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TRUMP EFFECT IN CLEAN TECH SECTOR DEEPENS ANGST IN EUROPE'S BOARDROOMS

By Christoph Steitz and Greta Rosen Fondahn
July 29, 20246:13 AM HSTUpdated 13 hours ago
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Item 1 of 2 A wind turbine stands out against the sky as the sun sets over the
Black Forest Brandenkopf lookout near Oberharmersbach, Germany, November 13,
2022. REUTERS/Joachim Herrmann
[1/2]A wind turbine stands out against the sky as the sun sets over the Black
Forest Brandenkopf lookout near Oberharmersbach, Germany, November 13, 2022.
REUTERS/Joachim Herrmann Purchase Licensing Rights, opens new tab

 * Companies

 * H2APEX Group SCA
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FRANKFURT/GDANSK, July 29 (Reuters) - European companies focused on clean energy
are abandoning expansion plans, bracing for lower sales or see funding of U.S
projects in doubt because of fears over what a potential election victory for
Donald Trump could mean for their sector.
Trump has dismissed President Joe Biden's policies to fight climate change as a
"green new scam" and is expected to try to undo much of his administration's
work, including the Inflation Reduction Act (IRA) that offers tax breaks and
subsidies to U.S. and foreign companies investing in sustainable energy.
Advertisement · Scroll to continue

The law passed in 2022 has acted as a powerful incentive for European companies
from the sector to expand or establish their U.S. presence, but a spectre of a
second Trump presidency is giving them a pause.
"With a Donald Trump who A) is very opportunistic, B) is also very polemic and
C) is also fairly unpredictable, you have to ask yourself whether it makes sense
to make such a bet," Peter Roessner, chief executive of Luxembourg-based
hydrogen firm H2Apex (H2A.DE), opens new tab, told Reuters.
Advertisement · Scroll to continue

Under the IRA, the company could have built a hydrogen tank production plant in
the United States for around a third of the $15 million in costs. In February,
however, Roessner decided to cancel the plan over concerns that Trump could be
reelected even though the company already had held initial talks with potential
customers.
Market bets that Trump would win back the White House in November have
intensified this month after he was shot at during an election rally and days
later secured the Republican Party nomination.
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The Switch: Start-up plans to send solar power into orbit

Recent polls show a narrowing gap between Trump and Kamala Harris, the likely
Democratic candidate with similar views on climate to Biden's. Yet Roessner's
comments reflect anxiety among Europe's clean tech firms over what a Trump
presidency could mean and how they are trying to prepare for such a scenario.
Wood Mackenzie energy data and analytics company reckons it would put a
projected $1 trillion in low-carbon energy investments at risk by 2050.

Consultancy Roland Berger said that while a full repeal of the IRA was
improbable, a Trump administration could still jeopardise incentives for
electric vehicles, EV charging, solar power and energy efficiency.
German solar firm SMA Solar (S92G.DE), opens new tab issued a profit warning
last month, citing a possible government change in the United States, the
world's second-largest solar market after China, as one of the risk factors.

The world's largest maker of solar inverters initially aimed, opens new tab to
choose a location for a planned factory in the United States by the end of June,
but is yet to find one, saying it is still evaluating possible sites in a number
of states.


'BOARDROOM HEADACHES'

While SMA is not abandoning its expansion plans for now, the company told
Reuters on July 4 that it "is observing that the unclear outcome of the
presidential elections in the USA is currently leading to a certain reluctance
to invest in renewable energies locally."
That hesitation is reflected in the performance of clean tech shares, with the
RENIXX (.RENIXX), opens new tab index, which tracks the world's 30 biggest
renewable firms, underperforming global stocks (.MIWD00000PUS), opens new tab
since the assassination attempt.
Orsted (ORSTED.CO), opens new tab, the world's largest offshore wind farm
developer, has been hit particularly hard after Trump said in May he would
target the sector on his first day in office if he got reelected. Orsted
declined to comment.
Some renewable energy companies appear undeterred by the uncertainty.
German wind turbine maker Nordex (NDXG.DE), opens new tab, for example, last
month said it would resume production at a mothballed plant in Iowa, saying the
U.S. would remain an important and sufficiently big market in the future
"regardless of political developments".
Several others, however, report delays as prospective partners expected to
co-fund projects hold off with their commitments.
Hydrogen firm Thyssenkrupp Nucera (NCH2.DE), opens new tab has spoken of delays
to final investment decisions concerning U.S. projects, a factor that drove an
outlook cut at its alkaline water electrolysis unit earlier this year.
The company said while it continued to focus on the U.S., it was vital how the
IRA programme would look like after the election. It said strategic investors
with a long-term focus on the cleantech sector were likely to resume projects
earlier in the face of continuing uncertainty than those who are more
opportunistic.
Norwegian rival Nel (NEL.OL), opens new tab said it was yet to make an final
investment decision for a planned production facility in Michigan, which was
contingent on the demand for its products in the U.S. market.
The uncertainly over the U.S. election outcome and its impact is starting to
affect industries beyond the clean tech sector. For example, German machinery
firm Trumpf reported earlier this month a 12% drop in U.S. sales for its 2023/24
fiscal year, blaming "geopolitical uncertainties" that made industrial customers
cautious.
This growing complexity companies have to navigate globally can create "analysis
paralysis" when it comes to investment decisions, said Marcus Berret, global
managing director at Roland Berger.
"Boardroom headaches have increased considerably as a result."
($1 = 0.9220 euros)

Get weekly news and analysis on the U.S. elections and how it matters to the
world with the newsletter On the Campaign Trail. Sign up here.

Reporting by Christoph Steitz and Greta Rosen Fondahn; Additional reporting by
Jacob Gronholt-Pedersen Editing by Elaine Hardcastle and Tomasz Janowski

Our Standards: The Thomson Reuters Trust Principles., opens new tab

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