Swedish Stirling AB: Year-end report 2021

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Swedish Stirling

16 Feb, 2022, 14:14 GMT

STOCKHOLM, Feb. 16, 2022 /PRNewswire/ --

Today, Cleantech company Swedish Stirling AB ("publ") ("Swedish Stirling") publishes its Year-end report for 2021. 

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

Fourth quarter

  • Net sales for the quarter amounted to TSEK 22 (TSEK -). Total operating income and own work capitalised for the quarter was TSEK 21,235 (TSEK 15,637).
  • Earnings per share, before dilution, for the quarter was SEK -0.18 (SEK -0.24).
  • The board of Swedish Stirling appointed Dennis Andersson as new CEO of the company. He succeeded Gunnar Larsson who founded Swedish Stirling in 2008 and who has been the CEO of the company since then. Dennis assumed the position on 15 November 2021. 
  • The Company decided to start production of PWR BLOK generation 3 after completing functionality verification at TC Smelter. As a result of this, the production line in Sibbhult has been redesigned to serial production, which will commence in the spring.
  • Swedish Stirling's CEO Dennis Andersson acquired 204,287 shares from the company's main owner, OU Dagny.
  • During the period, 7 subscription warrants from the company's warrant program, resolved by the extraordinary general meeting held on 10 October 2014, was exercised to subscribe for 70,000 new shares in Swedish Stirling AB (publ), whereby Swedish Stirling has received approximately SEK 160,000. Following the exercise, all subscription warrants within Swedish Stirling's warrant program have been exercised.

January - December

  • Net sales for the period amounted to TSEK 73 (TSEK -). Total operating income and own work capitalised for the period was TSEK 67,115 (TSEK 53,395).
  • Earnings per share, before dilution, for the quarter was SEK -0.59 (SEK -0.80).
  • Swedish Stirling and Glencore Operations South Africa signed an agreement for an energy conversion service with the installation of 25 PWR BLOK. In order to mitigate the currency risk with the deal the Company has entered into a currency hedge.
  • Swedish Stirling and SMS group GmbH signed a letter of intent to use PWR BLOK technology for energy recovery projects in the European ferro-alloy industry.
  • Swedish Stirling conducted a targeted new share issue of 13,240,000 shares, which raised a total of SEK 225,080,000.
  • During the year, a total of 429 subscription warrants were exercised and converted to shares, which provided the Company with TSEK 9,849.
  • In the conversion of Swedish Stirling's convertible bonds KV2 and KV3, TSEK 79,505 and TSEK 53,000 were reported for conversion, which corresponds to approximately 99 percent and 100 percent respectively.
  • The Company appointed Christian Nilsson as its new Chief Technology Officer (CTO) and Dan Hillén as new CFO.

The CEO of Swedish Stirling, Dennis Andersson, will comment the Year-end report at 16:00 a.m. on 16 February, at https://www.finwire.tv/webcast/swedish-stirling/q4-2021/ (only in Swedish).

This information is information that Swedish Stirling AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 15:00 CET on February 16, 2022.

For further information please contact:

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

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