All posts by Janice Gundersen

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

Business News, Health

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

Business News, Defense / Security

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 News

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

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”

Ferd, Owner & Chair, Johan H. Andresen

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:

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

Business News, Defense / Security
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

AmCham News

US Companies in Norway: Investments & 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.

English
Norwegian

Key Figures in the National Budget 2025

Business News, Government

 

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 News

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”

Maja-Stina Ekstedt

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’’

Tomas Norvoll

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.

Equinor, Standard Lithium JV selected by DOE to negotiate Arkansas project funding

Business News, Energy

SWA Lithium LLC, a US subsidiary of Equinor Energy (45%) and Standard Lithium Ltd. (55%), has been selected for up to $225 million award negotiation from the US Department of Energy (DOE) as part of the US government’s investment in supply chains of domestic lithium production.

This selection, overseen by the DOE’s Office of Manufacturing and Energy Supply Chains (MESC), is part of the second wave of funding under the Infrastructure Investment and Jobs Act. The provisional grant is dependent on completing successful final negotiations with the DOE.

The South West Arkansas project in the Smackover formation in Arkansas targets a total output of 45,000 tpy of lithium carbonate, to be developed in two phases of 22,500 tonnes/year (tpy) each of battery-quality lithium carbonate utilizing direct lithium extraction (DLE) technology (OGJ Online, May 8, 2024). The DOE funding would support construction of the central processing facility (CPF) for Phase 1.

Read full article here.

Internasjonalt gjennombrudd for Defigo

Business News, Technology

Defigo, som leverer digitale porttelefoner og adgangsløsninger, er i full gang med den internasjonale satsingen. Nå har selskapet fått på plass et partnerskap med det verdenskjente elektronikkvarehuset B&H, som har en årlig omsetning på 5 milliarder kroner.

Annonse
Partnerskapet med B&H vil gjøre Defigos videoporttelefon lett tilgjengelig for amerikanske kunder.

– Det er en stor milepæl for oss å ha landet denne samarbeidsavtalen med B&H. Partnerskap med en anerkjent retail-leverandør markerer et vendepunkt for Defigo i USA, og understreker tilliten partnere og kunder har til vår visjon og våre fremtidsrettede produkter, sier Hildur Smaradottir, daglig leder i Defigo.

B&H opplever en økende etterspørsel etter digitale sikkerhetsløsninger i USA, og har på bakgrunn av dette utvidet produktsortimentet til å inkludere Defigo for å imøtekomme kundenes behov for toppmoderne teknologi.

Les hele artiklen her. 

Cyber Influence and the Private Sector’s Role in National Security

AmCham News

AmCham Defense Forum

In collaboration with the US Commercial Service, AmCham’s third Defense Forum of the year was hosted by Geelmuyden Kiese. The session began with a presentation on information manipulation and cyber influence operations by Eskil Grendahl Sivertsen, followed by a discussion on the private sector’s vital role in national security led by Grete Aspelund.

Cyber Influence and the Private Sector’s Role in National Security

Eskil Grendahl Sivertsen, Special Adviser for Cyber-Social Propaganda & Influence at the Norwegian Defense Research Establishment (FFI), provided a comprehensive overview of online information manipulation and interference. He highlighted the growing significance of cyber influence campaigns, which states use to create confusion and mistrust among adversaries by blending facts with falsehoods to promote their own ideologies and political goals.

Eskil also noted the increasing sophistication of these operations due to the rise of AI tools, which have enhanced both the volume and quality of content available online. The difficulty in distinguishing between AI-generated and authentic information, especially as there is “no silver bullet for detecting AI,” adds to the complexity of separating truth from misinformation. One emerging threat, he explained, is the proliferation of AI-driven autonomous news websites, which often produce articles with little or no factual basis and can make their way into mainstream media.

Private Sector’s Critical Role in National Security

Grete Aspelund, head of NCC Industry in the Nordics, addressed the crucial role of the private sector in supporting national security, particularly through the development and maintenance of critical infrastructure. She pointed out that while government ambitions are generally aligned with the needs identified by industry experts, three significant challenges remain: maintenance backlogs, geopolitical instability, and insufficient local funding.

Grete stressed that critical infrastructure, essential for emergency preparedness, must be built from the ground up. However, she noted that a lack of coordination and communication between governmental institutions and the public and private sectors hinders progress toward meeting Norway’s infrastructure needs. With the recent accession of Finland and Sweden to NATO, she emphasized the growing importance of Nordic collaboration on critical infrastructure, expressing hope for increased coordination between countries and greater involvement of the private sector in this effort.

About the AmCham Defense Forum

In partnership with the US Commercial Service, the Defense Forum supports US defense industry partners in Norway. Key Patron-level and defense industry representatives gather quarterly to forge enhanced public-private sector collaboration – sharing insights, developments, and trends to secure long-term transatlantic bonds.

Please contact amcham@amcham.no for interest in future meetings.