Baseload Capital Sweden AB (publ) today releases the results for the period 1 January – 31 March 2022

Interim report for the period 1 January – 31 March 2022

During the first quarter, we have initiated a written procedure with regards to our green bond to ensure the opportunity to redeem our bond at par and started planning for a series B round in the company to finance the upcoming growth phase.

• The result for the first quarter was SEK -30.5 million. Revaluation of projects and loans to subsidiaries accounted for SEK -17.4 million, of which SEK -5.9 million consisted of exchange rate differences as a result of a stronger Swedish krona.

• In Iceland, the focus during Q1 has continued to be on optimizing and bringing existing power plants to full capacity. On the business development side, our local development company has planned for drilling on the Efri Reikir project, which is expected to take place during the first half of 2022. During the previous quarter, we made a write-down of the shares in Varmaorka as the roll-out of new power plants is slower than planned.

• In the US, our development company Baseload Power US is anticipating delivery of ORC equipment to be commissioned in an existing oil field in California. This pilot project is designed to generate electricity using produced water from oil and gas wells. The Wendel project is awaiting a permit for wastewater and we expect a decision from the California Water Board in Q2 2022. The feasibility study for a major project has also been completed and planning for drilling is ongoing.

• In Taiwan, work is in progress to develop a long-term drilling plan with international drilling companies with knowledge of drilling geothermal wells. The plan is to drill on several sites with the same rig and crew in order to reduce the cost per well and speed up the development of projects.

• In Japan, our local development company has commissioned both San Sui power plants as a first part of the larger Waita project. Work on a new project in Gifu has also begun, where an existing well will be renovated so it can be used for a smaller power plant.

The information was submitted for publication at 07:30 CET on 27 May 2022.

For more information, please contact:
Alexander Helling CEO of Baseload Capital
alexander.helling@baseloadcap.com

About Us

Baseload Capital is a specialized investment entity that funds the deployment of heat power worldwide. Our portfolio of companies in Iceland, Japan, Taiwan and the U.S. work with local communities and power companies to permit, build and commission heat power plants.

Heat power is an affordable form of renewable energy that can be harnessed from either geothermal resources or waste heat. By applying innovative financing structures to help our local operators build and run the heat power plants, Baseload Capital can help nations quickly transition away from fossil fuels and toward energy independence. The result will lead to more resilient societies and a planet in balance. 

Tags: