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Summa Equity through NG Group acquires Fortum Recycling and Waste

FORTUM CORPORATION INSIDE INFORMATION 18 July 2024 AT 9:00 EEST

Fortum has today signed an agreement to sell its recycling and waste business to the thematic impact investment firm, Summa Equity through its portfolio company NG Group. The total consideration on a debt- and cash-free basis is approximately EUR 800 million. Based on the balance sheet available at signing, Fortum would record a tax-exempt capital gain of approximately EUR 110 million, however, the final capital gain will depend on the balance sheet value at closing. The gain will be reported as Items Affecting Comparability in the Other Operations segment’s results once the transaction is closed. The transaction is subject to customary closing conditions and is expected to be completed in the fourth quarter of 2024.

The divestment of the recycling and waste business is part of Fortum’s strategic review of its Circular Solutions businesses. The strategic review was initiated in August 2023. Fortum’s strategic focus is on delivering clean energy and driving decarbonisation of industries in the Nordics. Fortum’s core operations are located in the Nordics and consist of CO2-free power generation, electricity sales, and district heating and cooling. The Circular Solutions businesses are not in the core of the strategy.

The recycling and waste business to be sold comprises municipal and industrial waste management and end-to-end plastics, metals, ash, slag and hazardous waste treatment and recycling services. These businesses are located in Finland, Sweden, Denmark and Norway and currently employ approximately 900 employees.

“We are very pleased to have found a very suitable new owner that is well positioned to further enhance and drive future growth opportunities for the recycling and waste business. Next to the clean energy transition, material scarcity is one of the biggest societal challenges we need to solve. Now is the right time for the new owner to take over,” says Markus Rauramo, President and CEO of Fortum.

Founded in 2016, Summa Equity is an impact investor focusing on three thematic areas: Resource Efficiency, Changing Demographics, and Tech-Enabled Transformation. The purpose of Summa is to invest in solving global challenges. Summa has approximately EUR 5 billion in assets under management and has made over 30 platform investments across three funds raised to date.

Materials account for 22% of the European CO2 emissions. By combining Summa Equity’s NG Group with Fortum recycling and waste business, we are creating a EU Taxonomy aligned Nordic Circularity champion, enabling the EU 2050 Climate Neutrality and EU 2050 Zero Pollution goals,“ says Reynir Indahl, Founder and Managing Partner of Summa.

“This unique platform will provide our customers with innovative and end-to-end solutions across the full value chain. We believe the complementarity and culture fit between NG Group and Fortum’s recycling and waste business teams are strong and are key at the time of embarking on this sustainable growth journey together,” says Bertrand Camus, Chairman of the Board, NG Group and Partner at Summa.

“This divestment provides us with the opportunity to put enhanced focus on our core operations in clean power generation to drive electrification and build preparedness for future growth. Following this divestment, we continue with our priorities for capital allocation; to balance between balance sheet strength, investments and shareholder returns based on our dividend policy,” Rauramo continues.

Arendalsuka 2024: Sirkulærscenen på Langbryggen 15 - en samarbeidsarena av NG Group og TOMRA

Hvert år rykker dagen for når menneskeheten har forbrukt mer ressurser enn det jorden kan regenerere på ett år, fremover. I 2024 vil «Earth Overshoot Day» komme midt i sommerferien.

Vi vet at langt flere av ressursene våre må gjenvinnes, ombrukes og resirkuleres slik at færre nye ressurser må hentes ut. Sirkulære verdikjeder er en forutsetning for å redusere klimagassutslippene og ta bedre vare på planeten.

Men, effektive lineære modeller, optimalisert over århundrer, står i veien for mer sirkularitet. Dette kan bare løses i fellesskap.

Sirkulærøkonomi, sirkulære samarbeidsmodeller – og sirkulær teknologi – er felt der Norge og Norden har fortrinn. I samfunn preget av høy digitaliseringsgrad, høy tillit og tradisjon for samarbeid, kan de innovative forretningsmodellene og sirkulære verdikjeder bygges.

NG Group og TOMRA går sammen om å sette sirkularitet på dagsorden under Arendalsuka 2024, og etablerer Sirkulærscenen på Langbryggen 15 - Onsdag 14. august 2024.

Her vil vi invitere til debatt, samtale og erfaringsutveksling om sirkulærøkonomi, teknologi og sirkulære verdikjeder.

Ta en titt på vårt program 14 August 2024 og følg oss gjerne hele dagen:

TIDSPUNKT                       TEMA

09:00 – 09:45                   Sirkulær Skandinavisk Familieterapi

10:00 – 10:30                   Gamle PCèr og TVèr – Fra forbruksvarer til nye og ansvarlige varer

11:00 – 11.30                   Tekstilrevolusjon – nå!

12:00 – 12:30                   En sirkulær helseindustri – henger vi med?

13:00 – 13:30                   Hvem skal rydde opp etter byfolka?

14:00 – 14:30                   Gasifisering – fra avfall til rene energibærere

15:00 – 15:30                   Et uendelig kretsløp av plast

16:00 – 16:30                   Er det et liv etter døden for pantemaskiner?

17:00 – 17:45                   Sirkulærøkonomi i bygg og anlegg – fra prat til handling

18: 30 og utover              Trash tech Night @Arendal – Norges nye nisjenæring?

Mer informasjon om hvert enkelt arrangement, debatt og deltagere finner du her: PROGRAM ARENDALSUKEN 2024

Samarbeid med NG, BI og Skanska - nyskapende opplæring innen sirkulærøkonomi

Vil du lære mer om sirkulærøkonomi? Dette er kompetansen du trenger.

I en verden som stadig søker innovative løsninger for å bevare våre ressurser, har samarbeidet mellom BI, NG Group og Skanska ført til en nyskapende opplæring innen sirkulærøkonomi. Dette initiativet er ikke bare et kurs, det er en reise mot å forstå og praktisere prinsippene bak gjenbruk og bærekraft i hverdagen, og hvordan vi best kan spille hverandre gode med innovative tanker og nye løsninger.

Gjenbrukens kjerneverdier

Sirkulærøkonomi handler om mer enn bare resirkulering; det handler om å omforme måten vi tenker på og om ressursforvaltning. Bjørn Folge, Senior KAM/Sales Manager i Norsk Gjenvinning, delte sine refleksjoner om hvorfor dette kurset er så viktig. Han påpeker at kunnskapen om hvordan vi kan omforme avfall til verdifulle ressurser har stor verdi er avgjørende i møte med kunder som stadig er mer bevisste på bærekraft og sirkulærøkonomi.

Kurset er ikke bare teori; det har en praktisk tilnærming i å implementere sirkulære løsninger, sammen med kunden. Med to engasjerende kursholdere, som kompletterer hverandre med sine ulike kunnskapsområder, perspektiver og detalj fokus, har deltakerne fått en helhetlig forståelse av hvordan hver handling kan bidra til en grønnere fremtid, sier Folge.

Praktisk læring og tverrfaglig samarbeid

Med digital undervisning og praktiske økter, har kurset tilbudt en dynamisk læringsplattform der deltakerne har kunnet dele erfaringer og lære av hverandre. Bjørn bemerket verdien av å samarbeide med representanter fra Skanska, andre bransjer, det offentlige og konkurrerende leverandører, og hvordan dette har beriket hans tilnærming til bærekraftige løsninger. Han sier det var en god erfaring og læring og bli delt inn i grupper, og gå ut i såkalte digitale «breakoutroom» og diskutere aktuelle problemstillinger sammen.

For Bjørn har kurset ikke bare vært faglig påfyll, men en mulighet til å utvide sitt nettverk og forstå hvordan NG Group kan spille en enda større og viktigere rolle i å lede an i bransjen – ved å støtte oppunder NG sin visjon om å være pionerer. Fra å analysere avfall til å implementere sirkulære metoder, har Folge sett hvordan hver lille endring kan gjøre en stor forskjell.

Kurset består av tre moduler, hver med tre til fire samlinger. Den siste samlingen var praktisk, noe som ga oss muligheten til å anvende kunnskapen i praksis. Det var spesielt moro å ha flere representanter fra Skanska med, en av våre gode kunder. Dette samarbeidet tillot oss å lære av hverandre og finne måter å optimalisere vår felles innsats på.

«Fremtiden er nå - Med et solid samarbeid mellom akademia og praksis, har BI, NG Group og Skanska ikke bare levert et kurs, men en inspirerende visjon for fremtidens bærekraftige praksiser. Dette er ikke bare et skritt mot en sirkulær økonomi; det er en forpliktelse til å forme en sirkulær fremtid», sier Folge.

Vil du vite mer om mulighetene som finnes, lese mer om kurs og innhold - kanskje melde deg på - se her: Avfall som ressurs – nøkkelen til sirkulærøkonomi | BI

Norsk Gjenvinning open substrate facility in Trondheim

Norsk Gjenvinning has acquired a facility in Trondheim, Norway, to focus on the production of substrate from food waste. Through extensive collaboration across NG Group, the position in various segments of the value chain has been strengthened.

Each year, Norsk Gjenvinning collects tens of thousands of tons of food waste from households and businesses. Now, the company has secured a new midstream position by investing in a new substrate facility in Trondheim.

- This is a position that makes us strong in the Mid/North region and an important step in Norsk Gjenvinning`s long-term strategy to improve food waste management in Norway, says Development Manager in Norsk Gjenvinning, Tormod Selen Lundberg.

Lundberg explains that substrate from food waste is a kind of food slurry, formed when food waste and water are processed to remove packaging and unwanted materials. Packaged food waste primarily comes from grocery stores, restaurants, or commercial customers.

- This product is highly attractive for biogas plants, where it is used as raw material to produce both biogas and biofertilizer. Previously, we transported the food waste directly to these facilities, Lundberg continues.

This purchase will provide greater flexibility and potential for increased profitability when Norsk Gjenvinning chooses to produce the substrate itself.

Best solution

The project has required close collaboration between various departments within the group. The Mid/North region, where the facility is located, has been involved throughout the process and will be responsible for operating the facility. Norsk Gjenvinning Downstream, the companies trading subsidiary, has also been part of the team and will handle the distribution of the substrate and participate in public tenders.

They have already secured the upstream bid in Nord-Gudbrandsdalen.

- We were delighted when Norsk Gjenvinning Downstream was selected as the supplier, with Norsk Gjenvinning Region Mid/Nord as the recipient of food waste. They won based on the best solution, quality, and execution, not on price, so it was particularly rewarding, says Lundberg.

- With increasingly stringent source sorting requirements and the need for innovative solutions, this facility represents a modern and efficient method for handling food waste. The next phase includes finding solutions for recycling the plastic packaging that the food waste comes in, which currently goes straight to incineration. This will help elevate this type of waste further up in the waste hierarchy, concludes Lundberg

Danish P.Olesen becomes part of NG Group

NG Group, a leading Nordic provider of circular solutions and, through the Urban Reuse platform, a pioneer in sustainable reuse of buildings and infrastructure in Norway, is pleased to announce the acquisition of P. Olesen. This significantly strengthens NG Group in Denmark and represents an important step forward in our commitment to circular solutions within the construction industry.

P. Olesen, with around 200 employees and an annual turnover of approximately 600 MNOK, is Denmark's leading demolition company specializing in reuse and circular solutions for construction waste. The family-owned company was established over 50 years ago and has one of the most advanced machinery fleets in the Nordic region. In recent years, P. Olesen has reinforced its position in rehabilitation and reuse, making it a very good fit for NG Group's activities in construction and infrastructure.

Group CEO Bjørn Arve Ofstad emphasizes that the group will continue its growth in the Nordic region with the aim of pioneering circular solutions.

-With P. Olesen, we are laying a solid foundation for further profitable expansion in the region. We have great confidence in the company, which, with its unique market position in Denmark, brings valuable expertise and potential. We look forward to the journey ahead together and are pleased that the Olesen family will join us as shareholders in NG Group, says Bjørn Arve Ofstad.

-In NG Group, we see a strong alignment in core values and an exceptional opportunity to develop activities in Denmark together, benefiting both existing and new customers—especially in recycling and circular thinking. We look forward to collaborating with NG Group and their skilled employees, sayes the owner-directors Henrik, Peter, and Kenneth Olesen of P. Olesen

The CEO of Urban Reuse at NG Group, Are Strøm, sees great opportunities for the future.

-I have had the opportunity to get to know P. Olesen over the past 1.5 years and am incredibly happy that we have brought P. Olesen on board. Their extensive experience in construction, as well as solutions in waste management and recycling, will strengthen our ability to deliver large-scale circular solutions and create value for our customers," says Are Strøm.

P. Olesen's focus on sustainable waste management and recycling has become a significant competitive advantage. The company operates several facilities that annually process approximately 300,000 tonnes of waste, of which over 90% is recycled. They have a wide range of treatment methods that deliver high-quality materials: wood for particleboard, glass for window glass, concrete for construction projects, as well as gypsum and asphalt for new gypsum boards and road asphalt.

NG Group: Awarding the Best Master's Thesis in Circular Economy

With over a third of the world's emissions linked to how we produce, use and discard materials, transitioning to a circular economy is crucial for addressing the climate crisis and better preserving nature. Through the NG Group Award, we aim to promote young talents and support knowledge sharing for a more sustainable future. Master's students are now invited to submit their theses for consideration for the award.

Criteria for consideration include:

• A master's thesis from an accredited university or college in Norway, Sweden or Denmark

• Written in English or Norwegian and submitted in 2024

• Received a grade of B or better

• Focused on the topic of circular economy

We encourage students from various disciplines to apply, as we seek broad participation. Master's theses must be submitted to us by September 1, 2024. The winner will be announced in September and will receive a prize of 30,000 NOK, along with recognition. The jury will consist of internal experts across the NG Group.

Questions can be directed to janecke.mathiesen@ngn.no   

If you want to participate, please send your thieses at: masterthesis@ngn.no

Integrated Annual Report 2023

We are pleased to share our annual report for 2023. This report details our financial value creation, and highlights our commitments to environmental sustainability and social responsibility.We made significant strides toward our ambitious goal of accelerating the transition to a circular economy across the Nordics. This is made possible by strengthening our customers and partners through circular solutions and environmental services, offering tailored strategies that drive both sustainability and economic growth.

NG Group and INSEAD: Partnership for Forward-Looking Research

NG Group has entered a partnership with INSEAD’s Sustainable Business Initiative, strengthening our commitment to research and sustainable business practices.

-We are happy to announce our collaboration with INSEAD, an important partnership in our journey towards fostering innovative research and development, states Bjørn Arve Ofstad, Group CEO at NG Group. 

As one of the world's leading business schools, INSEAD offers a world-class research environment and expertise, creating a win-win collaboration for both parties.

- Our Sustainable Business Initiative engages with forward-looking industrial partners to create collective knowledge on challenges related to the transition to sustainable business. NG Group is such a partner, and we look forward to a successful collaboration, tells Professor Luk Van Wassenhove at INSEAD. 

With nearly a century of industrial experience, NG Group has established research and collaboration as important cornerstones of its success.

-This partnership enables us to push the boundaries of knowledge in ways that can lead to transformative industry solutions. At NG Group, we believe in the power of collaborative research to address complex challenges, Ofstad adds.

Case Study: Recycling Insulin Pens

The partnership has swiftly yielded results; earlier this year, INSEAD unveiled the case study Easier Together: Zirq Solutions’ Ecosystem Approach to Recycling Insulin Pens. The study showcases how Zirq Solutions, a part of NG Group, has developed the world`s only industrial process capable of reclaiming materials from used medical pens, transforming them into new products like high-end designer chairs. 

NG Group Welcomes New Chief DNA and Technology Officers to Executive Committee

NG Group is pleased to announce that our Executive Committee is being strengthened with two new key positions: Mette Hopsdal as our new Group Chief DNA Officer, and Mette Egli as our new Group Chief Technology Officer. Both will report directly to Group CEO Bjørn Arve Ofstad in their new roles.

NG Metall Welcomes Roy Hammer as New CEO

Claes Merborn has decided to step down from his position as CEO of NG Metall, a part of the NG Group. Roy Hammer has been appointed as his successor. NG Metall is recognized as a leading player in circular solutions for iron and metals, with advanced facilities in both Norway and Sweden where several hundred thousand tons are recycled annually.

Announcement from Summa

Summa announces the closing of Summa Circular with an investment in NG, a company originally acquired by Summa Fund I in 2018. Ownership of NG is thus transferred from Summa Fund I to Summa Circular. The ~EUR 550m transaction will allow Summa and the NG management team to continue executing their value creation plan by capturing the expanding market opportunity stemming from the shift towards a circular economy.

A tremendous effort by Øst Riv

The first milestone at Randklev Bridge has been reached.