- Today, the clean tech company Swedish Stirling AB (publ) ("Swedish Stirling") publishes its Year-end report for 2019
STOCKHOLM, Feb. 18, 2020 /PRNewswire/ -- Today, the Swedish clean tech company Swedish Stirling is publishing its interim report for the period 01-01-2019 - 31-12-2019. The report is available for download in its entirety on the company's website. Significant events during the period include the following:
- Conversion of Swedish Stirling's convertible bonds 2017/2019 (Nordic SME: STRLNG KV1) took place during the period from and including October 1, 2019 until and including November 18, 2019. Of the total outstanding loan amount of SEK 25,074,661 under KV1, an amount of SEK 24,575,623.60 was requested for conversion, which corresponded to approximately 98 percent.
- Swedish Stirling and the development bank The Industrial Development Corporation of Africa signed a letter of intent about forming a jointly owned financing/leasing company in South Africa, which goes by the name "Southern Shiled". The new company will initially be able to finance deals in Africa for up to 100 PWR BLOK units.
- Swedish Stirling filed a patent application for the company's PWR BLOK 400-F product with the European Patent Office (EPO). The ambition of the application is to prevent copying of the unique concept of energy conversion developed by Swedish Stirling.
- Swedish Stirling entered into an agreement with the South African company Samancor Chrome's subsidiary TC Smelter Proprietary Limited. The agreement concerns the installation of a pilot facility with one PWR BLOK unit at the TC Smelter facility in South Africa. The facility is intended to be commissioned during the second quarter of 2020.
- As a result of Swedish Stirling's strategic decision to solely focus on developing the PWR BLOK product, the company has made a formal decision to terminate the solar energy project. As a result, 23% of the company's capitalised development costs at year-end, attributable to the solar energy project, were written off. The decision has a major impact on the results for the period, however, it does not affect the company's current direction.
The CEO of Swedish Stirling, Gunnar Larsson, will comment the Year-end report at
14:00 p.m. on February, 20 at https://event.finwire.tv/swedishstirling/ (only in Swedish).
For further information please contact:
CCO, Swedish Stirling AB
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SOURCE Swedish Stirling