Presentation

Climeon produces heat power systems, converting waste heat and geothermal heat into clean electricity. The Climeon module consists of an evaporator that transfers heat to the internal working fluid, a turbine-generator to convert thermal energy to electricity, and a cooling system to transfer heat out of the module to the cooling water circuit. It is based on ORC technology, which essentially means using a pressure differential between a hot source with high pressure and a cold source with low pressure to create a flow that generates electricity.

Climeon’s main market segment on the waste heat side is Maritime, where the company has repeat business from customers such as Virgin Voyages and Viking Line. A Climeon Heat Power System that produces 2 MW of clean electricity, enables ships to reduce CO2 annual emissions by more than 7,000 tonnes, while saving 2,300 tonnes of fuel every year. Its compact modular design makes it easily scalable from 150 kW to 2 MW systems for larger installations. Climeon recently announced a changed focus towards maritime solutions after certain setbacks in the geothermal market. At the end of Q2, Climeon also decided to reduce the order backlog by SEK 468m to SEK 180m, related to a significantly reduced roll-out plan by its Icelandic geothermal customer Varmaorka.

Climeon is currently developing an upgraded version of the Heat Power system in order to improve its offering to all customer types, and there is a transition period in senior management with a new CEO and CFO starting during Q3 2021.