Swedish Stirling AB: Q1, 2020 Report

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Swedish Stirling

18 May, 2020, 08:34 GMT

- Swedish Stirling AB publishes its Q1, 2020 report today

STOCKHOLM, May 18, 2020 /PRNewswire/ -- Swedish clean tech company Swedish Stirling AB is publishing its interim report for the period 01-01-2020 - 31-03-2020 today. The report is available for download in its entirety on the company's website. Significant events during the period include the following:  

  • An agreement is signed with Glencore for an installation of up to 25 PWR BLOK (9.9MW) at the Lydenburg smelter in South Africa.         
  • Swedish Stirling secures a considerable increase in cash through an issue of a convertible loan and shares. The Company receives a total of SEK 147 million when Daniel Ek, CEO and founder of Spotify, and a number of Swedish and international institutional investors choose to invest in the Company.           
  • PWR BLOK 2 is shipped from Gothenburg to be delivered to Samancor's smelter TC Smelter in South Africa. Installation and commissioning are scheduled to take place during the second quarter.           
  • Carina Andersson is proposed by the nomination committee to be elected as new board member. She has a solid background from the Swedish metal industry and several prestigious board assignments in other Swedish industrial companies.   
  • Swedish Stirling's newly built laboratory and test facility for Stirling engines is commissioned in Gothenburg. The facility will significantly strengthen the Company's research and development capacity.

Material events after the end of the period: 

  • The Company is implementing an action plan in response to the corona pandemic and the uncertainties in the world economy. Re-prioritisations and project postponements will yield immediate savings of MSEK 1/month. The Company's estimation is that the cash reserves will last into 2022, even without revenue. 
  • At Swedish Stirling AB's Extra General Meeting on April 8, the Board of Directors' resolution on an issue of a convertible loan of up to MSEK 100, with deviation from the shareholders' preferential right, was approved. The subscribers have also provided a short-term loan of MSEK 20, which is intended to be offset with the convertible loan payment.

For further information please contact:
Sven Ljungberg, CCO
Swedish Stirling AB
+46-(0)31-385-88-30 
ir@swedishstirling.com. 

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