In addition to identifying partnership opportunities for small and medium-sized Swedish companies, the aim with the trip is to create spaces for knowledge exchange between electricity network operators and policy makers in Sweden and Texas. Participating companies include Volvo Energy, Hitachi Energy, HMS Networks, Comsys, Flower, dLaboratory, Bitvis, and Plexigrid.
Jan Larsson, CEO of Business Sweden, says:
"Business Sweden helps Swedish companies increase their global sales, and our team in the United States has been particularly focused on supporting companies that enable the green transition in recent years."
The United States is Sweden's most important trading partner outside Europe and is making historic climate investments through extensive tax breaks for green production and consumption, as well as loan and grant financing for technically groundbreaking projects. Texas, the world's ninth-largest economy in terms of GDP, is a leading but often overlooked state in the United States' transition. Texas, and particularly the city of Houston, has long been seen as the stronghold of the oil and gas industry. The state has the highest energy production in the United States, with over 40% of the country's produced oil and about a quarter of its natural gas. However, the 21st century has been transformative. Since the turn of the century, Texas has increased the share of renewable electricity from less than 1% of total electricity production to over 25%. The state has the highest wind power capacity in the country and its second-highest solar power capacity, with the fastest rate of new solar power construction. In addition, new investments in hydrogen production, biofuels, and carbon capture signal a shift in priorities among traditional energy actors.
Over the same period, Texas has had the fourth-highest population growth in the United States, from just over 20 million to 30 million inhabitants. Increased electrification, intermittent electricity, outdated power plants and grid infrastructure, and a growing population contribute to challenges in the electricity network. During the winter of 2021, the state experienced rolling power outages for an entire week, which had serious consequences. Since then, the electricity network issue has been a recurring feature of the state's politics and policy work.
Texas is a unique market compared to other states in the United States. The electricity grid is isolated from the rest of the country, and the electricity market is largely deregulated, which increases the number of potential partners and reduces lead times for new projects. Texas produces the most electricity in the country - almost twice as much as Florida.
"Texas is one of the most important states when it comes to the green transition - partly because of the business opportunities available to Swedish companies, but also because of the positive impact our companies can have on the state's energy ecosystems," said Vlad Månsson, Country Manager USA of Business Sweden.
"During this trip, we have the opportunity to connect leading energy actors in Texas with leading smart grid organizations in Sweden. We look forward to further developing the relationships we have built and continuing to position Sweden and Swedish companies as experts in this field."
As a result of the winter storm in 2021, extensive market reforms have been proposed with the goal of strengthening the electricity grid's flexibility and resilience. Interest in distributed energy resources (DERs) has increased significantly. For Swedish companies with experience and solutions to similar challenges in Sweden, Texas is an attractive international growth opportunity.
For more information, please contact Business Sweden's press service:
firstname.lastname@example.org, +46 8 588 66 007