SaltX Technology : Interim Report Second Quarter 2021

SaltX Technology Holding AB (publ)

INTERIM REPORT QUARTER 2 2021

This is information that SaltX Technology is required to disclose under the EU Market Abuse Regulation. The information was submitted for publication on August 20, 2021, at 08:00 am

SALTX LAYS

THE FOUNDATION FOR UPSCALING

CONTENTS

Interim Report Quarter 2, 2021	3
The CEO's address	4
New collaboration in automation and control systems
strengthens SaltX's competence	5
SaltX operations	6
Significant events	8
Financial overview	9
Consolidated financial statements	12
Notes	16
Note 1 Significant estimates and assessments for accounting purposes	16
Note 2 Revenue	17
Note 3 Financial instruments	17
Note 4 Transactions with affiliated parties	17
Parent company financial statements	18
Declaration of the Board of Directors and the CEO	20
Other information	21

2	SaltX Technology Holding AB (publ) Interim Report Q2, 2021

INTERIM REPORT

QUARTER 2 2021

FINANCIAL EVENTS

Second quarter

Net sales amounted to MSEK 0.1 (0.0)

Operating profit/loss (EBIT) totaled MSEK -7.9(-8.2)

Cash flow from operating activities amounted to MSEK -10.3(-10.2) Earnings per share before and after dilution amounted to SEK -0.08(-0.09)

Year to date January - June

Net sales amounted to MSEK 0.1 (0.1)

Operating profit/loss (EBIT) totaled MSEK -16.0(-17.3)

Cash flow from operating activities amounted to MSEK -18.1(-19.2) Earnings per share before and after dilution amounted to SEK -0.19(-0.21)

SIGNIFICANT EVENTS

Second quarter

SaltX launched a new industrial project in the city of Luleå

SaltX completed a directed new share issue of B-shares, raising SEK 60 million

After the end of the period

SaltX in cooperation agreement with ABB regarding control systems

"OUR SUCCESS IN THE COMPETITION HELSINKI ENERGY CHALLENGE HAS OPENED DOORS TO CURIOUS AND INTERESTED POTENTIAL PARTNERS, AND WE ARE IN A DIALOGUE WITH AMONGST OTHERS HELEN, THE LOCAL POWER COMPANY IN HELSINKI.

READ MORE ON PAGE 4

KEY FIGURES

Group, TSEK	Q 2 2021	Q 2 2020	YTD June 2021	YTD June 2020	FY 2020
Net sales	52	25	61	89	94
Operating profit/loss (EBIT)	-7,923	-8,169	-16,044	-17,327	-33,392
Earnings per share before and after dilution	-0.08	-0.09	-0.19	-0.21	-0.41
Equity	133,116	113,419	133,116	113,419	95,434
Cash flow from operating activities	-10,317	-10,216	-18,095	-19,174	-32,508
Equity ratio (equity/balance sheet total)	77%	74%	77%	74%	70%

SaltX Technology Holding AB (publ) Interim Report Q2, 2021

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THE CEO'S ADRESS

The second quarter has been eventful, and we continue to strengthen the business. Building large-scale pilots and enhancing our solution based on our lab results is without a doubt the most important point on the agenda. This will enable us to take the next step in SaltX's commercial development.

"IT IS A STRENGTH FOR SALTX TO BRING IN ABB'S SPECIALISTS AND THEIR EXTENSIVE

Calix Ltd, so we will come back later to the results for both the discharge reactor and the complementary charging reactor. The complete facility in Stockholm will form an important basis for the

We are pleased that we have signed a cooperation agreement with ABB in Sweden that aims to develop automation and control systems for the process in EnerStore, which is an important part of our installation. It is a strength for SaltX to bring in ABB's specialists and their extensive expertise and experience at

an early stage in our pilot projects.

REACTOR IS FINALISED

The discharge reactor in our Stockholm pilot was completed during the quarter, and the first test runs have started. The other part, the charging reactor, is under construction together with our Australian partner

EXPERTISE AND EXPERIENCE AT AN EARLY STAGE IN OUR PILOT PROJECTS...''

pilot project in the city of Luleå. The plant will be the first of its kind to use residual gas from the production of steel to charge an energy store. We are in the process of planning and conducting preliminary studies for the Luleå plant, which we plan to install next year. SaltX takes responsibility for the complete installed energy storage in this pilot plant - an important

Carl-Johan Linér

at the SaltX test lab.

confirmation of the competence and ability of the company.

The work with the Chinese partner Shuan- gliang is progressing. Tests continue as certain adjustments and changes need to be made to one of their reactors to achieve results.

SUCCESS CREATS

INTEREST

Our success in the competition Helsinki Energy Challenge has opened doors to curious and

4	SaltX Technology Holding AB (publ) Interim Report Q2, 2021

interested potential part- ners, and we are in a dialogue with amongst others Helen, the local

NEW COLLABORATION IN AUTOMATION AND CONTROL SYSTEMS STRENGTHENS SALTX'S COMPETENCE

Cooperation agreement has been concluded with ABB in Sweden and enables SaltX to secure a stable and scalable control system to strengthen its technical platform.

power company in Helsinki.

NEW CAPITAL

SaltX carried out a directed share issue in May. The issue of MSEK 60 was successful, and we ensured a continued secure financial basis to be able to drive development forward. The capital will be used to complete the full-scale pilot plant that we have started and to build the additional plants we are planning.

We are leaving an eventful quarter with progress in the technical development and look forward to continuing to build ourselves stronger in complete thermal energy storage, where our nanocoated material constitutes such an important basis. At the time of writing, it feels as if fall is already here with all the rain, however, it is my hope that we can all be able to look back on a pleasant and warm summer as we read this.

Carl-Johan Linér,

CEO

Stockholm, August 2021

SaltX has developed into a company that takes overall responsibility for the energy storage in its pilot plants. Recently, the focus has therefore been on supplementing the com- pany's material expertise through close cooperation with a number of different partners in order to create a complete product. This broadens the offering and strengthens the business in relation to the company's competitors.

The cooperation agreement entered during this quarter with leading global technology company ABB is very gratifying and im- portant. ABB will contribute with its long-term experience and expertise in complex control systems, thus upgrading, optimizing and ensuring the control system in both the long and short term for SaltX's energy storage system, EnerStore.

A pilot plant is planned to be built in the city of Luleå in cooperation with Swerim, Luleå Energi and Lulekraft, with the aim of utilizing some of the residual gas/

heat from nearby industry. The cooperation with ABB therefore begins with the aim of installing the first common system in the Luleå pilot. Being able to develop first-class automation and control systems togeth-

er with ABB's specialists and getting them into the project at an early stage is positive.

SALTX, WANTS TO DRIVE THE TRANSFORMATION OF SOCIETY

ABB, with its leading position as a global technology company, like SaltX, wants to drive the transformation of society and industry, making the partnership

a perfect match. ABB's engines, drive systems and automation solutions will complement SaltX's unique nanocoated technology in an excellent way, and the cooperation will be of great importance in the work to scale up energy storage for the industry.

SaltX Technology Holding AB (publ) Interim Report Q2, 2021

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