs, and for the security of our country,’ said Prime Minister Støre.

The Government is aware that the change of government in the US may affect cooperation in areas of importance to Norway.

‘The fundamentals remain unchanged: US involvement is essential to address global challenges and Norway seeks to further develop the excellent relations between our two countries, and these rest on a firm foundation of long-term common interests,’ said Mr Støre.  

Read full article here.

Norsk Hydro VP in Silicon Valley to Pitch Green Aluminum

Hilde Haugen Kallevig, vice president at Norsk Hydro, recently relocated to San Francisco. She wants to convince companies like Tesla and Rivian that low-carbon metals are both an environmental benefit and a smart business move, even if the cost is higher.

Haugen Kallevig sees a shift to green materials as an opportunity for Silicon Valley’s forward-thinking companies.

“Companies must start to see sustainable materials as a way to differentiate in the market and meet new government incentives, rather than just focusing on cost,” she says.

Even if was mainly her husband’s job that brought her to San Francisco, she views Silicon Valley as an ideal base to influence the U.S. tech industry.

The U.S. remains one of Norsk Hydro’s largest and fastest-growing markets, but Haugen Kallevig acknowledges that, still, only a few American companies are currently willing to pay the premium for sustainable materials, even if it’s just a few extra cents per kilogram.

“The price is the biggest hurdle at this point,” she says, noting that while sustainable materials offer added value for companies, producing them responsibly inevitably involves higher costs.

Read full article here.

Thor Medical and ARTBIO sign strategic long-term supply agreement for Thorium-228

Oslo/Massachusetts, 29 October 2024: Thor Medical ASA, a leading emerging supplier of alpha-emitters for next-generation precision cancer treatment, has signed a strategic master supply agreement with ARTBIO, a clinical-stage radiopharmaceutical company developing a new class of alpha radioligand therapies (ARTs).

The master supply agreement outlines terms for a 5-year supply of Thorium-228 to ARTBIO, representing revenues for Thor Medical of up to approximately NOK 200 million (USD 17 million) with the potential to increase to approximately NOK 400 million (USD 38 million), conditional on certain milestones such as Thor Medical’s ramp up of production capacity, supply metrics and specifications, and the development of ARTBIO’s pipeline.

“Securing strategic supply agreements are an important prerequisite for a positive investment decision for our planned commercial production plant. The agreement with ARTBIO represents significant progress in the efforts to commercialize large-scale production and supply of the world’s purest radionuclides from the natural decay of thorium to help transform cancer care”, says Jasper Kurth, CEO of Thor Medical.

The Thorium-228 will be produced and supplied from Thor Medical’s first commercial-scale facility planned at Herøya Industrial Park in Norway. Thor Medical expects to make an investment decision for such facility in Q1 2025, with estimated plant completion 12 months thereafter.

Read full article here.

Teledyne FLIR Defense Wins $91 Million Contract from U.S. Army for Black Hornet 4 Nano-Drones

BOSTON, October 22, 2024 ― Teledyne FLIR Defense, part of Teledyne Technologies Incorporated (NYSE:TDY), has won a five-year contract worth up to $91 million to provide its Black Hornet® 4 Personal Reconnaissance Systems to the United States Army. The advanced nano-unmanned aerial systems (UAS) are being acquired under the Soldier Borne Sensor (SBS) program, Phase II.

Teledyne FLIR has received $25 million in initial orders that will cover delivery of the first tranche of Black Hornet 4 drones, as well as controllers, spare parts, and training.

The U.S. Army began acquiring Black Hornet 3 systems for the original SBS program in 2018. Since then, they have placed orders totaling more than $215 million for the multi-faceted drone. Soldiers are using the UAVs to augment squad and small unit surveillance and reconnaissance capabilities.

The Black Hornet 4 system is designed to be easy for the soldier to carry, launch quickly, and then provide video and images back to the operator. This capability provides soldiers with situational awareness more safely from a protected position.

“The Black Hornet 4 stands out as the world’s most capable nano-UAS for the world’s most high-risk missions,” said Dr. JihFen Lei, president of Teledyne FLIR Defense. “We are honored the Army continues to place its trust in us as drone-of-choice provider for Soldier Borne Sensor, and we’re proud to see our technology making a real difference for warfighters on the battlefield.”

Read full article here.

AmCham Mentorship Program: Impact & Leadership Responsibility

AmCham Mentorship Program: Impact & Leadership Responsibility

Participants of the 2024-25 edition of the AmCham Mentorship Program attended their third group gathering at Thon Hotel Storo, featuring presentations by host and Team Leader Corporate Sales Marianne Haugland Hindsgaul, along with Owner and Chair of Ferd, Johan H. Andresen.

Mentorship Event Tile

Effective Leadership Practices

With over 20 years of experience in leadership and management, Marianne Haugland Hindsgaul shared valuable insights on how to be a successful leader, focusing on the qualities necessary for the leaders of tomorrow. Hindsgaul stressed the importance of strategic planning and the power of networking. She emphasized the need for diversity, equality and inclusion (DEI) in the workspace, and encouraged a fearless approach to challenges. The true value of DEI and its contributions to leadership at Thon Hotels:
Strengthened recruitment

  • Higher employee retention
  • More innovation
  • Deeper trust
  • Improved business outcomes

‘‘There is no room for empty words, and use your energy on what you are going to achieve’’

Marianne Haugland Hindsgaul

Johan H. Andresen

Impact: Degrees of Freedom & Responsibility

Ferd owner Johan H. Andersen shared a model that underscores the relationship between financial returns and degree of responsibility. He emphasized the importance of thinking beyond mere obligations and provided insights on how this approach can positively affect both companies and society. He also shared insights into Ferd’s initiatives and the substantial efforts that support them – the value of learning from a diverse range of individuals and perspectives to promote growth and change.

In staying ahead of trends and especially leveraging their existing capabilities, Ferd continues to be a leader in innovation and social impact.

“There is a difference between talent and potential. There is a future payment in potential. Talent, you pay up-front. Once you treat people as someone who has potential, everything changes”

About the AmCham Mentorship Program

With its unique cross-industry orientation, AmCham’s Mentorship Program offers a dynamic, internationally minded arena for leadership development. The program pairs emerging corporate talent with seasoned executives from AmCham Patron-level member companies.

The result: a collaborative arena that fosters improvement and reflection, prepares young leaders for the challenges of the international marketplace, and forges bonds between AmCham’s transatlantic member companies.

For further information and interest in the program, please contact janice.gundersen@amcham.no.

 

Participating Companies 2024-25:

AmCham Mentorship Program Second Group Gathering: Communications & Leadership

Participants of the 2024-2025 edition of the AmCham Mentorship Program attended their second group gathering at Capgemini’s Skøyen office, featuring presentations by Consultant Manager at Capgemini, Tynlee Roberts, Head of practice- Digital Customer Experience in Capgemini, Rune Foyn and Camilla Wollan, recently appointed as Country Managing Partner at DLA Piper.

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BAE Systems and Kongsberg sign teaming agreement for new platform situational awareness tool

BAE Systems has entered into a teaming agreement with Kongsberg Defence and Aerospace to bring Integrated Combat Solution (ICS) to the U.S. defense market. The transformational battlefield situational awareness tool for combat vehicles will provide the Warfighter with the capability to link and share video streams, metadata, target information, slew-to-cue commands, and much more, reducing the typical threat response speed from minutes to seconds. Together, with Kongsberg developing the ICS tool and BAE Systems integrating it onto combat vehicles, the companies will support technology upgrades through the product lifecycles.
 
“The ability for troops to rapidly pass targeting information across the battlefield to other platforms and engage a target remotely is critical to their mission,” Andy Corea, vice president and general manager of BAE Systems’ Combat Mission Systems business, said. “The combined talents of Kongsberg’s innovation and expertise in remote weapon systems and our lead systems integration capability provides the Warfighter the opportunity to obtain fully integrated enhanced combat capability – helping them stay aware and unmatched in battle.”
 
ICS is a tool that can be used across the U.S. Marine or U.S. Army’s fleet of vehicles as a critical enabler of their mission. Built with an open-systems approach, ICS can be integrated on any battlefield platform equipped with a weapon system and on-board sensors – keeping troops aware and safer in the fight. ICS will give Warfighters more options to respond to potential threats, matching the rapid pace of warfare in the future. ICS uses an integrated network to link the sensors on different battlefield assets together, allowing command and control of weapon stations, turrets, jammers and other effectors from a single screen inside the vehicle.

Read full article here.

US Companies in Norway: Investment & Activities

US Companies in Norway: Investment & Activities

US companies play a vital role in shaping Norway’s economic landscape, representing both globally recognized consumer brands and significant industrial investments. The United States stands as one of Norway’s closest and most valued allies, a partnership further reinforced by robust business ties and shared economic interests. This report, conducted by Menon Economics on behalf of AmCham Norway, underscores these strong economic connections by analyzing the impact of US companies on Norway’s economy.

US corporations have steadily increased their presence in Norway, with almost 400 active entities in 2022. These companies employ close to 42,000 individuals and as such represent 2.3% of all private employment in Norway. In addition, US companies contribute significantly to Norwegian economic activity, with combined revenues of almost NOK 330 billion in 2022, thereby making up about 3.2% of total nationwide production. Furthermore, these companies contributed with a gross value added of NOK 117 billion, accounting for 2.3% of the Norwegian GDP, illustrating the substantial economic footprint of US investments across various sectors.

In 2022, the stock of direct investments by US companies amounted to almost NOK 120 billion. Investments are concentrated in capital-intensive sectors like petroleum and manufacturing, which represents about 75% of investments in Norway from US companies. Over the last ten years, the stock of US direct investments has been relatively stable between NOK 110 billion and NOK 130 billion, but the share of US owned equity has fallen steadily since 2010.

US companies continue to be integral to Norway’s economic growth, fostering innovation, employment, and international collaboration. For a deeper dive into the findings, you can view the full report.

Key Figures in the National Budget 2025

 

The Ministry of Finance publishes selected key figures at 8 am, prior to the publication of the budget, which includes more detailed projections, at 10 am.

The backdrop for the budget is an economy with prospects for stronger growth and continued low unemployment. After a few years of high inflation economic policy appears to have successfully brought inflation down without causing a significant increase in unemployment or negative growth. With prospects for wage growth well above inflation this year, household purchasing power is expected to improve and contribute to higher growth in the Norwegian economy in 2025.

The government has significantly strengthened defence, security and preparedness as a result of international events in recent years. These areas are also prioritised in the budget for 2025.

Les hele artiklen her.

AmCham Sustainability Forum: Space as the Enabler for Sustainability Initiatives and the Ministry of Trade on Accelerating Transatlantic Green Transition.

AmCham Sustainability Forum: Space as a Sustainability Enabler and Accelerating the Transatlantic Green Transition

Cross-industry member leaders gathered at Kongsberg Satellite Services for an afternoon Sustainability Forum focusing on how KSAT´s services play a key role in Norway’s global sustainability initiatives and a discussion with the Ministry of Trade State Secretary Tomas Norvoll (Ap) on the eagerness of accelerating the transatlantic green transition.

Space as the Enabler for Sustainability Initiatives

Maja-Stina Ekstedt, EVP Sustainability, Public Relations & Communication, shared KSAT’s global operations within ground network services, earth observation services and government programs. KSAT is collecting and utilizing data for various coastline initiatives – monitoring greenhouse gas emissions, detecting oil spills, tracking vessel movements, and observing changes in natural environments. Additionally, KSAT collaborates with NASA to enhance these efforts. 

KSAT plays a pivotal role in the global sustainability value chain as the leading provider of ground network services, propelling Norway’s sustainability initiatives. This includes collaboration with the Norwegian Ministry of Climate in Norway’s International Climate and Forest Initiative (NICFI), which focuses on monitoring the world’s rainforests. Additionally, KSAT supports the Ministry of Trade’s Blue Justice Initiative by monitoring fisheries crime and promoting collaboration among over 60 countries.

“In space there are no borders, we need to collaborate”

With over 400 employees, Kongsberg Satellite Services is a global technology leader and is increasing the availability for fast and reliable information as evidenced in their Annual & Sustainability Report 2023.

Maja-Stina Ekstedt
EVP Sustainability & Communication

Tomas Norvoll
Ministry of Trade State Secretary

Strengthening our Alignment: How Can We Speed Up the Transatlantic Green Transition?

Tomas Norvoll (Ap), State Secretary at the Ministry of Trade, Industry and Fisheries, emphasized the increasing importance of the transatlantic green transition. He highlighted that increased collaboration is essential for enhancing focus on sustainability and advancing industrial development, as well as fostering more robust dialogue among companies. Tomas encouraged the group to align our transatlantic initiatives more closely to build a future proof sustainable economy.

Among the topics discussed was the importance of fostering closer collaboration between industry and government from the early stages of projects to expedite progress. The US Commercial Service also contributed valuable industry insights. All parties are dedicated to enhancing dialogue and strengthening cooperation as part of the broader US-Norway Comprehensive Dialogue on Commerce and Sustainability.

‘’We are in it together’’

About AmCham Sustainability Forum

Future success is dependent upon running a sustainable business – for people, planet, and profit. Hence, AmCham brings select, cross-industry member company representatives together on an ongoing basis to discuss opportunities, facilitate open exchange and determine how AmCham members can best contribute to Norwegian and US sustainability agendas going forward.

Please read more about our Sustainability Forum and contact Janice.Gundersen@amcham.no for interest in future meetings.

AmCham Sustainability Forum: Plastics & Aviation

AmCham’s latest Sustainability Forum, hosted by NHO, brought together members representing diverse industries to learn about the NHO’s newly launched single-use plastic products partnership and from Avinor on how Norway is ideally suited as an international test arena for zero and low-emission aircraft.

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