Swedish Stirling secures debt financing in South Africa
Swedish Stirling AB (publ) has received a positive credit committee decision from the South African bank, The Industrial Development Corporation of Africa (“IDC”), to finance the PWR BLOK project in South Africa.
Swedish clean-tech company, Swedish Stirling, has today received a positive credit committee decision from IDC regarding a loan of MZAR 162 (MSEK 96) for the installation of the company’s first large-scale commercial project using the PWR BLOK, at the Lion smelter in South Africa. The project encompasses a 10MW installation and the first units are estimated to be shipped this year. The credit facility, in South African Rand (ZAR) terms, has according to the company a competitive interest rate over an 8-year term.
- We’ve been working for a long time to make the PWR BLOK bankable, i.e. eligible for financing at commercial banks, and now we’ve achieved that goal. A low cost of capital for the technology is important for creating what the customer wants most – a lower electricity cost and reduced carbon dioxide emissions. Long term, we plan to work on further reducing the cost of capital. Short term, our primary focus is on making the project deliverables, and on signing deals for further installations in South Africa,” says Dennis Andersson, CEO of Swedish Stirling.
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 AB 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 to electricity. The company’s latest product – the PWR BLOK 400-F – is a unique proprietary solution for recycling energy from industrial residual and flare gases and converting these into 100% carbon-neutral electricity at high efficiency. According to an independent certification, the PWR BLOK is the cheapest way to generate electricity that exists today, yielding greater CO2 savings per krona invested than any other type of energy. 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
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 above, at 16:00 CET on 9 February 2022.