Baseload Capital Sweden AB (publ) today releases the results for the period 1 January – 31 December 2020
During the fourth quarter of 2020, all of our portfolio companies met several important milestones while working intensively with partners to plan for 2021. Although the pandemic affected the portfolio companies’ operations, primarily through time-consuming business development and delayed deliveries, the work has largely been able to continue as planned.
- The result for the fourth quarter was SEK -45.7 million (SEK 15.8 million for the same period in 2019). For the 12 months ending 31 December 2020, the result was SEK -71.3 million (SEK 2.5 million for the same period in 2019).
- In Japan, Ryuta Hiratsuka started as the new CEO of Baseload Power Japan after Ito Masahiro. Two power plants are in operation and the preparations for the third plant is in progress.
- In Taiwan, drilling is resumed in the Westlake project after an interruption caused by a part of the drilling equipment got stuck in the drilling pipe at 630 meters depth.
- In Iceland, Varmaorka commissioned Reykholt’s power plant, which will supply 300 kW to the electricity grid. A new cooling system has been installed at the Fludir power plant, which is expected to reduce internal electricity consumption by up to 15%.
- In the US, work continues to put the power plant into operation and if everything goes as planned, commissioning of the first power plant in the US is expected to take place during the second half of 2021. Three land lease agreements have been signed in Nevada, where there is great potential for new geothermal projects.
- As the company is an Investment Entity and thus values shares and loans at fair value, the strengthened Swedish krona against local currencies resulted in a write-down during the quarter of a total of SEK 29.6 million.
The information was submitted for publication at 07:30 CET on 24 February 2021.
For more information, please contact:
Alexander Helling CEO of Baseload Capital