Over the past decade, Danish energy company DONG Energy has ambitiously transitioned away from oil and coal to transform itself into one of Europe’s cleanest, most sustainable energy companies.
Over the past decade, Danish energy company DONG Energy has ambitiously transitioned away from oil and coal to transform itself into one of Europe’s cleanest, most sustainable energy companies. Since 2006, DONG Energy has reduced carbon emissions by 52 percent and is on track to achieve its 2023 Science-Based Target of reducing emissions by 96 percent. Now, following its recent divestment of upstream oil and gas production, the company has announced plans to change its name — which stands for Danish Oil and Natural Gas — to Ørsted.
The new name references Danish physicist and chemist Hans Christian Ørsted (1775-1851), who first established a link between electricity and magnetism and laid the foundation for how today’s societies are powered.
“We’ve undertaken significant efforts to find the right name and brand identity for our company," CEO Henrik Poulsen said in a statement. "Our new name recognizes H.C. Ørsted’s 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.”
As part of becoming Ørsted, the company will undergo a rebranding process. The new logo and brand identity is said to draw inspiration from the Danish design tradition of being simple, functional, human and supporting a sustainable way of life. The company has called for an Extraordinary General Meeting on October 30, for shareholders to formally approve the name change.
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The rebranding also comes on the heels of the launch of a new corporate venture unit in Silicon Valley, California, focused on exploring emerging energy technologies and potential long-term business opportunities. Ørsted has said that it will continue to trade in and sell natural gas to its customers to facilitate the transition to an entirely clean energy system.
“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 UK. It has never been more clear that it is possible to create a world that runs entirely on green energy,” Poulsen said. “The time is now right for us to change our name to demonstrate that we want to help create such a world.”
Published Oct 8, 2017 1pm EDT / 10am PDT / 6pm BST / 7pm CEST