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ENERGY

Think owners in year-long parts wait

Once the firm that fuelled dreams of a Norwegian auto industry, Think electric cars have begun to stack up at the few mechanic’s shops able to service them due to a spare parts shortage.

Think owners in year-long parts wait
Photo: Mario Roberto Duran Ortiz

Up to 30 percent of the 2,000-odd models produced have suffered breakdowns of a key power-control unit, or PCU. The car’s lithium-ion battery is powerless to recharge without the PCU, and the plant that made them shut its doors in Finland in June.

Vinjes Bilverksted, a garage in Trondheim, has had cars in waiting for parts in the lot for over a year, Addresseavisa reported. The newspaper’s own Think was in for repair.

Together with REC — Norway’s other great green hope — Think was recently the pride of the country's renewable energy industry.

The hope of Think's owners now lies with Electric Mobility Solutions AS. The company bought Think Global of Oslo in July, just months after Think’s fourth bankruptcy filing in 20 years.

Despite the company's jittery finances, production is set to start up again in 2012.

Founded in Oslo in 1991, Think survived beyond 2000 with help from buyer Ford and now subsides on Oslo-based finance supporting US production and Norwegian R&D.

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ENERGY

Norwegian oil company doubles revenue as gas prices surge  

Norwegian energy giant Equinor said Wednesday that soaring gas prices helped it more than double its revenue in the third quarter. 

A file photo showing a North Sea oil rig. Norway's state-owned oil company Equinor netted a pre-tax operating result of 9.77 billion dollars for the third quarter of 2021.
A file photo showing a North Sea oil rig. Norway's state-owned oil company Equinor netted a pre-tax operating result of 9.77 billion dollars for the third quarter of 2021. Photo: ANDY BUCHANAN / AFP

Equinor, which is 67 percent owned by the Norwegian state, said that its net profit rose to $1.4 billion between July to September this year, compared to a loss during the same period in 2020, partly due to asset write-downs.

But the profit figure was well below analyst expectations of $2 billion.

However, total revenue hit $23 billion, narrowly beating expectations of $22 billion, according to analysts surveyed by Factset.

The number was also more than twice the revenue of the same period last year, when many businesses were devastated by the Covid-19 pandemic.

Equinor’s preferred indicator — net operating profit, which excludes some one-off items, came in well above expectations at $9.8 billion.

Energy prices have surged recently as the global economy recovers from the pandemic, and the northern hemisphere heads towards winter.

Chief executive Anders Opedal said that “the global economy is in recovery, but we are still prepared for volatility related to the impact of the pandemic”.

“The current unprecedented level and volatility in European gas prices underlines the uncertainty in the market,” he said in the statement.

“Equinor has an important role as a reliable energy provider to Europe and we have taken steps to increase our gas exports to respond to the high demand.”

Equinor’s average price of oil per barrel reached $69.2 in the third quarter — up from $38.3 a year earlier.

Still largely oil-based, the company said in June it plans to invest $23 billion in renewable energy by 2026.

READ ALSO: Norway oil giant Equinor aims to be carbon neutral by 2050

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