Year End Report 2022


During the quarter, Climeon continued the work to commercialize the new product HeatPower 300. Full-scale tests, where operational data from customers were used to verify performance, were carried out at the company's facility in Kista. Since the launch in the marine market in September 2022, Climeon has deepened customer dialogues with different market participants. In parallel with the marine market, Climeon has also initiated and deepened the dialogues with various customers in the energy and industrial markets. Climeon’s Icelandic customer, Varmaorka, has decided to wind down its operations and as a result Climeon has chosen to write down the order backlog by SEK 131.6 million. For the Energy and Industry business areas, a new manager was recruited, Patrik Engstrand Kemi, who most recently comes from Vattenfall.

Climeon Update – Join Us for a Live Teams Meeting
On Thursday, February 9th, at 10:00, join Climeon's CEO, Lena Sundquist, and CFO, Carl Arnesson, for a brief company update via a live webcast on Microsoft Teams. The event will last for approximately an hour and will end with a Q&A session.




  • Order intake amounted to SEK 0.6 million (2.2) and pertained to service and aftermarket work.
  • Net sales amounted to SEK 9.1 million (3.2)
  • Operating profit/loss amounted to SEK -40.5 million (-35.0) including non-recurring, non-cash generating, items of SEK -15.4 million (-3.8).
  • Profit/loss after financial items amounted to SEK -38.9 million (-36.2)
  • Earnings per share, before and after dilution, amounted to SEK -0.41 (-1.93)
  • Cash flow from operating activities after changes in working capital amounted to SEK -26.6 million (-28.6) where the negative change in working capital of (-6 MSEK) mainly consisted of an adjustment of previously paid-in customer advances.



  • Climeon commissioned a HeatPower 150 module onboard Havila Voyage's vessel, Polaris, during the quarter. Climeon also delivered two more modules to Havila Capella and Havila Castor, respectively, which are planned to be commissioned during the first half of 2023.
  • Climeon's Icelandic customer Varmaorka announced that they intend to wind down their operations. Climeon has therefore chosen to write down the order backlog regarding Iceland by SEK 131.6 million before exchange rate changes. In addition, a further SEK 10.4 million was reserved in costs for anticipated customer losses.
  • Patrik Engstrand Kemi was recruited to the newly created role of Executive Vice President Energy & Industry and thus becomes overall commercially responsible for Climeon's business within energy and industry and will be part of the management team. He most recently came from a position as Head of Industry segments, Network Solutions at Vattenfall Eldistribution.
  • The company's EVP, R&D, Jonas Måhlén, takes overall responsibility for the technical operations ranging from research and development to delivery and service of products in operation. At the same time, Robin Goodoree has chosen to leave Climeon to pursue new challenges.



  • Order intake amounted to SEK 3.6 million (2.3)
  • Net sales amounted to SEK 13.9 million (28.8)
  • Order backlog amounted to SEK 37.1 million (179.7)
  • Operating profit amounted to SEK -115.8 million (-150.3)
  • Profit/loss after financial items amounted to SEK -125.9 million (-107.3)
  • Earnings per share, before and after dilution, amounted to SEK -1.46 (-1.93)
  • Cash flow from operating activities after changes in working capital amounted to SEK -70.7 million (-126.9)
  • Total cash and cash equivalents amounted to SEK 139.3 million (152.0)
  • The board proposes that no dividend will be paid for the financial year 2022 (0).



The final quarter of the year has passed, and we can look back on an eventful quarter and an eventful year. The world has been turbulent with growing geopolitical tensions with a war in our vicinity and rapidly rising prices for electricity and fossil fuels. It is even more obvious that we must speed up the transition towards significantly more efficient, and renewable, electricity production and reduce our dependency on fossil fuels. I am convinced that Climeon's technology will play an important role in that transition. Where there is residual heat, we can continuously produce renewable electricity, regardless of the weather.

All markets are surrounded by uncertainty ahead of the coming year, but I can state that interest in us and our technology increased consistently during 2022, not least during the last quarter of the year. The interest came from the marine, energy, and industrial markets as well as from several different parts of the world.

For us, the marine industry is interesting because it has a clearly identified need for energy efficiency to reduce both emissions and operating costs. It is also an industry in which we have extensive experience, as well as an existing customer base. During the fall and winter, our marine sales team worked on following up and identifying interesting projects and partners, which meant traveling in Europe, Asia, and North America. We have concluded that it is customers with large ships, with a large production of residual heat, where we see that our technology fits particularly well.

In the field of energy and industry, our collaboration with Landmark Power Holdings, our partner in the UK, continued. At the end of October, we were able to participate in the ground-breaking ceremony for the facility that is now being built in Nottinghamshire. In November, Landmark's CEO, Michael Avison, visited Climeon's headquarters in Kista to discuss collaboration on potential future projects. In connection with the visit, we also demonstrated HeatPower 300. Dialogues with several other actors that are interested in the possibilities that the new product enables, continued during the quarter.
When it comes to the geothermal market, we receive a lot of inquiries, mainly from North America and Eastern Europe, however these projects are often in early phases and lie far in the future. In the future, geothermal may become interesting for Climeon again, but currently we are focusing on other markets that can be realized earlier. As was announced during the quarter, Varmaorka, our client in Iceland, announced that they intend to wind down their operations. When this will happen is not yet decided, but we chose, as a natural consequence, to write down our order backlog by SEK 131.6 million in December.

We continue to commission, install and service HeatPower 150 in ongoing and previously commissioned customer installations. There are a number of HeatPower 150s that have been running for many years and will continue to produce electricity for a long time to come. However, future sales efforts will be focused on the HeatPower 300, as it is a more cost effective and profitable product for our customers and for us.

Regarding the technical development work on HeatPower 300, during the quarter we continued to develop a product that meets the requirements of maritime customers, as well as select customers within the energy and industry markets. Tests based on technical customer data and our own practical experience of how the system needs to function in operation, were carried out on a full scale at our facility in Kista.

We have also spent, and continue to spend, a lot of time on customer documentation and adapting our product to the requirements set by authorities and organizations, as well as preparing our supply and production chain. It is work that may not be visible from the outside, but necessary.

Our net sales for the fourth quarter amounted to SEK 9.1 million and the operating profit to SEK -40.5 million, including non-recurring items. The negative operating result is understandable as we are in a transition phase, but of course not sustainable in the long term. The efficiency program implemented in 2022 gave us a more optimized organization, both in terms of competence and cost mass, and we continue to maintain strict cost control. The funds we gained access to through the completed rights issue have given us the requisites to complete and commercialize our new product, HeatPower 300. I am thankful for the support we have received. Together with the board, we now continue to work to ensure long-term funding.

I am also happy to say that Climeon, with two dedicated business area managers, is getting a clear and focused management team for the new phase we are in. Fredrik Thorén leads the Marine business, while the Energy and Industry group will shortly be led by Patrik Engstrand Kemi. Patrik most recently comes from Vattenfall and brings with him extensive experience from commercial work in the energy sector. At the same time, since Robin Goodoree has left Climeon to take up new challenges, our R&D manager, Jonas Måhlén, takes on the overall responsibility for our technical operations, from research and development to delivery and service of products in operation. I look forward to continue working together with them and the entire Climeon team.

Lena Sundquist, CEO, Climeon

For full report, please see attached file below.