Interim Report for the Period January 1 – March 31, 2023


The work with documentation and certification for the adaptation of the new product Heat Power 300 for various markets continued during the quarter. The negotiations with potential customers were intensified and now focus, among other things, on delivery times, technical specifications and concrete areas of responsibility. In Energy and Industry, HeatPower 150 units were delivered to Landmark Power Holding's ongoing power plant project Rhodesia in the UK.

On Thursday, May 4th, join Climeon's CEO, Lena Sundquist, and CFO, Carl Arnesson, for a brief update on Climeon's 1st 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.




  • Climeon has rewritten the HeatPower system contract, originally signed in 2019, with a new contractor, Smith Brothers (Contracting) Limited, which has been appointed as responsible for the procurement and construction of Landmark Power Holdings' Rhodesia power plant project in Nottinghamshire, UK.
  • Climeon's HeatPower 150 system has been installed and will be delivered in protective containers for the upcoming placement at the partner Landmark Power Holding´s power plant in Rhodesia.
  • Climeon attends Seatrade Cruise Global in Fort Lauderdale, Florida.
  • Patrik Engstrand Kemi takes up the post of Executive Vice President Energy & Industry, head of the Energy & Industry business area.


  • Further call-offs within the previously communicated order regarding the power plant project Rhodesia were made during April, which means that Climeon will generate revenue and receive payment for another, approx. SEK 5 million, from the company's order book during 2023.


  • Order intake amounted to SEK 0.2 million (0.7)
  • Net sales amounted to SEK 0.5 million (1.8)
  • Order backlog amounted to SEK 36.9 million (37.1)
  • Operating profit amounted to SEK -22.9 million (-24.3)
  • Profit/loss after financial items amounted to SEK -36.9 million (-33.0)
  • Earnings per share, before and after dilution, amounted to SEK -0.39 (-0.56)
  • Cash flow from operating activities after changes in working capital amounted to SEK -24.2 million (-14.3)
  • Total cash and cash equivalents amounted to SEK 95.8 million (139.2)



The world around us is still turbulent, and no one can say with certainty how the situation will develop during the year. What I can say, however - and with full force - is that Climeon continued its commercialization process at a high pace during the first quarter. We have intensified dialogues and negotiations with several potential customers across the Energy, Industry and Maritime sectors, and, today, are in advanced discussions with multiple viable leads regarding technical conditions, delivery, pricing and payment plans. Additionally, we have assisted potential clients in undertaking detailed performance and financial analysis to determine their ROI in relation to the cost of Climeon’s equipment, installation, operating costs, electricity production and emissions reductions. As the majority of our target audience demand a repayment period of less than five years, we are investing exclusively in customer segments and geographical markets where this is achievable.

As customer specifications become even more material, our development team has an even tighter focus on ensuring that the HeatPower 300 platform meets specifications in everything from performance and customer documentation to certification and regulatory requirements. The certification and regulatory requirements that we must fulfill in the first stage include the conditions set by marine classification societies, CE marking and adaptation to grid codes for various European countries and markets. Our purchasing department is now working intensively with our subcontractors to ensure delivery times, price, and technical requirements are met. It is work that is not always visible to the outside, but which is fundamental to our business.

During the development of HeatPower 300, we have consistently worked to ensure patent and IP opportunities are addressed. We have evaluated what our competitors are doing to ensure that we are not infringing on existing patents, but also to be sure that we are patenting what is patentable. During the first quarter, we applied for a new patent and are evaluating three more applications.

Within Energy & Industry, we continue to focus on selected countries in Europe, including the United Kingdom, that all share important prerequisites, such as high electricity and fuel prices and increasing environmental requirements. We have several projects where we have ongoing detailed dialogues with customers regarding price, delivery conditions and technical specifications. These customers have carried out, and continue to conduct, detailed studies of the installation costs of Climeon's HeatPower system.

As far as our Marine business is concerned, we continue to target both shipping companies and shipyards, mainly those that are focused on larger vessels, such as cruise and container ships. There is great interest from shipping companies, mainly in Europe and the USA, to make both existing and newly built ships more energy efficient. It is most efficient to integrate the systems into new ships and therefore it is gratifying to see that shipping companies now increasingly request systems for waste heat recovery in the specifications for their new ships.

The shipyards are responsible for the procurement of components and equipment for the construction of new ships and are therefore our actual main customers. We work closely with them and maintain a dialogue to help them make energy calculations and calculations of installation costs. At the same time, we negotiate delivery times and responsibilities, as well as price and other terms. The goal is that, in the long term, this will contribute to Climeon's system for waste heat recovery becoming a standard in newly built ships.

In parallel with the commercialization and development of the HeatPower 300 platform, we are fulfilling our commitments to existing customers in terms of the installation, commissioning, and service of our previous product, HeatPower 150. The HeatPower 150 systems in the field will continue to be in operation and produce environmentally friendly electricity for many years to come, and we have therefore ensured the future handling of service and spare parts.

Following the rewriting of the original 2019 contract with the new partner Smith Brothers (Contracting) Limited, appointed for the construction and procurement of the Rhodesia Power Project, the Heat Power 150 units are now being installed in the protective containers that are to be placed at the Nottinghamshire power station.

I often get questions about our financial development. What I can say now is that, from a financial perspective, we are continuing according to our strategy. We continue to have strict cost control and follow the set budget for both earnings and cash flow.

Finally, with Climeon clearly now in a new and commercial phase, where the first patent applications are ready, we can finally open the doors of our test and development facility to a much wider audience. In connection with our annual general meeting, which takes place in Kista on May 16, there is an opportunity for shareholders who wish to visit our test facility right next to the meeting room. In order to join, the only thing you need to do is to register in advance in connection with the registration for the annual general meeting. Welcome!

Lena Sundquist, CEO, Climeon

For full report, please see attached file below.