Regulatory Archives

Eolus has signed an agreement to sell the 100 MW/400 MWh stand-alone battery energy storage project, Pome, located in Poway, CA, U.S. The project is currently under construction, with planned commercial operation in the first half of 2025. This marks Eolus’ fourth project sold in the United States.

The buyer is a leading, privately held producer of renewable energy in the U.S. Eolus has been developing the project since 2019. Following an investment decision in 2023, construction commenced later that year. The total enterprise value for the project is in the USD 230-235.5 million range.

Closing of the transaction is subject to fulfilment of certain conditions and is expected to occur in Q1 2025.

The project has a planned capacity of 100 MW/400 MWh and includes a ten-year tolling agreement with a California load-serving entity. The agreement allows the end-user to use the battery system to store, manage, and dispatch stored electricity to its customers.

“I am excited that Eolus has successfully executed another transaction in the U.S. Through competent project development, we have created significant value and achieved a good margin on this project. There is a strong market for energy storage and renewable energy projects in the U.S., and our investments made in the region since 2015 are paying off.”, says Per Witalisson, CEO of Eolus.

“Pome will add valuable support to the energy system in California while realizing significant value for Eolus and its shareholders. The batteries are currently being installed onsite, and our dedicated team is steering the project toward a successful delivery to its new owner.”, says Hans-Christian Schulze, Country Manager of Eolus North America.

About Eolus North America, Inc.
Eolus is actively developing 5,800 MW of utility-scale renewable energy projects in the Western United States. Since 2021, the following projects have been under Eolus’ development: Wind Wall, a 46 MW repowering wind power project in California; Cald, an approximately 120 MW stand-alone battery storage project in California; and Centennial Flats, a 767 MW solar and battery storage project in Arizona.

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 greenfield 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 26 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 to Sell 100 MW/400MWh Pome Battery Energy Storage Project

Pome BESS Project - Eolus North America

Positioned to leverage potential in both Europe and the US

1 July-30 September 2024

Net sales amounted to 24 (127) MSEK.
EBIT amounted to -94 (159) MSEK. Write-downs amounting to 40 MSEK for the offshore projects Arkona and Skidbladner affect the results. Profit before tax amounted to -87 (134) MSEK.
Net profit amounted to -79 (94) MSEK.
Earnings per share, before and after dilution equaled -3.16 (3.79) SEK.
At the end of the period, Eolus had 967 (817) MW under asset management.

1 January-30 September 2024

Net sales amounted to 123 (2,146) MSEK.
EBIT amounted to -149 (665) MSEK.
Profit before tax amounted to -161 (625) MSEK.
Net profit amounted to -161 (502) MSEK.
Earnings per share, before and after dilution amounted to -6.45 (20.14) SEK.
At the end of the period Eolus had 967 (817) MW under asset management.

Significant events during the period

Eolus appointed Åsa Lamm as Chief People & Culture Officer and member of the Group Management. She assumed her position on 16 September 2024
The Board of Directors resolved to repurchase own shares on Nasdaq Stockholm. The purpose of the repurchase is to secure future delivery of shares to the participants of Eolus’s long-term share savings program. Eolus purchased 18,000 own series B shares in September.

Significant events after the balance sheet date

Eolus received a substantial milestone payment amounting to 64.7 MUSD for the solar and battery storage project Centennial Flats in the USA. The milestone payment is estimated to have a positive effect on Eolus’s operating profit of USD 51 million in the fourth quarter.
The Swedish government announced the rejection of 13 applications for offshore wind power projects in the Baltic Sea, including Eolus’s projects Skidbladner (1,000 MW) and Arkona (1,200 MW). Write-downs amounting to 40 MSEK have impacted the third quarter results.

CEO comment

To summarize, we are seeing a split picture, where the situation is challenging in some of Eolus’s European markets, especially in the Nordic region, but the willingness to invest remains strong in the US. After almost 35 years in the industry, Eolus has both experience and stamina, and we feel confident that we can balance a weaker European market with a strong trend in the US.

– Per Witalisson, CEO

Financial Summary

	Unit	Q3 2024	Q3 2023	9 months 2024	9 months 2023	Rolling 12 Oct-Sep	12 months 2023
Net sales	MSEK	24	127	123	2,146	278	2,301
EBIT	MSEK	-94	159	-149	665	-49	764
Profit before tax	MSEK	-87	134	-161	625	-67	719
Net profit	MSEK	-79	94	-161	502	-90	573
Earnings per share before and after dilution	SEK	-3.16	3.79	-6.45	20.14	-3.59	23.00

Equity per share	SEK	52.39	59.44	52.39	59.44	52.39	60.63
Cashflow from operating activities	MSEK	-1,042	-369	-1,539	255	-1,946	-152
Total assets	MSEK	3,989	2,709	3,989	2,709	3,989	2,807
Net debt – /net cash +	MSEK	-1,415	522	-1,415	522	-1,415	120

Order backlog	MSEK	832	726	832	726	832	665
Project under construction	MW	456	394	456	394	456	368
Taken into operation and handed over to customer	MW	0	0	0	400	125	525
Project portfolio	MW	26,251	25,468	26,251	25,468	26,251	26,836
Managed turbines	MW	967	817	967	817	967	941

Equity/assets ratio	%	35	57	35	57	35	56
Return on equity after tax	%	neg	45	neg	45	neg	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-q3-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=50049446
After registration you will be provided phone number and a conference ID to access the conference.
You can ask questions verbally via the teleconference.

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 greenfield 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 26 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 Vind AB Q3 2024 EN

The Nomination Committee for the Annual General Meeting in Eolus Vind AB has been appointed and consists of the following members:

Hans-Göran Stennert, Chairman of the Board, Eolus Vind AB.
Ingvar Svantesson, appointed by Domneåns Kraftaktiebolag.
Hans Gydell, appointed by Hans-Göran Stennert.
Hans Johansson, appointed by Åke Johansson.

According to a decision of the Annual General Meeting of 19 May 2021, the Nomination Committee shall consist of one member appointed by each of the three largest shareholders and the Chairman of the Board. The appointment of the Nomination Committee has been carried out in such a manner that, Hans-Göran Stennert, Chairman of the Board of Eolus, based on the Euroclear list of registered shareholders as of 30 August, 2024, has contacted the largest known shareholders in the company, who have been invited to each propose a representative to the Nomination Committee. After such contacts, the Nomination Committee has been appointed. In total, approximately 34.3 percent of the votes are represented in the Nomination Committee.

The Nomination Committee’s task is to present proposals to the Annual General Meeting 2025 regarding the number of Board members to be elected by the AGM, Board fees, composition of the Board, Chairman of the Board, Chairman of the AGM, and Auditors and Auditor’s Fees.

Shareholders wishing to get in contact with the Nomination Committee can contact Hans-Göran Stennert, phone +46 (0)706-06 62 62 or e-mail nomination@eolus.com. A person who wishes to submit a proposal or comments to the Nomination Committee may do so in writing by letter to: Valberedningen, Eolus Vind AB, Box 95, 281 21 Hässleholm, Sweden.

The Annual General Meeting for Eolus Vind AB will be held on 15 May 2025.

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 greenfield 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

Nomination Committee for Eolus Vind AB appointed

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.

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

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.

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

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.

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

Q2 2024 Eng

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.

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 appoints new Chief People & Culture Officer

Åsa Lamm (16 9 Format)

Åsa Lamm (portrait)

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

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

Christer Baden Hansen appointed COO of Eolus

Christer Baden Hansen

Heléne Sebrén, Head of HR, has decided to leave Eolus and return to her own consultancy business after four years with Eolus. She will remain in her role, including the position in the Group Management until 30 September 2024.

Heléne started working at Eolus in 2020 as a consultant, and in September 2022 she was employed as Head of HR and member of the Group Management.

“ Heléne has been a highly valuable resource for Eolus in a period of strong growth where she has led the development of our organizational structure, recruited more than 100 employees and contributed to the establishment of strong organizations in all our markets”, says Per Witalisson, CEO of Eolus.

“I am grateful for the opportunity to be part of Eolus’s growth journey. Together we have built a strong organization that is well prepared for future success. I have now decided to return to my own consultancy business”, says Heléne Sebrén.

The process of recruiting a new Head of HR will start immediately.

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

Heléne Sebrén to leave Eolus

Eolus Vind AB’s Annual General Meeting 2024 (“AGM”) was held today, Thursday, May 16.

The AGM adopted the presented income statements and balance sheets as well as submitted and proposed guidelines for remuneration to senior executives, remuneration report and granted discharge of liability to Board members and the CEO. In addition, the following principal resolutions were passed.

In accordance with the Board of Directors’ proposal, the AGM resolved to declare a dividend of SEK 2.25 per share for the financial year 2023, and the record date for the payment of dividends was set to Monday, May 20, 2024.

Marie Grönborg, Hans Johansson, Jan Johansson, Hans Linnarson, Bodil Rosvall Jönsson and Hans-Göran Stennert were re-elected as members of the Board of Directors. Hans-Göran Stennert was re-elected as Chairman of the Board. The accounting firm PricewaterhouseCoopers AB was re-elected as the Company’s auditor, with authorized public accountant Vicky Johansson as auditor in charge.

It was decided that fees to the Board of Directors shall amount to SEK 500,000 to the Chairman of the Board and SEK 250,000 each to other Board members who are not employed by the Company, to SEK 80,000 to the Chairman of the Audit Committee and SEK 40,000 to other members who are not employed by the Company, and to SEK 15,000 to members of the Remuneration Committee who are not employed by the Company. It was decided that auditor fees shall be paid in accordance with approved invoice.

The AGM resolved, in accordance with the Board’s proposal, on authorization for the Board of Directors to, on one or more occasions before the next Annual General Meeting, resolve on repurchase and transfer of the Company’s own series B shares. Repurchase of own shares of series B may take place on Nasdaq Stockholm and be made to such extent that the Company’s holding of own shares at any given time amounts to a maximum of 10 per cent of all shares in the Company, and at a price per share within the registered share price interval at any given time. Transfers under the authorization may be made of all series B shares held by the Company, except for those repurchased to secure the Company’s commitments under the Company’s share savings program. Transfers on Nasdaq Stockholm may be made at a price per share within the registered share price interval at any given time.

The AGM also resolved on the implementation of a long-term share savings program as well as delivery arrangements in respect thereof by way of (i) authorization for the Board of Directors to resolve on repurchase of a maximum of 150,000 own series B shares and (ii) transfer of a maximum of 120,000 own series B shares free of charge to the participants.

The share savings program comprise all permanent employees in the Eolus Group and participation in the program requires that the participant acquires Series B shares in Eolus on Nasdaq Stockholm no later than June 28, 2024. Each savings share entitles the participant, subject to certain restrictions, to receive 0.5 Series B shares in Eolus (“matching shares”) free of charge at the end of the three-year vesting period. In addition, each savings share entitles the participant, subject to certain restrictions, to receive 0.5 series B shares in Eolus (“performance shares”) free of charge at the end of the vesting period if the share price of the Company’s share on Nasdaq Stockholm at the end of the vesting period has increased by 30 per cent. The right to receive matching shares as well as performance shares is conditional upon the participant maintaining his/her employment over the entire vesting period.

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

Resolutions at the Annual General Meeting in Eolus Vind AB on May 16, 2024

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