NEWS
Combining strengths
Korea’s GS E&C Takes Over UK Building Pods Supplier
S
outh Korean construction giant GS Engineering & Construction (GS E&C) has acquired a “significant shareholding” in UK-based modular building and bathroom pod manufacturer Elements Europe. S E&C said that the investment came as part of its commitment to expansion and rapid upscaling of Element Europe’s existing capacity. The purchase price has not been disclosed. In addition to student accommodation and hotels, Elements Europe has a large presence in off-site residential construction and the company says that it has delivered over 500 apartments recently including two 23-storey residential tower blocks in the London area. “We are excited to invest into Elements Europe, they have 15 years of experience and a track record of delivery. Added to that, they have built a successful platform and invested heavily into the development of their products, technology, design processes and people in order to support rapid expansion plans,“ said Mr. Yoon-Hong Huh, President of GS E&C. Visit: www.gs.co.kr/en
Fortum to sell its district heating
business in Joensuu, Finland
F
ortum has signed an agreement to sell its district heating business in Joensuu, Finland to Savon Voima Oyj. “The Joensuu district heating business is centred around the highly efficient and modern combined heat and power plant. The business transformation to lower carbon intensity has largely been done and the detailed plans for further decar-
EasyJet Partner Wright Electric To Develop Electric Aircraft Engine
U
K-based budget airline easyJet is moving a step closer towards commercial electric air travel for short-haul routes following the
12 Industry Europe
bonisation have been prepared. The divestment raised large interest among buyers and provided a great opportunity for us to sell the business to a reliable company with the ambition to further develop the business locally in Joensuu. “In line with our strategy, this is an excellent opportunity to extend our core district heating business to the Joensuu network in close vicinity to our existing networks. We value the solid fundamentals of the asset and see potential in further developing it along with the existing team, including continuing the peatto-bio conversion of the Joensuu district heating business according to the plans laid out by Fortum,” says Arto Sutinen, CEO of Savon Voima Oyj. Visit: www.fortum.com
announcement that its partner company, Wright Electric, is developing engines for its electric narrow-body aircraft. Wright Electric says it is working on creating electrical systems that are big enough for a 186-seat electric aircraft and a 1.5 MW electric motor. EasyJet is hoping for electric planes to fly routes of around 500 km (310 miles), which would mean the aircraft could be
used on flights from London to Amsterdam, the second-busiest air route in Europe. The low-cost airline partnered with US start-up Wright Electric in 2017 to look at the possibilities of short-haul electric commercial flights. Wright has said it wants to conduct onthe-ground motor tests by next year, and flight tests by 2023. Visit: www.easyjet.com
