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An important milestone has recently been achieved in the Centennial Flats solar and battery storage project located in Arizona, US, which was sold by Eolus in 2022. As a result of the owner’s decision to start construction of the project, Eolus has received a payment of USD 64.7 million.

The milestone payment is estimated to have a positive effect on Eolus’s operating profit of USD 51 million in the fourth quarter.

Based on current information, Eolus’ total revenues from the project is expected to be USD 116.9 million, of which Eolus now has collected USD 110.0 million. The remaining USD 6.9 million will be paid at commercial operation start, which is planned for 2026. The project will have an aggregate capacity of 500 MWac solar photovoltaic generation and 267 MW battery storage capacity.

“I am excited to see the owner making investment decision for the Centennial Flats project. This is a proof of the great appetite for investments in renewable energy and battery energy storage projects in the US. Currently, the US accounts for 20% of Eolus’s project portfolio. Being active in several markets and technologies is an important part of Eolus’s strategy”, says Per Witalisson, CEO of Eolus.

Eolus has been active in the US since 2015 and has developed and sold approximately 900 MW of wind, solar plus storage and stand-alone storage projects in California and Arizona. Eolus North America is currently developing 5,800 MW of projects in the Western United States, including the ongoing construction of the Pome 100 MW stand-alone battery energy storage project in the San Diego area. Eolus North America is a wholly-owned subsidiary of Eolus Vind AB.

ABOUT EOLUS
Eolus is a leading developer of innovative and customized renewable energy solutions. We offer attractive and sustainable investments in the Nordics, the Baltics, Poland and the USA. From development of green field projects to construction and operation of renewable energy assets, we are part of the entire value chain. For over three decades we have worked for a future where everyone can lead a fulfilling, yet sustainable life. Today, our project portfolio includes more than 28 GW wind, solar and energy storage projects. Eolus – shaping the future of renewable energy.

Eolus’s Class B share is listed on Nasdaq Stockholm. www.eolus.com

Eolus has received substantial milestone payment for US solar and battery project

Solar Power (stock Photo)

Today, the Swedish government announced the rejection of 13 applications for offshore wind power projects with reference to defense interests. For Eolus, the Arkona and Skidbladner projects are affected, both of which are rejected. The applications concerning the Västvind and Najaderna projects are still being processed by the Government Office.

– Today’s announcement is surprising and very unfortunate for both climate change and Sweden’s development and competitiveness. Offshore wind power has the potential to contribute large amounts of electricity that Swedish companies need for their transition. This means that we run the risk of Sweden losing out on industrial investments and thus job opportunities, says Per Witalisson, CEO of Eolus.

– We see that other NATO countries are developing offshore wind power and are convinced that it would have been possible to realize some of the projects that have now been rejected through cooperation between the Swedish Armed Forces and wind power operators. We see, for example, that permits conditional on collaboration with the defense, for example via security-classified consultants, in combination with compensatory measures in the wind farms is a possible path.

– For Eolus, we will continue to focus on, among other projects, Västvind outside Gothenburg and Najaderna outside Gävle/Tierp, where the government has communicated that it will invest extra resources in increasing the pace of the processing of permit applications.

At the end of the second quarter, Eolus had 11,000 MW of offshore wind power in its portfolio. Of this, Arkona accounted for 1,200 MW and Skidbladner for 1,000 MW. Västvind and Najaderna comprise 1,000 MW each. Eolus’s project portfolio includes a total of 28,400 MW of wind power, solar power and battery storage.

More information about our projects is available on our website www.eolus.com

Eolus’s Class B share is listed on Nasdaq Stockholm. www.eolus.com

Offshore Wind Power Stock

The number of votes in Eolus Vind Aktiebolag (publ) (“Eolus”) has changed as a result of the conversion of 1,300 class A shares to 1,300 class B shares.

The conversion was made at the request of a shareholder in accordance with Eolus’s articles of association. The number of votes has decreased by 1,170, from 3,646,862.5 to 3,645,692.5, while the total number of shares remains unchanged. As of today, the number of shares amounts to 24,907,000, of which 1,283,325 are class A shares and 23,623,675 are class B shares.

Eolus’s Class B share is listed on Nasdaq Stockholm. www.eolus.com

Number of shares and votes in Eolus

The Board of Directors of Eolus Vind Aktiebolag (publ) (“Eolus”) has resolved, pursuant to the authorisation granted by the annual general meeting held on 16 May 2024, to repurchase own shares on Nasdaq Stockholm. The purpose of the repurchase is to secure future delivery of shares to the participants of Eolus’ long-term share savings program which was resolved by the 2024 annual general meeting and to cover the cash flow effects associated with the program, primarily social security charges.

The repurchase may commence on 29 August 2024 and will be administered by Carnegie Investment Bank AB, which will take trading decisions independently of Eolus with regard to the timing of the repurchases. However, no acquisitions will be made during a 30-day period prior to the announcement of a financial report.

A maximum of 18,000 series B shares may be acquired on one or several occasions prior to 15 May 2025. Repurchase shall be made on Nasdaq Stockholm in accordance with the Nordic Main Market Rulebook for Issuers of Shares. The repurchases will be made at a price within the prevailing price interval on Nasdaq Stockholm applicable from time to time (i.e. in the interval between the highest purchase price and the lowest selling price). Acquisitions may also be made by way of block trades in accordance with applicable rules. Payment for the shares will be made in cash. Reporting will take place through the stock exchange in accordance with applicable rules.

The total number of shares in Eolus amounts to 24,907,000, of which 1,284,625 shares are series A shares and 23,622,375 shares are series B shares. At the time of this press release, the company does not hold any own shares. In the event of a fully executed share repurchase, the company will hold shares representing approximately 0.07 per cent of the issued shares in the company.

Eolus’s Class B share is listed on Nasdaq Stockholm. www.eolus.com

The Board of Directors of Eolus has resolved to exercise its authorisation to repurchase own shares

Construction in focus during the second quarter

1 April–30 June 2024

Net sales amounted to 54 (1,742) MSEK.
EBIT amounted to -26 (517) MSEK. Profit before tax amounted to -45 (503) MSEK.
Net profit amounted to -50 (422) MSEK.
Earnings per share, before and after dilution equaled -1.99 (16.97) SEK.
At the end of the period, Eolus had 967 (817) MW under asset management.

1 January–30 June 2024

Net sales amounted to 98 (2,019) MSEK.
EBIT amounted to -55 (506) MSEK. Profit before tax amounted to -74 (491) MSEK.
Net profit amounted to -82 (407) MSEK
Earnings per share, before and after dilution equaled -3.29 (16.36) SEK.
At the end of the period Eolus had 967 (817) MW under asset management.

Significant events during the period

Eolus submitted a permit application to the government for the 2.2 GW offshore wind power project Skidbladner north of Gotska Sandön in Sweden.
Magnus Axelsson, Chief Operating Officer and deputy CEO, and Heléne Sebrén, Head of HR, decided to leave Eolus as of 30 June and 30 September 2024, respectively.
Christer Baden Hansen, formerly Chief Commercial Officer, was appointed Chief Operating Officer and deputy CEO of Eolus with effect from 1 July 2024.

Significant events after the balance sheet date

Eolus appointed Åsa Lamm as Chief People & Culture Officer taking office on 16 September 2024.

Financial Summary

MSEK	Unit	Q2 2024	Q2 2023	6 months 2024	6 months 2023	Rolling 12 Jul–Jun	Full year 2023
Net sales	MSEK	54	1,742	98	2,019	381	2,301
EBIT	MSEK	-26	517	-55	506	203	764
Profit before tax	MSEK	-45	503	-74	491	154	719
Net profit	MSEK	-50	422	-82	407	83	573
Earnings per share before and after dilution	SEK	-1.99	16.97	-3.29	16.36	3.35	23.00

Equity per share	SEK	57.00	55.86	57.00	55.86	57.00	60.63
Cashflow from operating activities	MSEK	-517	860	-498	624	-1,273	-152
Total assets	MSEK	3,397	2,496	3,397	2,496	3,397	2,808
Net debt -/net cash+	MSEK	-417	888	-417	888	-417	120

Order backlog	MSEK	662	845	662	845	662	665
Project under construction	MW	456	514	456	514	456	368
Taken into operation and handed over to customer	MW	0	0	0	400	125	525
Project portfolio	MW	28,386	25,446	28,386	25,446	28,386	26,836
Managed turbines	MW	967	817	967	817	967	941

Equity/assets ratio	%	44	58	44	58	44	56
Return on equity after tax	%	6	37	6	37	6	46

Presentation of the report
At 10:00 today, CEO Per Witalisson and CFO Catharina Persson will present the report via a webcast with telephone conference.

In connection with the presentation, it will be possible to ask questions through the teleconference or in written form through the webcast. The presentation will be held in English.

Webcast:
If you wish to participate via webcast, please use the link below:
https://ir.financialhearings.com/eolus-q2-report-2024
Via the webcast you can ask written questions.

Teleconference:
If you wish to participate via teleconference, please register on the link below:
https://conference.financialhearings.com/teleconference/?id=50048261
After registration you will be provided phone number and a conference ID to access the conference.
You can ask questions verbally via the teleconference.

Eolus’s Class B share is listed on Nasdaq Stockholm. www.eolus.com

Q2 2024 Eng

With the children’s book Alfie’s Adventure – The Windy Day, Eolus aims to spark curiosity and inspire discussions about wind and solar power.

It was at the beginning of 2023 that Mathilda Gylling and Eva Emmelin, Communication Specialists at Eolus, first thought of a picture book as part of their efforts to spread knowledge about renewable energy.

“When I started working at Eolus, I noticed that the average age at our consultation meetings was quite high. We realised that it might be difficult for parents of young children to attend these meetings, so we came up with the idea of a children’s corner, so that the whole family could come together. And what better fits in a children’s corner than a children’s book,” says Eva Emmelin.

The goal was to create an exciting story, an adventure that would entice reading.
“It’s not a fact book about wind power but a fairy tale where the forces of nature play important roles. A story for children is told as much through images as through words, so it was important for us to hire a professional illustrator,” says Mathilda Gylling.

Viktoria Åström, an illustrator and animator, was commissioned to bring the brave dog Alfie to life.

For the Future

At the end of the book, there is an educational section where Alex, the book’s other main character, explains in simple terms how renewable power work.
“We want to spark curiosity and educate about energy – how you can generate the electricity needed to cook your food, charge your mobile, and drive your electric car,” says Eva Emmelin.

With Alfie’s Adventure – The Windy Day, Eolus aims to contribute to a balanced discussion about energy.
“The energy transition is crucial to addressing the climate crisis, and what Eolus does, we do for the future, for the children. Unfortunately, in Sweden, we see that the level of conflict is quite high when it comes to renewable energy, and wind power is often painted as something bad and dangerous. With the help of Alfie and Alex, we want to show that renewable energy has a natural place in people’s surroundings,” says Eolus’s Head of Communications and Sustainability, Karin Wittsell Heydl.

The book is in swedish, but might be translated into english and other languages further on.

Eolus’s Class B share is listed on Nasdaq Stockholm. www.eolus.com

New children's book: Eolus want to inspire kids to learn about renewables

Pressbild Alfies Blåsiga Dag Mathilda Gylling Eva Emmelin Eolus

Eolus Vind AB’s Interim Report for Q2 2024 will be published on Thursday 29 August 2024 at 7:45 a.m. (CEST). At 10:00 a.m. the same day a webcast with teleconference will be held, where the report is presented by CEO Per Witalisson and CFO Catharina Persson.

In connection with the presentation, it will be possible to ask questions through the teleconference or in written form through the webcast. The presentation will be held in English.

Webcast:
If you wish to participate via webcast, please use the link below:
https://ir.financialhearings.com/eolus-q2-report-2024
Via the webcast you can ask written questions.

Eolus’s Class B share is listed on Nasdaq Stockholm. www.eolus.com

Invitation to presentation of Eolus Interim Report for the second quarter 2024 on 29 August

Eolus has appointed Åsa Lamm as Chief People & Culture Officer and member of the Group Management. She will take office on 16 September 2024 and be based in Malmö, Sweden.

Åsa Lamm has solid experience from leading positions in HR and joins Eolus from a role as Nordic HR Manager at Unilin Group. Before, she has held similar positions in Granitor Properties, Skanska and Manpower.

“I am pleased to welcome Åsa to Eolus and look forward to collaborating on the development of Eolus’s organization and culture. Bringing knowledge and experience from several sectors, I am convinced that Åsa will be a highly valuable resource on our continued growth journey”, says Per Witalisson, CEO of Eolus.

“I am strongly motivated to be part of Eolus and its important mission of developing renewable energy projects. I look forward to getting to know all the employees and to set the plan for continuing the development of people, organization and culture going forward”, says Åsa Lamm.

Eolus’s Class B share is listed on Nasdaq Stockholm. www.eolus.com

Eolus appoints new Chief People & Culture Officer

Åsa Lamm (16 9 Format)

Åsa Lamm (portrait)

Eolus is applying to the Government for permission to build the Skidbladner offshore wind farm, with up to 147 wind turbines located just over 20 kilometers north of Gotska Sandön. The estimated electricity production is 11.7 TWh per year, which corresponds to half of today’s electricity consumption in Stockholm County or more than ten times Gotland’s electricity needs.

“Given the enormous need for new electricity production in Sweden, offshore wind power will need to be expanded gradually over many years to come. A wind farm of this size would therefore make a significant contribution to the Swedish electricity supply,” says Per Witalisson, CEO of Eolus.

Eolus is planning several offshore wind farms in Swedish waters, two of which are located in the Swedish economic zone off Gotland; Skidbladner and Herkules. Together, they have the potential to supply Sweden with 4.6 GW of installed capacity and a total electricity production of approximately 25 TWh per year. Skidbladner, which reaches an important milestone with the application being submitted to the Government, covers a project area of approximately 1,400 square kilometers. There can be a maximum of 147 wind turbines, with a maximum total height of 360 meters to the blade tip, mounted on floating foundations that are anchored to the seabed.

“The goal is for Gotland to have a completely renewable energy system by 2040, and initiatives like the Skidbladner offshore wind farm fit very well into that plan,” says Lars Thomsson, coordinator of Energy Island Gotland.
The area for the Skidbladner wind farm is located about 100 kilometers southeast of Stockholm and 20 kilometers north of Gotska Sandön. The wind farm is expected to be completed by 2033 with an annual production of 11.7 TWh. This corresponds to household electricity for millions of homes – roughly half of Stockholm County’s electricity consumption today or more than ten times Gotland’s annual electricity needs.

“One advantage of floating wind power is that it can be placed further out from the coast where wind conditions are even better and the visual impact is minimal. Eolus was a pioneer when we started as a wind power developer in the 90s. Now we look forward to being among the first to realize floating wind power in the Baltic Sea,” says Anna Lundsgård, head of offshore wind power at Eolus.

Skidbladner at a glance
Number of turbines: max 147
Total height: max 360 m
Project area: 1400 km²
Planned installed capacity: 2.2 GW
Estimated annual electricity production: 11.7 TWh
Planned operational start: 2033

More about the project here

For further information, please contact:
Per Witalisson, CEO, +46 702 65 16 15, per.witalisson@eolus.com
Anna Lundsgård, Head of Offshore, +46 73 062 65 26, anna.lundsgard@eolus.com

Eolus’s Class B share is listed on Nasdaq Stockholm. www.eolus.com

Eolus Applies for Permit for Offshore Wind Power – Equivalent to Renewable Electricity for Half of Stockholm County

Photo Kincardine Offshore Wind Farm Credits Principle Power

Per Witalisson

Anna Lundsgård, Head Of Offshore, Eolus

Christer Baden Hansen, currently Chief Commercial Officer, has been appointed Chief Operating Officer and Deputy CEO of Eolus from 01 July 2024.

Christer Baden Hansen joined Eolus in February 2023 after a long career at Vestas.

“I am delighted Christer has accepted to take on the role as COO. Eolus is on an exciting growth journey and I am convinced Christer will continue to play a key role in the future development and expansion of Eolus, now with a broader responsibility”, says Per Witalisson, CEO of Eolus.

“It is a fantastic opportunity to lead the development and realization of renewable projects contributing to the energy transition. Eolus has a strong project portfolio, a skilled organization, and long-lasting partnerships which I look forward to continuing working with”, says Christer Baden Hansen.

From 01 July, 2024, Eolus’s Group Management consists of the following members:
Per Witalisson, CEO
Christer Baden Hansen, COO
Catharina Persson, CFO
Heléne Sebrén, Head of HR
Karin Wittsell Heydl, Head of Communications & Sustainability
Karl Olsson, General Counsel

Eolus’s Class B share is listed on Nasdaq Stockholm. www.eolus.com

Christer Baden Hansen appointed COO of Eolus

Christer Baden Hansen

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