A new contract with energy company Vattenfall will enable AkzoNobel to ramp up the supply of renewable electricity to its facilities in Sweden and Finland. Hydro power and wind already make up the majority of the electricity supplied by Vattenfall, and the companies have agreed to further increase the share of renewable energy to the facilities to 100% by 2020.

AkzoNobel currently has a global renewable energy share of 40%; this contract takes the share in the Nordic region to 60%. "As an energy intensive company, we are always looking to do more with less," said Anders Österlund, Energy director, AkzoNobel. "This contract provides a reliable and affordable energy supply in support of our sustainability strategy."

The contract supplies AkzoNobel with 1.25 terawatt hours of electricity per year to power six Specialty Chemicals sites and one Performance Coatings facility. That amount of electricity is equivalent to the energy use of approximately 125,000 Swedish households.

In addition, the agreement allows the two companies to work together to balance swings in renewable power supply on the Swedish national grid. This is particularly important as the rising share of wind and solar power will lead to larger volatility due to swings in supply.

"AkzoNobel's aim to increase the use of renewable energy fits well with the strategy of Vattenfall to power climate-smarter living," said Branislav Slavic, Head of Business Sales Nordic, Vattenfall. "AkzoNobel was looking for a partner for long-term cooperation, renewable electricity and flexibility in supplies. I am pleased that Vattenfall can enable our customers like AkzoNobel to reach their sustainability targets. The deal shows that it is possible to combine customer needs and contribute to a climate smart society."