CEO Letter – November

Dear shareholder,

It has been a while since you got a letter from me.

There are some positive things I would like to share with you although the commercialisation of our solution isn´t going as fast as I would like.

  • Our first commercial production line for proprietary core components is ready in Tyresö outside of Stockholm and the products have performed well in testing.
  • CWT has sold its first Pilot due for delivery in the middle of next year as a part of EU MEASURED Project. The pilot will be delivered to GVS in Bologna, Italy and will be used for the purification of 70-100 l/h wastewater that comes from rinsing and coagulation bath from one of their PVDF membrane manufacturing facilities.
  • CWT has been invited and responded to a tender for water purification equipment for a large scale H2 manufacturing plant.
  • A new innovation center is planned in Burgsvik linked to the extensive wind farm which is planned in the sea between Öland and Gotland.The center will demonstrate innovative technology, but also become a destination for tourists.The innovation center for environmental technology is being built by the port of Burgsvik together with IVL, Svenska the environmental institute, OX2, which is a wind power operator and Forum Östersjön, a non-profit association active in Storsudret in many development projects related to water and the sea.
    A project is planned to use energy from wind turbines to operate electrolyzers producing green hydrogen. Discussions are underway to connect our water treatment technology to one electrolyser in order to test and compare with ”state of the art” RO technology.
  • CWT will, together with the customer, apply for financing to test and verify CWT’s technology ahead of future commercialization of full-scale projects.
  • The call for verification of innovations with customer made by the Energy Agency targets innovations, i.e. services, solutions and products, which can:
    – contribute to a fossil-free and sustainable energy system
     contribute to significant
    – strengthening of security of supply and flexibility in the energy system
    – show clear customer benefits and good conditions to reach a large-scale application
    –  contribute to more jobs in Sweden and/or increased export earnings.
  • Fortum Finland invests a quarter of a billion in increased capacity for recycling of electric car batteries (lithium-ion batteries) This investment is made to meet the needs of a rapidly expanding battery manufacturing industry in the EU. Until 2030, demand for lithium-ion batteries is expected to increase tenfold. This means that the European recycling capacity needs to keep pace with battery manufacturing.
    CWT has conducted lab tests for Fortum Finland to clean the waste water from their battery recycling and the next step in our dialogue with Fortum (after laboratory tests) will be ordering a Pilot or directly ordering the full-scale unit.
  • In 2024, we hope to receive our first order for a full-scale commercial plant.

And finally, I want to thank all of you for believing and supporting CWT.