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Seabased Group - Preliminary Annual Result 2015

Highlights from the fiscal year 2015 include Seabased’s development of the new Wave Power System (S-series), in keeping with the company’s market strategy for Asia and Africa. The S-series is a modular system that is especially well suited for the shallow waters (20-30 meters) and smaller waves (2-3 meters) commonly found close to the equator. This series has already been well received and has successfully brought about several commercial opportunities, including pre-studies and contracts in India and Ghana during Q1 2016. In addition, technological advances have resulted in significantly reducing both time and cost of production. Significantly enhanced investments in both personnel and technology are needed in order to take full advantage of these commercial opportunities; hence the company’s ongoing initiative to raise capital.

In December 2015, Seabased successfully connected Wave Power Plant on the Swedish West Coast, to the Swedish National Grid. The completed connection was the result of a joint effort between Seabased, Fortum and the Swedish Energy Agency. See also Fortum’s press release.

The preliminary results for Seabased Group for fiscal year 2015, as audited by Price Waterhouse Coopers, show:
• An 11% increase in turnover, from about 80M SEK in 2014 to 88 MSEK in 2015.
• EBITDA shows a profit of 6 MSEK, comparable to 7 MSEK in 2014.

“I am pleased with the Seabased team’s accomplishments in 2015 and the opportunities these have created for us, as we step more fully into a more export and growth intensive stage of than we’ve previously experienced in the company’s 15-year history,” says Mats Leijon, co-founder and CEO of Seabased Group AB.

Details of the 2015 results will be made available on the website when they are finalized.

Seabased AB
Seabased AB is a global leader wave energy solutions and plans, builds and delivers complete, scalable grid-connected wave parks.
Seabased has developed wave energy solutions in close cooperation with Uppsala University since 2001, and holds approximately 20 families of patents. Seabased employs around 45 people and has its operational factory in Lysekil on the west coast of Sweden.
Through innovative and cost effective solutions for renewable electricity generation, Seabased AB strives to create long-term value for its customers, partners, shareholders, employees and society.
Mats Leijon
CEO Seabased AB
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