03 Oct DONG Energy name changes signals the end for its fossil fuels business
DONG Energy (CPH:DENERG) has changed its name to Ørsted in a move which finally confirms the end of the road for its oil and gas business and the beginning of its sole focus on renewable energy.
The company’s chairman Thomas Thune Andersen said DONG, an acronym for Danish Oil and Natural Gas, ‘is no longer who we are’, after the firm sold its upstream oil and gas business earlier this year and phased out its use of coal.
Instead, the firm has increased its investment in new technologies related to renewable energy, such as battery storage. For example, back in June DONG announced its aim to install a 2MW battery storage system at its giant offshore Burbo Bank wind farm in the UK.
The company’s focus on these new technologies, along with its continued efforts to develop various wind energy projects across Europe, are now better reflected in its name, a homage to 19th century scientist Hans Christian Ørsted, who discovered electromagnetism.
Chief executive Henrik Pouilsen said: “Our new name recognises H.C. Ørsted’s curiosity, dedication and interest in nature and our brand identity speaks to the innovation and profound understanding of nature, which is vital to create a world that runs entirely on green energy.”