All posts by Janice Gundersen

November 2023 US Tech Policy Roundup

Business News, Technology

November saw another slew of tech policy developments in the US. Artificial intelligence (AI), in particular, dominated the headlines:

  • After President Biden signed a historic executive order on AI in late October, the Office of Management and Budget (OMB) started the month by releasing draft guidance to help federal agencies implement new governance structures and advance AI innovation. 
  • The US co-led the joint release of a non-binding international agreement among 18 countries that aims to keep AI safe throughout development and deployment cycles. 
  • President Biden met with Chinese President Xi Jinping to discuss numerous issues, including the dangers posed by the use of AI in military operations. 
  • Following the release of the AI executive order, federal agencies launched hiring initiatives to identify chief AI officers, with a projected 400+ officials needed to fill all posts. 
  • Senate Majority Leader Chuck Schumer (D-NY) held three additional AI Insights Forums, which covered a range of topics including election, privacy, transparency, and intellectual property issues. (Learn more about each forum using the Tech Policy Press AI ‘Insight Forum’ Tracker.)
  • At the state level, the California Privacy Protection Agency released draft regulations for businesses using AI, including a host of consumer protections. 
  • OpenAI suddenly dismissed CEO Sam Altman, only to reinstate him less than a week later. His reinstatement was also accompanied by board changes, prompting wider calls to diversify the new board’s representation. Before agreeing to return, Altman had accepted a leadership role on Microsoft’s advanced AI research team. On the same day Altman was removed, the company disclosed it hired its first federal lobbyists.

Read full article here.

Norway to provide NOK 270 million to new climate fund

Business News, Government

Norwegian Prime Minister Jonas Gahr Støre announced at the UN climate summit (COP28) in Dubai that Norway will provide NOK 270 million to the new fund for loss and damage associated with climate change (Loss and Damage Fund).

The decision to establish the fund was agreed on at COP27 in Sharm el-Sheikh last year. Over the past year, a committee in which Norway has been represented drew up recommendations regarding the design and operation of the fund. These recommendations have now been adopted by the parties to the UN Climate Change Convention and the Paris Agreement.

– It is very encouraging that we have reached agreement on how to operationalise the fund. Loss and damage due to the adverse effects of climate change is a problem that will unfortunately continue to grow in the future. I am pleased that Norway is able to pledge early financing for the fund, said Prime Minister Jonas Gahr Støre.

The new fund will provide assistance to developing countries that are particularly vulnerable to climate-related events and disasters, for instance the impacts of man-made climate change such as rising sea levels, and extreme weather events such as storms and flooding. The fund will be closely aligned with existing funding mechanisms in a manner that will promote adequate coordination between the various forms of support, for example in humanitarian efforts.

Read full article here.

Norway sovereign wealth fund to co-lead class action in SVB bankruptcy

Business News, Financial / Investment

OSLO (Reuters) – Norway’s $1.5 trillion sovereign wealth fund, the world’s largest, said on Friday it has been appointed by a U.S. court to co-lead an ongoing U.S. securities class action relating to the now-bankrupt Silicon Valley Bank (SVB).

SVB’s collapse in March was the trigger for the worst banking shock since the 2008 global financial crisis, sending bank stocks globally on a wild ride.


The Norwegian fund said the SVB case raised significant concerns regarding the integrity of the public markets, the governance of large financial institutions and the interests of the investor community more broadly.

 

“We manage money on behalf of all Norwegians. I see it as our duty to take legal action to both maximise our recoveries after the SVB collapse and to signal that this is not acceptable market behaviour,” the fund’s Chief Executive Nicolai Tangen said in a statement.

Read full article here.

Norway’s Economic Contribution to the U.S.A.

Business News, Trade

In the 20th century, businesses, inspired by the success stories of Norwegians in the U.S. and the growing global influence of America, began looking westward. Companies from both countries started collaborating, resulting in a surge of investments, joint ventures, and shared successes. In today’s complex geopolitical arena, the U.S. and Norway have fostered a strong relationship built on trust and mutual understanding on many important global issues. Furthermore, the U.S. and Norway converge on global challenges, reflecting their shared ambitions in championing human rights and mitigating the impacts of climate change.  

Today, this bond has evolved into a dynamic political and economic partnership characterized by economic cooperation, trade, and investments. Norwegian multinational companies in the US span various sectors, from green technology in California, Atlanta, and Michigan, to maritime enterprises on the Atlantic coast, and oil and gas companies in Texas. All companies contribute to job creation in local communities. Trade, a cornerstone of any bilateral relationship, has flourished between Norway and the U.S. The vast expanse of goods traded ranges from machinery and seafood to advanced equipment and petroleum products. Also, the largest sovereign wealth fund in the world, NBIM1, has about 45 percent of its holdings in the US.  

Trade between the two countries has contributed to the growth and development of both economies. Although significantly smaller in size, innovative Norwegian companies in many sectors contribute in important ways to the US economy. Menon’s report quantifies these effects in terms of the amount of US jobs associated with Norwegian multinationals, Norwegian import of American goods and services and investments from US-affiliated companies. 

Based on extensive data collection, Norwegian multinational companies in the US contribute to the creation of 20,200 American jobs. These companies include large companies with thousands of employees, alongside many small and midsized Norwegian companies operating in a range of different industries. Additionally, export of US goods and services to Norway supports 12,100 American jobs. Moreover, Norwegian multinationals and US companies exporting to Norway indirectly support 44,200 U.S. jobs through their purchases of goods and services. Finally, we find that there are approximately 218,000 jobs associated with Norwegian portfolio investments in US companies.

In the report, Menon estimates the jobs numbers for each U.S. state. Texas is the state where the most U.S. jobs are created from Norwegian activity, followed by Pennsylvania, California, and New York (see fact sheets below) 

Norwegian companies not only create important and well-paying jobs in the US. With world-leading and innovative companies operating in a range of different industries, Norwegian companies provide important inputs and technologies to US consumers and businesses. To illustrate this, Menon conducted in-depth analyses of six specific industries that are of significant relevance in the economic ties between the United States and Norway. These industries include:  

  • Offshore wind 
  • Emerging green technologies  
  • Maritime sector 
  • Process industry 
  • Defense and security 
  • Seafood 

All these industries are actively supported by a broad range of public and private Norwegian entities in the U.S., commonly referred to as Team Norway.  

Read full article and report here. 

AmCham Thanksgiving Charity Dinner

Business News, Culture / Lifestyle

Tale holdt av næringsminister Jan Christian Vestre, 20. november 2023
Sjekkes mot fremføring.

Ladies and gentlemen,

It is truly a pleasure to be here with you this evening – in the spirit of Thanksgiving.

The Thanksgiving-tradition is deeply rooted in the American culture.

Coming together in gratitude, to celebrate community and partnership. 

These are values we also share as Europeans. 

In a time where things are changing on the geopolitical stage, it is especially good to work close with trusted partners and friends.

The fact is, I often look to the US for inspiration.

The climate knows no boundaries, and the whole world depends on the United States making good on its climate-commitments.

And all of us will benefit from the innovations in green and clean technology that is sure to come as your industries lean into the future.

I sincerely believe that Norway can make significant contributions to the green transition in the United States.

Big words from a small country, some might say.

I’m well aware that there are nearly eight times as many people in California alone, as in all of Norway.

But we have resources, technology and raw materials that can make the world greener.

And we have bold industries making a difference in the United States.

Corvus Energy opened a battery factory earlier this year in Bellingham, Washington state, to provide zero-emission solutions for maritime transportation.

Nel Hydrogen will build a new automated gigawatt electrolyser manufacturing facility in Michigan.

It will employ more than 500 people and be amongst the largest electrolyser manufacturing plants in the world when it opens.

We also see US companies making use of the great opportunities for high quality, clean production here in Norway.

Alcoa, for instance, produces the world’s cleanest aluminium here.

And Microsoft is working with Equinor to develop the Northern Lights project, which aims to standardize and scale CCs across Europe.

To use a technical term: This is great stuff!

I want to encourage more of these green value chains in both our countries.

That’s why I make sure to meet with US decision-makers every chance I get.

That is also why I’ve travelled several times to the US to develop our strategic partnership.

And this partnership has just entered a new stage.

My colleague, State Secretary Tore Sandvik, just in the last few days signed an MoU with the Department of Commerce, on behalf of the Ministry of Trade, Industry and Fisheries.

We are committed to strengthening our commercial dialogue and collaboration in sectors tied to the green transition.

Norway is engaged in U.S-led initiatives to accelerate the green transition, such as the Minerals Security Partnership and the First Movers Coalition.

We also support the “Joint Statement on Supply Chains Cooperation”.

While the State Secretary was in the US recently, he also launched the report “Norway’s contribution to the U.S. Economy”.

It shows that that Norwegian multinational companies in the US contribute to the creation of 20.200 American jobs.

We have large companies, such as aluminum producer Hydro with over 6,000 employees in the US, maritime company Wilhelmsen with 2,800 employees and maritime classification company DNV with 1,550 employees, alongside many small and midsized Norwegian companies operating in a range of different industries.

There are approximately 218.000 jobs associated with Norwegian portfolio investments in US companies.

Fittingly, the state secretary was also present for the opening of the Norwegian company Hydro’s new aluminum recycling factory in Michigan.  

The plant will produce 120,000 metric tonnes (265 million pounds) of aluminum extrusion ingot per year and create approximately 70 local jobs.

Reducing emissions, creating jobs – that’s my kind of industry!

When people gather for Thanksgiving dinner, the custom is, as I understand it, to express gratitude.

Dear friends, I’m grateful for the great bond between our countries.

I’m grateful for the things we have achieved together.

And I look forward to many great things in the time to come!

Thank you.

Regjeringen

Hydro Capital Markets Day 2023: Pioneering the green aluminium transition, powered by renewable energy

Business News, Energy

Hydro is shifting gear to capture opportunities created by increased demand for low-carbon aluminium. Towards 2030, Hydro will step up growth in aluminium recycling and extrusions, and in its ambitions within renewable power generation. Hydro will execute on its decarbonization roadmap, and contribute to nature positive and a just transition, while shaping the market for greener aluminium. These are key topics for Hydro’s Capital Markets Day 2023.

  • Expecting up to NOK 2 billion greener earnings uplift by 2030
  • Stepping up growth in Extrusions to NOK 10-12 billion EBITDA in 2030
  • Stepping up growth in Recycling to NOK 5-8 billion EBITDA in 2030, partially driven by increasing post-consumer scrap to 850-1,200 kt by 2030
  • Increasing CO2 reduction target until 2030, maintaining 30% target despite portfolio changes, and stepping up nature positive efforts through initiatives on biodiversity, waste handling and land use
  • Increasing improvement program to NOK 14 billion in 2030, including additional potential from digitalization, and increasing commercial ambitions to NOK 6.1 billion in 2030, including the full potential for greener premium earnings uplift
  • Updating 2024 and medium-term capex guiding to 15 billion annually from currency, inflation and 2023 carry-over, and adding annual flexibility up to NOK 1-2 billion, while estimating a NOK 2 billion net operating capital release in 2024
  • Aiming to distribute 50-60 percent of adjusted net income to shareholders for 2023, in-line with capital structure target

“Based on our leading position we are now shifting gear. Towards 2030 we are stepping up growth ambitions in Extrusions, recycling and renewable power generation aimed at capturing market opportunities emerging from the green transition,” says President and CEO Hilde Merete Aasheim.

In 2020, Hydro set out a forceful agenda towards 2025 to develop a more robust, higher-earning and more sustainable company. Hydro has delivered on this strategy through improved earnings and sustainability performance, and a more robust portfolio, positioning the company for strategic resilience in a world in transition. 

Read full article here.

FREYR Battery Announces New Organizational Structure and Leadership Changes

Business News

New York, Oslo, and Luxembourg, November 27, 2023, FREYR Battery (NYSE: FREY) (“FREYR” or the “Company”), a developer of clean, next-generation battery cell production capacity, has announced organizational optimizations, including leadership changes intended to align resources with FREYR’s business priorities.

Under FREYR’s new organizational structure, the following members of FREYR’s executive leadership team will assume elevated responsibilities with immediate effect:

  • Dr. Andreas Bentzen has been promoted to the role of Chief Technology Officer. Dr. Bentzen, who has been shaping the Company’s technology road map in his previous role as Executive Vice President of Technology, will lead the development of FREYR’s technology strategy and product innovation initiatives.
  • Ryuta Kawaguchi will assume the role of Chief Strategy Officer & Technical Fellow, where he will grow FREYR’s team of battery subject matter experts to assist with FREYR’s technology and product development.
  • Mike Brose, who has been serving as FREYR’s Senior Vice President of Operations in the U.S., will now lead all of FREYR’s activities in Mo i Rana, including the Customer Qualification Plant (“CQP”), Giga Arctic, and coordination of all FREYR’s functional teams along with vendors, suppliers, and customers. He will report directly to the CEO. In this newly created role to empower the ’Asset Mo’ owner with the autonomy to drive results, Brose will oversee final commissioning and lead the start of automated production and the scale up of the 24M Technologies’ SemiSolidTM platform.
  • Amy Jaick, who has been serving as Senior Vice President of U.S. Communications, has been promoted to Head of Global Communications.
  • Jan Dahm-Simonsen, who has been serving as Senior Vice President of Human Resources in Norway, will lead FREYR’s global human resources function.

Read full article here.

AmCham Thanksgiving Charity Dinner 2023

AmCham News

AmCham Thanksgiving Charity Dinner 2023

TG23 Slides (1)

 

An evening of giving back and giving thanks – hosted at Hotel Bristol’s Grand Hall – gathered sponsors 3M, KPMG, and Merck alongside members, partners and friends for the annual AmCham Thanksgiving Charity Dinner. In line with the Thanksgiving spirit and honoring our longstanding tradition, the evening included a raffle and auction, featuring generous prizes from member companies, with all proceeds benefiting charitable partner Make-A-Wish Norge.

Hotel Bristol’s Chef Jan Frode Berentsen crafted a traditional turkey dinner with all the fixings and trimmings, followed by pecan, pumpkin and apple pies and earning praise from both Thanksgiving aficionados and novices alike. Accompanying the dinner were Noble Vines 446 Chardonnay and 337 Cabernet Sauvignon.

Valued Partnerships

Presenting the evening’s charity partner was Kristin Anderssen, CEO of Make-A-Wish Norge. She remarked that “it’s heartwarming to see how businesses and organizations can come together to create a positive impact in our community. Let’s make this Thanksgiving season a time of giving and gratitude.” Anderssen expressed her appreciation for the support of the US-based organization’s mission of providing hope and fulfilling the dreams of as many children as possible.

Trade Minister Jan Christian Vestre followed, emphasizing his appreciation for the United States’ everything is possible approach. On US-Norway partnership, Minister Vestre stated that we have “just entered a new and very exciting stage. We are now committed together to strengthening our commercial dialogue and collaboration in sectors tied to the green and digital transition. I’m grateful and extremely proud of the great bond between our two countries. I’m grateful for the things we have achieved so far, and I really look forward to many great things in the time to come.”

US Embassy Deputy Chief of Mission Sharon Hudson-Dean thanked the AmCham community for its continued close working relationship – and for maintaining the highest standards of international business practice. Hudson-Dean also emphasized the key role of businesses in the green transition.

TG23 - website graphic (2)

A Cheerful Showcase of Auction Prizes

Following dinner, a lively charity raffle and auction ensued. AmCham’s Madeleine Brekke, along with auctioneer extraordinaire Christopher Minora, encouragingly announced bids as winners won a broad selection of enticing prizes – ranging from roundtrip flight tickets from Icelandair and Norse Atlantic Airways to a Coca-Cola cooler and Google’s newest Pixel Phone.

Following the prize frenzy, AmCham Managing Director Jason Turflinger proudly announced that this year’s charity auction and raffle had raised a record-breaking 125 000 NOK for Make-A-Wish Norge.

We are truly grateful for the generosity of our transatlantic community and sincerely thank everyone who contributed!

Please click on the left to read the letter from the CEO Make-A-Wish Norge Kristin Anderssen

Photo Gallery

Photos: Traci Milimo

Norway’s Third-Quarter GDP Rebound Keeps Rate Hike in Play

Business News, Financial / Investment

Norway’s economy eked out a slight gain last quarter, helped by unusually wet weather, likely keeping alive bets the central bank will extend tightening.

Mainland gross domestic product, which excludes Norway’s offshore industry, grew 0.1% from the previous three months, when it was unchanged, the statistics office said on Thursday. The development was weaker than both a 0.2% gain forecast by analysts in a Bloomberg survey, and Norges Bank’s prediction of a 0.3%

Read full article here.

Your Essential Inflation Reduction Act Update

AmCham News, Government

Your Essential Inflation Reduction Act Update

AmCham Nordics, in partnership with KPMG, recently hosted a one-hour briefing on the Inflation Reduction Act (IRA).

KPMG’s experienced professionals provided details on the latest opportunities available for transatlantic companies to tap into the unprecedented funding for energy and climate initiatives, including updates on tax credits and innovative provisions. The key digital takeaways from our meeting here:

About the speakers:
Hannah Hawkins is Principal, in KPMG’s Washington D.C. tax office. Prior to joining KPMG, Ms. Hawkins served as Deputy Tax Legislative Counsel in the Treasury’s Office of Tax Policy and on legislation that led to the I.R.A.

Richard Marcos is the Global Leader of KPMG’s Credits & Incentives Network as well as KPMG’s US National Tax Credits practice. He is a Principal in KPMG’s US Accounting Methods and Credits (AMCS) Practice and is resident in the San Diego office.

Please save the date for our next Nordic AmCham webinar on February 1, 2024, 15:00 CET on transatlantic green transition investment trends and opportunities.

We sincerely thank our friends at AmCham Finland for arranging and virtually hosting us!