Product and technology development risk
HeatPower must keep evolving to meet customer, safety, and regulatory requirements.
- Scope
- Alternative working fluids and product platform adaptation
- Materiality
- high
Climeon
Climeon is a Swedish clean-tech company that develops HeatPower systems for converting low-temperature waste heat into electricity. Its business spans product development, system delivery, installation support, and aftermarket services for customers in maritime, energy, and industrial applications.
| % | |
|---|---|
| HeatPower hardware | 90% Physical HeatPower systems and related hardware delivered to customer projects. |
| Consulting and support services | 10% Prestudy, sizing, installation support, commissioning, and technical follow-up. |
Climeon sells mainly to industrial and maritime customers that want to recover waste heat and reduce fuel use,...
- Maritime customersprimary
Shipowners, vessel operators, and shipyards buy HeatPower systems for newbuild and retrofit projects to recover waste heat onboard.
- Energy sector customerssecondary
Power and energy-related customers use HeatPower to convert low-temperature waste heat into electricity where economics work.
- Industrial customerssecondary
Industrial operators buy systems to improve energy efficiency and reduce emissions from existing heat flows.
- Project partnersprimary
EPC contractors, installers, design firms, and shipyards influence specification and execution of customer projects.
Climeon conducts operational activities primarily in Sweden, while pursuing business opportunities in Europe and Asia...
- •Operations are primarily based in Sweden
- •Revenue in 2025 was concentrated in Europe
- •Asia is an important market for maritime and industrial opportunities
- •Project execution depends on international shipyards and partners
- •Supply-chain and travel disruptions can affect delivery timing
Climeon’s strategy centers on making HeatPower the standard for low-temperature waste heat recovery in selected...
01
Grow the installed base of HeatPower systemsmedium-term
A larger installed base increases reference value, service opportunities, and emissions reductions.
02
Improve product performance and reliabilityshort-term
Technical performance and verified operation are central to customer adoption in cautious project markets.
03
Strengthen customer collaboration and supportshort-term
Long sales cycles require close coordination from prestudy through commissioning and follow-up.
04
Build a scalable supply chain and delivery structuremedium-term
Standardization and procurement discipline support delivery reliability and repeatable execution.
Climeon faces technology, adoption, and execution risk because its products must prove both technical performance and...
Customer adoption and project timing risk
Customers evaluate new technology cautiously and projects can be delayed or cancelled.
- Scope
- Long sales cycles and complex shipyard/EPC projects
- Materiality
- high
Macroeconomic and geopolitical risk
Weak demand, inflation, and conflicts can affect financing, pricing, and supply reliability.
- Scope
- Europe and Asia markets; component sourcing
- Materiality
- high
Supply-chain and currency risk
Higher supplier costs and a weaker Swedish krona can increase delivery costs.
- Scope
- Procurement, logistics, and imported components
- Materiality
- medium
Revenue recognition for project deliveries and services
Can create quarter-to-quarter volatility in reported revenue
Fair value of Baseload Capital holding
Can affect other income and balance-sheet carrying value
Impairment testing and value-in-use assumptions
Could trigger impairment if demand or margins weaken
Inventory and supply-chain cost assumptions
Can influence gross margin and inventory valuation
: 11/08/2026