Interim report for the period 1 January – 30 September 2020

2020-11-27 06:11:00


 

During the third quarter, development in each market has remained strong despite the current COVID-19 pandemic. Our project companies have experienced some delays in their projects, but work has largely been able to proceed as planned.

  • The result for the third quarter was SEK -7.0 million (SEK -22.6 million for the same period in 2019). For the 9 months ending 30 September 2020, the result was SEK -25.7 million (SEK -13.3 million for the same period in 2019).
  • Waita, which was commissioned during the second quarter, produces electricity as expected. The other Japanese project, Midori, commissioned at the end of the second quarter is still being adjusted and is expected to be fully operational before the end of the year.
  • In Taiwan, work is continuing on a number of projects. Drilling operations began at the end of August for the Westlake project, which is expected to be the first commercial geothermal project in Taiwan.
  • The new pump installed at the group’s first power plant in Fludir in Iceland, means that four more Climeon modules will be able to be operational in the facility. Reykholt is expected to be commissioned during the fourth quarter, while the commissioning of Efri Reykir has been delayed and is now expected to be commissioned during the first half of 2021. During the quarter, the convertible loan issued by Baseload Capital to Varmaorka was converted into shares.
  • During the quarter, a subsidiary was established in the US, Baseload Power US. The company started the investment in the first project in California.
  • Additional funds have been invested from the proceeds account of Baseload Capital’s green bond listed on Nasdaq. The company complied with all covenants during the quarter.
  • During the quarter, the company began a collaboration with the New Zealand company Geo40 and participated in the share issue that Geo40 carried out. Geo40 has developed a technology for extracting silicon and other minerals from geothermal water, which reduces the operating costs of geothermal power plants. At the same time, minerals are produced in a sustainable way.

The information was submitted for publication at 07:30 CET on 27 September 2020.