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Analysis Clean Industry Solutions: Creating valuable references through sales and projects

Detta är en betald analys på uppdrag av Clean Industry Solutions utförd av Analysguiden

Continued negative pandemic impact

Clean Industry Solutions, formerly Industrial Solar, reported sales during the first quarter of around 0.1 million SEK (0.6), corresponding to a decrease of about 83 percent. The decrease is attributed to continued negative impact from the pandemic, which inhibits international travel. This is particularly impactful in an industry characterized by orders with long lead times and extensive negotiations. Total operating income amounts to 1.6 million SEK (1.1), where other operating income of around 1.5 million SEK comes from funding from R&D projects. The results from the quarter were -3.8 million SEK (-1.3). The company contributes the larger loss to increased personnel costs, from both the acquisition of SolarSpring and ongoing R&D projects.

A new group takes shape

Clean Industry Solutions has transformed to a new group of companies with a wider offering. The previous focus from the subsidiary Industrial Solar on LF-11 Fresnel solar collectors has been expanded to include a range of technologies and services, such as water distillation, non-concentrating solar thermal solutions, and photovoltaic carports. The company sees indications of the new strategy working, which, combined with an increased focus on the home market during the pandemic, has led to orders in Germany. Whilst still modest, such as the order with GIZ for 0.5 million SEK, these serve as reference installations in a competitive market. Building on these, the hope is that the company will reach larger orders as market conditions improve. The new subsidiary, SolarSpring, focuses on the development of industrial wastewater treatment solutions, based on an innovative membrane technology. 

Proof of technology and stronger organization

All in all, Clean Industry Solutions is still in a pre-commercial stage of their development. That makes sales figures at this stage relatively hard to draw any conclusions from. What we can see however is participation in several publicly funded R&D projects, with funding over the coming years exceeding 2.3 million euros. This is both an indication of the technical knowledge present within the company as well as an early indicator for future demand. After the reporting period, the company announced that SolarSpring was awarded 148 000 euros for participation in the ERA-NET project. Furthermore, funding of 219 000 euros for the project Modulus was also granted. Parallel to this, the company has strengthened its organization through both the hiring of a new CFO, Jochen Lachnit, as well as suggesting Finn Johnson, former chairman of Volvo, as a new chairman. The nomination of a former chairman of Volvo to the company sends exciting signals and we are interested to see how he will contribute.  

Retains motivated value relative constant


We make some changes to our estimates but otherwise retain our motivated value relatively constant at 5.9-7.1 SEK (5.2-7.3). Wee see large long-term potential in the company at a time when the green transition is more important than ever. The main trigger that we are looking for on the horizon is increased commercial activity. The risk at this stage is still large. 

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