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    HEXI   SE0004898799

HEXICON AB (PUBL)

(HEXI)
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Delayed Nasdaq Stockholm  -  05/27 11:29:58 am EDT
2.010 SEK   -0.25%
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MunmuBaram secures Electricity Business License for Floating Offshore Wind project in South Korea

11/29/2021 | 02:00am EDT

‘MunmuBaram’, a joint venture (JV) between Shell (80%) and CoensHexicon (20%), announced that it has secured an Electricity Business License (EBL) for its floating offshore wind project off the coast of Ulsan, South Korea. The EBL from the Ministry of Trade, Industry and Energy grants the JV exclusive development rights to progress 420-megawatt (MW) of wind energy, a third of the total planned output of 1.3-gigawatt (GW) of the project. CoensHexicon is a JV between Hexicon and Korean company COENS Co, where Hexicon holds 49%.

“In connection with our Q3 report, I highlighted that the EBL for the MunmuBaram floating offshore wind project was expected within weeks and it feels great to now see it realised” said Marcus Thor, CEO of Hexicon. “The EBL is an important milestone for the project, one that our eyes were set on from the outset when planning the developments in early 2019 and reflects a true team effort across our respective organizations. The project, once constructed, has the possibility to power more than 1 million Korean households.”

Since 2019, MunmuBaram has been carrying out the groundworks such as the wind data measurement campaigns. In September, MunmuBaram was the first floating offshore wind developer in South Korea to successfully complete a geotechnical and geophysical surveys.

Following the award of the EBL, MunmuBaram will continue to progress the floating offshore wind project development through Environmental Impact Assessment (EIA), marine traffic survey, cultural heritage survey and other activities. Subject to future investment decisions, MunmuBaram project will be developed in phase(s) and once constructed, expected to generate up to 4.2 terawatt-hour (TWh) of clean electricity every year.

More details on the JV and the project can be found in the below website: http://www.munmubaram.com

For further information, please contact:

Marcus Thor, CEO Hexicon, +46 73 924 44 93, marcus.thor@hexicon.eu

© Modular Finance, source Nordic Press Releases

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Financials
Sales 2022 68,9 M 7,00 M 7,00 M
Net income 2022 -42,7 M -4,34 M -4,34 M
Net cash 2022 114 M 11,6 M 11,6 M
P/E ratio 2022 -17,1x
Yield 2022 -
Capitalization 731 M 74,3 M 74,3 M
EV / Sales 2022 8,95x
EV / Sales 2023 5,97x
Nbr of Employees 33
Free-Float 60,6%
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Number of Analysts 1
Last Close Price 2,01 SEK
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Managers and Directors
Marcus Thor Chief Executive Officer
Anneli Nortima Chief Financial Officer
Hans-Jürgen Kai von Uthmann Chairman
Niklas Hummel Chief Technology Officer
Mats Olof Jansson Independent Director