Ripasso Energy publishes annual report for 2016

As of today, March 27, the annual and audit report of Ripasso Energy for the financial year of 2016 is available. 

In 2016, Ripasso Energy saw major progress. A framework agreement with our Italian-based partner and customer Horizon was entered, allowing us to develop a clear strategic path for the commercialization of our product. The agreement itself stipulates a maximum of 600 engines annually and during the last six months of 2017, we are expecting an order of the first 100 units for delivery in 2018. Moreover, in the first half of 2017, a facility will be constructed at the university of Palermo for demonstration purposes.

The past year has further brought significant technological development, in particular with regard to our hybridization technology. We have successfully demonstrated that our Stirling engine can be powered with alternative fuels, complementing the sun when it is not available. This puts us in a unique position as the sole supplier of a renewable-based solution that can reliably provide electricity at any time of day or year. The development in this department has been so substantial that in March 9, 2017, we filed a total of three patent applications to the European Patent Office (EPO). The protection offered by these patents will serve to reinforce our leading position in our business field.

Last year was also the year Ripasso Energy became a public company. Following an over-subscribed stock emission, the company was listed at NGM Nordic MTF in Stockholm and traded for the first time on November 28, 2016. The listing has resulted in over 3000 new shareholders and provided us with sufficient funds to now have the capitalization requirements covered well in to 2018.

As the company was made public, an agreement with Finwire Media was entered in late 2016. Together with them, we will produce a number of videos detailing the progress of the company. The purpose of this is to provide shareholders with periodic updates of the current matters in Ripasso Energy and as of today, two such movies have been made available. They can be viewed at: https://ripassoenergy.com/en/media/. In addition to these videos, the company is also participates in a number of shareholders’ meetings and fairs, most recently InvestorDagen in Copenhagen with an estimated 1500 visitors. In March of 2017, the first shareholder visit to our production facility in Sibbhult, Sweden was arranged, with approximately 20 attendees.

Since the year-end report was published February 14, 2017, the annual report has been adjusted in order to be in line with the rules for large companies in the K3 regulations. Consequently, the expenses of the company are gross reported in the income statement and the capitalized expenditures for development work is a separate item of revenue. An equivalent adjustment has been made to the comparative figures of 2015. Gross reporting in this way does not affect the previously reported operating profits.

The annual and audit report are available either as an attachment to this release or under Financial reports on the webpage of Ripasso Energy, https://ripassoenergy.com/en/financial-reports/.

For additional information with respect to this press release, please contact Ripasso Energy’s CEO and founder Gunnar Larsson, e-mail: ir@ripassoenergy.com. For more information about the company, visit: https://ripassoenergy.com/.

This information is information that Ripasso Energy is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above, at 10:00 on March 27, 2017.