Year End Report 2023


At the end of the fourth quarter of the year, Climeon signed another order for HeatPower 300 Marine. The order came from a leading global shipping company, which has not yet been publicly disclosed, and they intend to install the modules on two of their existing container ships. This order represents an important breakthrough in the retrofit market where Climeon sees significant potential for the future. The production of the units to be delivered to Termolink for installation at NEO Group's manufacturing facility in Lithuania in 2024 continued as planned. The rights issue that was decided on October 30th was oversubscribed by 111 percent, thus providing the company with approximately 100 million Swedish kronor before deductions for costs attributed to the Rights Issue. These funds will be used to finance deliveries of existing and expected orders, as well as the ongoing commercialization of HeatPower 300.

Climeon Update – Join Us for a Live Teams Meeting
On Tuesday, February 6th, 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 10.5 million (0.6).
  • Net sales amounted to SEK 1.2 million (9.1) and were primarily attributable to commissioning and aftermarket revenues.
  • Operating profit/loss amounted to SEK -25.1 million (-40.5) including SEK -2.0 million (-15.4) of non-recurring, non-cash generating items, mainly attributable to write-downs of inventory.
  • Profit/loss after financial items amounted to SEK -36.0 million (-38.9)
  • Earnings per share, before and after dilution, amounted to SEK -0.27 (-0.41)
  • Cash flow from operating activities after changes in working capital amounted to SEK -27.7 million (-26.6).



  • A leading global shipping company, with the aim of increasing energy efficiency on board two of its existing container ships, signs an order for Climeon's HeatPower 300. The order value is approximately EUR 1 million and the HeatPower 300 modules will be delivered to the customer in 2024.
  • The first HeatPower 300 module for NEO Group's factory in Lithuania was delivered to Climeon's test facility in Kista after production at Climeon's partner in southern Sweden. Final tests and verification will take place at Climeon before delivery and installation at the customer in 2024.
  • Climeon announced that the rights issue decided on October 30 was oversubscribed. A total of 2,180,795 Units were subscribed, corresponding to 111 percent of the issue. The company will thus receive approximately SEK 100 million before costs attributed to the Rights Issue.



  • Order intake amounted to SEK 52.0 million (3.6)
  • Net sales amounted to SEK 6.2 million (13.9)
  • Order backlog amounted to SEK 80.5 million (37.1)
  • Operating profit amounted to SEK -102.6 million (-115.8), including non-recurring items of SEK -11.2 (-17.4) million.
  • Profit/loss after financial items amounted to SEK -135.7 million (-125.9)
  • Earnings per share, before and after dilution, amounted to SEK -1.29 (-1.46)
  • Cash flow from operating activities after changes in working capital amounted to SEK -90.1 million (-70.7) and total cash and cash equivalents amounted to SEK 77.5 million (139.3).



  • Climeon and Baseload Capital have entered into an agreement regarding Climeon's ownership in Baseload Capital Holding AB as well as non-commissioned HeatPower 150 modules. The previous order for HeatPower 150 made by Baseload Power Taiwan is also cancelled. The agreement, which is expected to be completed in 2024, does not have any liquidity impact for Climeon beyond a possible future exercise of a call option that Climeon issues regarding its remaining shares in Baseload Capital Holding. Climeon's intention is therefore, over time, to divest its entire ownership in Baseload Capital.



Looking back on 2023, it was a year marked by geopolitical tensions and a turbulent global economy with ongoing high inflation and high interest rates. The urgent need for a transition to a more sustainable future became increasingly apparent. At Climeon, we remain committed to our forward-focused approach, according to our strategic plan. Our vision is that through our HeatPower products, we can contribute to reducing global carbon emissions and accelerating the use of sustainable electricity, thereby contributing to a greener and more sustainable world.

In 2023, we took several steps towards our vision. We were able to secure important contracts with large and respected customers. The customer projects in the maritime market are within our focus areas – that is, both newly built ships, where Climeon's HeatPower 300 is integrated from the beginning of the construction process and retrofit projects where the units are integrated on existing vessels. In both cases, Climeon's HeatPower 300 helps shipowners and shipyards to improve energy efficiency, reduce fuel consumption, and decrease carbon emissions. We primarily target vessels that generate large amounts of thermal energy, such as container and cruise ships, where Climeon's product can save significant amount of fuel and reduce carbon emissions.

In July 2023, Hyundai Heavy Industries, one of the world's largest shipyards, ordered HeatPower 300 for Maersk's new series of container ships. More recently, in December, we announced another order from a leading global player, this time for HeatPower 300 units to be installed on two existing container ships. This was a breakthrough for us in the important retrofit market. Our marine sales team is currently working with several important maritime countries and, along with prospective agents, has participated in maritime exhibitions in South Korea and China to establish contacts with new customers and deepen cooperation with existing ones. We are also meeting potential customers in key regions in Europe and Asia, as well as in the American market. There are numerous customer projects that we are actively working on and will provide more information on as soon as possible. Interest in what we do is both significant and growing.

In the energy and industrial sectors, our primary focus is on selected European countries, with an emphasis on industrial applications and energy companies, such as power plants and geothermal projects. The key is that the technical prerequisites match our product platform, and that we can create projects that are profitable for both the customers and our company. We are working on several projects, both those that we are striving to move forward with in 2024 and other further down the line.

On the home front, we continued to improve our production and supply chain, with a focus on ensuring timeliness and quality for the customer projects we have already undertaken, while also preparing for the projects we are currently working to secure. For HD Hyundai Heavy Industries, we have placed purchase orders for the necessary components and carried out our planning to ensure on-time deliveries. Regarding our industrial customer, Termolink in Lithuania, we have successfully completed production, and the first module has been delivered to Climeon's testing facility. Final testing is now underway before delivery to the customer. In short, Climeon is now transitioning from development and design to delivery and production. At the same time, I want to emphasize that our development work continues. We will continue to improve our product to always stay at the forefront in order to be able to meet future competition.

During the fall, we also worked intensively on strengthening our financing and liquidity. Fortunately, our rights issue was oversubscribed, providing the company with approximately 100 million Swedish kronor before deductions for costs attributable to the Rights Issue. As previously communicated, we have also paid off all bank loans. In addition, we have consistently reduced our operating expenses over the past two years and have now established ourselves at a level that we intend to maintain in the coming year. As part of the rights issue in the fall, we also issued options that can be exercised by respective holders in June, potentially providing an additional capital injection.

In summary, it is very gratifying to note that we were able to conclude 2023 in a fantastic way with both an oversubscribed rights issue and customer orders for existing container ships - all while ongoing customer projects continued to progress as planned. I want to extend a big thank you to the entire Climeon team for our collective success in this, and to all of our shareholders who believe in us and participated in the issuance. Now, we move forward with even higher ambitions and goals for an even more successful 2024.

Lena Sundquist, CEO, Climeon

For full report, please see attached file below.