Chubb Appoints Anna Källs as Country Manager for Sweden and Finland
Chubb announced the appointment of Anna Källs as Country Manager for Sweden and Finland, effective from February 1. In her new role Källs will be responsible for Chubb’s property and casualty, and accident and health operations across Sweden and Finland.
Källs joins Chubb from Willis Towers Watson (WTW) where she was Head of Large & Complex Business and Practice Leader for Liability since 2022. She succeeds Margaretha Mo who has left the business to pursue other opportunities. She will be based in Stockholm and will report to Paul Woodgate, Regional Executive Officer, Northern Region.
Källs has almost two decades of experience in the insurance industry. Starting out as an intern at Sweden’s If Insurance in 2007, she held a variety of roles at the carrier including Key Account Manager, Affinity and Head of Underwriting for commercial business before joining WTW in 2019. She has a Masters degree in Commercial and Business Law from Linköping University in Sweden.
Paul Woodgate said: “I am delighted that Anna is joining Chubb to take up this important role. She brings with her a wealth of insights both from the perspective of insurer and broker. Anna has an exceptional network of contacts, great leadership skills and strong market knowledge that make her perfectly placed to develop further our strategy for growth in Sweden and Finland. I am very much looking forward to working with her.”
Sweden: Stockholm-Mälaren region gets new trains with European backing
The European Investment Bank and regional transport leasing company AB Transitio have signed a SEK 480 million loan agreement to buy new regional trains.
The financing will support the acquisition of 12 new double-decker electric multiple units to provide regional services with Mälardalstrafik MÄLAB AB in the Stockholm-Mälaren region.
New trains will replace ageing rolling stock and are expected to improve service reliability, comfort and flexibility, and provide capacity to serve increasing demand.
Train passengers in the Stockholm-Mälaren region can look forward to more comfortable, reliable and attractive rail services in the near future. AB Transitio, the company that acquires trains for leasing to Swedish regional transport services, has signed a SEK 480 million loan to support the acquisition of 12 new train sets to be used in the Stockholm-Mälaren region.
Transitio will own the 12 new double-decker electric multiple units (EMUs), which will be operated by Mälardalstrafik MÄLAB AB on regional lines surrounding Sweden’s capital. The financing for the new trains is expected to help promote sustainable transport for commuters and residents, providing an incentive to shift away from road traffic.
EIB Vice-President Thomas Östros said: “As the EU climate bank, the EIB is investing heavily in alternative modes of transport to give people an incentive to leave their cars at home as much as possible. Sweden is already a leading country when it comes to the production of renewable energy, and focusing on more decarbonised transport is a logical next step.”
CEO of Transitio Magnus von Bahr said: “The acquisition of an additional 12 double-decker trains will further increase the capacity for regional services in the Stockholm-Mälaren region and support the mission of increasing travel by train.”
Apart from the environmental benefits in terms of energy performance and the shift away from road traffic, the acquisition of the new EMU train sets will also lead to lower operation and maintenance costs for the operator. In addition, after a dip in passenger numbers due to the COVID-19 pandemic, the number of users is expected to rise again following the trend seen between 2017 and 2019, providing good reasons for increased train capacity.
Sweden: EU further supports innovative battery technology through Nilar
EIB provides EUR 47m loan to Swedish battery tech company Nilar International AB with backing from the EU’s InnovFin “Energy Demo Projects” guarantee programme.
Financing will support Nilar in scaling up production of its unique and safe battery system as well as boost R&D in innovative battery technology.
The European Investment Bank (EIB) has signed a EUR 47 million (SEK 482 million) with Swedish battery innovator Nilar. The financing is supported by the InnovFin Energy Demonstration Projects of the European Commission, funded by the Horizon 2020 budget.
This loan will support the expansion and upgrading of Nilar’s manufacturing lines at its facility in Gävle over the coming years, as well as boost its R&D in order to demonstrate commercial viability of technology. Nilar produces batteries that can be used by homeowners and industrial customers to power their buildings or charge electric vehicles with stored renewable energy (e.g. from rooftop solar panels). The support of InnovFin’s “Energy Demo Projects” window will help Nilar to rapidly commercialise its battery production and achieve further cost reduction through scale.
EIB Vice-President Thomas Östros, noted: “After the Bank’s recent support to Northvolt, we’re glad to be able to get behind another Swedish project to further heighten the awareness around new European battery technology. Nilar’s innovative solution can really make a difference in helping to mainstream the use of renewable energy in our everyday lives. As the EU’s climate bank, we’re happy to support that.”
European Commissioner for Innovation, Research, Culture, Education and Youth, Mariya Gabriel, said: “This InnovFin and Horizon 2020 supported project brings us one step closer to a sustainable energy system. Technologies that were just theory a few years ago are becoming our daily routine. Homeowners will be able to store excess renewable energy and use it later, for example to power their electric vehicles. Research and innovation pays off and is definitely a critical element of our decarbonisation strategy.”
Michael Obermayer, Chairman of the Board of Nilar, said: “Nilar is fully integrated, from cell to system, including electronics and sophisticated control software, and does not rely on import of cells from Asia. Close cooperation with highly skilled European academic researchers forms the basis for further rapid innovation. I would like to express my sincere thanks to the EIB and the European Commission for this unprecedented and critical support to Nilar as a high-growth European battery innovator start-up.”
Nilar’s Hydride Battery Energy Storage systems are non-flammable, making them inherently safe. They can thus be installed in-house and in offices, next to critical installations. The manufacturing process is much less energy intensive than today’s Lithium Ion technologies. Nilar’s batteries are Nickel based and do not contain scarce materials. They also have the added advantage of being easily and fully recyclable. Nilar’s home boxes can help maximise the utilization of energy from solar panels on private homes and contribute to rapid EV charging. The scale-up of its business will allow Nilar to focus on the commercial & industrial market, with similar applications to households, but for office and factory buildings with larger storage capacity needs.
Sweden: European backing for Northvolt’s battery gigafactory
EIB supports Northvolt’s gigafactory for lithium-ion battery cells in Skellefteå, Sweden, with backing from the Investment Plan for Europe.
EIB financing of $350 million follows the successful financing of Northvolt’s demo line in 2018, which the EIB supported with a €52 million loan.
The European Investment Bank (EIB) has signed a $350 million loan agreement to support the financing of Europe’s first home-grown gigafactory for lithium-ion battery cells, Northvolt Ett, in Sweden. The financing is supported by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe. In 2018, the EIB also supported the establishment of the demonstration line Northvolt Labs, which produced its first battery cells in late 2019, and which paved the way for Europe’s first home-grown gigafactory.
The new gigafactory is currently under construction in Skellefteå in northern Sweden – a region home to a prominent raw material and mining cluster, which has a long history of process manufacturing and recycling. Noting the region’s clean power base, building the factory in northern Sweden will enable Northvolt to utilise 100% renewable energy within its production processes.
EIB Vice-President Andrew McDowell, noted: “Since the creation of the European Battery Alliance in 2018, the EIB has stepped up its support for the battery value chain to order to help build Europe’s strategic autonomy in a technology that is key to its competitiveness and low carbon future. I believe that EIB financing support for Northvolt has been a textbook example of how our financial and technical due diligence can help crowd in private investors to visionary projects.”
European Commissioner Vice-President in charge of the European Battery Alliance, Maroš Šefčovič, said: “The EIB and the Commission are strategic partners under the EU Battery Alliance, working closely with the industry and Member States to put Europe on a firm path towards global leadership in this strategic sector. Northvolt has been among our frontrunners, set to build Europe’s first home-grown Gigafactory for lithium-ion battery cells, with a minimal carbon footprint. By supporting this state-of-the-art project, we also confirm our resolve to boost Europe’s resilience and strategic autonomy in key industries and technologies.”
Northvolt Ett will serve as Northvolt’s primary production site, hosting active material preparation, cell assembly, recycling and auxiliaries. Ramping up to full capacity, Northvolt Ett will produce 16 GWh of battery capacity per year in its initial phase, to be scaled up at a later stage to potentially 40 GWh. Northvolt’s batteries are designed to be used in automotive, grid storage, and industrial and portable applications.
Peter Carlsson, Co-founder and CEO of Northvolt, said: “The EIB has played a key role in making this project possible from the very beginning. We are tremendously grateful for the support we have received from them and the European Union. Europe needs to build its own supply chain for large-scale battery manufacturing and the EIB is a true cornerstone of that process.”
Northvolt is a European supplier of sustainable, high-quality battery cells and systems. Founded to enable the European transition to a decarbonised future, the company has made swift progress on its mission to deliver the world’s greenest lithium-ion battery with a minimal CO2 footprint. Among Northvolt’s industrial partners and customers are ABB, BMW Group, Scania, Siemens, Vattenfall, Vestas and the Volkswagen Group.
Sweden joins ECB’s instant payments settlement platform
– ECB and the Sveriges Riksbank conclude agreement on settlement of electronic payments in Swedish krona on the Eurosystem’s real-time infrastructure, TIPS
– Sweden is European frontrunner in use of instant payments
– ECB President Christine Lagarde says cooperation of central bank community in Europe works effectively – also in times of crisis
Today, the European Central Bank (ECB), the Eurosystem and Sveriges Riksbank concluded a cooperation agreement offering Sweden access to the Eurosystem’s TARGET Instant Payment Settlement (TIPS) to support the Swedish instant payment service, called RIX-INST.
Based on this agreement, electronic payments made in Swedish krona can be settled on the settlement platform for instant payments operated by the Eurosystem.
Payments will be cleared under the agreement as of May 2022.
TIPS enables providers of payment services to transfer and settle their customers’ funds in real time, around the clock, every day of the year, and it settles the payments in central bank money. It has been in use in the euro area since November 2018 to settle instant payments in euro. It had been conceived from the outset to also be able to settle other currencies.
Sweden is one of the most advanced European countries in terms of use of instant payments, with significant daily volumes. Currently, the daily average number of instant payments in Sweden is 1.5 million per day.
The agreement is being signed by ECB President Christine Lagarde, the Governors of the Eurosystem’s 19 national central banks, and Sveriges Riksbank Governor Stefan Ingves.
“In crisis times, this agreement is a good example of strong cooperation between central banks in Europe,” said ECB President Christine Lagarde. “Our real-time settlement platform is a pivotal contribution to Europe’s endeavours to satisfy citizens’ increasing demand for faster, cheaper and convenient payment services without compromising on security.”
Sweden: #InvestEU – Wallenstam signs green loan agreement with EIB
– EIB signs a SEK 2.5 billion loan with Wallenstam for nearly-zero-energy-buildings
– Agreement supported by European Commission’s European Fund for Strategic Investments
The European Investment Bank (EIB) has signed a SEK 2.5 billion loan agreement with Wallenstam AB to support the construction of sustainable affordable housing classed as “nearly-zero-energy-buildings” in Sweden. The EIB financing is supported by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe.
Yesterday saw the ground-breaking of the “Väven” project, which will consist of 116 rental homes and is one of the projects under the financing agreement, for which a first SEK 500 million was disbursed. Over the rest of the year, the rest of the loan, which has a one year availability period, is planned to be drawn down in connection to several other sustainable housing projects. The EIB is providing an unsecured credit facility of SEK 2.5 billion with a tenor of seven years.
As required by the EIB, all new constructions will meet the “nearly-zero-energy-building” standard. The goal of the financing is to support the construction of rental property to reduce the current housing shortage in Sweden’s largest cities.
“Wallenstam’s operations are very much aligned with the EIB’s mission, which is not only to contribute to employment and growth, but very much also to support climate investment. Therefore, I am pleased that the EIB can contribute to reduce the strain on the availability of rental properties in Sweden through an investment in sustainable housing,” says EIB Vice President Thomas Östros.
European Commission Executive Vice-President Valdis Dombrovskis, responsible for An Economy that Works for People, said: “For Europe to transition to a climate-neutral economy, there is a huge need for investments in making our buildings seriously energy-efficient. By using the EU budget guarantee to support this project with Wallenstam in Sweden, we are putting sustainability at the heart of how we invest EU-taxpayer’s money. The fact that the project is for affordable housing makes it doubly important.”
”The EIB’s engagement is a quality stamp for our company, including our business concept of developing new energy efficient housing, we are very proud of the collaboration.” added Hans Wallenstam, CEO of Wallenstam AB.