EWPG Holding AB Interim report for the period 1 January - 30 September 2020
Third quarter of 2020
STOCKHOLM, Nov. 27, 2020 /PRNewswire/ --
Numbers in parentheses refers to outcomes during the corresponding period of the previous year.
- Revenues of SEK 0 million (0).
- Other operating income of SEK 0.3 million (0.9) mainly pertaining to grants.
- Operating costs decreased to SEK 0.7 million (1.3). Administrative expenses decreased to SEK 3.3 million (7.1). The comparable period last year was affected by IPO related costs.
- Profit (loss) for the period amounted to SEK -3.5 million (-8.2).
- Earnings per share of SEK -0.1 (-0.3).
- As of 30 September 2020, cash and cash equivalents amounted to SEK 93 million (108) and shareholders' equity amounted to SEK 91 million (105). Total number of outstanding shares amounted to 35,194,844 (34,997,194).
- Cash flow from operating activities increased to SEK -5.3 million (-14.6) due to lower costs.
- Average number of employees of 17 (14).
Significant events in the quarter
- EWP EDF One Project- In a significant regulatory milestone, Eco Wave Power secured an engineering coordination permit from the Municipality of Tel-Aviv Jaffa (permit number 2020-4345) required for the deployment of the grid-connection works of the EWP-EDF One wave energy project in the Port of Jaffa, Israel.
- Portugal- Eco Wave Power established EW Portugal - Wave Energy Solutions, Unipessoal lda, a wholly owned subsidiary in Porto, Portugal. The strategic decision will enable Eco Wave Power to commence official licensing procedures for its planned wave energy project in Portugal, as part of the company's newly signed 20MW Concession Agreement with the Port Authority of Leixões, APDL.
- Gibraltar- Eco Wave Power announced performance improvements and significant cost reductions from its Gibraltar wave energy project. In 2018-2019, power production performance of the array reached 70% of the forecasted output for the site, as compared to 31% in 2017-2018. Furthermore, direct maintenance and repair costs decreased from 18% of project cost in 2017, to 9% in 2018 and 4% in 2019. The results will undergo independent verification by Dr. Guang Li, an expert in ocean energy at the Queen Mary University of London.
- New Projects in the Pipeline- Eco Wave Power entered two new letters of Intent; a 2MW LOI with the Port of Shoreham in the UK and an LOI with Diamond Energy for an up to 20MW PPA in Australia. Given these new agreements, the company's projects pipeline, expanded to 254MW, which is a 64MW increase from the projects pipeline communicated in 2019. This reinforces the growing global commitment and interest in the Eco Wave Power Technology.
- Patents- Patents number 254987 and 254990 were approved for registration.
- Awards and Recognitions- This quarter, Eco Wave Power continues to receive industry accolades. Fast Company, selected Inna Braverman, as one of the world's 74 "Most Creative People in Business for 2020", and Eco Wave Power was recognized by Sifted.eu as one of the "European tech pioneers shaping the post-pandemic world", in addition to becoming the recipient of the Green Innovation Award by the UK Department of International Trade.
Significant events after the reporting date