All posts by Margrethe Harboe

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!

INTERNATIONAL TRADE ADMINISTRATION AND NORWEGIAN MINISTRY OF TRADE, INDUSTRY, AND FISHERIES LAUNCH COMPREHENSIVE DIALOGUE FOR COMMERCE AND SUSTAINABILITY

Business News, Trade

WASHINGTON – Today, Under Secretary of Commerce for International Trade Marisa Lago and State Secretary Tore Onshuus Sandvik of the Norwegian Ministry of Trade, Industry, and Fisheries signed a memorandum of understanding to launch the U.S.-Norway Comprehensive Dialogue for Commerce and Sustainability. The new bilateral dialogue aims to facilitate increased engagement between the International Trade Administration and the Norwegian Ministry of Trade, Industry, and Fisheries to deepen trade and investment cooperation in industries supporting our countries’ green transitions. 

Specifically, the U.S.-Norway Comprehensive Dialogue for Commerce and Sustainability focuses on offshore wind, advanced batteries, critical minerals, clean hydrogen, carbon management, and the maritime industry. Additionally, the dialogue will provide an opportunity to facilitate cooperation in other areas of mutual interest and create a channel for important discussions on other related topics. 

“As we pursue a more sustainable future, collaboration between governments is critical to ensuring that our efforts are coordinated and have lasting impact,” said Under Secretary Lago. “In launching this new dialogue, the United States and Norway are signaling our commitment to creating economic opportunities that will position both of our countries as leaders in the 21st century global economy.” 

Read full press release here. 

Hydro opens new aluminium recycling plant in Cassopolis, Michigan

Business News, Chemicals / Metals

On November 16, Hydro opened the Cassopolis plant in the U.S., 18 months after breaking ground at the site. The USD 150 million Michigan plant will produce 120,000 metric tonnes of recycled aluminium annually. Hydro is now producing aluminium with the lowest carbon footprint in North America.

“With the U.S. experiencing a manufacturing renaissance, this is a great day for Cassopolis, Michigan and for Hydro. This project is a key part of our strategy to double the production of our market leading recycled products and to bring more low-carbon aluminium to our American partners,” says President and CEO, Hilde Merete Aasheim.

Hydro expects to produce 120,000 metric tonnes of aluminium extrusion ingot per year at the site. It is the third greenfield recycling plant the company has built in the United States, but the first designed to produce Hydro CIRCAL.

Hydro CIRCAL contains at least 75 percent post-consumer aluminium scrap, certified by third-party auditors DNV GL, and has a market leading CO2 footprint of just 2.3 kg CO2e per kg aluminium or less.

Read full article here. 

New IBM Study Explores the Changing Role of Leadership as Businesses in Europe Embrace Generative AI

Business News
– IBM launches new European study of 1600+ senior leaders and C-level executives to explore how leadership is changing in the age of AI
– 82% of leaders surveyed have already deployed generative AI or intend to deploy generative AI in the next year, driven primarily by pressure from employees, management, and investors
– 96% are prioritizing governance and ethics as they engage in shaping internal and industry frameworks
– Data security and privacy is seen as the key challenge in terms of leadership accountability
 

LONDON, Nov. 8, 2023 /PRNewswire/ — IBM (NYSE: IBM) has launched its new report ‘Leadership in the Age of AI.’ Based on a survey of 1,600+ senior leaders and C-Suite executives across the UK, France, Spain, Germany, Italy and Sweden, the report explores how leadership is transforming as the region’s businesses embrace generative AI.

The rise of generative AI in 2023 has been nothing short of remarkable. As the technology went mainstream in the consumer market, progressive senior leaders were quick to respond, seeking to secure their place in the emerging transformation.

It’s a safe bet that 2024 will be the year businesses follow en masse, and pressure to make the right calls and lead appropriately is being felt across the C-suite. The report found that 96% of respondents who have or plan to deploy generative AI are actively engaged in shaping new ethical and governance frameworks.

As executives across Europe seek to untap the potential of AI while navigating growing security threats and an evolving regulatory and ethics landscape, the report explores what leadership in the age of AI truly entails.

Ana Paula Assis, Chair and General Manager EMEA, IBM commented:

“AI is the definitive gamechanger. A powerful catalyst with the potential to drive transformative global progress. And its rapid ascent is giving Europe, home to 7 of the world’s 10 most innovative countries, the chance to play a leading role. But this doesn’t make business leaders blind to the challenges. Concerns around governance, ethics and security are top of mind as executives strive to adopt AI safely and responsibly. It’s a responsibility which touches every fibre of a business – from its data to its people, to society at large. And success requires the kind of organizational shift few are prepared for.”

“While no organization wants to be left behind, in the eyes of their customers, investors, employees, and peers there is a license required to operate this exciting new technology. And that license is trust. This moment calls for trusted leadership, instilling good governance into every action taken. All successful AI strategies will be dependent on effective, responsible AI governance – and getting this right will ensure companies are prepared and ready to reap the benefits of the AI revolution.”

Key findings include:

Responding to mounting pressure

  • Business leaders surveyed say that the three greatest sources of pressure to embrace generative AI are coming not only from competitors or consumers, but from employees, board members and investors.
  • This stems primarily from a desire to modernize and improve operational efficiency (45%), using AI to automate routine processes and free up employees to take on higher value work while helping foster innovation. This is followed by the technology’s potential to enhance the customer experience (43%) and boost sales results (38%).
  • Answering the AI boardroom agenda in particular, respondents were virtually unanimous (95%)[1] on the potential of generative AI to power better leadership decisions.

Taking the lead on transparency and ethics

  • When it came to the challenges of deploying generative AI, respondents identified the importance of employing it within an ethical and inclusive framework as the main challenge, followed by the pressure to hire specialist talent and cost implications.
  • And, while regulators across Europe work to rapidly develop AI policy frameworks, business leaders themselves are being required to take ownership and responsibility on key issues, citing concerns over security implications (including privacy and surveillance) as the most fundamental to responsible AI.

    Read full article here.

What is Coming for Outbound Investment Screening?

Business News, Financial / Investment

In this second article of our three-part series on outbound investment screening, we explore the outbound investment screening proposals from both the United States and the European Union and their future effects on Nordic companies.

US Outbound Investment Screening Regulations

Turning our attention first to the US outbound investment screening, we find that the US has adopted a relatively narrow strategy, often referred to as the “small yard, high fence” approach. The new Executive Order outlining the restrictions was issued in August 2023, and focuses on investments in specific technologies and sectors essential for “national security.”

With the concurrently issued guidance on the future regulations, we know that the three key technological categories in focus include semiconductors, quantum information technologies and artificial intelligence systems but the full scope of the regulation could have a pronounced effect on all firms that transact in or facilitate the transfer of knowledge related to these technologies.

The regulation intends to cover companies owned or located in “countries of concern” (currently only specified as China, including Macau and Hong Kong) and will cover a broad swath of securities such as debt, equity, joint ventures, and greenfield investments. It is important for us in the Nordics to appreciate that the scope of these restrictions is global, as it applies to all U.S. individuals and companies, including foreign branches, and targets investments anywhere in the world that are owned by nationals of the “countries of concern.”

Read full article here.

Transforming for good – Top 10 Takeaways from Philip Morris International’s Integrated Report 2022

Business News

Find out how Philip Morris International is making progress toward achieving its purpose and get detailed information about its strategic vision, performance, governance, and value creation.

PMI’s sustainability materiality assessment is the foundation of its sustainability strategy—it allows PMI to identify, assess, and prioritize ESG topics. In line with the principles of double materiality,the concept of reporting on sustainability topics both from the “inside out” as well as the “outside in,” PMI’s 2021 sustainability materiality analysis assessed the potential impact of these topics on its performance and business overall in terms of risks and opportunities that could have an impact on the company’s ability to create value.

Read full report here.