Climeon produces heat power systems, converting waste heat and geothermal heat
into clean electricity. We do business for a better world.
Here you can find financial information, share data and information about
Climeon's corporate governance.


Climeon is a Swedish product company within energy technology. The company’s unique technology for geothermal heat power - Heat Power - makes a large untapped energy resource available and provides sustainable electricity around the clock all year round. Heat Power is a cheap and renewable energy source with the potential of replacing much of the energy that comes from coal, nuclear, oil and gas, today.

Climeon is active within two subdivisions of the market for the baseload energy source heat power: geothermal heat power and industrial heat power. Geothermal heat power utilizes heat from within the earth as an energy source whereas industrial heat power utilizes heat that is generated as a by-product in industrial processes. 

Each of these markets is sufficient to contribute to the earth’s electricity supply and together they constitute complementary legs to build the strategy on.

We take an active stand to combat climate change. We have strict requirements on our own sustainability, social responsibility, environmental work and take an ethical stand towards our vendors and collaboration partners. Sustainability is a key factor in our development process of new products and services, and fully integrated in our organization. We will actively work to prevent the social damaging in connection to our organization. Climeon should have a transparent organizational structure that lives up to the national and international standards for ESG and operational management.



4 NOV 2020

Interim report third quarter 2020


Year-End report


Interim report first quarter 2021

19 MAY

Annual General Meeting



Climeon AB receives a conditional 300 MSEK order to produce distributed geothermal electricity in Iceland.

Climeon AB has entered a collaboration with Icelandic CP Energy Holding regarding a conditional order, subject to certain terms and financing being acquired, to deliver 100 Climeon Heat Power modules to be installed in Iceland as one of the world's first distributed geothermal power solutions. The value of the order is 30 MEUR, in addition to that the order also includes services which adds up to a total order value of approximately 300 MSEK. The modules will be distributed across 10 to 15 individual sites and installed over a period of 30 months. The total installation, providing 15 MW of electricity, is enough to power 2,500 households. Climeon AB has agreed to provide financing for the first seven Heat Power modules to be installed under phase 1.

About the collaboration 

The modules will be installed and operated by the Heat Power operator Varmaorka. Varmaorka is a newly established Icelandic company focusing on geothermal development, harnessing low and medium enthalpy geothermal resources for the generation of clean and renewable electricity.

Climeon’s Heat Power modules generate electricity from low temperature heat, e.g. from low enthalpy geothermal wells. The system is built up by compact, flexible units of 150kW electrical power that have no consumables and generate no pollution.

The first distributed power plant, phase 1, is expected to be delivered in the first half of 2018 and will consist of seven Heat Power modules. Thereafter, provided inter alia that phase 1 is successfully completed and financing can be obtained (see also below under Financing), Climeon AB is expected to deliver an additional 93 modules under phase 2, as construction is initiated on new sites. The value of the order is 30 MEUR, in addition to that the order also includes services which adds up to a total order value of approximately 300 MSEK.

Ruben Havsed, Head of Geothermal Sales at Climeon AB, comments: “Being able to provide a competitive power solution in a market with the world’s lowest energy prices, gives us great assurance that our technology will be commercially viable in any geography. We are also happy to help the Icelandic community as this project will create jobs and provide locally produced clean electricity that meets the growing demand.”

According to Thomas Öström, CEO at Climeon AB, the order constitutes a break-through for Climeon AB. “Geothermal energy, especially when low temperatures can be utilized, has the potential to power the entire world´s energy needs many times over, and this order is a major milestone on that journey.”

The situation in Iceland is unique. The geothermal energy potential is vast and has been used for many years, primarily to heat households. Even though the energy is accessible in most parts of the country, most of the power production is centralized. The transmission of the electricity requires investments and implies transmission losses. Further, due to the easily accessible energy, mainly through hydro powered facilities and geothermal technology, Iceland has one of the world’s lowest electricity prices – creating an unforgiving competitive environment.

Even so, Climeon AB and its Icelandic partner Varmaorka, are making it possible to install a large scale distributed geothermal power solution without any subsidies or grants.

Terms and conditions  

Phase 1 refers to a pilot order of seven Heat Power modules and in Phase 2, the intention to install the remaining 93 modules at various sites in Ice­land. The sales order is contingent upon a number of conditions to be ful­filled and approved by the parties. The conditions that must be met includes, but are not limited to:

  • the execution of a pre-study for phase 1;
  • the completion of a project budget;
  • that agreements with certain third parties are entered into, for example relating to construction and commissioning of the Heat Power modules in Iceland, grid connection, right of use to land and offtake of electricity;
  • that a promissory note is signed by Climeon AB and CP Energy Holding; and
  • that relevant governmental and local governmental permits and licenses are obtained.


To finance the seven Heat Power modules included in phase 1, Climeon AB will assist CP Energy Holding with complete funding, comprising of a suppliers credit and a promissory note. The suppliers credit is secured by way of retention of title to seven Heat Power modules. The promissory note is secured by way of charge over assets in CP Energy Holding and individual guarantee commitments. The guarantee com­mitments amounts to 50 percent of the value of the promissory note. Furthermore, Climeon AB has retention to title to seven Heat Power modules if CP Energy Holding does not fulfill their payment obligation. Pay­ment for the seven modules included in phase 1 follows a repayment plan of 15 years from the date when Climeon AB provided the funding to CP Energy Holding. It is the parties intention that CP Energy Holding shall re-finance the loan within 24 months.

Phase 2 is expected to comprise a total of 93 Heat Power mod­ules which are delivered at call offs from CP Energy Holding. Delivery and payment for the Heat Power modules shall take place no later than 30 months after the agreement was entered into, i.e. in February 2020. Payment for the 93 modules included in phase 2 to is divided into three parts: 20 percent of the agreed price when a call of note is submitted, 50 percent when Climeon AB initiates the production and the remaining 30 percent at delivery. Thus, Climeon AB receives 70 percent of the payment before delivery of the Heat Power modules.

CP Energy Holding has not yet established a financing plan relating to phase 2 and CP Energy Holding intends to seek financing from private investors as well as banks. The parties rely partly on receiving government financ­ing from, e.g., the Swedish Export Credits Guarantee Board and Svensk Exportkredit.

In conclusion, Climeon and its Icelandic partner CP Energy, are aiming to make it possible to install a large scale distributed geothermal power solution without any subsidies or grants.



Climeon IR Contact:
Charlotte Becker

Head of Investor Relations & PR, Climeon
+46 730 37 07 07

Climeon Certified Advisor:
FNCA Sweden AB

Box 5807
SE 102 48 Stockholm, Sweden
Phone: + 46 8 528 00 399