Wednesday, February 12, 2020

Sweden: Geothermal Heat Power Module Manufacturer Provides an Update

Climeon - Year-end report 2019 (News Release)

Net sales amounted to SEK 35.1 million (37.7) in the fourth quarter and increased significantly for the full year to SEK 116.8 million (58.9). The fourth quarter was eventful with a first order for power plants based on reciprocating engines, a strategic partnership to open up a new part of the geothermal market and Sea Trials with Virgin Voyages. Operating profit amounted to SEK -36.0 million (-32.7) in the quarter. The profit was affected by the planned increase in expenses and investments related to continued build-up of the organization. The order backlog totaled SEK 729.7 million (818.6) at the end of the quarter.

"It is now clear that the large roll-out of the Icelandic order will take longer than previously estimated, but we continue to believe in the Icelandic market and the need for a distributed baseload power. Both in Iceland and in Japan, our teams are working hard together with our customers to bring up a total of four power plants in the first half of 2020. Step by step, we continue to work towards our vision of delivering fossil-free heat power and becoming the world’s number one climate solver."

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