Dong Energy is to change its name to Ørsted following what it called a “strategic transformation from black to green energy”.
Dong chief executive Henrik Poulsen said: “With the divestment of our oil and gas which we completed last week we are now a company completely dedicated to clean energy.
“Dong Energy is a name and logo crated and shaped in a world of fossil fuels. In some languages, including English, it doesn’t translate so well and is not suited for the global expansion we are on.”
The new name comes from a Danish Scientist called Hans Christian Ørsted, who discovered that electric currents create magnetic fields.
The company said that Ørsted’s curiosity, dedication and interest in nature made him an ideal figure to name the company after.
The planned name change will require an amendment to the company’s articles of association and so an extraordinary general meeting will be held on 30 October to approve the change.
The company formally aims to start trading as Ørsted on 31 October.
The Ørsted logo will feature a blue on white logo in an especially designed typeface. The company said the new visual identity represented a Danish simplicity and way of life.
The roll out of the new name and design across Dong’s markets will start on 6 November.
The company would not reveal the exact cost of the rebranding, but chief financial officer Marianne Wiinholt said the move came with a “not insignificant cost”.
Poulsen added that the company screened 3000 potential names before settling on Ørsted.
The company said the announcement does not change any previous guidance for the financial year 2017 or the announced expected investment level for 2017.
Dong has some 5600 employees worldwide and generated revenue of Dkr61bn (€8.2bn) last year.
Image: Dong Energy
Dong to rebrand as Ørsted
Name change follows completion of sale of oil and gas assets to Ineos
By EBS