Metacon is an energy technology company that develops and sells small and large energy systems for the production of hydrogen, electricity and heat. The company was founded in 2011 and has patented technology for the production of hydrogen gas from biogas or other hydrocarbons. The range consists, for example, of gas stations and larger CHP systems. The company has its headquarters in Örebro.
Metacon, through its subsidiary Metacon SA in Patras, Greece, has received a 0.2 MEUR (~2.3 MSEK) order for a technical feasibility study from a US-based global leader in chemical manufacturing. The study will assess the suitability of Metacon’s HIWAR reactor to improve the efficiency of specific chemical production processes. Originally developed for hydrogen production via catalytic steam reforming of biogas, ethanol, or ammonia cracking, the HIWAR reactor will be adapted to meet the project's specific testing parameters and conditions.
Join Inderes community
Don't miss out - create an account and get all the possible benefits
Metacon has announced that it has secured short-term financing through a 20 MSEK loan. The financing was largely anticipated from our side, but we view the funding and its terms as positive. As a result, we are not making any changes to our estimates or recommendation.
Overall, Metacon’s Q1 report was better than expected, and the company has continued to grow its order intake since the end of the quarter, supporting our estimates for sustained growth. That said, we acknowledge the significant risks and uncertainties regarding the company’s ability to consistently secure large orders and maintain sufficient working capital to fulfill them. While liquidity is expected to remain tight until June/July 2025, when we anticipate the release of a significant portion of restricted cash tied to previously announced orders, we believe Metacon is well-positioned to secure short-term project financing on reasonable terms, if needed. With improved near-term revenue visibility, where our 2025 revenue estimates are largely “secured” by the existing order book, we believe the current valuation offers an attractive risk/reward profile. As a result, we reiterate our Accumulate recommendation with an increased target price of SEK 0.23 (was SEK 0.16), mainly due to an upward revision of our estimates.
Metacon has announced that it has secured a contract for a wind power-to-hydrogen pilot plant, valued at roughly 20 MSEK. The contract is, of course, encouraging and supports the realization of our estimates that assume also further orders for the company in 2025. We will update our estimates in connection with the company's Q1 report which is set to be released tomorrow.
Metacon will release its Q1 results on Thursday. We anticipate a significant increase in revenue, primarily driven by the expected recognition of revenue from the large-scale order from Motor Oil. However, given the variable nature of raw material and consumable costs, which are projected to scale up with revenue, we expect profitability will remain negative. In the upcoming report, we look for management’s comments on the progress of the Motor Oil orders, demand-related information and further insight into the company’s financial position.
Metacon has announced that the outstanding TO1 warrants have been fully subscribed through a combination of subscription commitments (90.9% of the total outstanding warrants) and guarantee commitments (9.1%). As a result, the company will receive approximately 9.2 MSEK before issuing costs.
Metacon has announced that it is in the final stages of negotiations for an electrolysis-based wind-to-hydrogen production project, valued at 20 MSEK. If the contract is secured, it would support our current estimates. However, it does not immediately trigger any revisions to our estimates or valuation.
