Following its strategic transformation from “black to green energy,” the recent divestment of its upstream oil and gas production, and its continued focus on offshore wind, DONG Energy is changing its name to Ørsted.
The company says it has called an extraordinary general meeting for Oct. 30 to ask shareholders to approve the name change. Ørsted references Danish scientist Hans Christian Ørsted (1777-1851), who spearheaded several scientific discoveries, including the discovery of electromagnetism in 1820.
“DONG was originally short for Danish Oil and Natural Gas,” explains Thomas Thune Andersen, chairman of the board of directors. “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.”
As part of becoming Ørsted, the company will introduce a new logo and brand identity. The new brand is inspired by the Danish design tradition in being “simple, functional and human” and supporting a sustainable way of life, according to the company. The brand identity will consist of a full spectrum of colors inspired by Scandinavian nature and Danish 20th century artist Vilhelm Lundstrøm.
“Our vision is a world that runs entirely on green energy,” Andersen adds. “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.”
CEO Henrik Poulsen says, “2017 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 U.K. 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.”
Poulsen adds that the company’s focus will be on “green growth” within the company’s “existing business platforms in offshore wind, biomass, green customer solutions and advanced waste-to-energy solutions.”
“We’ll 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,” he says.
The company, which has also decided to stop the use of coal, has established a new team to explore new business opportunities in energy storage. It has also set up a new corporate ventures unit in California’s Silicon Valley to explore emerging energy technologies and potential long-term business opportunities.