This is a summary of the Swedish report, which can be read in full here.
Important events during the period (2018-06-01 – 2018-08-31)
- MHI Vestas former CEO Jens Tommerup is nominated to SeaTwirl’s board of directors
Important events after the period (2018-09-01 – )
- MHI Vestas former CEO is elected to the board
- SeaTwirl signs a power agreement with Haugaland Kraft
Financial development during the period (2018-06-01 – 2018-08-31)
- Turnover was 0 SEK (0) and the operating result was -1 221 922 SEK (-953 822). The negative result is attributable to development costs, including personnel cost.
- Balanced development cost amounted to 14 546 606 SEK at the end of the period (11 252 015), in addition to patent costs of 962 783 SEK (698 369).
- Cashflow for the period amounted to -1 881 984 SEK (-1 527 661). Cash amounted to 10 350 393 SEK (18 047 101) at the end of the period.
- Shareholder’s equity amounted to 23 747 607 SEK (28 721 103) at the end of the period, of which the result for the period amounted to -1 225 162 SEK (-953 828). No changes other than the result for the period and transfer to Fund for development costs has affected the shareholder’s equity during the fourth quarter.
- The result for the year, 2017-09-01 – 2018-08-31, amounted to -4 973 496 SEK (-3 238 182)
Comment from the CEO
“We continue to make progress. Our work on SeaTwirl S2, with a turbine effect of 1 MW, is progressing well and we are making headway in the project. We have been more visible lately as we’ve participated in trade shows in England, Germany, Holland and Belgium. In Sweden, we have given presentations at different events, for instance one about the climate crisis where Svante Thunberg also spoke. Isabella Lövin toured our prototype in Lysekil and we have been in media outlets such as Wind Energy Network, Lysekilsposten and Svensk ExportKredits commercial.
In September, we were granted financing from Vinnova for a project together with Saab, KTH and Linköping’s University. Even if our part of the project, that focuses on intelligent materials, is small, we are happy to be seen as an attractive partner for a project like this. This kind of cooperation, as well as the one with Chalmers and RISE that we spoke of in May, means that we are making use of the development resources available in academia and the industrial sector. That is important for our still small organization. In addition to the grant from Vinnova, we also received a grant from Västra Götalandsregionen.
We also signed a deal with Haugland Kraft who will purchase the power produced by SeaTwirl S2 if we choose Norway as our test site. Our plan is to install S2 in the sea in 2020 and we are taking another step on that journey with this deal. However, we still haven’t made our final decision and are therefore still evaluating different test sites.
In October the UN published yet another sobering report on the climate crisis. It will require efforts of historic proportions if we are to keep the temperatures from rising more than 1.5 degrees, according to the climate panel IPCC. It is now up to our industry to develop the solutions that make the necessary transition possible. In concrete terms, that means developing the most cost-efficient solution.
SeaTwirl was born with costs in mind. A vertical axis turbine whose weight is borne by the water means fewer moving parts as well as better availability, which together makes for lower maintenance costs. We are placing our lot of emphasis on the scalability of our technical solutions in our work on SeaTwirl S2 and are giving extra focus to the installation where SeaTwirl could have great cost advantages compared with horizontal axis turbines.
We are convinced that we will have a very competitive solution to present to the market. Jens Tommerup, who as a high-ranking officer at Vestas cofounded MHI Vestas and then served as the offshore wind giants first CEO, was elected to our board in September. Jens knows the offshore wind power business very well and is familiar with all its challenges and difficulties. That he with his expertise and network chooses to contribute to SeaTwirl is a stamp of quality for our concept.
For Jens, the rest of the board and our strong team, the focus is now on realizing all the potential that is out there for cost-efficient solutions on the, in the future, very big market for floating offshore wind-power. We have every reason to be optimistic about what we can achieve.”