A Successful 2017: Ripasso Energy Publishes its Annual Report
Today, Swedish environmental technology company Ripasso Energy AB is publishing its annual report and audit report for the 2017 financial year. The year’s significant events include the company’s first commercial orders, the launch of the PWR BLOK 400-F, the company’s strategic decision to focus on the residual gas-to-electricity market, and the upward revisions made to the company’s sales and production goals.
2017 was a very successful year for Ripasso Energy. The launch of the company’s new product – the PWR BLOK 400-F – a container-based solution in which the company’s Stirling engine is used to harness energy from residual gas combustion – was greeted by the market with significant interest. For this reason, the company decided to shift resources away from the solar hybrid project in Italy and to postpone the associated timetable in favour of the PWR BLOK.
In autumn 2017, the company also carried out an oversubscribed new share issue in the amount of SEK 91.7 million in order to further strengthen its investment in the PWR BLOK. In December – just three months after product launch – the company received its first order for 7 PWR BLOK 400-Fs from the South African company Afarak Mogale (Pty) Ltd, for an order value of €3,766,000.
“2017 was an exciting year for Ripasso, with several important events during the year creating outstanding conditions for building a profitable company with the potential to grow very rapidly,” says Sven Sahle, Chairman of the Board of Ripasso Energy AB.
Upward revision of goals, office opened in Johannesburg
The significant interest in the PWR BLOCK – primarily in the South African ferrochrome industry – has also prompted Ripasso to upwardly revise its 2018 objective for order bookings to 1000 engines, and to 3000 engines for 2019. The company has also decided to open a dedicated sales office in Johannesburg, South Africa. The market potential of the PWR BLOK in the ferrochrome industry is estimated at EUR 300 million in South Africa, and at EUR 900 million globally.
“Our focus is currently on the ferrochrome industry, where we are benefiting from significant forward momentum. Because other parts of the metallurgical sector produce similar residual gases, we assess that the PWR BLOK will work for them as well, without requiring major adjustments. This opens up opportunities for additional markets for the PWR BLOK in the future,” says Gunnar Larsson, Ripasso Energy AB’s CEO and founder.
In 2017, Ripasso Energy also opened its shares to trading on Börse Stuttgart in order to facilitate investment by European investors.
Ripasso Energy AB’s 2017 annual report and audit report are available at https://ripassoenergy.com/en/investors/
For further information please contact:
Gunnar Larsson, CEO, ir@ripassoenergy.com
ABOUT RIPASSO ENERGY AB
Ripasso Energy AB is a Swedish environmental technology company founded in 2008 with a mission to develop and commercialise Stirling technology’s incomparable ability to convert thermal energy to electricity. The company has developed a Stirling engine featuring an unrivalled combination of high power and high efficiency for generating electricity at low costs compared to other renewable and sustainable alternatives. The company’s latest product – the PWR BLOK 400-F – is a unique solution for extracting electricity from industrial residual and flare gases in a climate-friendly way. Ripasso currently has operations and customers in both Europe and Africa, and its shares are listed in Sweden (on the NGM Nordic MTF), and also trade on the Börse Stuttgart in Germany. Read more at www.ripassoenergy.com
Ripasso Energy is required to disclose this information in accordance with the EU Market Abuse Regulation. The information was submitted for publication at the initiative of the above contact person on March 26, 2018 at 07.00 CET.