SaltX negotiating to terminate the license for gas heat pumps in China

SaltX Technology - listed on Nasdaq First North Premier – negotiates to end the license and cooperation agreement with Stjernberg Automation AB. SaltX thus repays SEK 3.2 million in previously paid license compensation. The reason is that the collaboration has not provided the intended results.

The original intention was that Stjernberg would pay SaltX for exclusive rights to manufacture and sell SaltX HeatBoost components in China including technical support.

It has taken longer than expected to develop components that today would be ready for production in larger numbers. Thus, the parties have agreed to cancel the agreement but continue the cooperation with developing the components.

"We focus mainly on large-scale energy storage, but we also see a potential for our solution for more efficient gas heat pumps. The cooperation with Stjernberg and other partners for this application continues,"says Harald Bauer, CEO of SaltX Technology.

According to the agreement, Stjernberg had the right to recover paid license if SaltX would choose not to comply with the obligation to manufacture the agreed number of components.

As it relates to reported revenues for 2017 and 2018 totaling SEK 2.1 million, the compensation in return will be reported as negative net sales.

For further information, please contact:
Harald Bauer, CEO & CFO SaltX Technology: Tel: +46-708 10 80 34

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This information is such information as SaltX Technology is required to disclose under the EU Market Abuse Regulation. The information was provided, through the contact of the above contact person, for publication on Mars 1, 2019 at. 10.00 CET.

About SaltX Technology
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, +46-8-528 00 399, info@fnca.se, is SaltX Technology’s Certified Adviser. For more information, visit www.saltxtechnology.com.  

Stockholm, Mars 1, 2019

About Us

SaltX Technology is an award-winning company in Sweden which has developed a worldwide patented ground-breaking nano technology, storing energy in salt for an unlimited amount of time to provide heating and/or cooling. The company is primary focusing on large scale energy storage, which is required to deal with the inconsistency of renewable energy supply. SaltX´s innovation, built with nano-coated salt technology, is a circular thermal energy storage solution that provides peak shifting to energy grid providers, industrial and commercial customers. With a low cost SaltX Energy Storage is enabling the full transition to renewable energy, globally.

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