Clean Industry Solutions Holding Europe AB: Quarterly Report January-March 2024

Q1 from 01-01-2024 to 31-03-2024 (01-01-2023 to 31-03-2023)

The report can be found here:https://cleanindustrysolutions.com/en/investor-relations/financial-reports/

The period in brief – financial summary for the first quarter

• Income dropped by -94 % to SEK 0.1 million
• Other operating income amounted to SEK 0.1 million
• Operating expenses plus cost of sales for the first quarter amounted to SEK -2.4 million
• Operating result (EBIT) for the first  quarter amounted to SEK -2.2 million
• Earnings per share, before and after dilution, for the first quarter amounted to SEK -0.036

Significant events during the reporting period

• Clean Industry Solutions announces termination of the liquidity provider agreement
• Clean Industry Solutions Holding Europe AB’s subsidiary Industrial Solar GmbH will cease operations by the end of February
• SolarSpring receives EU LIFE programme grant award for R&D project SALTEAU
• Clean Industry Solutions announces the dismissal of the management of Industrial Solar by the insolvency trustee

Significant events after the reporting period

         No significant events have occurred after the reporting period.

Comments from the CEO Christian Zahler

As already communicated in the Annual Report 2023, Industrial Solar GmbH ceased its operations end of February this year due to insolvency. 

SolarSpring GmbH continued the development of specialized components for industrial applications, more specifically chemically resistant membrane materials, within the SuperClean project. This project has already brought forth some very promising new modified materials which are expected to decrease operating costs in membrane distillation applications with acids or saline effluents.     

Activities on site in Erbach continued with the official start-up of the ROKKA pilot system, resulting in a first testing campaign for the removal of ammonia from the municipal wastewater for conversion to fertilizer. Further testing is planned in Q2, followed by the final analysis and report to be issued in Q3 of this year. The results will be presented in several public events, involving relevant stakeholders and interested parties. 

The insolvency of Industrial Solar was a bitter setback, but we are glad that SolarSpring carries on and is able to contribute to prestigious research projects with their knowledge and expertise and is able to make an important contribution to a sustainable circular economy with their technology.

This disclosure contains information that Clean Industry Solutions Holding Europe is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 17-05-2024 08:45 CET.