Ripasso Energy strengthens board at extraordinary general meeting

Swedish cleantech company Ripasso Energy AB, which develops Stirling technology for climate-smart power generation and is listed on NGM Nordic MTF, has been recommended by its nomination committee to expand the board by two members. The nomination committee's proposals for the Board, Benedict Morgan and Dr Gerd Jakob, two individuals with extensive experience in international business and global sales, are to be elected at an extraordinary general meeting.

The international interest in Ripasso Energy's solutions for climate-smart and cost-effective electricity generation has increased sharply in the last year. The company expects increased sales and is seeking investors globally. To strengthen the company's expertise in international business, the Nomination Committee propose that the Board be extended from four to six members at an Extraordinary General Meeting, and that Benedict Morgan and Dr Gerd Jakob are elected as members of the Board.

- "The Nomination Committee has done an excellent job and we are very pleased to be able to strengthen our board with two people with such solid knowledge and proven experience of international business. Ripasso will benefit greatly from this with the ambition of increasing sales and attracting new shareholders globally,” says Sven Sahle, Chairman of the Board of Ripasso Energy AB.

Benedict Morgan, born 1960, comes from England and has over 30 years of experience from M&A and international capital markets. He has advised governments on their privatisation programmes in the energy sector, as well as major listed and unlisted companies on transactions in a wide variety of jurisdictions. He has wide-ranging experience in the energy industry, particularly in oil, gas and power generation, having been involved in electricity privatisations and reorganisations in the UK, Latin America, Central Europe and Russia. Benedict Morgan received his BA hons. in Modern History and Economics from Worcester College, Oxford in 1983.

Dr Gerd Jakobs, born 1957, is a German entrepreneur who has been actively involved in the renewables business for the last 15 years. He has set up and successfully divested many PV companies in Germany, including SBU Photovoltaik GmbH, and has a wealth of industry-specific knowledge relating to renewables. He has also built up and developed businesses within in the IT services sector. Dr Jakobs received his PhD at the University of Canterbury in 1991, and a Masters in Trade and Finance from City University London in 1992.

Both Benedict Morgan and Dr Gerd Jakobs intend to buy 100,000 shares each in the upcoming new share issue, thereby following a tradition at Ripasso Energy that all Board members have significant ownership in the company.

About Ripasso Energy AB

Ripasso Energy is a Swedish cleantech company founded in 2008 to further develop the Stirling technology’s outstanding ability to convert heat energy into electricity. The company's technology is based on Kockums AB's world-leading Stirling engine, used in submarines, and Ripasso Energy has an exclusive everlasting license. The company offers different solutions that produce electricity at record-low prices compared to other climate-smart solutions. Ripasso Energy’s Stirling engine has an unofficial world record for converting solar energy to electricity, with close to twice as high efficiency as competing technologies, the greatest power output and unrivalled efficiency from the engine for both solar and gas.

For additional information related to this press release, please contact Ripasso Energy’s Executive Chairman Sven Sahle at ir@ripassoenergy.com. For additional information about the company, please visit www.ripassoenergy.com. You can also sign up for the company’s newsletter on the website. 

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 November 27, 2017 at 16:30 CET.