Swedish Stirling AB: Q1, 2021 report

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Swedish Stirling

12 May, 2021, 10:19 GMT

- Swedish Stirling AB publishes its Q1, 2021 report today.

STOCKHOLM, May 12, 2021 /PRNewswire/ -- Swedish cleantech company Swedish Stirling AB is publishing its interim report for the period 01-01-2021 - 31-03-2021 today. The report is available for download in its entirety on the company's website. Significant events during the period include the following:

  • Net sales for the period amounted to TSEK - (TSEK -). Total operating income for the quarter was TSEK 18,685 (TSEK 18,500). Earnings per share, before dilution, for the quarter was SEK -0.14 (SEK -0.14).
  • Swedish Stirling Swedish Stirling and SMS group signed an agreement regarding the use of the PWR BLOK technology for energy recovery projects in Europe within the ferroalloy industry. The focus of the collaboration between the companies will initially be on the Spanish market, where the first pilot project will consist of one PWR BLOK 400-F.
  •  In the conversion of Swedish Stirling's convertible bond KV2, TSEK 78,814 of the total loan amount of TSEK 79,505 was reported for conversion, which corresponds to approximately 99 percent. For KV3, 100 percent of the total loan amount of TSEK 53,000 was reported for the conversion.
  • During Q1 2021, a total of 152 subscription warrants from Swedish Stirling's warrant program, resolved by the extraordinary general meeting held on October 10, 2014, were exercised to subscribe for 1,520,000 new shares in the company, which provided the company with approximately TSEK 3,489.

Material events after the end of the period:

  • On 28 April Swedish Stirling AB and Glencore Merafe Venture signed an energy conversion service agreement for an installation of 25 PWR BLOK 400-Fs (10MW) at the Glencore Merafe Lion ferrochrome smelter. The term of the agreement is 8 years from the date on which the last PWR BLOK achieves commercial operation, with an option for the Glencore Merafe Venture to extend the term by 7 years. The estimated present value for the initial term of the agreement for Swedish Stirling is MZAR 700 (MSEK 413) and in order to mitigate the risk with the deal the Company has entered into a currency hedge.

For further information please contact:

Sven Ljungberg, CCO, Swedish Stirling AB, +46 (0)31 385 88 30 ir@swedishstirling.com. 

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