Context
Swedish Stirling is a Swedish cleantech company developing systems to produce electricity from residual industrial gases.
The company’s latest product, the PWR BLOK 400-F, is a unique proprietary solution for converting thermal energy from industrial residual and flare gases into 100% carbon-neutral electricity at high efficiency. The company has letters of intent (LOIs) with the main players in the South African ferrochrome market: Samancor, Glencore and Richards Bay Alloys.
In April 2021, Swedish Stirling announced the signing of an energy conversion agreement with Glencore for 25 PWR BLOK units at the Lion ferrochrome smelter in South Africa, illustrating that the potential for the technology becoming a commercial reality with significant revenues is within reach.
Swedish Stirling’s ambitions for international expansion were strengthened in March 2021 by the signing of a LOI with SMS Group GmbH to use PWR BLOK technology for energy recovery projects in the European ferro-alloy industry.
About Swedish Sterling
Swedish Stirling AB is a Swedish cleantech company founded in 2008 with a mission to further refine the incomparable ability of Stirling technology to convert thermal energy to electricity. The company's latest product – the PWR BLOK 400-F – is a unique proprietary solution for recovering energy from industrial residual and flare gases and converting them to 100% carbon-neutral electricity at a high rate of efficiency. According to an independent certification, the PWR BLOK is the cheapest way to generate electricity that exists today, yielding greater CO2 savings per krona invested than any other type of energy.
Deal Team
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Bryan, Garnier & Co acts as Joint Bookrunner on Swedish Stirling’s SEK 225 million Follow-on Offering
Acting as Joint Bookrunner together with leading Nordic investment bank Carnegie, Bryan, Garnier & Co helped deliver a full-sized SEK 225m Follow-on for Swedish Stirling against a crowded and softening global/ESG equity capital-raising market backdrop in what is a critical financing step for the company.
Bryan, Garnier & Co was instrumental in exposing the company to non-Nordic investors, in particular long-only/ESG institutions across continental Europe that were new to the company.
Bryan, Garnier & Co also assisted in developing Swedish Stirling’s equity story and positioning, as well as introducing it to a number of new international institutional investors.
Via a wall-cross process, Bryan, Garnier & Co was able to generate demand from outside of the Nordic region, including from European and US ESG Specialist and long-only investors
This is Bryan, Garnier & Co’s third capital markets transaction 2021 YTD in Sweden.
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