MORE HEATPOWER SYSTEMS IN OPERATION GENERATING ELECTRICITY FOR CUSTOMERS AND GROWING SALES ACTIVITY
During the quarter, Climeon completed the commissioning of another HeatPower 300 system on board an existing container vessel, while the number of customer inquiries and ongoing sales discussions increased in both the marine and industrial segments. Several customer projects progressed to more detailed technical and financial evaluations ahead of potential investment decisions. Climeon completed a directed share issue of SEK 50 million, strengthening the company’s financial position to support continued commercialization in both the marine and industrial markets.
JULY - SEPTEMBER
SIGNIFICANT EVENTS
JANUARY - SEPTEMBER
A word from our CEO:
FOCUS ON CUSTOMERS AND MARKET DEVELOPMENT
During the third quarter, customers, sales and market development remained key priorities for us at Climeon. High energy and fuel costs, combined with a growing need for energy efficiency, are contributing to increased interest in Climeon's HeatPower technology. We have more ongoing customer discussions in both the marine and industrial segments, are submitting more quotations and receiving more incoming inquiries, while actively reaching out to new potential customers. We are now seeing more customer discussions develop into concrete projects, with significant potential to convert into orders.
On 1 September, Marcus Sannholm assumed the role of Head of Marine Sales. Marcus brings extensive experience from the marine industry and will lead our continued sales efforts in this segment. During the quarter, we held intensive discussions with existing customers interested in installing Climeon HeatPower on additional vessels, as well as with several new customers. At the SMM maritime trade fair in Hamburg in September, there was strong interest in energy efficiency and waste heat recovery. The event provided an opportunity to meet both existing and potential customers, and several of these contacts have since developed into ongoing sales discussions.
During the quarter, we also completed the commissioning of another HeatPower 300 system on board an existing container vessel. With more systems in commercial operation, we continue to build a broad reference base with documented results from real operating conditions. These proven installations clearly demonstrate the value Climeon delivers on board vessels by generating electricity, saving fuel and reducing carbon emissions.
In the industrial segment, we have adopted a more targeted approach to market development, with a particular focus on the chemical and process industries, as well as other applications where waste heat temperatures and availability are well suited to HeatPower 300. This puts us in a stronger position to identify projects with attractive investment economics and clear customer value. During the quarter, existing discussions intensified and many new ones were initiated. In several projects, customers have engaged external installation contractors to prepare detailed technical documentation for installation. This is an important part of industrial investment processes and demonstrates that several of our customer discussions have progressed to a more concrete stage.
In mid-September, we completed a directed share issue of approximately SEK 50 million, which received strong support from both new and existing shareholders. The investors include several with a particular interest in the energy sector, which is positive for Climeon's continued development. Our ongoing efforts to improve operational efficiency have delivered results in the form of steadily declining costs and improved financial performance. As the HeatPower 300 platform has now reached a high level of maturity, we have further adjusted our cost base, placing greater emphasis on market development, customers and sales.
We have now entered the final quarter of the year with more ongoing sales discussions, a growing reference base and several marine and industrial projects that have advanced further in customers' evaluation processes. We have a product that generates electricity and delivers value to our customers, while the need for cost-effective energy recovery continues to grow. Our focus going forward is clear: to advance ongoing projects towards investment decisions and new orders. With a more focused organization, a mature product platform and a strengthened financial position, we are well positioned to continue developing Climeon's business.
Lena Sundquist, CEO of Climeon
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