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2021-12-09

Analysis Clean Industry Solutions: Strong growth in income and better results

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

Operating income up 198 percent year to date
Clean Industry Solutions reports a third quarter where operating income amounts to 4.1 million SEK (0.3). Sales amounts to 0.8 million SEK (-0.3), representing an increase of 167 percent from the last quarter’s sales figures at 0.3 million SEK. Although the increases are from low levels, it is evident that the company is experiencing positive momentum. The lion share of the income is other operating income, consisting of funding and subsidies from the many R&D projects the company is participating in. The company reports operating costs of 6.5 million SEK (4.4) and reports an operating result of -2.5 million SEK (4.1). The company reports an adjusted profit for the quarter at -1.1 million SEK (-4.1), after eliminating the one-time charge of 1.4 million SEK for the relisting process.

Good momentum in sales activities
The company has reported reaching a number of new sales during the past quarter. In the last analysis we addressed the order that SolarSpring reached with atmosfair for a water purification system in the value of about 0.5 million SEK. The agreement has large potential as atmosfair has signalled a will to increase the number of systems bought to 10 yearly, giving the order a total lifetime value of around 24.8 million SEK over the coming 5 years. Apart from this, SolarSpring has also received an order from the Spanish Center for Energy, Environment and Technological Research for around 0.6 million SEK. After the reporting period, SolarSpring also reports receiving an order from Luleå University of Technology in Sweden in the value of 0.5 million SEK. Shortly thereafter, the company also received and order for about 0.25 million SEK for experimental studies on the generation of ultrapure water in connection with offshore hydrogen production. A common theme amongst all orders is that the systems are being delivered to universities and organizations conducting cutting edge research, a clear value proof of SolarSpring’s technologies and an indication of upcoming use in various markets.

Continued high amount of R&D activities
The company continues to report their participation in a steady stream of new R&D projects, supplying both increased know-how and valuable funding. During the quarter, the company was awarded a grant for a total of 0.8 million SEK for a project on the use of AI in solar technology. Furthermore, after the reporting period the company also announced that Industrial Solar was granted a funding of approximately 2.4 million SEK for an R&D project to accelerate the use of solar steam generation in industrial processes, especially in Jordan but also in other target markets. We see the second R&D project, aimed at increasing market introduction of solar steam generation, as particularly positive as it both provides funding and increases know-how as well as creates increased market momentum.

We do slight adjustments in our forecasts after the quarter and adjust our fair value to 7,5-8,8 (7,6-8,8) SEK.

Författare Analysguiden