During the fourth quarter, the focus continued to be on project- and business development and planning for 2022.

• The result for the fourth quarter was SEK -75.2 million, with revaluation of projects and loans to subsidiaries amounts to SEK -57.2 million. Exchange rate differences as a result of a weaker Swedish krona were SEK 5.9 million.

• In Iceland, the focus during Q4 continued to be to optimize and bring existing power plants to full capacity. On the business development side, our local development company has planned for drilling on the Efri Reikir project, which is expected to take place during the first half of 2022. We have made a write-down of the shares in Varmaorka as the roll-out of new power plants is slower than planned.

• In the US, a number of new areas have been identified and now a feasibility study is being done on them to analyze whether we should proceed with drilling. For ongoing projects, we are working on commissioning a power plant on an existing oil field in California. This will be a pilot project where we use water from oil- and gas wells to produce green electricity.  The Wendel project is waiting for a permit for wastewater and we expect a decision from the California Water Board in Q2 2022.

• In Taiwan, work is in progress to develop a long-term drilling plan with international drilling companies with knowledge of drilling geothermal wells. The plan is to drill on several sites with the same rig and crew in order to reduce the cost per well and speed up the development of projects. We have made a write-down of Westlake due to low flow from the first well.

• In Japan, our local development company is working on the completion of construction and commissioning of San Sui as a first part of the larger Waita project. The work on a new project in Gifu has also begun, where an existing well will be renovated and then be used for a smaller power plant.

The information was submitted for publication at 07:30 CET on 25 February 2022.

For more information, please contact:

Alexander Helling CEO of Baseload Capital

alexander.helling@baseloadcap.com

Downloads:

Baseload Capital_Interim report_Q4_2021