Swedish Stirling AB: Year end report 2020

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Swedish Stirling

16 Feb, 2021, 11:23 GMT

Today, Cleantech company Swedish Stirling AB ("publ") ("Swedish Stirling") publishes its Year-end report for 2020. 

STOCKHOLM, Feb. 16, 2021 /PRNewswire/ -- Today, the Swedish cleantech company Swedish Stirling is publishing its interim report for the period 01-01-2020 - 31-12-2020. The report is available for download in its entirety on the company's website. Significant events during the period include the following:

  • Total operating income for the quarter was TSEK 15,637 (TSEK 14,986). Earnings per share, before dilution, for the quarter was SEK -0.24 (SEK -1.13).
  • Swedish Stirling changes marketplace to Nasdaq First North Premier Growth Market. The first day of trading was 6 November, 2020.
  • Swedish Stirling and ABB Sweden initiate a technical collaboration. ABB will supply components and systems for the PWR BLOK and will assist with knowledge and expertise as well.
  • Swedish Stirling completes a directed issue of 5 million shares, raising proceeds of SEK 67,5 million. The directed issue generated a large interest, and the investors were new Swedish and institutional investors, among others, BNP Paribas Energy Transition and Daniel Ek (indirectly through company), as well as existing shareholders.
  • Swedish Stirling reaches an agreement with all holders of convertible bonds 2019/2021:2 ("KV3") regarding conversion provided that an extraordinary general meeting decides on a change in the terms and conditions of KV3 entailing that the conversion rate shall be changed from SEK 10 per share to SEK 9 per share. Furthermore, the company received irrevocable commitments from holders of convertible bonds 2019/2021 ("KV2") regarding conversion in accordance with the terms and conditions corresponding to approximately 68 percent of the total outstanding loan amount under KV2. At the Extraordinary General Meeting on 22 December 2020, it was resolved to amend the conversion price for convertible bonds 2019/2021:2 (KV3) from SEK 10 per share to SEK 9 per share.
  • Swedish Stirling files a new patent application for the company's product, the PWR BLOK 400-F, with the European Patent Office (EPO). The application covers the process for how residual gases are fed into and burned off in the Stirling engines' fuel chambers to give more efficient conversion. The aim of the application is to further strengthen the protection of the technology in the run-up to the commercial rollout and start of serial production.

Material events after the end of the period:

  •  On 1 January 2021, the conversion period commenced for Swedish Stirling's convertible bonds 2019/2021 (ISIN: SE0012141877) ("KV2"). The conversion period runs from and including 1 January 2021 until and including 15 February 2021.

The CEO of Swedish Stirling, Gunnar Larsson, will comment the Year-end report at 09:00 a.m. on February, 17 at https://www.finwire.tv/webcast/swedish-stirling/q4/ (only in Swedish).

For further information please contact:

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

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https://news.cision.com/swedish-stirling/r/swedish-stirling-ab--year-end-report-2020,c3287619

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