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Bulletin from Annual General Meeting in Permascand Top Holding AB

At the Annual General Meeting in Permascand Top Holding AB, Reg. No. 559227-6124 (the “company”), on 10 May 2022, which was conducted solely through postal voting pursuant to temporary legislation, it was resolved in accordance with 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,

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 2021.

Resolution on allocation of the company’s result
It was resolved, in accordance with the Board’s proposal, that no dividend is paid for the financial year 2021 and that available profits are 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 2021.

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

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

  • SEK 550,000 to the Chairman of the Board and SEK 225,000 to each of the other Board members elected by the Annual General Meeting who are not employed by the company; and
  • SEK 60,000 to the Chairman of the Remuneration Committee and SEK 20,000 to each of the other members of the Remuneration Committee, and SEK 110,000 to the Chairman of the Audit Committee and SEK 30,000 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 of Directors and auditor
It was resolved to re-elect Per Lindberg, Marie Grönborg, Mario Houde, Ingar Jensen and Johan Karlsson as well as new election of Anna Alexandersson and Karl Bergman as members of the Board of Directors for the period until the end of the next Annual General Meeting. Per-Ola Baalerud and Pernilla Lundin had declined re-election. 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 issue authorization
It was resolved to authorize the Board of Directors to, during the period up until the next Annual General Meeting, on one or more occasions, resolve to issue shares, warrants and/or convertibles, with our without preferential rights for the shareholders, in the amount not exceeding ten (10) percent of the total number of shares in the company at the time when the authorization is used the first time, to be paid in cash, in kind and/or by way of set-off.

The purpose for the Board of Directors to resolve on issuances with deviation from the shareholders preferential rights in accordance with the above is primarily for the purpose to raise new capital to increase flexibility of the company and possibility to advance the development of the company’s business or in connection with acquisitions of companies.

Issuances of new shares, warrants or convertibles under the authorization shall be made on customary terms and conditions based on current market conditions. If the Board of Directors finds it suitable in order to enable delivery of shares in connection with an issuance as set out above, it may be made at a subscription price corresponding to the shares’ quota value.

Long-term incentive program for members of the Board of Directors
It was not resolved in accordance with Norvestor’s proposal to adopt a long-term incentive program for members of the Board of Directors. The proposal was supported by 85.48 percent of the votes represented at the Annual General Meeting, which means that the required majority of nine-tenths was not reached.

Q1 2022: Record-high sales and a strong order intake form a solid foundation for the rest of the year

Interim report January-March 2022

First quarter 2022 (Q1 2021)

  • Order intake increased 238 percent year-on-year to SEK 191 million (57)
  • Sales increased 86 per cent to SEK 139 million (75)
  • Operating profit totalled SEK 31 million (-3), corresponding to 22 per cent (-4) of revenue
  • Adjusted operating profit totalled SEK 31 million (2)
  • Earnings after tax totalled SEK 24 million (-6)
  • Earnings per share amounted to SEK 0.40 (-0.11)
  • Cash flow from operating activities totalled MSEK 22 (-14)

Events during the first quarter of 2022

  • On 11 February 2022, Permascand announced that the company had received two orders from a world-leading supplier of chlorate regarding delivery of electrochemical cells and correlated equipment for a Greenfield project in South America. The total order value of SEK 100 million was included in order intake in the first quarter of 2022, with start of delivery planned during the second half of 2022 and early 2023.

CEO comment

The start of the year was marked by high activity, with numerous customer inquiries and sustained interest in all business segments. The quarter’s strong sales and solid gross margin were enabled by the strategic initiatives and investments Permascand carried out – and continues to carry out – for efficient and scalable production.

Order intake for the first quarter of the year totalled SEK 191 million, corresponding to an increase of 236 per cent compared with the year-earlier period. Sales increased 86 per cent year-on-year to SEK 139 million, making the quarter the strongest in Permascand’s history when it comes to sales. The increase was driven primarily by the Water Treatment segment, where we successfully delivered from the robust order backlog we brought with us into the quarter. At the same time, Electrification & Renewables and Industrial Solutions developed steadily during the quarter. Gross profit totalled SEK 52 million, an increase from SEK 18 million in the year-earlier period. This means a stronger gross margin, which was a direct result of the scalability we have established in our production processes. I am particularly satisfied that we are starting the year strong, as the first quarter in previous years has been weaker than the other quarters of the year.

We are following our growth plan and successfully delivered good levels of profitability owing to our strategy, in which we proactively ensure robust production capacity and a buffer inventory of input goods and raw materials, and lock price levels in relation both to customers and to suppliers. In this way, we tie up capital over the short term but ensure control over the cost structure. This makes our operation flexible and relatively protected from volatile prices for input goods and raw materials as well as unpredictable supply chains as a result of turbulence in the world.

Electrification & Renewables
The testing and research efforts in Electrification & Renewables have generated increased interest from existing and potential future partners, including a Norwegian initiative named HYDROGENi. Our innovation initiative to enable largescale and cost-effective production of green hydrogen for energy storage has progressed in accordance with plans. This investment includes the construction of a technology and innovation center, investments in the company’s research teams, and advanced research and development in products and production methods.
After the end of the quarter, we signed a letter of intent with RES, an independent developer of renewable energy and energy storage, for joint development of a commercial research center at a new production facility for green hydrogen, for which RES is pursuing development and establishment in Ånge Municipality. Permascand sees its greatest commercial potential in the market for green hydrogen produced through electrolysis. Our long-term objective is to become the leading independent supplier of catalytic coatings, electrodes, and electrochemical cells.

Industrial Solutions
The level of activity and interest in Industrial Solutions has increased, which is reflected in events such as a major order for a Greenfield project in South America that was received during the quarter. We have reinforced the company’s organisation in North America by, for example, recruiting a new Director of Sales for the region. We consider North America to be the market with the greatest potential for growth and aftermarket business. The market conditions are favourable and there is a substantial underlying need for maintenance of industrial facilities, where Permascand’s solutions support maximum performance and durability in production.

Water Treatment
Shipping has for a long time been heavily affected by the market environment, where uncertainty as a result of the pandemic previously led to deferred investment decisions. We have now seen increased demand already in the first quarter, which is slightly earlier than we expected. This is reflected in our robust revenues in the segment as it accounted for the majority of the company’s sales in the quarter. Permascand is well positioned to meet demand for systems that can efficiently purify ballast water. Demand is expected to increase further in pace with normalisation of the market after the dampening effect that resulted from the pandemic.

We will continue to benefit from our investments for more efficient and more scalable production. Moreover, the company’s investments in hydrogen development will positively impact product development in all segments, and further boost our capability to meet customer demand. With sustained interest from our customers and a robust order intake behind us, conditions are good for creating profitable growth not only over the rest of the year but over the longer term as well.

Peter Lundström, CEO

Report presentation
CEO Peter Lundström and CFO Linda Ekman will present the report in a conference call today 10 May at 10:00 CEST. The presentation will be held in English and will conclude with a Q&A session.


Phone number
To participate via telephone please dial-in on the numbers below.
SE: +46 8 5055 8366
UK: +44 333 300 9031
US: +1 64 6722 4903

Link to report
The report is attached to this announcement and can be found at:

Invitation to presentation of Permascand’s Q1 2022 interim report

Permascand will publish its Q1 2022 interim report on 10 May 2022 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 10:00 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. No preregistration is required.

Date and time
10 May 2022 at 10:00 CEST


Phone number
To participate via telephone please dial-in on the numbers below.

SE: +46 8 5055 8366
UK: +44 333 300 9031
US: +1 64 6722 4903

After the presentation a recording of the webcast will be available on the webcast link and on the company’s website

Permacand signs Letter of Intent with RES on co-development of a commercial research center in green hydrogen plant

Permascand Top Holding AB (publ) (“Permascand”), an independent technology-driven manufacturer of electrochemical solutions, today announces that the company has signed a Letter of Intent (LOI) with RES – an independent developer of renewable energy and energy storage – for the co-development of a commercial research center in the green hydrogen plant RES are developing in Alby, Ånge Municipality, Sweden.

The purpose of the LOI is to continue the negotiations for the establishment and investment in a commercial research center for testing and evaluation of Permascands products in a production plant which enables significant and important results for the project.
Peter Lundström, CEO at Permascand comments: ”It is a very positive and interesting start that we jointly can contribute to a development project of this kind. It is in line with Permascand’s growth plan and the construction of a full-scale technology centre to develop new technology for green hydrogen on the market, which is part of our quest for increased sustainability globally. The fact that the project also has a local connection makes it even more interesting”.
RES drives the development and establishment of a green hydrogen plant in Alby in the area designated by Ånge Municipality for establishment of power-intense industry. The goal is to be able to provide green hydrogen to the industry in a first stage, by the turn of 2024/2025. With a new grid connection, the facility will be gradually expanded on a larger scale by the turn of 2026/2027.
Matilda Afzelius, CEO at RES, comments: “This project is extremely important. We are at the forefront here and are contributing to a rapid transition to renewable energy. With this collaboration, we have the opportunity to do both local and global benefits. A sustainable future will benefit from  more cross-border and innovative developments and collaborations like this”.
Sigrid Nord, development project manager at RES, comments: ”We are very excited with this collaboration opportunity together with Permascand in our work to make it possible to take the testing into a production plant to enable competitive green hydrogen. We also see that this type of green energy system will be crucial in enabling the energy transition in the industry and that collaborations like these mean great benefits to succeed”.
The terms of the cooperation will be regulated in a possible future and binding agreement.
About RES Renewable Norden AB
RES is the world’s largest independent renewable energy company active in onshore and offshore wind, solar, energy storage and transmission and distribution. At the forefront of the industry for nearly 40 years, RES has delivered more than 22GW of renewable energy projects across the globe and supports an operational asset portfolio exceeding 7.5GW worldwide for a large client base.  Understanding the unique needs of corporate clients, RES has secured over 1.5GW of power purchase agreements (PPAs) enabling access to energy at the lowest cost. RES employs more than 2,000 people and is active in 10 countries. In Scandinavia RES has offices in Gothenburg, Östersund and Oslo. For more information, visit

Permascand’s Annual Report and Sustainability Report 2021

Permascand’s Annual Report and Sustainability Report for 2021 have been published and are available on the company’s website at