Climeon is now launching an efficiency program with the goal of significantly reducing the cost base. The program is expected to reach full effect within six months.
Climeon's customer in Iceland, Varmaorka, is laying out a new plan for the expansion of geothermal power plants of 15 MW of power production by 2025, i.e. a significantly lower roll-out rate than previously planned. As a consequence of this, Climeon thereby reduces its order backlog in Iceland by SEK 467.5 million to SEK 180.3 million. The rest of the order backlog is fixed according to plan.
– Climeon continues to be part of Varmaorka projects, albeit at a lower roll-out rate. We are still very proud of the collaboration with Varmaorka and that our Heat Power installations are part of the green transition in Iceland, says Jan Bardell, CEO of Climeon. Climeon is now in a new phase with the development of the next generation of Heat Power technology, which is a capital-intensive process. We are therefore initiating a cost efficiency program to ensure Climeon as a long-term, profitable and sustainable company with top-class products.
This press release contains such information that Climeon AB (publ) is required to publish in accordance with the EU Market Abuse Regulation. The information was published for public disclosure on July 15th 2021 at 19:00 CET through the agency of the contact persons set out above.
About Climeon AB (publ)
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’s B share is listed on Nasdaq First North Premier Growth Market. Certified Adviser is FNCA Sweden AB, +46(0)8-528 00 399, email@example.com.