Metacon Sharpens Focus on Large-Scale Industrial Hydrogen Projects for Market Leadership
Strategic Business Update: Q1 2024 Performance Highlights

Metacon has announced a continued strategic pivot towards large-scale industrial electrolysis projects, aiming to cement its position as a market leader in the green hydrogen sector. This shift is reflected in the company's Q1 2024 activities, which include the successful factory acceptance testing of three A-Series electrolyser units, with recognized revenue from key European markets: the United Kingdom, Germany, and Sweden. The momentum is set to continue with an additional order of 8.1 MW for nine units scheduled for delivery in the coming years.

During Q1, Metacon also completed the first assembly of the improved Mark 1.1 A-Series product variant, with ongoing performance testing to ensure reliability before the first customer delivery. The company is actively engaging in retrofit programs for the A-Series Mark 1.0 and has launched a fleet optimization program to enhance the operational efficiency and reliability of units under multi-year service agreements.

A significant technical milestone was achieved with the X-Series prototype, which has successfully completed proof of concept and third-party performance validation. This progress has spurred strong interest and preliminary agreements with potential customers.

Strategic collaborations have been reinforced with German EPC service provider Bilfinger and Danish EPC service provider BWSC, enhancing Metacon's execution capabilities in project collaborations. The company's strategic development efforts in the second half of 2023 have led to a clearer focus on the industrial sector, particularly on manufacturing and selling large electrolysis plants to industrial players. This focus aligns with the market segment perceived as both the largest and most mature within the fossil-free hydrogen sector.

2024 Financial Guidance and Outlook

Metacon maintains its 2024 financial guidance as previously announced, with expected revenue ranging from DKK 125 to 165 million and projected EBITDA between DKK -260 to -220 million. The CAPEX for the year is anticipated to be between DKK 160 to 200 million. These projections take into account potential impacts from supply chain disruptions, raw material cost increases, general inflation, and delays in product assembly that may affect delivery schedules and financial outcomes.

The company's strategy to transition from a minor challenger to a market leader involves targeted investments in areas with the highest development potential. This strategic positioning is expected to facilitate significant value growth over the long term, particularly as the hydrogen and electrolyser market continues to evolve rapidly.

Metacon's commitment to exploiting hydrogen's potential aligns with its vision of significantly reducing greenhouse gas emissions and contributing to climate change mitigation, while also capitalizing on new business opportunities created by the global shift to sustainable energy solutions.

Download the annual report here.

For further information, please contact Christer Wikner, by phone +46 707-647389 or e-mail info@metacon.com

About Metacon AB (publ)

Metacon AB (publ) develops and manufactures energy systems for the production of hydrogen, heat and electricity. The products are based, among other things, on a patented technology that generates hydrogen through so-called catalytic steam reforming of biogas or other hydrocarbons. The development of Metacon's reforming products is done within the wholly owned subsidiary Metacon S.A., which is a spin-off from the University of Patra, Greece and was founded by Professor Xenophon Verykios in 2001. From the outset, the business has focused on catalysts and advanced reformers for highly efficient hydrogen production.

Metacon also offers system solutions and facilities for the production of hydrogen through so-called electrolysis, a large and globally growing area for production of green hydrogen. Hydrogen can be used in sectors such as transport, basic industry and the real estate sector, with a better environment and climate as a result.

Further information can be found at: www.metacon.se | Twitter: @Metaconab | LinkedIn: www.linkedin.com/company/metaconab

Metacon Publishes Annual Report for 2023