Smart technology converts waste heat into sustainable electricity

The solution to the climate challenge and the increased need for energy are putting pressure on all of the countries and companies around the world. Most parties are in agreement that increasing the share of renewable energy and using existing energy more efficiently are the way forward. Climeon’s innovation is an important piece in the jigsaw puzzle that can make a contribution in the transition.

The Climeon company’s innovative energy technology, Heat Power, works by producing electricity from low-temperature heat. This makes it possible to use waste heat in all types of industrial processes, including large ship engines, as well as produce renewable electricity from heat from the Earth’s crust, known as geothermal thermal power.

With its unique and patented solution, this innovation contributes to solving the challenge of climate change, partly by increasing the share of renewable energy and partly by using existing energy more efficiently.

Large order to Iceland

– In 2017, there was a sudden surge in orders when Iceland ordered 100 of our Heat Power systems for bio-thermal production, an order valued at SEK 670 million in total. We have already had several large orders from Viking Line and Virgin, among others, says Thomas Öström, CEO of Climeon.

When Crown Princess Victoria visited Iceland in October 2019, she also visited the power plant supplied by Climeon.

Investor assignments attract celebrities

– I am leading an assignment on behalf of the government which aims to attract more investors to Swedish energy technology. One notable prospect is Bill Gates’ Breakthrough Energy Ventures (BEV) initiative. In October 2018, an opportunity arose for a longer session with BEV in which we presented a number of Swedish companies with potentially transformative innovations, which included Climeon, says Andreas Stubelius, an international portfolio developer at the Swedish Energy Agency.

BEV is an investor-led fund financed by some of the world's most prominent company leaders such as Bill Gates and Mark Zuckerberg.

In March 2019, the news broke that the Swedish company Climeon had entered into collaboration with BEV. The fund has invested USD 12.5 million in Climeon in order to accelerate the spread of the company’s unique solution of low-temperature geothermal thermal power on a global scale.

The Swedish Energy Agency has supported in several ways

Climeon’s journey with the Swedish Energy Agency began in 2009 when they applied for support for research and development on their idea. They have since applied for support on a number of occasions, including for the construction of a test facility at the Royal Institute of Technology (KTH) in Stockholm.

When the time came to launch the innovation, the Swedish Energy Agency supported with business development to build both the company itself and its business model.

–We needed to verify whether or not their solution had the potential to work so we sought support from our contacts at KTH. As a result, in collaboration with KTH, Climeon submitted an initial application to test the critical step in their process. This is also a good example of our role as a mediator of contacts and our ability to match strategic competencies, says Linus Palmblad, research officer at the Swedish Energy Agency.

About Climeon

Company name: Climeon

Web site: climeon.com

Funding from the Swedish Energy Agency: Research, business development, commercialisation and internalisation.

Innovation: Climeon with the Heat Power solution. Develops and sells heat power solutions based on low-temperature heat.

Company: Climeon was founded in 2011 and was listed on the stock exchange in 2017. 

Market: Geothermal electricity production has a global market. Electricity production from waste heat also has a global market focusing on steel, cement, electricity generation companies and the maritime sector.

Contact person: Charlotte Becker, Head of Investor Relations & PR 

Contributes to following energy and climate goal

This project contributes to the Swedish goal 100 percent renewable energy production by 2040.