As resolved by the AGM, the nomination committee of Impact Coatings shall comprise three members representing the company’s largest shareholders in terms of votes, together with the Chairman of the Board as an adjunct member.
If any of the three largest shareholders decides not to exercise the right to appoint a representative on the nomination committee, the right is passed on to the next largest shareholder.
The nomination committee consists of: Kai Tavakka, Chairman, appointed by Accendo Capital SICAV RAIF Syafiq Johari, appointed by Hyundai Motor Company Johannes Wingborg, appointed by Länsförsäkringar Fonder Mark Shay, Chairman of the Board, adjunct member
The AGM will be held in Linköping on May 24, 2023. The proposals of the nominating committee will be published in the invitation to the AGM and will be made available on the company website, www.impactcoatings.com.
Shareholders who wish to submit proposals to the nomination committee may do so via e-mail to investors@impactcoatings.com no later than February 1, 2023.
At f-cell – The Hydrogen & Fuel Cell Conference and Trade Fair – in Stuttgart October 4-5, Impact Coatings introduces a next generation coating system for volume production of metal plates for fuel cells and electrolyzers. The new coating system is named INLINECOATER™ IC2000. The first unit is now on display for customers at Impact Coatings in Linköping, Sweden, while undergoing process qualification for PEM fuel cell metal plates ahead of product launch.
Hydrogen is one of the key solutions to phase out fossil fuels in society, including in the energy and mobility sectors. This means that demand for manufacturing volumes of hydrogen fuel cells and electrolyzers has increased and is expected to continue growing rapidly during this decade. Automotive OEMs and major component suppliers are among the leaders scaling the new hydrogen industry, primarily using proton exchange membrane (PEM) fuel cells for transport applications. To achieve optimal stack performance, separator plates of metal with efficient coatings are in focus as core components for both fuel cells and electrolyzers.
Since 2018, Impact Coatings’ Coating Service Center and several fuel cell manufacturers operate the INLINECOATER™ IC500 system for fuel cell metal plate coatings. The system produces a high-quality coating using a compact platform, with short cycle times that allow easy integration in automated production.
The new INLINECOATER™ IC2000 is built upon the same proven system architecture. It is scaled to provide increased productivity, coating up to 3 million PEM fuel cell plates per year, depending on parameters like plate size, coating type and thickness, working days and shifts. The IC2000 system is compact, with a footprint of only 6.2 x 2.2 meters. It has fewer critical components, such as vacuum pumps and power supplies, than traditional large scale industry solutions. Installing additional coating systems is easy as production scales up, resulting in high reliability through redundancy and cost-efficient volume manufacturing of the critical metal plate components.
Impact Coatings is a center of expertise and a leading provider of coating solutions for metal plates to customers globally, with fuel cell coating development starting over fifteen years ago. The company’s Ceramic MAXPHASE™ noble metal-free coating for PEM fuel cell plates has almost a decade of field qualification in automotive applications. Today, the company continues its work with customers on coating development to meet coming market needs for both fuel cells and electrolyzers.
The company supports hydrogen industry customers with scalable production solutions for metal plate coatings, including coating services and coating technology and systems for volume production. Leveraging on experience from its Coating Service Center in Linköping, Sweden, the company is currently preparing launch of a second Coating Service Center in Shanghai, China.
FINANCIAL RESULTS SECOND QUARTER 2022
FINANCIAL RESULTS JANUARY-JUNE 2022
SIGNIFICANT EVENTS SECOND QUARTER 2022
SIGNIFICANT EVENTS AFTER THE PERIOD
(1) Significant events refer to events that comprise insider information and shall be made public via press release.
CEO’S COMMENTARY
During the second quarter, we presented a revised strategy with a strong focus on scalable solutions and service offerings. The strategy addresses customers’ challenges and need for flexibility in the rapidly growing hydrogen segment, and for the company will lead to a more sustainable growth trajectory with recurring revenues.
We have in parallel experienced a continued high level of activity in the business both in Sweden and in our global regions. In Linköping, two internal coating systems were commissioned during the quarter, one of which is our next generation system for hydrogen applications designed to meet the industry’s need for larger production volumes. One coating system has been under construction, and planning and procurement for three additional machine builds have started. No system was delivered during the quarter, which was according to the schedule of outstanding orders.
Revenue from Coating Services was lower than in the preceding quarter due to two key customers experiencing supply chain disruptions, independent of each other but at roughly the same time. Normal production in Coating Services has resumed for both customers during the third quarter.
The resulting lower production level during the second quarter facilitated planned rebuilding and automation of a production line for the coating of fuel cell plates. The automation will yield a higher future production capacity and allows us to demonstrate a complete system solution on our premises, which will be an important part of our sales process.
Through Coating Services, prospective customers are afforded the possibility of testing and verifying our coating technology. A natural next step is to verify that the quality holds constant with increasing volumes. Automation satisfies both of these demands since we can achieve a higher throughput while reducing the risk of human error. This enhances our ability to include automation and quality control in system sales.
During the quarter, we have also delivered several test coatings for electrolysis, which is the primary method of producing hydrogen from water. Metal flow plates are used in both fuel cells and electrolysis, and the Impact Coatings coating technology developed for fuel cells is cost-effective even for many electrolysis plates. The number of companies planning to produce electrolyzers is increasing globally. Many of these companies are relatively new, unlike in the fuel cell industry, which is also in an early stage but industrializing at an ever-faster pace as large established companies get involved and scale up. Revenues from electrolysis are expected to increase in the future from a very low level today, initially within Coating Services.
The subsiding pandemic in Europe has made possible many visits of potential customers to Linköping. Our own outbound travels to the industry have started up again, with personal visits regarding sales, technology development, partnering, and to catch up on system maintenance at customers we haven’t been able to visit in a long time. I have, during the quarter, visited several existing and potential customers in Europe and North America. Meanwhile, our team in China has put in a heroic effort to hire personnel and prepare the Chinese subsidiary’s premises despite a total COVID lockdown in Shanghai during April-May. The premises in Shanghai will be the headquarters for Impact Coatings (China) and will host our new Coating Service Center in China.
With insights about customers’ flexibility and scalability needs, we have during the past year started a repositioning of the business and our offerings. We described the updated strategy during a webcast at the end of May. That presentation and the accompanying press release are available on our website, which has itself received a notable facelift. Please take a look!
With a decade of coating experience in fuel cells, we are expanding our Coating Services business in Sweden and replicating it to other countries, starting with China. Customers that prefer to outsource coating as a service can trust Impact Coatings’ expertise and presence during the development phase and later in production.
We continue to deliver coating systems, but even here we now offer greater flexibility, both regarding financing and operations. One example is Managed Services, in which personnel from Impact Coatings work on-site at the customer and manage the operation of the coating system until the customer has built up sufficient coating competence.
The first example of Managed Services in practice is connected to the system order from Boyuan received in July. Boyuan is a Chinese producer of metal plates for fuel cells. Part of the order is that we will initially operate the coating production at the customer site. Personnel from our Chinese subsidiary will operate the system.
Beyond the flexible delivery model, we are expanding our service offering coupled to coating systems including maintenance, support and spare parts, training packages, and system upgrades. These service offerings will contribute to stronger customer relationships and increase sales in all the company’s business areas, now referred to as Hydrogen Solutions, Metallization Solutions, and Tailored Solutions.
Impact Coatings has a unique position in a world that is repositioning itself through fast-growing green industry. Our business focus on relevance and executing on the possibilities we see through our strategy continues, backed by stable financing and a knowledgeable team working closely with our customers.
Torbjörn Sandberg, CEO
The full report is attached, and can be retrieved on the company’s website at www.impactcoatings.com/finansiella-rapporter-arkiv/.
Impact Coatings has received an order for an INLINECOATER™FC system for delivery to the Chinese fuel cell metal plate manufacturer Shangdong Boyuan New Energy Technology Development Co., Ltd. (“Boyuan”). The system order is placed through the trading company Liaocheng Golden Bridge Import And Export Co., Ltd. Boyuan is specialized in the precise forming technology of fuel cell metal plates. The total order value is in the EUR 1.2-1.4 million range, and includes Managed Services for four months. Managed Services means that Impact Coatings for a period operates the coating system at the customer’s premises. Final delivery is planned for the fourth quarter of 2022.
Starting end of June, Impact Coatings operates an automated production line dedicated to coating of LT-PEM fuel cell plates at its Coating Service Center in Linköping, Sweden.
Impact Coatings has installed an industrial robot with auxiliary automation equipment at the company’s Coating Service Center. The coating technology and services provider has a decade of experience supplying PVD coatings for fuel cell plates. An INLINECOATER™FC system dedicated to the application was installed in 2018. Adding an industrial robot to the production line allows more efficient system utilization and increased production capacity.
“For us, the automated production line means more than just an increased production flow. It relieves our personnel of repetitive tasks and reduces risk of human error. We are also able to continue development of our robotic interface and automation solutions. For our Coating Services customers, the automation solution means we can run production processes at maximum capacity and increase throughput to match the market’s increasing volume needs,” said Carina Höglund, VP Coating Services. Impact Coating has chosen a smart, sensor-controlled automation setup, which does not require a physical safety cage. If you step inside the clearly marked area the sensors automatically halt the production process. The result is a very compact layout, which matches the small footprint of the INLINECOATER system. These compact production cells, measuring approximately 7×3 meters, are now also available as part of the Impact Coatings Systems Solutions offer.
The new automation solution is part of Impact Coatings’ growth strategy. Later this year, the company plans to start up a second automated Coating Service Center in Shanghai, China.
During Impact Coatings’ strategy presentation at 10:00 a.m. CEST today, CEO Torbjörn Sandberg will present the company’s updated strategy, which has an increased focus on selling scalable solutions and services. The business model will capitalize on Impact Coatings’ market-leading expertise in coating technology and creates conditions for sustainable growth with recurring revenues. Strong growth in the hydrogen market and rapid technological development in autonomous vehicles are driving customers’ needs for coating services and scalable coating solutions.
“Impact Coatings is accelerating its efforts to become a service company in coating technology based on PVD. Through this initiative, we will establish Impact Coatings’ market-leading expertise in fast-growing key markets globally and thereby strengthen the conditions for achieving sustainable and profitable growth. I confidently look forward to creating clear customer value and in turn also long-term shareholder value through these initiatives,” said Torbjörn Sandberg, CEO of Impact Coatings.
Background to the redefined business model
Impact Coatings has historically focused on machine sales, which occur irregularly, have long sales cycles, and require staffing levels that fluctuate widely over time. This has led to the company’s dependence on winning several machine delivery contracts each year.
Impact Coatings has in parallel responded to a strong increase in demand for Coating Services, a business that achieved an increase in sales of over 60 percent during 2021. The strong demand is driven by, among other dynamics, the global green energy transition and increasingly stringent regulatory requirements in the automotive industry. Impact Coatings has observed that many of its current and potential customers are hesitant to make investment decisions regarding coating equipment and instead prefer buying coating services, including the company’s unique in-house expertise, in order to try different technologies and gain a competitive advantage.
The scope of the new service offering and its effect on Impact Coatings’ financial profile
Impact Coatings’ service offering will initially focus on rapidly scaling up Coating Services and developing a broader aftermarket business. In the long term, the service offering will be further developed as customers’ needs evolve.
By broadening the service offering, the company aims to build closer customer relationships, achieve more efficient resource utilization, and better serve fast-growing markets. The model also improves the conditions for generating recurring revenue. In parallel, scalability will improve, enabling Impact Coatings to add capacity at attractive marginal cost of investment. The increased recurring revenues, more efficient resource utilization, and increased scalability are expected to compensate for the initial increase in CAPEX arising from the scale-up in the service offering.
Roll-out and ambition
Service revenues amounted to approximately 27 percent of total revenue in 2021 and are expected to reach 50 percent over the long term, based on the updated strategy. Coating Services will be established in China in 2022 and is planned to be established in South Korea, the United States and Germany in 2023-24. This will take place in parallel with the broadening of the service offering.
Presentation of the updated strategy
Impact Coatings’ CEO Torbjörn Sandberg will hold a presentation of the updated strategy today at 10:00 a.m. CEST. The presentation will be held in English and will conclude with a Q&A session.
Link to webcast: https://fronto.vancastvideo.com/event/G8LdOPH5/2772/?lang=2297
To ask questions participants must participate via the conference call, where they can also listen to the presentation.
Telephone number for calling participants:
Sweden: +46850558357United Kingdom: +443333009272Conference ID: EV00135154
Impact Coatings invites investors, analysts and the media to a presentation of the company’s updated strategy with increased focus on service operations. The presentation will take place via a webcast/conference call on May 25, 2022 at 10:00 CEST.
The presentation will be held in English and will conclude with a Q&A session.
The Annual General Meeting (AGM) of shareholders of Impact Coatings AB (publ), which is listed on Nasdaq First North Growth Market, was held today. There were 24 participants representing 13.65% of the total outstanding votes.
The presentation given by CEO Torbjörn Sandberg at the AGM can be found on the company website www.impactcoatings.com.
Among other items, the AGM decided:
To approve the income statement and balance sheet for 2021, as proposed by the Board of Directors.
To allocate the annual result according to the Board’s proposal.
That the Board of Directors and CEO Torbjörn Sandberg were granted release from liability.
To elect Mark Shay, Christian Sahlén, Sukhwan Yun, Göran Malm and Per Wassén to the Board of Directors, and to re-elect Mark Shay as Chairman of the Board.
That remuneration of SEK 180,000 shall be paid to the Board’s ordinary members and remuneration of SEK 300,000 shall be paid to the Chairman of the Board, with no additional remuneration for committee work.
That Öhrlings PricewaterhouseCoopers AB (”PwC”), with lead auditor Johan Palmgren, is elected company auditor.
That the procedure for constituting the next Nomination Committee was approved.
That the Board of Directors is granted a mandate to decide on the issuance of shares and/or options and/or convertible securities.
That the Board of Directors is granted a mandate to make minor corrections to decisions taken at the annual general meeting as related to registration with the Swedish Companies Registra-tion Office and Euroclear Sweden AB.
FINANCIAL RESULTS FIRST QUARTER 2022
SIGNIFICANT EVENTS FIRST QUARTER 2022
CEO’s COMMENTARY
Activity levels have remained high across several dimensions during the first quarter this year – machine construction, an increasingly rapid development of Coating Services, and significant progress regarding the company’s organization and structure. Now that our organization is more oriented toward the different geographic markets, I’ll comment on the quarter’s progress in line with that structure.
In Linköping, we have been working in various phases of constructing three different coating systems during the first quarter. They will initially be used internally, both for coating production and for developing the company’s coating solutions. It relates, among others, to a larger next generation system for hydrogen applications and a production system for the Coating Service Center that is planned to open in China later this year.
In early March, a production line for coating fuel cell plates was moved to a new production hall. The move went smoothly with minimal disruption to operations. As evidence, Coating Services delivered yet another record quarter with sales of more than SEK 4 million. As I have mentioned previously, the new production hall will also be used as a demo center for customers, which has already begun. Planned automation of the same production line is expected during the current quarter.
A couple of sales discussions that were mentioned in the 2021 year-end report have materialized into system orders during the quarter. These encompass two orders from European customers: one order for radome applications and one system for decorative coatings. Both deliveries are, in coordination with the customers, planned for delivery in early 2023.
The European market is our most varied regarding both system sales and Coating Services. Here we find the greatest number of our customers, with many connected to the European automotive industry, including our primary segments hydrogen/ fuel cells and automotive safety. The company also has significant sales activity within specialized application areas, both historically and currently.
Stefan Dreger, new President EMEA, Hydrogen Solutions since January 1, has the task of increasing Impact Coating’s growth in the fuel cell and electrolysis area in the EMEA region. After lagging Asian and North American suppliers by a few years in terms of commercial products in the market, several European players have now started or are in the starting phase of commercial production.
Looking eastward, we must first observe that through Russia’s invation of Ukraine, we find ourselves in a tragic chapter of history. We sympathize with those suffering and it feels odd to discuss how we as a company might be affected. Above all, we hope for a quick end to the fighting and that democractic values ultimately prevail.
We have no direct company activities in Eastern Europe, but it is plausible that component shortages in the automotive industry are made worse by the war, which could also affect new projects and investments. Material and component shortages can potentially affect our lead times for building and delivering coating systems. We are monitoring the situation carefully, and are continually analyzing how our business and our stakeholders could be affected.
At the same time, the conflict demonstrates further our need for a rapid shift to a more sustainable energy system. One consequence is that already now, preparations are being made to receive hydrogen in European harbors in conjunction with construction projects to enable increased import of liquid natural gas (LNG).
During the last week of March, our subsidiary company Impact Coatings (China) Co., Ltd. was registered with the corporate registry in Shanghai, China, as a next step in our strategic growth journey. The head of Impact Coatings’ China business will be Yaowen Wang, with many years of experience in the hydrogen industry and Sales Director for Impact Coatings in China since the beginning of 2019. During his time in the country, Yaowen has built a strong network among the leading players in the hydrogen sector. Since he joined Impact Coatings with sales responsibility, we have seen a steady increase in interest and demand for our fuel cell coating solutions.
China is, paradoxically, an enormous country with a large and growing coal dependency while the introduction of renewable technology is moving faster than anywhere. Impact Coatings has delivered coating solutions in smaller volumes to China previously, among others the first coating systems for fuel cells in 2019. We now move further ahead with distributing our market-leading expertise in coating technology for hydrogen applications, and at the same time support the ambition of quickly spreading the use of hydrogen-based energy on the Chinese market.
We are planning to open a Coating Service Center in Shanghai during the second half of 2022. We see this as an optimal time for us to increase our presence in China and offer a broader and better services portfolio to a growing customer base. The establishment of our own operations reduces risks associated with delivering to the growing hydrogen market in China and supports our customers through local presence, facilitating sample and test phases through volume production. In parallel, we are evaluating opening additional Coating Service Centers in other geogaphic regions, in line with the expansion strategy the company initiated during 2021.
We are present with an office in South Korea since the end of 2020, as part of the Joint Development Agreement with Hyundai for hydrogen applications. South Korea aims to build a society that uses hydrogen as its primary energy carrier. I recommend reading the report about hydrogen in South Korea and Impact Coatings’ activities there that our representatives in Seoul wrote for the company’s 2021 annual report. It was published last week and is available on the company’s homepage (in Swedish).
As earlier reported, Robert Mamazza is President, North America, based in the USA since spring 2021. The North American market is different from others, and the region is not as advanced in its energy shift as many Asian and European countries. Nevertheless, there are large companies active in hydrogen production and fuel cells with enormous research funding targeting the development of electrolysis for large-scale and cost-effective production of green hydrogen. I see North America as a market with the same high potential for Impact Coatings’ solutions and our expertise as in the rest of the world.
Starting with the strategic shift initiated during 2021, we are becoming increasingly global, building strength and delivery capabilities in the individual markets, with continued focus on our strategic business areas hydrogen/fuel cells and automotive safety. Our sales team professionals in Sweden, Germany, Italy, South Korea, China and USA are working at a high tempo and very close to the team in Linköping to continue growing the company during this exicting time for hydrogen and the automotive industry.
Torbjörn Sandberg, CEO The full report is attached, and can be retrieved on the company’s website at www.impactcoatings.com/finansiella-rapporter-arkiv/.
Impact Coatings’ Annual Report for 2021 (in Swedish) is attached, and is available for download from the company’s website at www.impactcoatings.com/finansiella-rapporter-arkiv/.
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