Permascand has received an order for high-efficiency electrodes for advanced alkaline electrolysis from a new European customer within the hydrogen business. The customer has placed a prototype order of SEK 3.3 million, with the intention of it being the first step of a long-term collaboration. The order will be included as order intake in the fourth quarter of 2023, within the business segment Electrification & Renewables. Delivery of the order is planned for the second quarter of 2024.
The customer offers innovative systems for the production of green hydrogen to accelerate the shift to a zero-emission economy. The order is a step forward toward their course to a commercial cost-effective, versatile, and scalable offer.
"We are happy to welcome a new and innovative customer within the hydrogen segment, ready to take an important step closer towards a commercial-scale production of Green Hydrogen. Green hydrogen can be produced on an affordable industrial scale with our world-leading technologies for highly efficient electrolysis. Permascand’s alkaline water electrodes are ready to meet the rising demand of the green hydrogen market. We are strategically well positioned with our advanced electrodes for water electrolysis technology”, says Peter Lundström, CEO of Permascand.
Permascand has received an order from a global leader in hydrogen technology for high-efficiency electrodes for advanced alkaline electrolysis. The order value amounts to approximately SEK 17 million and will be included as order intake in the fourth quarter of 2023, within the business segment Electrification & Renewables. Delivery of the order is expected to be evenly distributed over the first three quarters of 2024.
The customer has been a recurring partner for over 20 years and focuses on clean energy technology with a broad spectrum of hydrogen technologies to support the shift to zero emissions.
"I am delighted that we continue to grow our business in alkaline water electrolysis – where our high-efficiency electrodes contribute to a more efficient hydrogen production. Our extensive experience in the field, together with our scalable production capacity, indicates that we are well placed to achieve our ambition to become one of the leading suppliers of high-efficiency electrodes for production of green hydrogen," says Peter Lundström, CEO of Permascand.
Permascand has received two orders from one of the world's largest commodity trading companies regarding aftermarket services in electrowinning, within the Electrification & Renewables segment. The order value totals approximately SEK 130 million and will be included as order intake in the third quarter of 2023. The orders are expected to be delivered in 2024.
"These orders are further proof that our customer-centric focus is bearing fruit. It is gratifying to continue this well-established cooperation in our growth segment Electrification & Renewables where our mission-critical solutions enable the extraction of metals central to the green energy transition and make the process more sustainable", says Peter Lundström, CEO of Permascand.
The business partnership is well established, and Permascand has historically delivered aftermarket services to the customer's facilities. The customer is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities that advance everyday life.
Today, Permascand has decided to write down an order that was previously reported as part of the company's order backlog within the Electrification & Renewables business segment. The order backlog is written down by approximately SEK 65 million as the company, after dialogue with the client, estimates that parts of a previous order will no longer be realized within the foreseeable future. The reason is that the client decided to reduce the order due to internal priorities and a changed geographical focus. The delivery of the order was previously estimated for the second quarter of 2023, which implies that sales for the current calendar year will not be negatively affected.
This also entails that Permascand will repay approximately SEK 20 million of the advance payment, received in connection to the placing of the order in 2018. The repayment of SEK 20 million will have a negative impact on the company's cash flow during the fourth quarter of 2022.
Permascand's interim report for the second quarter will be released on August 18, 2022, as previously announced.
Permascand has received two orders from a world-leading supplier of chlorate regarding electrochemical cells and correlated equipment for a Greenfield project in South America. The orders will be included as order intake for the first quarter of 2022 and is worth SEK 100 million, with planned deliveries beginning in the latter part of 2022 and beginning of 2023.
The business partnership is well-established and Permascand has historically delivered coatings and new installations to the customer's facilities in Sweden and Europe, as well as North and South America.
“Receiving these orders is an honourable project for us and it is very positive that we can contribute to a new project of this kind. Together, we increase innovation and sustainability in the industrial market and support the green technology transition”, says Peter Lundström CEO at Permascand.
The client is a global, specialty chemicals leader. Markets and consumers worldwide rely on their solutions to manufacture chlorate, hygiene products, cleaning goods, agriculture and food, pharmaceuticals, and building products. The company operates in over 80 countries around the world with industry-leading brands.