Insplorion – report 2021, New CEO , first commercial project for the hydrogen sensor.
Important commercial achievements
- New CEO appointed.
- First commercial project for the hydrogen sensor.
- The air quality sensor in the UK air purification system.
Outcome October-December
- Net sales amounted to KSEK 680 (23).
- Profit after financial items amounted to KSEK -3,041 (-4,494).
- Earnings per share before and after dilution -0.23 (-0.41) SEK.
- Cash flow from operating activities and investment activities -1,360 (-2,207) kSEK.
Outcome January-December
- Net sales amounted to KSEK 2,335 (1,177).
- Profit after financial items amounted to KSEK -11,620 (-12,795).
- Earnings per share before and after dilution -0.89 (-1.27) SEK.
- Cash flow from operating and investment activities -17,968 (-10,007) kSEK.
Events October-December
- Johan Rask is appointed new CEO.
- Successful pilot project with UK N02 sensor operator.
- The hydrogen sensor in the first commercial project.
- Naventus is appointed as the new Certified Adviser.
Significant events after the end of the period
- The Hydrogen Centre, of which lnsplorion is a partner, is funded by the Swedish Energy Agency.
The CEO has the floor.
Since February 1 this year, I, Johan Rask, am the new CEO of Insplorion. I take over from Patrik Dahlqvist, who after eight years in the post has chosen to take on a challenge in another industry.
The main content of this CEO word therefore describes events and developments where I have not been operational. As a consequence, the following text is the result of coordination between me and Patrik Dahlqvist.
First commercial hydrogen project
The end of 2021 was largely characterized by forward steps in the development of our gas sensor platform. Thanks for staying up to date with Hydrogen Central.
The hydrogen sensor took an important step when a Swedish company in the transport sector will, through a feasibility study, evaluate how lnsplorion’s hydrogen sensor can be adapted in one of their customers’ existing applications.
The study is our first industrially funded hydrogen sensor project, with an order value of approximately SEK 100,000. The goal in the preliminary study is primarily to evaluate the sensor’s performance, but also to specify how the sensor can be read remotely via fiber.
Air quality sensor integrated into AAC Eurovent’s customer offering
During the year, a number of customer projects have been carried out with the air quality sensor. A feasibility study was conducted together with the British company AAC Eurovent during the summer.
The aim was to clarify how our air-quality sensor can work together with their air filtration system for one of their customers. The goal of AAC Eurovent is to develop tailor-made solutions for the reduction of N02 (nitrogen dioxide) for both real estate and other applications.
The results of the feasibility study gave positive information where the customer project enters the next phase, while AAC also adds our N02 sensor to its customer offering within the framework of a non-exclusive agreement for the UK.
Competence Centre TechForH2 funded by the Swedish Energy Agency
There is a lot going on in hydrogen and we have a strong business focus on customers who can quickly embrace and work with our technology in attractive niche applications.
In parallel, we are working strategically to expand our network with major players in longer-term projects, both in Sweden and internationally.
For example, at the beginning of 2022, the Swedish Energy Agency has allocated grants to TechForH2. It is a hydrogen centre with a focus on strengthening world-class research and innovation.
The work is led by Chalmers University of Technology High School and in addition to lnsplorion participates RISE, Siemens Energy, PowerCell Sweden, Scania, Volvo GTT, GKN Aerospace, Oxeon, Stena Teknik and Johnson Matthey.
Lnsplorion’s work in the project lies in the area of “a sustainable future hydrogen economy” with a focus on mobility applications and heavy transport solutions. The fact that we are involved in these larger projects is of great value to lnsplorion.
This both strengthens our position as the leading sensor developer in strategic areas, and it strengthens contacts with the major players who are potential customers and partners as we scale up our sensor business in the coming steps.
Research in the EU with lnsplorion instruments
In the autumn, the company EIFER, the European Institute for Energy Research based in Germany, bought an X1 instrument. The sale is an example of how our measurement instrument business strengthens our sensor applications, in this case the hydrogen sensor.
The eifer group that will use the instrument focuses on hydrogen as an energy carrier in the EU, with research and development on issues in production, distribution and use.
Battery sensor projects continue to spread knowledge about NPS
Regarding the various battery sensor projects, it can be briefly said that they ran according to plan at the end of 2021. The ongoing work in the various ongoing battery projects leads to deeper relationships and new insights into the existing collaborations with the actors we already know.
At the same time, our long-term work leads to more people becoming aware of our NanoPlasmonic Sensing technology, and we are noticing the increasing interest.
Closing words
It will be really fun and exciting to lead lnsplorion forward. During my initial time, the focus is of course on creating a deeper understanding of our business, our customers and the world around us, and in the next step see what the implications may be on our strategic priorities going forward.
Having said that, we have a good starting point. We have a strong team with both breadth and depth, and a unique technology platform with great potential in areas of strong change where major investments are being made.
We are also starting to gain a commercial foothold. Together, I think it bodes well for the future.
READ the latest news shaping the hydrogen market at Hydrogen Central
Year-end report January-December 2021, February 24, 2022