Climeon AB (publ) has completed a private placement of Class B shares through an accelerated book building procedure, performed by Carnegie Investment Bank AB and Paretos Securities AB, raising approximately SEK 260 million before transaction costs.

Climeon is a Swedish product company within energy technology. The company’s technology for geothermal heat power - Heat Power - makes a large untapped energy resource available and provides sustainable electricity around the clock all year round.

The proceeds from the private placement will be used to increase Climeon’s local presence in existing focus markets as well as new markets in order to accelerate sales, accelerate time to market for the next generation Heat Power module, lowering the cost per kW produced for customers, increase the company’s gross margin and securing product compliance with country regulations. The net proceeds will also enable strategic investments and be used as a risk mitigation buffer.

The private placement was substantially oversubscribed with large interest from a number of new and existing institutional investors.

Baker McKenzie acted as legal advisor to Climeon in connection with the transaction. Baker McKenzie’s team consisted of Joakim Falkner, Ian Gulam and Per Blom. Carnegie Investment Bank and Pareto Securities acted as Joint Bookrunners.

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