During the second quarter of 2020, the company continued to develop projects in Japan, Taiwan and Iceland. Covid-19 has so far had limited effect on the company, the impact on ongoing projects has led to some delays in some of the projects, but the work has largely been able to proceed as planned. However, travel restrictions mean temporarily less focus on business development.

• The result for the second quarter was SEK -10.4 million (SEK -0.7 million for the same period in 2019). For the 6 months ending 30 June 2020, the result was SEK -18.7 million (SEK 9.3 million for the same period in 2019).
• During the quarter, two power plants were put into operation in Japan. At the end of April, the first project, Waita, was launched. At the beginning of June, the second power plant, Midori, was commissioned.
• In Taiwan, work is continuing on a number of projects, with the first power plant expected to be commissioned during the first half of 2021.
• In Iceland, a new pump has been installed at the company's first power plant in Fludir. The pump has been flow tested during the summer, and with increased flow, the power plant will be upgraded with additional Climeon modules. Furthermore, a couple of new power plants are expected to be put into operation during the year. After the end of the quarter, the convertible loan that the company has issued to Varmaorka has been converted into shares.
• During the quarter, the first money was deducted from the green bond that the company issued during the first quarter of 2019. All covenants that the company must meet were fulfilled during the quarter. In May, the bond was listed on Nasdaq.
• After the end of the quarter, the Company has entered into a partnership with the New Zealand company Geo 40 and also participated in the share issue Geo40 completed. Geo40 has developed a technology for extracting silicon and other minerals from geothermal water, which reduces the operating costs of geothermal power plants. At the same time, minerals are produced in a sustainable way.

For more information, please contact:
Alexander Helling CEO of Baseload Capital
alexander.helling@baseloadcap.com

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