Interim Report for the Period January 1 – June 30, 2023


During the quarter, Climeon signed a contract comprised of two HeatPower 300 modules for a total value of 1.1 million EUR. The customer, Termolink, will install the modules at NEO GROUP's PET resins production facility in Klaipeda, Lithuania. In parallel to this, discussions and concrete negotiations continued with customers in the industrial, energy and maritime industries surrounding further deliveries of HeatPower 300.

On Tuesday, July 18, join Climeon's CEO, Lena Sundquist, and CFO, Carl Arnesson, for a brief update on Climeon's 2nd quarter of 2023, via a live webcast on Microsoft Teams. The event will begin at 10:00 AM CET and last for approximately an hour including a Q&A session.




  • Order intake amounted to SEK 12.8 million (1.6) and pertained to service and aftermarket work.
  • Net sales amounted to SEK 0.6 million (1.8)
  • Operating profit/loss amounted to SEK -23.0 million (-27.0) including non-recurring, non-cash generating, items of SEK -0.8 million (-0.0).
  • Profit/loss after financial items amounted to SEK -25.0 million (-30.8)
  • Earnings per share, before and after dilution, amounted to SEK -0.26 (-0.32)
  • Cash flow from operating activities after changes in working capital amounted to SEK -22.0 million (-11.0)



  • Climeon signed a contract, worth approximately EUR 1.1 million, regarding the delivery of two HeatPower 300 modules to the PET resins manufacturer, NEO GROUP, where, they will produce sustainable electricity from waste heat.
  • Climeon attended two maritime exhibitions, Norshipping in Norway and Maritime Day on Åland. Meanwhile, a number of customer dialogues were intensified with concrete negotiations at various stages.
  • Shipowners and shipyards have completed approved audits of the company's operations, the test facility in Kista, and the company's module manufacturer in southern Sweden.
  • Two new patent applications regarding HeatPower 300 were submitted during the quarter.
  • On May 16, Climeon's Annual General Meeting was held at the head office in Kista. In addition to participating in the usual general meeting proceedings, the attendants also had the opportunity to visit the company's test facility for a guided tour, including a demonstration of HeatPower 300.



  • Order intake amounted to SEK 13.0 million (2.3)
  • Net sales amounted to SEK 1.1 million (3.7)
  • Order backlog amounted to SEK 49.6 million (37.1)
  • Operating profit amounted to SEK -46.0 million (-51.3)
  • Profit/loss after financial items amounted to SEK -62.0 million (-63.9)
  • Earnings per share, before and after dilution, amounted to SEK -0.65 (-0.67)
  • Cash flow from operating activities after changes in working capital amounted to SEK -46.1 million (-25.3)
  • Total cash and cash equivalents amounted to SEK 57.6 million (139.3)



  • Climeon has completed amortization of its credit agreement with Svensk Exportkredit, which in Q3 2022 was extended by up to one year, by EUR 1.25 million.


Order of EUR1.1 Million for Production of Sustainable Electricity – Full Focus on Additional Customer Projects
During the quarter, we signed a contract for two HeatPower 300 modules, for a total value of EUR 1.1 million. The customer is the Lithuanian development and construction company Termolink, which will install two HeatPower 300 modules at the Lithuanian industrial manufacturing company NEO GROUP's facility in Klaipeda. There they will use waste heat from NEO GROUP's production of PET resins to generate environmentally friendly electricity, at the same place where the electricity is to be used. The order is an important step in the continued commercialization work towards the large market for industrial applications.

Our technology gives the industry a perfect opportunity to produce sustainable electricity. The increased energy efficiency that HeatPower 300 allows, means that carbon dioxide emissions are reduced, and by that, we support end customers in their transition to a more environmentally friendly operation. NEO GROUP is one of Europe's largest producers of PET resins which, among other things, is used to make PET bottles. Every year, the company produces over 450,000 tons of resins, 14 percent of the European total. In addition to the products themselves, Climeon is responsible for the commissioning, and we look forward to collaborating with the expert teams at both Termolink and NEO GROUP.

On our marine side, operations are also intense. We discuss and negotiate with both shipping companies and shipyards, mainly concerning cruise ships and newbuilding of container ships. There are concrete discussions about everything from fuel and environmental savings, technical solutions, and specifications, to delivery times and payment models. We have potential customers who have already completed audits at our test facility in Kista and at our module manufacturer in southern Sweden.

When we engage with analysts and journalists, we often get questions about how big the potential market is for our product. Between 1,500 and 1,800 ships with a size over 3,000 gross tons are built each year. We consider 30 percent of these, i.e., 500 - 600 vessels, to be suitable for Climeon's technology. Added to this is a very large number of existing ships. As for the market for land-based facilities, we estimate that it is larger than the marine industry.

At the same time, it is important to keep in mind that it is a protracted sales process. It usually takes at least a year from a first contact, until the customers are ready to sign an agreement. During this time, calculations are made at various levels regarding, for example, energy and emission savings, initial installation design and calculations of installation costs. In the final phase, the necessary audits and negotiations are conducted with all involved parties - both with Climeon and with those who will carry out the actual installation.

The HeatPower 300 product platform is adapted to meet technical, profitability and legal requirements, in the maritime market and land-based European market. The maritime market is a good starting point, as it places very stringent demands on function, reliability, and price. Now that we can satisfy the demands of the maritime market, it is easier to adapt the product to other markets, as we recently did with our Lithuanian industrial customer.

We continue to commission units and provide service, maintenance, and spare parts to all customers on land and at sea who operate our previous model HeatPower 150. During the quarter we worked with tuning and commissioning on the marine side with cruise lines Virgin Voyages and Havila Voyages. We also continued preparations for the Rhodesia Power plant in Great Britain.

From a financial perspective, long-term profitability is our primary goal. We see that the order we have now won for HeatPower 300, as well as others still in the negotiation stage, have better profitability than its predecessor. We also continue to conduct strict cost control and follow the financial plan we have laid out in terms of both costs and cash flow.

Our team continues to conduct customer discussions and negotiations, tests, certification work, customer documentation and production drawings - and not least the activation of our supply chain. The competence and experience we have gained, and the processes we have developed through our work with HeatPower 150, means that we can quickly initiate a low serial production and then quickly increase the pace. To improve cash flow in the short and long term, we are continuously working on a number of different options, including signing of new orders, working capital improvements and reviewing the value of other assets. We have also built up our organization during the year and quarter. We now have two dedicated sales teams in place for our respective markets which, thanks to having a competent technical and execution team at home, can continue Climeon's commercialization journey. It will be an exciting summer and autumn!

Lena Sundquist, CEO, Climeon