LIST: Spotlight Sweden
MCAP: $45 MUSD at time of publication
Share price: 159 SEK = 18,45 USD at time of publication
Industry: solar thermal heating/ district heating
Market size: $223 billion$ by 2026
One of our largest holdings previously covered by us in a detailed analysis is Absolicon solar collector. The initial analysis can be found HERE.
Absolicon have for some time now reported that they are in serious client discussions with 10 of the worlds 20 largest breweries and today we received a much anticipated confirmation if their hard work as they today (12/7) announced a pilot solar collector field with Carlsberg group in Greece. Carlsberg is one of the largest breweries in the world with revenues over 10 billion USD per year. The press release can be found HERE.
Although the order value of the deal is valued at a meager 200 000€ the potential revenues cannot be stressed enough. The collector field, to be installed in early 2022, will be built with patented Absolicon T160 Solar collectors to run industrial brewing processes providing the energy needs related to the production through a heat purchase agreement.
This pilot installation goes well in hand with Carlsbergs own sustainability goals as we can see from the press release :
“n line with Carlsberg Group’s ambitious sustainability program “Together Towards ZERO”, the initiative arises from the commitment of the Group in helping mitigate the effects of climate change through the incorporation of renewable energies in its production processes.One of Carlsberg Group’s main sustainability targets is to achieve zero carbon emissions during the production process by 2030. The Group envisions this initiative to be an example in the brewing industry towards the gradual exemption and reduction of dependence on fossil fuels.”
According to the press release ” During the one-year pilot, Absolicon and Carlsberg Group will work together to evaluate the potential of Absolicon´s patented solar thermal technology for the Group´s breweries around the world, with the final goal of replacing natural gas with renewable energy sources.”
Surinder Singh, Senior Director New Technologies, Carlsberg Group, said: “We’re excited by the potential of this technology to support the decarbonisation of our breweries globally by 2030, by harnessing the ultimate source of renewable heat energy – the sun. Collaborating across our business and with partners like Absolicon is vital to identifying and scaling the solutions to create renewable heat energy, and we’re pleased to be going together towards zero.”
Joakim Byström, CEO Absolicon, added: “Absolicon’s strategy to create a global market for industrial solar heating is to collaborate with multinational companies with high climate ambitions. We are impressed by Carlsberg Group’s climate work and look forward to this first joint project.”
Katerina Tsintsifa, ISC Lead of Olympic Brewery, in view of the project’s launch stated: “As a responsible organization, we are committed to zero carbon footprint in the years to come. Our partnership with Absolicon is an important step in the right direction and we believe that it will work as a model for decarbonization of the brewery sector”.
ESG Comment: We are extremely pleased to see the hard work of our portfolio company Absolicon pay off. The potential revenues that may arise from this project if successfull are most likely very big since the heat consumption need from a brewery client like Carlsberg is big. Absolicon technology has, as we have previously stated, the potential to replace 50 % of the worlds heat consumption in the parts of the world where their technology can gain as much sunlight as needed. To get Carlsberg as one of the biggest breweries in the world on your client list is NOT a small matter. This really shows that Absolicon is not only talking about making deals with the largest breweries in the world but infact they are delivering on their goals. We look forward to seeing many more deals like this !
We own shares of this company personally.
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