Ripasso Energy AB – license applications information and revenue forecast for 2018

In the of spring 2016, Ripasso Energy AB (“Ripasso Energy”) entered into a framework agreement with the Italian company Horizon S.R.L. (“Horizon”). Under the agreement, Horizon will be responsible for the development and completion of solar hybrid projects on Sicily, in which Ripasso Energy will act as technology provider. 22 projects have so far been applied for and Ripasso Energy expects to start production of at least 100 hybridized Stirling engines during 2017, with final delivery during 2018 generating a forecasted revenue for Ripasso of 4.8 MEUR.

At the time of the information memorandum, i.e. November 23, 2016, Horizon had submitted applications for 16 projects with an aggregated sales potential of 106 hybridized Stirling engines (“engines”). Since that date until December 6, 2016, Horizon has submitted additional applications. This means that as of today, there are pending applications for 22 projects, including 125 engines. In

addition to the pending applications, Horizon expects to submit applications for an additional 20 projects including 67 engines before end of 2016. 

With respect to the pending applications:

• 8 projects including 55 engines have been approved for grid connection.
• 4 projects including 39 engines have been declined grid connection.
• 10 projects including 31 engines await decision. 

The grid connection approval is an important step in the application process. The projects approved for grid connection now await decisions from regional authorities. Declined projects are not likely to materialize.

Approved projects are expected to be fully ready for investment between April and August 2017. A firm order to Ripasso Energy is expected in September 2017. Final delivery of the first projects is planned for Q1 2018.

During 2018, Ripasso Energy forecasts completed delivery of at least 100 engines, resulting in Ripasso Energy’s share of revenues being 4.8 MEUR with a positive gross margin.

During 1H 2017, Ripasso Energy and Horizon will construct a demonstration unit on the grounds of University of Palermo. The objective is to attract interest to invest in projects with Ripasso Energy technology and transfer EPC-knowledge to Horizon in preparation for commercial projects. The target date for completion is May 31, 2017. Part of the construction process will be recorded by Finwire Media and published on YouTube.  

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: www.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 8:30 on December 8, 2016.