Year-End Report 2020


During the fourth quarter the cash position was strengthened by a directed new share issue of net SEK 244.9 million and disbursement of a loan of SEK 78,9 million. This enables increased local presence in the company's focus markets and accelerated development of the next generation Heat Power system. The fourth quarter was also characterized by the pandemic, affecting order intake, revenue and installation rate. However, for the full year order intake increased to SEK 56.3 million (44.2). At the end of the fourth quarter, Jan Bardell was appointed CEO of Climeon.

October – december

  • Order intake amounted to  SEK 0.0 million (19.7)
  • Net sales amounted to SEK 0.4 million (35.1)
  • Operating profit/loss amounted to SEK -36.2 million (-36.7)
  • Profit/loss per share amounted to SEK -0.72 (-0.76)
  • Cash flow from operating activities after change of working capital amounted to SEK -54.6 million (-46.9)
  • Climeon has completed a private placement of 5,000,000 Class B shares and a net contribution of SEK 244.9 million. The new share issue means that the conditions for disbursement of the loan of SEK 78.9 million from Svensk Exportkredit and DNB are met
  • Climeon has begun the recruitment of a new CEO and Jan Bardell has been appointed CEO of Climeon until a permanent CEO is recruited. Thomas Öström continues his involvement in Climeon as a board member and the company’s largest shareholder

January – december

  • Order intake amounted to SEK 56.3 million (44.2)
  • Net sales amounted to SEK 43.3 million (116.8)
  • Order backlog amounted to SEK 728.5 million (729.7)
  • Operating profit/loss amounted to SEK -135.7 million (-117.6)
  • Profit/loss per share amounted to SEK -2.76 (-2.30)
  • Cash flow from operating activities after change in working capital amounted to SEK -107.6 million (-154.1)
  • Total cash and cash equivalents and short-term investments amounted to SEK 314.9 million (142.9)


  • Christina Bäck has been appointed Head of Sales and Markets at Climeon. Christina Bäck was previously Head of Corporate Development and Globalization at Climeon and has extensive experience in sales, business development and marketing from companies with complex ecosystems
  • The Board proposes that no dividend is to be paid for the 2020 financial year
  • Climeon is participating in the EU-funded research project CHEK with the aim of reducing emissions in shipping
  • Climeon has entered a Memorandum of Understanding with Tomoe Engineering, aiming to establish an industrial sales cooperation in Japan

The CEO comments


I took over as the new CEO of Climeon on December 15th. Climeon is a company with great potential and my job is to create the best possible conditions to be able to realize that potential. We have a challenging year behind us and there are many lessons we will take with us into 2021. I have strengthened the management team with a new sales manager and together we will now build on the strengths and opportunities that Climeon has in a cost-effective and fast-paced way.

The past year was characterized by the ongoing coronavirus pandemic. At both company and individual level, we have had to change our ways of living and working. Climeon is of course no exception. Travel restrictions, lockdowns and lower willingness to invest among customers have had a negative effect on order intake as well as revenues and installation rates. At the same time, despite the pandemic, we managed to set up two power plants in Japan and for the full year, order intake was greater than the year before.

We direct a significant part of our resources towards the development of the next generation of the product with the goal of reaching higher energy efficiency and better profitability for both the customer and Climeon. We are currently in the middle of the first phase of the development work and will during the spring be able to share more about our goal and concept for the upcoming system.

Within geothermal, we continued to face challenges during the quarter in the form of installations being postponed. In Iceland, we are collaborating with the customer to complete the second and third power plant constructions, Reykholt and Efri Reykir, as well as to expand the first power plant, Fludir. We are proud that we in Fludir had a high availability of 98.3 percent in 2020, which our service and support team successfully contributed to. In Japan, where the physical meeting culture is very strong, restrictions due to the pandemic have affected the possibilities to further develop new business and power plant projects during 2020. In Taiwan, the customer continues to drill for the first power plant. The drilling has taken a little longer than expected, which is why it has not yet been relevant to deliver Heat Power modules there during the quarter.

In the maritime sector, we are still limited by the coronavirus pandemic as we have neither been able to board Maersk's ships nor complete the installations on Viking Glory in China. However, the installation work on Virgin Voyages’ next two vessels is progressing well, despite lockdowns in Italy earlier in 2020. During the quarter, we also produced modules to be able to deliver to Fincantieri and Havila Voyages in the spring. Another positive message during the quarter is that the International Maritime Organization has proposed new emission regulations that benefit Climeon, and the interest in sustainability in the industry has never been greater.

Within the industrial area, our main focus is on the development of our business linked to land-based engines in the UK. The customer is currently working on financing its concept, which includes land-based engines, waste heat recovery and carbon capture.

If we lift our gaze from the operational progress, we see that the growing interest in green energy and green investments continues. Around the world, discussions are had on how to get out of the coronavirus crisis in a green way, and in the EU alone, EUR 1 trillion has been dedicated to The European Green Deal and making the Union climate neutral. With a great interest in sustainable technology globally and a strong balance sheet, we continue to develop the Heat Power market, step by step towards a greener world.

Jan Bardell, CEO

For full report, please see attached file below.

For more information, please contact:
Jan Bardell, CEO, +46 768 60 84 06,
Charlotte Becker, Investor Relations, +46 730 37 07 07,
Christina Kassberg, CFO, +46 701 84 84 43,

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 February 2, 2021 at 07:30 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,