SaltX writes down development costs

- Focuses exclusively on large-scale energy storage within EnerStore

The energy storage company SaltX Technology - listed on Nasdaq First North Premier - writes down the remaining balanced expenditure for development work of no longer active applications, i.e. development of applications outside the EnerStore business area. The write-down amounts to a total of SEK 33.2 million. The measure is an accounting matter and has no effect on cash flow.

The company maintains and strengthens its focus and concentration on the opportunities offered by EnerStore. The company has previously announced that it is seeking new partners for other applications within SunCool, HeatBoost and VerdAcc to reduce SaltX's own responsibilities and efforts in these areas. This has not yet produced any distinct results, although work is continuing on a limited scale. A decision has been made to write down the remaining values of capitalized development costs in the balance sheet linked to these applications amounting to SEK 33.2 million. This will have an effect on the result in the financial statements for the second quarter but with no effect on cash flow. The remaining values in the balance sheet regarding capitalized expenses amount to SEK 74.2 million and relate to the basic technology and the application EnerStore.

“The write-down is a natural consequence of focusing on large-scale energy storage. In this area, SaltX has its greatest commercial potential.”, says Carl-Johan Linér, CEO of SaltX Technology

For further information contact:
Carl-Johan Linér, CEO of SaltX Technology, tel + 46-70 532 08 08
Harald Bauer, CFO of 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 August 22, 2019 at. 20.00 CET.

About SaltX Technology
SaltX Technology develops and sells a patented energy storage technology. The company is working with partners such as Spanish INERCO ITC and German Steinmüller. SaltX Technology's share is listed on Nasdaq Stockholm First North Premier. FNCA Sweden AB, 08-528 00 399, info@fnca.se, is SaltX Technology's certified adviser. For more information, visit: www.saltxtechnology.com

Stockholm, August 22, 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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