OErsted A/S
DONG Energy to change company name to OErsted
DONG Energy A/S (65XG) Following the profound strategic transformation from black to green energy and the recent divestment of the upstream oil and gas production, the name DONG Energy does not fit the company anymore. Consequently, DONG Energy has today called an Extraordinary General Meeting to ask the shareholders of the company to approve a change of the company name to Ãrsted. Thomas Thune Andersen, Chairman of the Board of Directors, says: âDONG was originally short for Danish Oil and Natural Gas. With our profound strategic transformation and the divestment of our upstream oil and gas business, this is no longer who we are. Therefore, now is the right time to change our name.â Thomas Thune Andersen continues: âOur vision is a world that runs entirely on green energy. Climate change is one of the most serious challenges facing the world today, and to avoid causing serious harm to the global ecosystems, we need to fundamentally change the way we power the world by switching from black to green energy,â Thomas Thune Andersen concludes. Henrik Poulsen, CEO of DONG Energy, says: â2017 will be remembered as the year when offshore wind became cheaper than black energy, as demonstrated by the recent tenders for offshore wind in Germany and the UK. It has never been more clear that it is possible to create a world that runs entirely on green energy. The time is now right for us to change our name to demonstrate that we want to help create such a world.â
From green transformation to green growth
âToday, weâre dedicated to green energy. Our focus going forward will be on green growth based on our existing business platforms in offshore wind, biomass, green customer solutions and advanced waste-to-energy solutions. Weâll also explore new green growth opportunities to strengthening our existing platform, if they support our vision, provide a strong competitive position and create value for our shareholders.â DONG Energy has divested its upstream oil and gas business and decided to stop all use of coal. In addition, the company has established a new storage team to explore new business opportunities in energy storage. DONG Energy has also established a new corporate ventures unit in Silicon Valley, California, to explore emerging energy technologies and potential long-term business opportunities. As battery storage and new energy technologies mature and as a more flexible demand side is developed, natural gas will, in the coming years, continue to support the transition to an entirely green energy system. DONG Energy will continue to trade in and sell natural gas to its customers, facilitating the bridge to a world that runs entirely on green energy.
The new name and brand As part of becoming Ãrsted, a new logo and brand identity will be introduced. The new brand identity is inspired by the Danish design tradition in being simple, functional and human and supporting a sustainable way of life. The brand identity will consist of a full spectrum of colours, inspired by Scandinavian nature and the Danish 20th century artist Vilhelm Lundstrøm. Henrik Poulsen says: âWeâve undertaken significant efforts to find the right name and brand identity for our company. Our new name recognises H.C. Ãrstedâs curiosity, dedication and interest in nature and our brand identity speaks to the innovation and profound understanding of nature, which is vital to creating a world that runs entirely on green energy.â
Extraordinary General Meeting The notice convening the Extraordinary General Meeting is enclosed. As a consequence of the name change, DONG Energy will change its stock exchange ticker to Orsted. The change in ticker will become effective from the start of trading on 31 October 2017, assuming a positive outcome at the general meeting. The roll out of the new name and design across DONG Energyâs markets, will begin on 6 November
Radius Power Distribution The information in this announcement does not change DONG Energyâs previous financial guidance for the financial year 2017 or the announced expected investment level for 2017.
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Throughout his prestigious career as a physicist, Ãrsted was deeply involved in studying how the forces of nature interrelate. His interest in nature, curiosity and persistent pursuit of answers led him to discover electromagnetism in 1820. H.C. Ãrstedâs discovery was immediately widely recognised in science and helped pave the way for numerous technological advances, such as power production. His drive for fresh thinking led the University of Copenhagen to develop a comprehensive physics and chemistry programme and establish new laboratories under his guidance. In 1829 H.C. Ãrsted established the Royal Danish Polytechnic Institute, now Technical University of Denmark (DTU), of which he was the first director. H.C. Ãrsted became an important figurehead not only within physics, but also within philosophy, poetry and aesthetics. He was a published writer and poet, his main work being the book ‘The Soul in Nature’ (1850). The collection of articles presents his life philosophy and views on a wide variety of issues. H.C. Ãrsted was a close friend of the Danish fairytale writer Hans Christian Andersen. He was married to Inger Birgitte Ballum. They had seven children. H.C. Ãrsted died in 1851 at the age of 73. He is buried in Copenhagen at Assistens Cemetery.
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ISIN: | XS0253170335 |
Category Code: | MSC |
TIDM: | 65XG |
Sequence No.: | 4685 |
End of Announcement | EQS News Service |