Market update and business outlook next - Q3 review

SaltX reached several milestones in and after quarter-end. In Hofors, it has installed its first multi-plasma and concluded the industrial test programme for electrified pre-calcination. It also finished the pre-feasibility study with Groupe Pigeon. Next is an update on the market and quantification of the potential in new projects as well as the company’s view on the business going forward, which is set to be presented before year-end. We keep our estimates and fair value range of SEK2.0–9.5.

Moving towards a pilot plant for cement in Europe. The industrial test programme for electrified pre-calcination of cement raw meal at the Hofors plant is now finished. The next step is to translate the results into a pilot plant in Europe for electrified calcination of cement raw meal and SaltX plans to enter the implementation phase in 2028. This means SaltX is moving from verifying the technology to preparing it for implementation at its customers’ facilities.

Groupe Pigeon’s feasibility study completed. SMA Minerals has not yet decided whether to begin construction of the pilot plant in Mo i Rana. The feasibility study for the electrified lime production facility with Groupe Pigeon is completed and the project now moves to the next phase, with construction planned to start in 2028.

Continues to scale its technology. The Frontier-funded Multi Plasma project is entering its next phase. The first reactor has been installed at the test facility in Hofors, and commissioning is scheduled to begin shortly. This marks an important step towards developing EAC technology for higher capacity.

Update on the market and the business before year end. During the year, SaltX has worked on identifying the market and to quantify the size of its projects when scaled up. It has identified around 350 plants, mostly in Europe and North America that would be able to use SaltX’s technology. The outcome of its analysis is set to be presented before year-end.