Latest news with #PensionDanmark
Yahoo
30-05-2025
- Business
- Yahoo
Copenhagen Infrastructure Partners and PensionDanmark launch microgrid specialist company
Plexar Energy will focus on the industrialization of microgrids, co-located production and consumption in battery-balanced energy systems. The new company will tap into the growing commercial potential for microgrids and allow for faster electrification of industries. COPENHAGEN, Denmark, May 30, 2025 (GLOBE NEWSWIRE) -- Copenhagen Infrastructure Partners (CIP) and Danish pension fund PensionDanmark have launched the microgrid specialist company Plexar Energy, which will develop, install and operate microgrids. Meanwhile, financing from CI Microgrid Electrification Fund allows industrial customers to install microgrids without upfront investment. CI Microgrid Electrification Fund is a new and fully subscribed pilot fund with a total commitment of EUR 112.5 million and with PensionDanmark as the sole external investor. Plexar Energy has the competencies to develop and drive the professionalization and commercialization of microgrid solutions powered by renewable energy. Plexar Energy will deliver a standardized end-to-end, on-site solution that integrates with the local power grid, ensuring a robust and grid-friendly energy system. Microgrids powered by locally produced renewable power will provide businesses with increased energy independence, manage energy price costs and volatility, and unlock additional power capacity to accelerate electrification efforts. This is achieved while having a positive effect on overall grid stability and alleviating congestion. As the electrification agenda continues to accelerate with a range of new or increased use cases, the implementation of microgrids is growing across sectors and industries. Plexar Energy will develop and operate microgrid-projects and will target industries that require cost effective, robust and clean electrical solutions that can help them maintain competitiveness whilst achieving better overall energy efficiency. This includes port operations, where microgrids can assist with establishing shore power allowing docking vessels to reduce fuel consumption and warehouses where microgrids can establish capacity for charging electrical vehicles. Further, Plexar is expected to target industries such as heavy transport, datacenters, district heating, mining and oil and gas operations. 'Electrification has become a path to improved competitiveness for many businesses and microgrids provide quick and cost-effective access to advanced technology such as power AI and electrical engineering. Plexar Energy will tap into the large commercial opportunities in the microgrid segment - and will serve industries and companies directly with their electricity needs. We are very happy to embark on this new cooperation with our long-term partner, PensionDanmark,' said partner at CIP and CEO of Plexar Energy, Karsten Plauborg. 'We need new platforms to drive the green transition of the energy system into a new phase, where it can truly take place in areas such as heavy transport and industry. Microgrids have the potential to become a central element in the future energy supply, and therefore this collaboration is an attractive return opportunity for our members' pension savings, while at the same time it can make a substantial difference for the sustainability of the energy supply,' said Rune Gade Holm, Head of Private Markets at PensionDanmark. About Copenhagen Infrastructure PartnersFounded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world's largest dedicated fund manager within greenfield energy investments. The funds managed by CIP focus on investments in offshore and onshore wind, storage, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, advanced bioenergy, and Power-to-X. CIP manages 13 funds and has to date raised approximately EUR 32 billion for investments in energy and associated infrastructure from approximately 180 international institutional investors. CIP has projects in more than 30 countries and more than 2500 employees across platforms. For more information, visit About PensionDanmarkPensionDanmark is a labor market pension fund and among the 50 largest pension funds in Europe. PensionDanmark manages pension schemes, healthcare program and educational funds on behalf of 838,000 members employed and 21,100 businesses within the Danish private and public sector. PensionDanmark is not-for-profit and owned by our members. As a result, all profits go to our members. Contributions totaled EUR 2.3 billion in 2024. Total assets is now EUR 47.7 billion. For more information, please visit For further information, please contact: Oliver Routhe Skov, Head of Media RelationsPhone: +45 30541227Email: orsk@ while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Associated Press
10-04-2025
- Business
- Associated Press
Sparrow Quantum Secures €21.5 Million to Accelerate Photonic Quantum Innovation in Europe
COPENHAGEN, Denmark--(BUSINESS WIRE)--Apr 10, 2025-- Sparrow Quantum, a leading European supplier of photonic quantum chips, has secured €21.5 million in Series A funding to accelerate the development and commercialization of its world-leading quantum chip technology. The investment round was led by PensionDanmark, with strong backing from EIFO and Novo Holdings and additional investments from existing investors 2xN, LIFTT, and the European Innovation Council. This investment will enable Sparrow Quantum to meet the growing demand for photonic quantum hardware by accelerating R&D, expanding chip production, and bringing next-generation quantum chips to market. This press release features multimedia. View the full release here: Sparrow Quantum is a global leader in photonic quantum chip technology, reliably delivering single photons on demand. Pioneering the Future of Photonic Quantum Chip Technology Sparrow Quantum builds on a rich Danish history of scientific quantum discovery. While at the Niels Bohr Institute in Copenhagen, its founder Professor Peter Lodahl conducted research that laid the groundwork for the company's flagship product, Sparrow Core —an on-chip deterministic single-photon source critical for scaling photonic quantum computing by generating photons reliably on demand. Today, Sparrow Core sets the industry benchmark, delivering best-in-class efficiency, quality, and exceptional stability. 'With this investment, we can truly intensify our efforts to bring quantum technology from the lab to the market,' says Professor Peter Lodahl, Founder and Chief Quantum Officer of Sparrow Quantum. 'It enables us to scale up in three critical areas which are essential for industrializing our photonic quantum chips and ensuring we can deliver stable, advanced solutions to the market. It is an honor to build up a truly world-class team of quantum photonics experts with unique know-how on quantum photonic chip technology.' Building on a €4.1 million seed investment raised in 2023, this new funding enables Sparrow Quantum to broaden its ambitions across the following strategic areas: Scaling Production: Establish a scaled-up production for photonic quantum chips to meet growing demand. Advancing R&D: Develop entangled photon sources, critical to unlocking the full potential of quantum technologies. Expanding Expertise: Expand technical expertise to bring new quantum products to market. 'Quantum technology can open an entirely new world of solutions to complex problems, and the Danish research environment, from which Sparrow Quantum emerges, has the potential to position Denmark as an international frontrunner in the field. Therefore, we see a clear potential for the investment to yield an attractive return on our members' pension savings while also benefiting the national economy and Danish industry. That is why it is an obvious investment for PensionDanmark,' says Peter Stensgaard Mørch, CEO of PensionDanmark. Building on a Solid Foundation In the past few years, Sparrow Quantum has made significant strides toward delivering market-ready solutions by partnering with quantum computer integrators and full-stack system providers across Europe. Powered by the Sparrow Core chip, photonic quantum computers can achieve notably faster processing speeds than earlier iterations using probabilistic sources, fuelling further advancements in generative AI and quantum-optimized machine learning. These developments promise unprecedented scalability and real-world applications across multiple sectors—within Europe and beyond. Strengthening Europe's Quantum Position This investment exemplifies how to foster broader collaboration among chip manufacturers, foundries, and system integrators on European soil, marking a crucial leap for Europe's emerging quantum supply chain. As Sparrow Quantum's CEO Kurt Stokbro highlights: 'This investment is a testament to Denmark and Europe's ability to lead in quantum technology. With strong backing from visionary Danish investors, we are ready to unlock quantum breakthroughs that benefit society and the global economy.' Beyond commercial scaling, this investment strengthens Europe's quantum supply chain, ensuring that chip manufacturing, quality control, and R&D remain within European borders. This aligns with key EU initiatives like the Chips Act, reinforcing technological sovereignty and global competitiveness in quantum innovation. 'Sparrow Quantum demonstrates how Denmark – building on the foundation of the Niels Bohr Institute – has developed world-leading quantum expertise. Professor Lodahl's research paved the way for the company's groundbreaking quantum chip, which is now in global demand. With our investment, we are strengthening both their leading position and the role of Denmark and Europe in the quantum future,' says Peder Lundquist, CEO of EIFO. Quantum physics has opened the door to a new technological era, enabling the development of extremely powerful computers—known as quantum computers—and the creation of communication systems that are entirely secure against hacking. In quantum computers, classical bits are replaced by quantum bits, or qubits. While a classical bit is binary and can only be either 0 or 1, a qubit can exist in a so-called superposition —a state where it holds both possibilities at once until it is measured. This unique property allows quantum computers to solve certain types of problems far faster than even the most advanced supercomputers today. Photonic quantum technology distinguishes itself from other quantum platforms by using light—photons —instead of electrons or atoms. This provides several advantages: these systems can operate at room temperature, they are highly resistant to noise, and they can be integrated into microchips—similar to the technology already used in modern electronics. This makes them scalable, stable, and easier to deploy in real-world applications. A key component of this technology is the deterministic single-photon source, which emits precisely one photon at a time with high accuracy. This is essential to ensuring that quantum systems operate stably and reliably. The photons are processed through specially designed photonic chips, where light is controlled and manipulated—enabling quantum computations or secure communication that cannot be intercepted by unauthorized parties. About PensionDanmark: PensionDanmark is a labour market pension fund and among the 50 largest pension funds in Europe. PensionDanmark manages pension schemes, healthcare programme and educational funds on behalf of 839,000 members and 21,100 businesses within the Danish private and public sector. PensionDanmark is not-for-profit and owned by our members. As a result, all profits go to our members. Contributions totaled EUR 2.2bn in 2024. Total AUM is now EUR 49bn. For more information please visit About EIFO – Export and Investment Fund of Denmark: EIFO aims to open doors for global business, drive the green transition, advance innovative technologies, and contribute to Denmark's security. EIFO is Denmark's national business development bank and official export credit agency in a single financial institution. With a total commitment of DKK 170 billion in 2024 and activities in more than 100 countries, EIFO offers financial solutions to Danish companies and their global partners. EIFO is also Denmark's largest venture investor, investing in both startups and venture capital funds. In 2024, EIFO invested in 78 companies and 16 funds. About Novo Holdings A/S: Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people's health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation. Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk and Novonesis and manages an investment portfolio with a long-term return perspective. In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seed, Venture, Growth, Planetary Health Investments and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development. As of year-end 2024, Novo Holdings had total assets of EUR 142 billion. About Sparrow Quantum: Sparrow Quantum is a spin-out from a powerhouse of innovation—Professor Peter Lodahl's research group at the Niels Bohr Institute. With 25+ years of ground-breaking research and nearly a decade of engineering expertise, they are dedicated to advancing the frontier of high-quality photon generation for quantum technologies. They specialize in light-matter interfaces—the essential building blocks for scaling optical quantum technologies. Sparrow Quantum's on-chip deterministic single-photon source is at the core of their innovation, a breakthrough technology that sets industry benchmarks and is trusted by quantum technology leaders worldwide. By delivering high-purity, high-efficiency photons, Sparrow Quantum empowers its partners and customers to push the boundaries of quantum computing and secure communication, transforming the immense potential of quantum technology into real-world innovation and impact. [email protected], +45 31 13 66 55 • PensionDanmark: Head of Press and Communications Niels Nørgaard, [email protected], +45 31 63 01 37 • EIFO – Denmark's Export and Investment Fund: Press Officer Jon Arskog, [email protected], +45 22 52 96 48 • Novo Holdings: Senior Lead, Public relations Marie-Louise Jersin, [email protected], +45 30 49 49 57 SOURCE: Sparrow Quantum Copyright Business Wire 2025.
New York Times
29-03-2025
- Business
- New York Times
Pension Funds Push Forward on Climate Goals Despite Backlash
In the past few months, some of the largest banks and asset managers in the United States have quit net zero networks, the climate groups that encourage their members to set ambitious carbon reduction targets and collaborate internationally on sustainability efforts. But the week after Donald J. Trump won re-election in November, NYCERS, a pension fund for New York City employees, went in the opposite direction. It joined a United Nations-affiliated climate action group for long-term investors, the Net Zero Asset Owner Alliance. The timing wasn't intentional, said Brad Lander, the comptroller who oversees the city's finances, including the pension fund, and is now running for mayor. But, he added, 'we were pleased that the timing sent an important signal.' 'It is far more important than it was for pension funds and other big asset owners to take collective action at this moment,' Mr. Lander said. At a time of growing backlash to environmental, social and governance goals and investment strategies, pension funds, particularly in blue states and Europe, have emerged as a bulwark against efforts to sideline climate-related risks. The funds, which sit at the top of the investment chain, have stepped up engagement with asset managers and companies on climate goals and have kept public commitments to use their fiscal might to reduce carbon emissions. In some cases, that has meant shifting to European asset managers, which have not backed off on climate commitments as much as their American counterparts have. Mr. Lander's office oversees investments for five public pension funds for 700,000 of the city's current and former employees. The funds are pushing ahead with engagement, bringing more shareholder resolutions to banks to disclose the ratio of their fossil fuel investments versus clean energy and to utilities companies on their climate targets. They have been emboldened by a court decision earlier this month that upheld a dismissal of a lawsuit against three of the funds for divesting from some fossil fuel investments. Mr. Lander and other pension fund managers say they aren't motivated by political beliefs or a purely environmental agenda. Instead, their investments, which need to provide long-term sustainable returns for people who might not retire for many decades, keep climate risks at the forefront of their minds. The net zero alliance is 'the opposite' of an activist, Peter Stensgaard Morch, the chief executive of PensionDanmark and a member of the alliance's steering group, said in a written response to questions. Its work is driven by the fiduciary duty of its members to seek the highest possible returns, he added. Recent actions by pension funds stand in contrast with those of other institutions that are loosening their climate commitments. A net zero group for banks is considering dropping the pledge to align banks' portfolios with a goal of limiting global warming to 1.5 degrees Celsius. Some big energy companies, such as BP, have pared back their renewable investments. Last month, the European Commission proposed relaxing climate reporting rules for companies, citing concerns that the regulation was too onerous and would impede economic growth. The U.N. asset owner group, which includes pension funds, insurers, foundations and other long-term investors, has fared better than its counterparts. Asset managers, who are in a tug of war between customers in blue and red states, have pulled out of previous public commitments to climate goals. The U.N. group for asset managers, which used to include BlackRock, has suspended its activities, and the group for banks lost 17 big members in the past four months. Intense political and legal attacks in the United States, notably from red states with anti-E.S.G. laws, have pressured asset managers to abandon climate action groups and simultaneously widened the chasm between Europe and the United States on sustainability efforts. The People's Pension, a British fund that has about £32 billion ($41 billion) in assets and manages pensions for nearly seven million people, recently shifted most of its assets away from State Street, the U.S. firm that was its only asset manager, to Amundi, a French company, and Invesco. The fund was seeking more asset managers with strong sustainability credentials in line with its own responsible investment commitments, said Dan Mikulskis, the chief investment officer. 'We don't interact directly with companies,' Mr. Mikulskis said. 'We rely on asset managers to do that for us.' During the search, which lasted about a year, asset managers started to go 'different ways' from one another, as he diplomatically put it. But that made it easier to determine those with the right approach for his fund. Recently, a group of 27 pension funds, mostly from Europe, called on asset managers globally to improve their stewardship practices to address climate change risks and to stay in collaborative groups. They noted there had been a 'divergence' between the expectations of asset owners and the actions of asset managers on climate stewardship. This was backed up by a study by Principles for Responsible Investment, which found that among its 3,000 or so signatories, asset owners were much more likely to take a long-term approach to identifying climate risk and to use climate scenario analysis than the asset managers to whom they outsourced investing. Progress by some companies on climate action is slowing amid short-term pressure, such as a rise in energy prices, said Diandra Soobiah, the head of responsible investment at Nest, a British state-backed pension fund with £48 billion ($62 billion) in assets. 'These pressures have had an impact, but what we are trying to do as long-term investors is really talk about the importance in managing these long-term risks,' she said. 'We still believe the world is going to have to transition, and want them to be prepared.' Elon Musk said he sold X to his A.I. start-up xAI. In an all-stock deal that shows how parts of Musk's business empire can intertwine, xAI was valued at $80 billion and X was valued at $33 billion, which is $11 billion less than Musk paid for the company when he acquired it in 2022. Resurgent inflation data sent markets tumbling. The closely watched Personal Consumption Expenditures report showed that inflation rose last month above Wall Street forecasts, driven by a surge in the prices of everyday items. Economists warn that President Trump's trade war and his crackdown on immigration could accelerate inflation further. The report sent stocks sharply lower, with the S&P 500 on pace for its first losing quarter since 2023. Trump unveiled new tariffs and vowed that more would go into effect next week. The latest — duties of 25 percent on the imports of cars and auto parts — were widely expected but still caught auto company executives, global leaders and investors off guard. That set off a diplomatic scramble with, the European Union reportedly identifying possible concessions ahead of negotiations to ward off the worst, according to Bloomberg. In addition, Trump and Prime Minister Mark Carney of Canada held what the president called 'very productive' talks yesterday. Major law firms pushed back against Trump. Federal judges issued temporary restraining orders on Friday blocking executive orders that essentially bar WilmerHale and Jenner & Block from working with the federal government or even entering federal buildings. (A third law firm, Perkins Coie, sued earlier on similar grounds.) Trump's attacks on Big Law have rocked the sector, with firms facing a dilemma: try to cut a pre-emptive deal with Trump or risk losing clients and having their partners poached by rival firms. Philanthropy is under pressure As the Trump administration slashes its way through Washington, nonprofit organizations are bracing for a big hit. The federal government contributes about $303 billion a year to more than 100,000 U.S. nonprofit groups, ranging from neighborhood community projects to overseas aid, according to Candid, a research data organization that tracks the sector. Many of those grants are now at risk from deep cuts at the United States Agency for International Development, the National Institutes of Health, and other federal agencies, as Trump and DOGE work to slash spending and end support for issues like climate action and diversity. Elon Musk this month called nonprofits 'a giant graft machine.' For weeks, nonprofits have wrestled in boardrooms and over Zoom with how best to maintain operations. The most obvious solution is to ask private donors and foundations to step up their giving — but those patrons can only do so much. 'Filling the gaps would be impossible,' Rick Cohen, chief operations officer for the National Council of Nonprofits in Washington, told DealBook. He estimates 30 percent of nonprofit revenues come from government contracts. So what now? Some philanthropy giants have increased their giving in response to Trump cuts. The MacArthur Foundation, whose $8.6 billion in assets supports programs in the arts, the environment and other areas, announced increases in grant spending for at least two years. Michael Bloomberg, founder of Bloomberg Philanthropies, said the organization would make up the funding shortfall in climate projects, as it did during Trump's first presidency. But foundations, which now give nonprofits about $107 billion a year, according to Candid, cannot fully compensate for government cuts. And trying to do so could be seen as 'surrender in advance,' Matthew Bishop, the author of 'Philanthrocapitalism,' told DealBook. Increasing private gifts risks creating an illusion of stability. Some nonprofit organizations and philanthropy experts told DealBook that they worry that donors could mistakenly convey to the public and the Trump administration that nonprofits can survive without government help. 'We cannot in any way create the conditions for the argument of 'Send it all in our direction,'' said Jeff Moore, the chief strategy officer for Independent Sector, a coalition of U.S. corporate and nonprofit philanthropies in Washington. 'There is not enough money in the philanthropic universe to do what the federal government does.' Nonprofits are scrambling for funds. Even where federal grant programs remain in place, DOGE firings have hollowed out the offices that process grants, hugely complicating the work of nonprofits. 'There's nobody there to send their application for funding to,' Cohen said. At the same time, donors outside the federal government are being bombarded with appeals for help. Laetitia Cairoli, the director of development for Oasis Haven for Women and Children in Paterson, N.J., says she has looked to replace $500,000 in federal grants it expects to lose, but she has been told by New Jersey officials and private donors that they're overwhelmed with requests. 'They are seeing increased pressure on the funds,' she told DealBook. Some private funding may also be in jeopardy. Executives have grown increasingly wary of even tangential politics, including which programs their companies support. The Howard Hughes Medical Institute canceled a $60 million program for student diversity in science and medical education. The Chan Zuckerberg Initiative, Mark Zuckerberg's for-profit philanthropy, scrapped funding for diversity and immigration-reform programs, citing 'the shifting regulatory and legal landscape.' And this month, the Gates Foundation made sweeping cuts to its climate program, Breakthrough Energy, as Bill Gates works to repair his fractious relationship with Trump. 'There has been a big backing away from anything that could be seen as woke,' Bishop said. Even funding gay pride marches or local libraries could now be deemed too risky. 'Companies don't want to bring attention to themselves,' he said. The looming tax battle could hit hard. As Congress tries to pass a budget bill this year, nonprofits' tax status looks set to be a fraught issue, with philanthropic organizations arguing for a universal charitable deduction, allowing those who take a standard deduction on their tax returns to still write off donations, while the administration seeks to scrub projects considered political. Losing tax-exempt status is nonprofits' worst fear. 'That could cost them millions and millions of dollars,' Bishop said. Nonprofits are in triage mode. Tweaking operations, as nonprofits did during Trump's first term and the pandemic, is no longer enough. 'The cuts are so broad and so deep, food banks cannot get the food they were promised,' said Cohen. His organization, the National Council of Nonprofits, which represents 30,000 nonprofits and donors, was part of a lawsuit that won a temporary injunction in January against Trump's blanket federal funding freeze. The final outcome of that challenge has yet to be determined. For now, organizations are most likely to do triage, salvaging what they can, as they winnow down operations. 'Figuring out which programs you really need to survive is an important strategic question,' Bishop said. 'It's necessary to be ruthless in cutting free those you don't feel are essential and doubling down on those that are right.' Thanks for reading! 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