SaltX agrees to sell exclusive license for its gas heat pump technology in China
- Partnering with Stjernberg Automation and TUS Holding
SaltX Technology – listed on NASDAQ First North in Stockholm – has agreed on the key terms of a licensing and collaboration agreement with Stjernberg Automation AB and its Chinese Joint Venture - TUS Stjernberg Technology Co, Ltd. The term sheet stipulates that Stjernberg will pay SaltX 10 million RMB for exclusive rights to manufacture and sell SaltX HeatBoost components and products in China. The amount includes technical support from SaltX during the first two years and is paid in four equal instalments provided certain volume- and cost targets, of which the first payment of 2.5 million RMB is made upon signing of definitive agreements.
Since 2013, SaltX and Stjernberg Automation have worked together. Stjernberg has produced and delivered prototypes of the key component in the gas heat pump product i.e. the laser-welded plate heat exchangers in which the SaltX material is packaged.
"There is great interest for our technology in China. Having evaluated alternative partners for HeatBoost in China, we chose Stjernberg Automation due its cutting-edge laser technology and extensive knowledge about manufacturing this type of components. The fact that we know Stjernberg since long and that they are based in Sweden will make the technology transfer to China go smooth and efficient. With low-cost production base in base in China we have the pre-requisites for kick-starting the sales to our global OEM customers”, says Karl Bohman, CEO of SaltX Technology.
In June 2017, TUS Holding and partners acquired about 30 percent of the shares in Stjernberg Automation and became one of the main shareholder. Since then, the company has established a Joint Venture - TUS Stjernberg Technology Co. Ltd – in China. The production facility, which will be located close to the SunCool factory in Yuyao, will initiate the production of the SaltX HeatBoost components during the second quarter of 2018.
"As SaltX HeatBoost partner in China, we have the opportunity to reduce the time-to-market. With TUS Holding we are backed by a very strong investor who has the right industrial background and understands what it takes to produce and sell this type of products in China. In combination with our flexible and agile organization this allows us to meet the demand of SaltX HeatBoost product not only in China but globally”, says Magnus Stjernberg, CEO of Sternberg Automation.
The addressable market for gas-fired heat pumps in China is estimated to 1.5 million units, or the equivalent of 8 percent of the global market potential. SaltX keeps the right of granting market rights licenses to other markets. Stjernberg retains, according to the term sheet, also a non-exclusive right to sell and deliver up to 10,000 units in markets outside of China.
For more information, please contact:
Karl Bohman, CEO SaltX Technology, tel: +46-705 600 268
Magnus Stjernberg, CEO Stjernberg Automation, tel: +46-300 521 850
SaltX Technology is obliged to disclose this information under the EU Market Abuse Regulation. The information was provided by the contact person listed above, for publication on November 8, 2017 at. 08.30 CET.
About Stjernberg Automation AB
Stjernberg Automation – www.stjernbergautomation.se - was founded 2008 by Mr. Magnus Stjernberg and has its headquarters outside Gothenburg in Sweden and a subsidiary in China. The company develops, design and delivers automation solutions for digital manufacturing. The core competence and experience primarily involve advanced laser machining of different materials. Stjernberg makes both small- and large-scale production solutions according to customer requirements. Stjernberg’s customers mainly consist of large industrial companies such as ABB, Tetra Pak, Husqvarna, Sandvik and Volvo Cars.
About TUS Holding
TUS Holding – http://en.tusholdings.com - is one of China’s largest state-owned industrial investment fund with over 100 billion RMB under management operating over 50 science parks in China. TUS origins from the well-known Tsingua University & Science Park in Beijing. Since 2013, TUS Holding also invests in companies outside China.
About SaltX gas-driven heat pumps - HeatBoost
Gas-fired heat pumps is one of SaltX most important focus areas. The total global market potential for gas heat pumps for residential water- and space heating is estimated to 19 million units per year. With SaltX technology up to 50% of the energy consumption in terms of natural gas for a gas water heater or boiler can be reduced. The saving represents 200-500 EUR per year and household, paying off the incremental cost of the SaltX component in less than two years.
SaltX Technology develops and sells patented energy storage technology, which is marketed under the brand SaltX ™. Customers consist mainly of major global OEM partners such as Alfa Laval, Mobile Climate Control and Rheem. SaltX Technology's stock is listed on Nasdaq Stockholm First North. FNCA Sweden AB is SaltX Technology’s Certified Adviser. For more information, visit www.saltxtechnology.com.