Interim Report for the Period January 1 – March 31, 2024

During the quarter, successful Factory Acceptance Tests (FAT) were conducted for Climeon's HeatPower 300 units destined for Lithuania. The units have been delivered and installed at NEO Group in Lithuania and are expected to be commissioned in the early summer of 2024. The six marine units to be delivered to Hyundai Heavy Industries on behalf of Maersk are in production, and acceptance tests for the first units are expected to be conducted during the summer. The company also announced its intention to gradually divest its ownership in Baseload Capital AB over time. Sales partner agreements have been signed for both the Korean and Greek maritime markets.

On Tuesday, May 7, 2024 join Climeon's CEO, Lena Sundquist, and CFO, Carl Arnesson, for a brief update on Climeon's 1st quarter of 2024, via a live webcast on Microsoft Teams.
We will also be joined by Termolink’s Director, Valdas Garmus, who will give an update on the ongoing collaboration with Climeon and integration of HeatPower 300 units at the NEO GROUP plant.
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 0.4 million (0.2)
  • Net sales amounted to SEK 13.3 million (0.5)
  • Order backlog amounted to SEK 41.8 million (80.5)
  • Operating profit amounted to SEK -23.7 million (-22.9), including non-recurring items of SEK -11.2 (-17.4) million.
  • Profit/loss after financial items amounted to SEK -21.6 million (-36.9)
  • Earnings per share, before and after dilution, amounted to SEK -0.10 (-0.17)
  • Cash flow from operating activities after changes in working capital amounted to SEK -28.4 million (-24.2)
  • Total cash and cash equivalents amounted to SEK 38.4 million (77.5). In addition, restricted cash amounted to 11.8 million SEK for guarantees related to future customer deliveries in 2024. Thus, total cash and cash equivalents, including restricted funds, amounted to 50.2 million SEK. During April, customer payments totaling approximately 12.0 million SEK were received, strengthening liquidity after the end of the quarter.


  • Climeon's first HeatPower 300 units successfully passed final testing and acceptance tests (FAT) prior to installation and commissioning at NEO Group's industrial facility in Lithuania. In the presence of the customer, UAB Termolink, functionality and safety tests, performance tests, and compliance with applicable legal and certification requirements were conducted.
  • Climeon and Baseload Capital reached an agreement regarding Climeon's ownership in Baseload Capital Holding AB and unused HeatPower 150 modules. According to the agreement, the order for HeatPower 150 placed by Baseload Power Taiwan was canceled. The agreement, expected to be finalized in 2024, has no liquidity impact on Climeon, apart from a potential future exercise of a purchase option that Climeon holds for its remaining shares in Baseload Capital Holding AB. Climeon's intention is to gradually divest its entire ownership in Baseload Capital.


  • Climeon has signed sales partner agreements with World Ocean Co Ltd and Franman for the South Korean and Greek maritime markets, respectively.

The year has started with a strong emphasis on fulfilling the contracts Climeon secured last year. The two HeatPower units for NEO Group have been successfully installed at the customer's site after passing acceptance tests at our Kista facility. We are currently awaiting local authority approval, with the units expected to be commissioned in June.

The six HeatPower 300 units, which are to be delivered to Hyundai Heavy Industries later this year for installation on Maersk's new dual-fuel, methanol enabled, container ships, are in production. The first unit will undergo acceptance testing in the presence of representatives from the shipyard, shipping company, and certification bodies in Kista at the beginning of summer and then be delivered one by one, in accordance with the agreement with the shipyard, until the end of the year.

The two HeatPower 300 units in retrofit configuration for existing vessels that we sold in December will be delivered by Climeon at the end of 2024 and installed on the ships during operation early next year. To facilitate installation on existing vessels, the units intended for retrofitting will be delivered in parts and then assembled, installed, and commissioned on board.

For all units sold, we have not only ensured performance but also ensured the reliability of deliveries from our subcontractors. We have obtained all necessary certifications and have met requirements and expectations set by our customers, authorities, and certification bodies for our systems.

Parallel to our deliveries and existing customer commitments, our marketing and sales activities continue with unabated strength. In the maritime sector, we see that an increasing number of large container projects are currently taking place at various shipyards in China. We have initiated a collaboration with a new sales partner in China and, together with them, are engaged in ongoing discussions with several shipyards about numerous projects that have a good fit for our technology. But, as always when entering a new market, it takes time. Korea continues to be an attractive market for shipyards. During the quarter, we entered into an agreement and announced cooperation with a sales partner, World Ocean Co Ltd, with whom we have been collaborating for some time. Although Korea has fewer new projects at the moment compared to China, we anticipate more promising opportunities in the future. In addition to shipyards, we are approaching several interesting shipping companies worldwide, especially in Europe and Asia. In Greece, we have entered into a partnership with Franman, a well-established sales partner in the large Greek maritime market, and together with them, we have started meeting and approaching interesting shipowners with a keen interest in energy savings using Climeon's technology.

In the energy and industrial sectors, alongside our ongoing deliveries to Lithuania, we are managing several customer projects across various stages. These projects span various industries, engine-driven power plants, and geothermal developments, mainly with a continued emphasis on Europe. We aim to share more detailed updates throughout the year.

Regarding our financial development, we continue to maintain strict cost control and closely monitor our cash flow. We incurred some additional costs during the last quarter of 2023 and the first quarter of this year, including to meet the peak workload that arose when we were finalizing all detailed production documentation. We have now phased out these additional costs as we have started production.

For all shareholders holding subscription warrants, I would like to remind you that they entitle you to a 30 percent discount on the share price at the end of May. The subscription period runs from June 3 to June 17. We will provide more information on this later.

At our annual general meeting in Kista on May 15, attendees will have the opportunity to meet with the board and management and will also be offered a guided tour of our test site. This tour will showcase our full-scale HeatPower 300 units and provide a comprehensive explanation of our technology, development work, and how we conduct customer and certification testing during delivery.

With market trends strongly favoring our innovative approach to waste heat recovery technology, we anticipate substantial progress ahead and hope to have your continued support as we move towards a promising future.

Lena Sundquist, CEO, Climeon

For full report, please see attached file below.