In FH we believe climate issues must be tackled from several different directions. And one important pillar, is the pillar of innovation and new technologies.
The climate action programme must contain a strategic mission on the development and scaling up of Power-to-X. With this venture, Denmark will take advantage of the fact that we, in the North and Baltic Seas, have some of Europe’s best wind resources, positions of strength in the wind turbine field, biogas and a strong electricity grid with good connections abroad.
65 investors are ready for Power-to-X
CIP is an investment company, who is specialized in green infrastructure and have years of partnerships with projects in offshore and onshore wind, solar energy, biomass and energy-from-waste, transmission and distribution, reserve capacity and storage, and other assets such as Power-to-X.
Their new fund called Energy Transition Fund I, consists of 65 investors who in total gives 22,3 billion DKK. CIP originally had a goal of 17 billion, thus exceeding their expectations by more than 5 billion DKK.
One of the founders of CIP is Torben Möger who is the administrative director of PensionDenmark – a pension company greatly involved in securing green sustainability and a core part of many collective agreements in Denmark between trade unions and employer associations.
From theory to industry
With the fund CIP expects to be able to support businesses in the green industrialization of Power-to-X. In several industries green hydrogen and Power-to-X is expected to be important fuels for the future. This includes industries such as: Shipping, airspace steel production and more.
CIP therefore expects to be able to contribute on knowledge of how to implement Power-to-X in companies, and economically support companies who wants to make the green transition, but just don’t have the funds for it.
Christian Skakkebæk, Senior partner in CIP told Børsen “If one can be a part of creating success and industrializing the use of these technologies, then it has quite a big potential”
He also highlights, that their expertise in finding the right projects to innovate the wind industry is why he believes, they are the right company to fund and support companies ready for Power-to-X and green hydrogen.
Denmark is ready for change
In the European Union the Commissions decarbonization plan includes the potential of Power-to-X.
It is a well-known technology in Denmark, with several partnerships and companies investing in it. Green Power Denmark is another example of a great supporter, both economically and politically.
What is Power-to-X?
(wind, solar etc.) is transformed into hydrogen or other PtX-products based on hydrogen. This is expected to be an important pillar in powering heavy transportation such as shipping and the airspace industry.
Several nations, Denmark included, as well as the European Union believe this technology is important to follow the Paris Agreement on a complete decarbonization by 2050.