Swedish Stirling resolves on extended cost-saving measures and seeks strategic partner
The Board of Directors of Swedish Stirling AB (publ) (“Swedish Stirling” or the “Company”) has given the Company’s CEO Dennis Andersson and the management team the mandate to significantly lower the Company’s costs in order for the current working capital to last as long as possible. The Board of Directors has also instructed the CEO to actively seek opportunities for strategic partnerships.
On 22 December 2022, Swedish Stirling announced that it is unlikely that the Company will reach a product sales agreement for PWR BLOKs with Glencore and that the Board of Directors had resolved to extend the subscription period in the ongoing rights issue and to entitle investors who have subscribed for shares in the rights issue to withdraw their subscription.
The Board of Directors has thereafter evaluated the Company’s operations and financial position and has today resolved to give the CEO and the management team the mandate to carry out cost-saving measures. The resolution primarily includes reductions among personnel who are not critical to the business and to renegotiate, alternatively terminate, rental agreements. The Company will further wind down subsidiaries in South Africa in parallel with various other cost savings. The Company will also investigate possibilities to find a strategic partner.
This information is information that Swedish Stirling AB (publ) 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 below on 30 December 2022 at 09:30 CET.
For further information please contact:
Sven Ljungberg, CCO, Swedish Stirling AB, +46 (0)31 385 88 30 ir@swedishstirling.com.
About Swedish Stirling AB
Swedish Stirling is a Swedish clean-tech company founded in 2008 with a mission to further refine the incomparable ability of Stirling technology to convert thermal energy into electricity. The company’s latest product, the PWR BLOK unit, is a unique proprietary solution for recovering energy from industrial residual gases and heat, and for converting this into 100 percent carbon-neutral electricity with high efficiency. The company’s vison is to establish Stirling technology as the best option for local, sustainable electricity generation. Swedish Stirling AB is listed on Nasdaq First North Premier and FNCA Sweden AB is appointed Certified Adviser, +46(0)8-528 00 399, info@fnca.se. Read more at www.swedishstirling.com.