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Permascand strengthens its presence in North America by signing a collaboration and supply agreement with Chemetry and investing as growth partner

May 12, 2023

Permascand has signed a collaboration and supply agreement with Chemetry, a company focused on developing lower energy technologies in the chemical space, based in Moss Landing, California. As part of the agreement, Permascand has acquired shares in Chemetry. The agreement is in line with Permascand’s strategy to further grow its Industrial Solutions segment in the North American market through technological and business development partnerships.

The collaboration and supply agreement, and the investment, are the next steps following the successful collaboration between Permascand and Chemetry concerning the commercialization of electrochemical cells for Chemetry's eShuttle® EDC technology. The eShuttle® platform combines electrochemistry and catalysis to enable more sustainable process technologies for commodity chemicals.

“Through this collaboration and supply agreement, and the related investment in Chemetry, Permascand takes the next step in our strategic plan to strengthen our presence on the North American market. We believe this is making us more competitive in gaining market shares by winning new projects and related aftermarkets services going forward. Additionally, it enables us to use our expertise to support the development of new state of the art technology for the electrochemical markets, which will support our customers to lower their energy consumption and meet future environmental requirements”, said Peter Lundström, CEO at Permascand.

”The strategic collaboration with Permascand adds an important partner to Chemetry’s team and is the next step for Chemetry in the commercialization of the first application of the eShuttle® platform for production of ethylene dichloride (EDC), an essential chemical in the manufacturing of PVC plastic. This collaboration positions us to supply our electrolysis technology to the industry and to provide technology support and expertise in all aspects of our business, said Ron Birkhoff, CEO at Chemetry.

The consideration of the acquired Chemetry shares amount to approximately SEK 10,2 million.

About Chemetry
Chemetry is a chemical technology company, based in California, that focuses on developing innovative and sustainable processes for the production of essential chemicals. Chemetry’s proprietary technology platform, called eShuttle®, offers several advantages over traditional production routes, including lower energy consumption, lower CO2 emissions, and lower cost of production. For more information, visit www.chemetrycorp.com.

About Permascand Top Holding AB

Permascand is an independent technology-driven manufacturer of electrochemical solutions based on proprietary catalytic coatings for clean tech applications. With a customer-centric focus, the company has supplied electrodes, electrochemical cells and aftermarket services to a variety of sectors for more than 50 years. Permascand is headquartered in Ljungaverk, Sweden, with operations including R&D, Technology Development and Production and with sales organizations in, Sweden, Germany and North America. For more information visit: www.permascand.com. Certified Adviser is FNCA Sweden AB, info@fnca.se, +46 (0) 8528 00 399.

Q1 2023: Operational advances in a cautious market

May 10, 2023

Interim report January-March 2023

First quarter 2023 (Q1 2022)

Order intake decreased 84 per cent year-on-year to SEK 31 million (191)
Sales decreased 20 per cent to SEK 111 million (139)
Operating profit totalled SEK 8 million (31), corresponding to 8 per cent (22) of revenue
Adjusted operating profit totalled SEK 8 million (31)
Profit after tax totalled SEK 6 million (24)
Earnings per share amounted to SEK 0.10 (0.40)
Cash flow from operating activities totalled SEK -37 million (22)

Events during the first quarter of 2023

On 14 March, Permascand announced that the company had appointed Nariman Askarieh as interim Global Chief Commercial Officer (CCO)

CEO comment

This quarter, we focused on strengthening our operational capacity for the future. The shift in our revenue mix is increasingly evident driven by continued strong development in Industrial Solutions while Electrification & Renewables continues to grow. The trend is positive, but our growing segments did not manage to reach levels that compensate for Water Treatment, which is performing at a lower level than historically. Even though our activity levels remained high and our customer dialogues intense, the quarter was characterized by a turbulent global situation where customers are cautious in their investment decisions.

We made several operational advances during the quarter, and we are continuing to invest for growth. This includes issues such as continued automation of parts of production for electrodes and electrochemical cells, new coating technology, and continued work on the completion of our technology and innovation center to strengthen our position in the field of hydrogen. These efforts in products and product development, combined with the cutting-edge competence we recruited during the year, will be key to ensuring a leading position and increasing efficiency in our processes and working methods for the future. The investments increased our workforce by 10 per cent, mainly in sales and research and development, and led to costs increasing SEK 9 million compared with the year-earlier period.

We can confirm that several customers have been cautious about placing orders with regard to conditions in the world market and therefore postponed their orders. Order intake for the first quarter totalled SEK 31 million, attributable primarily to Electrification & Renewables, a segment with great potential.

Sales totalled SEK 111 million, down 20 per cent from the year-earlier quarter. Primarily, this is an effect of a changed revenue mix, where Industrial Solutions and Electrification & Renewables are continuing to grow, though not to the degree that they will yet compensate for the weak market performance in Water Treatment.

Gross profit for the quarter totalled SEK 32 million, corresponding to a gross margin of 29 per cent. During the quarter, we had a production mix consisting of smaller production series and Greenfield orders, which were sold with lower profitability than in normal aftermarket business. We are also experiencing continued price pressure within Water Treatment. Our flexible and scalable production ensures positive margins even at lower production volumes.

Electrification & Renewables
Both the order intake and revenue increased compared to the year-earlier period, albeit from lower levels. The activity level remains high and we are making continual progress within the development and partnership agreements we have entered in the segment. The segment was characterized by intense business development and partnership with new customers – particularly in green hydrogen and lithium extraction. As part of our Technology and Innovation Centre for green hydrogen, we are adding personnel and equipment, and are entering into several international partnerships with universities, research institutions, customers and partners. Completion of the Centre is planned for 2023.

Industrial Solutions
Industrial Solutions continued to perform strongly, and during the quarter, we achieved nearly record-high revenue from delivering on the robust order intake from earlier quarters, mainly due to delivering of greenfield orders. We continue to see growing interest from both new and existing customers, driven by the green transition. Still, we are feeling the effects of the short-term world market situation.

Water Treatment
As previously communicated, we have been experiencing a weaker and more volatile market in Water Treatment driven by customer inventory build-up. During the quarter, we experienced challenges in leveraging economies of scale in our production as a result of smaller production series and production of new products. Combined with the price pressure in the market, it weighed down our gross margin for the quarter. Efforts are progressing to strengthen our offering in industrial water treatment, which is a field where we see potential for growth and aftermarket business.

Outlook
Even if it is relatively difficult to predict how global conditions will impact our customers’ willingness to invest going forward, we can confirm that we have a stronger quarter ahead of us. It is reassuring that we have Industrial Solutions, a stable and profitable business, and Electrification & Renewables which represents a promising area for the future that we are investing in with our own cash flows. We have ongoing constructive customer dialogues and expect that the postponed investment decisions will lead to order intake in the future. Moreover, we are experiencing continued high levels of customer activity. We are noting increasing demand both in Electrification & Renewables and in Industrial Solutions which is expected to lead to orders that will compensate for the slowdown in Water Treatment, where the installation cycle in ballast water treatment has peaked. These orders include the first commercial order within hydrogen business, which is expected to come in before the year is finished.
We are sure that customers' willingness to invest returns, and we see no reason to revise our view of our continued journey of growth. Permascand is well positioned in the global green transition thanks to our technology. With continued investments for the future and operational advances in the quarter, we have favorable conditions for long-term, sustainable, and profitable growth.

Peter Lundström, CEO Permascand

Report presentation
CEO Peter Lundström and CFO Linda Ekman will present the report in a conference call today 10 May at 10:30 CEST. The presentation will be held in English and will conclude with a Q&A session.

Webcast
https://ir.financialhearings.com/permascand-top-holding-q1-2023

Registration
To participate via teleconference, please register via the link below. After registration, you will be provided with telephone numbers and a conference ID to access the conference. You can ask questions verbally via the telephone conference.
https://conference.financialhearings.com/teleconference/?id=200746

Link to report
The report is attached to this announcement and can be found at: https://permascand.com/investors/financial-reports/

About Permascand Top Holding AB

Permascand is an independent technology-driven manufacturer of electrochemical solutions based on proprietary catalytic coatings for clean tech applications. With a customer-centric focus, the company has supplied electrodes, electrochemical cells and aftermarket services to a variety of sectors for more than 50 years. Permascand is headquartered in Ljungaverk, Sweden, with operations including R&D, Technology Development and Production, with offices in Stockholm and Gothenburg, Sweden and Vancouver, Canada. For more information visit: www.permascand.com. Certified Adviser is FNCA Sweden AB, info@fnca.se, +46 (0) 8528 00 399.

Bulletin from Annual General Meeting in Permascand Top Holding AB

May 9, 2023

At the Annual General Meeting in Permascand Top Holding AB, Reg. No. 559227-6124 (the “company”), on 9 May 2023 in Ljungaverk, it was resolved in accordance with the below. For more detailed information on the content of the resolutions, please refer to the notice of the Annual General Meeting, which is available on the company’s website, www.permascand.com.

Adoption of the income statement and balance sheet
It was resolved to adopt the income statement and balance sheet and the consolidated income statement and balance sheet for the financial year 2022.

Resolution on dispositions of the company’s result
It was resolved, in accordance with the Board’s proposal, that no dividend shall be paid for the financial year 2022 and that available profits shall be carried forward.

Resolution on discharge from liability
It was resolved to discharge all members of the Board of Directors and the Chief Executive Officer from liability for the management of the company's affairs for the financial year 2022.

Determination of the number of Board members and auditors
It was resolved that the number of members of the Board of Directors elected by the general meeting shall be seven (7) and that one (1) registered auditing company shall be appointed as auditor.

Fees to the Board members and the auditors
It was resolved that fees to the members of the Board of Directors shall be as follows:

SEK 570,000 to the Chairman of the Board and SEK 235,000 to each of the other Board members elected by the Annual General Meeting who are not employed by the company; and
SEK 115,000 to the Chairman of the Audit Committee and SEK 30,000 to each of the other members of the Audit Committee, and SEK 60,000 to the Chairman of the Remuneration Committee and SEK 20,000 to each of the other members of the Audit Committee.

It was resolved that the auditor’s fees shall be paid as per approved invoice.

Election of Board members and auditors
It was resolved to re-elect Per Lindberg, Anna Alexandersson, Karl Bergman, Marie Grönborg, Mario Houde, Ingar Jensen and Johan Karlsson as Board members for the period until the end of the next Annual General Meeting. Per Lindberg was re-elected Chairman of the Board.

It was resolved to re-elect the registered auditing company KPMG AB as auditor for the period until the end of the next Annual General Meeting with Helena Nilsson as auditor in charge.

Resolution on guidelines for remuneration to senior executives
It was resolved to adopt guidelines for remuneration to senior executives which, compared to the previously applicable guidelines, mean that variable cash payments to the Chief Executive Officer shall entitle to pension.

Resolution on issue authorization
It was resolved to authorize the Board of Directors to, on one or several occasions during the period up until the next Annual General Meeting, resolve on issue of shares, warrants and/or convertible instruments, with or without deviation from the shareholders’ preferential rights. The total number of shares that are issued by support of the authorization, including shares that may be issued after exercise of warrants or conversion of convertible instruments issued by support of the authorization, may correspond to at most ten (10) percent of the total number of shares in the company at the time of the first utilization of the authorization. Payment may, in addition to cash payment, be made in kind or by set-off, or otherwise with conditions.

The purpose of the authorization and the reasons for any deviation from the shareholders’ preferential rights is to increase the company’s financial flexibility and the Board’s room for maneuver to raise capital in a time- and cost-effective manner and/or complement the shareholder base with new shareholders of strategic importance for the company, and enable the company to, fully or partially, finance any company acquisitions or acquisitions of businesses by issuing financial instruments as payment in connection with acquisitions, or to raise capital for such acquisitions. Issues made with deviation from the shareholders’ preferential rights shall take place at a subscription price in line with market conditions, including any discount in line with market conditions where applicable. If the Board of Directors deems it appropriate in order to enable the delivery of shares in connection with an issue as described above, the issue may be done at a subscription price equal to the quota value of the share.

About Permascand Top Holding AB

Permascand is an independent technology-driven manufacturer of electrochemical solutions based on proprietary catalytic coatings for clean tech applications. With a customer-centric focus, the company has supplied electrodes, electrochemical cells and aftermarket services to a variety of sectors for more than 50 years. Permascand is headquartered in Ljungaverk, Sweden, with operations including R&D, Technology Development and Production, with offices in Stockholm and Gothenburg, Sweden and Vancouver, Canada. For more information visit: www.permascand.com. Certified Adviser is FNCA Sweden AB, info@fnca.se, +46 (0) 8528 00 399.

Invitation to presentation of Permascand’s Q1 2023 interim report

May 4, 2023

Permascand will publish its Q1 2023 interim report on 10 May 2023 at 07:45 CEST. In connection with this, Permascand invites investors, analysts and media to a conference call and webcast on the same day at 10:30 CEST.

The presentation will be held by CEO Peter Lundström and CFO Linda Ekman in English and will conclude with a Q&A session. Questions can be asked on the conference call or in written form through the webcast.

Date and time
10 May 2023 at 10:30 CEST

Webcast
https://ir.financialhearings.com/permascand-top-holding-q1-2023

Registration
To participate via teleconference, please register via the link below. After registration, you will be provided with telephone numbers and a conference ID to access the conference. You can ask questions verbally via the telephone conference.

https://conference.financialhearings.com/teleconference/?id=200746

After the presentation, a recording of the webcast will be available on the webcast link and on the company’s website www.permascand.com

About Permascand Top Holding AB

Permascand is an independent technology-driven manufacturer of electrochemical solutions based on proprietary catalytic coatings for clean tech applications. With a customer-centric focus, the company has supplied electrodes, electrochemical cells and aftermarket services to a variety of sectors for more than 50 years. Permascand is headquartered in Ljungaverk, Sweden, with operations including R&D, Technology Development and Production, with offices in Stockholm and Gothenburg, Sweden and Vancouver, Canada. For more information visit: www.permascand.com. Certified Adviser is FNCA Sweden AB, info@fnca.se, +46 (0) 8528 00 399.

Trading update on the current market situation for Permascand during the first quarter of the year

May 4, 2023

Permascand communicated in connection with the Year-end report on February 9, 2023, that the company expects declining revenues in Water Treatment. The situation has been further reinforced, and the company is experiencing significantly weaker and declining demand than expected, and estimates that the installation cycle in ballast water treatment has reached its peak.

The first quarter of 2023 is characterized by a turbulent environment where customers in all segments are cautious in their investment decisions, which has affected the company negatively with a lower order intake than expected.

Permascand continues to experience strong market interest in the Electrification & Renewables and Industrial Solutions segments. These segments account for an increasing share of Permascand's revenue mix and customer demand is good. However, these revenues do not compensate for the loss of revenues in the Water Treatment segment.

Permascand's interim report for January-March will be published as planned on May 10, 2023.

About Permascand Top Holding AB

Permascand is an independent technology-driven manufacturer of electrochemical solutions based on proprietary catalytic coatings for clean tech applications. With a customer-centric focus, the company has supplied electrodes, electrochemical cells and aftermarket services to a variety of sectors for more than 50 years. Permascand is headquartered in Ljungaverk, Sweden, with operations including R&D, Technology Development and Production, with offices in Stockholm and Gothenburg, Sweden and Vancouver, Canada. For more information visit: www.permascand.com. Certified Adviser is FNCA Sweden AB, info@fnca.se, +46 (0) 8528 00 399.

Permascand strengthens its presence in North America by signing a collaboration and supply agreement with Chemetry and investing as growth partner

Q1 2023: Operational advances in a cautious market

Bulletin from Annual General Meeting in Permascand Top Holding AB

Invitation to presentation of Permascand’s Q1 2023 interim report

Trading update on the current market situation for Permascand during the first quarter of the year

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