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Smart Wires Technology Ltd, Q2 2021 Interim Report

SMART WIRES TECHNOLOGY LTD, Q2 2021 INTERIM REPORT

August 19, 2021

Smart Wires Technology Ltd (“Smart Wires”) presents its Q2 2021 Interim Report at 15:00 CEST on 19 August 2021 via audiocast teleconference at the following link: https://tv.streamfabriken.com/smart-wires-q2-2021Teleconference: Dial-in number SE: +46856642707 UK: +443333009264 US: +1 6319131422, PIN: 26807678#

The Company’s Key Business Events and Metrics for Q2 2021 include:

  • First trading day on the Nasdaq First North Growth Market on 18 May 2021

  • Qualified pipeline increased to $2.3 billion
  • Revenue of $10.2 million, +445%
  • Gross loss of $0.5 million, +85% improvement; negative margin of 5%, +162% improvement
  • EBITDA loss of $15.3 million; negative margin of 150%, + 567% improvement
  • Fully diluted loss per share of $0.16, +50% improvement
  • Orders between $15 million to $17 million received in August 2021 for projects with an existing customer
  • Three patents approved and four new patent applications filed
  • Completed delivery and commissioning of SmartValve™ projects across seven customer sites in H1 2021
  • Added 17 new positions and strengthened Leadership team with 5 new appointments
  • Announced 2022 HQ move to Research Triangle Park in North Carolina with State and County incentives (August)

CEO Comments

We continue to build a strong foundation for delivery on our goals. On the 18th of May Smart Wires was listed on the Nasdaq First North Growth Market. An important step in the Smart Wires journey, allowing access to funds for working capital, R&D and growth. During the quarter we have successfully delivered several projects across the world and increased our pipeline from $2.0 billions at the start of Q2, to $2.3 billions. Our revenue was $22.5 million for H1-21, a $18.8 million and 515% increase year-over-year. In our first six-month of operation during 2021, we have already surpassed the 2020 annual revenue by $7.1 million or a 45% increase from the $15.4 million earned in 2020.

Climate change is a far reaching, and critical topic. Perhaps the most important subject many of us will deal with in our lives. One critical area is Energy Transition, the movement of energy generation away from fossil-based fuel sources and harmful processes, towards renewable fuel sources, like solar and wind, with more efficient use and conservation, leveraged across multiple sectors that are electrified in order to create a sustainable and circular economy for green energy. The ability to modernize the Grid is a fundamental and critical need that can be addressed with Grid Enhancing Technology (GET) like the SmartValve™. Smart Wires has developed a key digital technology and evolved the right solution mix to rapidly enhance the grid, and drive the inflexion point we see today for the grid, the world, and our business.

The full Smart Wires Technology Ltd Q2 2021 Interim Report is attached to this release, and can be found at: https://www.smartwires.com/investors/financial-reports-presentations/.

The Smart Wires Technology Ltd Q3 2021 Interim Report will be published on 18 November 2021.

Important notice about forward-looking information

This interim report contains certain forward-looking information and statements that reflect the Company’s current views on future events as well as financial and operational developments. Words such as “refer”, “assess”, “expect”, “can”, “plan”, “estimate”, “calculate”, “could” and other expressions that indicate indications or assessments regarding future developments or trends, and which does not relate to historical facts, constitutes forward-looking information. Forward-looking information is inherently associated with both known and unknown risks and uncertainties because it is dependent on future events and circumstances. Forward-looking information does not constitute a guarantee regarding future results or development and the actual outcome may differ materially from what is stated in forward-looking information. Neither the Company nor anyone else make any representations about publishing updates or revisions of forward-looking information as a result of new information, future events or similar circumstances other than as provided by applicable mandatory rules and regulations.

CONTACTS

Peter G. Wells, CEO

E-mail: peter.wells@smartwires.com

Tel: +1 (510) 340-9797

Smart Wires’ Certified Adviser is Erik Penser Bank AB, Apelbergsgatan 27, Box 7405, SE-103 91 Stockholm, E-mail: certifiedadviser@penser.se, Tel: 08-463 83 00, www.penser.se.

This information is information that Smart Wires Technology Ltd is obliged to make public pursuant to the EU Market Abuse Regulation. The information in this press release has been made public through the agency of the responsible person set out above for publication at the time stated via the Company’s news distributor Cision at the publication of this press release.

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Joanna Lohkamp and Sharon L. Cohen Appointed as Board Members by Smart Wires

Joanna Lohkamp and Sharon L. Cohen Appointed as Board Members by Smart Wires

NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, HONG KONG, CANADA, NEW ZEALAND, JAPAN, SINGAPORE, SOUTH KOREA OR SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL OR REQUIRE FURTHER REGISTRATION MEASURES. PLEASE SEE IMPORTANT INFORMATION AT THE END OF THE PRESS RELEASE.

August 17, 2021

Smart Wires Technology Ltd. (“Smart Wires”) has today appointed Joanna Lohkamp and Sharon L. Cohen to its Board of Directors. These new appointments fill the vacancies created following the planned resignation of former Board Members, Jay Schmelter and Steve Specker.

Smart Wires’ Board of Directors is structured with a three-year rotation plan. Annually, one third of the Board will resign and be replaced by candidates identified and recommended by the Company’s Nomination and Governance Committee.  The resignations and appointments announced in this release represent the first annual planned rotation, with the next rotation expected during the Company’s second year on the Nasdaq First North Growth market.

Joanna Lohkamp is a seasoned Board Director, qualified Financial Expert and NACD Board Leadership Fellow, with global operating experience across technology, manufacturing, and AEC (Architecture, Engineering and Construction) sectors. Joanna serves as Non-Executive Director and Audit Committee Chair of Woods Bagot Holdings Pty Ltd., a global architecture and design firm headquartered in Australia, and Director of NACD Northwest Chapter, a NACD chapter delivering world-class director education programs and networking events.

Joanna is also co-Founder and CEO of Better Boards Initiative, a nonprofit organization aimed at uncovering and leveraging the best practices of diverse boards. Her previous executive roles as CEO, President, Chief Financial Officer, and Chief Operating Officer span across high-growth Fortune 50, emerging and mid-market private companies.

Sharon L. Cohen is a results-oriented, resourceful business and legal professional, with extensive experience as a Board Member serving on Executive, Governance, Finance and Audit Committees in the nonprofit sector. Sharon is the Chair of a California-based foundation supporting education in a disadvantaged community, as well as a Director for the La Jolla Music Society, San Diego Volunteer Lawyers Program, and California Association of Women in Water, Energy and Environment.

Sharon is also Managing Attorney – Regulatory for San Diego Gas & Electric Company, a regulated public utility subsidiary of Sempra Energy, where she has held several legal, compliance and business leadership positions since joining the Sempra group of companies in 2000. Prior to joining Sempra, Sharon worked as a litigation attorney at Skadden Arps Slate Meagher & Flom LLP, an international law firm headquartered in New York.

“We welcome Joanna and Sharon to Smart Wires’ Board of Directors. These appointments significantly strengthen our regulatory, finance, accounting, growth, and strategy expertise, and complement the existing Board of Directors and Leadership team,” said Smart Wires’ CEO, Peter Wells.

“The strong business acumen, breadth of experience, and diverse perspectives that Joanna and Sharon bring to our Board will be extremely valuable at this exciting stage of our company’s journey,” he said.

CONTACTS

Peter G. Wells, CEO

E-mail: peter.wells@smartwires.com

Tel: +1 (510) 340-9797

Smart Wires’ Certified Adviser is Erik Penser Bank AB, Apelbergsgatan 27, Box 7405, SE-103 91 Stockholm, E-mail: certifiedadviser@penser.se, Tel: 08-463 83 00, www.penser.se.

This information is information that Smart Wires Technology Ltd is obliged to make public pursuant to the EU Market Abuse Regulation. The information in this press release has been made public through the agency of the responsible person set out above for publication at the time stated via the Company’s news distributor Cision at the publication of this press release.

ABOUT SMART WIRES TECHNOLOGY LTD.

Smart Wires conducts grid technology business that helps utilize, modernize, optimize and monetize grid capacity to meet the demands and opportunities of the energy transition. The Company operates in the global transmission grid technology market and is a leader in modular power flow control technology. Power flow control technology controls and directs power flow on high voltage electric transmission systems. Smart Wires serves transmission owners, primarily electric utilities. Transmission owners use power flow controllers to eliminate line overloads by redirecting power to other lines, to reduce transmission congestion, and to enable renewable energy connection and dispatch. Currently, Smart Wires’ main projects are located in Europe, the United States and Australia with upcoming projects in South America and Canada. The Company has a large customer base comprised of utilities globally. For more information, please visit www.smartwires.com.

 

This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America. This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.

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Smart Wires Receives Order of $15-17 M from National Grid Electricity Transmission for Extension of Existing Projects

Smart Wires Receives Order of $15-17 M from National Grid Electricity Transmission for Extension of Existing Projects

August 13, 2020

Smart Wires Technology Ltd. (“Smart Wires”) has received a Purchase Order from National Grid Electricity Transmission (“NGET”), under an existing Framework Agreement between the parties. The order has an approx. value of $15-17 M, and will be delivered to NGET in 2022.

NGET is already leveraging Smart Wires’ technology, SmartValve™, to maximise the use of their existing network across five circuits at three substation sites. The order of additional SmartValves builds on the existing SmartValve installations.

 

CONTACTS

Peter G. Wells, CEO

E-mail: peter.wells@smartwires.com

Tel: +1 (510) 340-9797

Smart Wires’ Certified Adviser is Erik Penser Bank AB, Apelbergsgatan 27, Box 7405, SE-103 91 Stockholm, E-mail: certifiedadviser@penser.se, Tel: 08-463 83 00, www.penser.se.

This information is information that Smart Wires Technology Ltd is obliged to make public pursuant to the EU Market Abuse Regulation. The information in this press release has been made public through the agency of the responsible person set out above for publication at the time stated via the Company’s news distributor Cision at the publication of this press release.

 

ABOUT SMART WIRES TECHNOLOGY LTD.

Smart Wires conducts grid technology business that helps utilize, modernize, optimize and monetize grid capacity to meet the demands and opportunities of the energy transition. The Company operates in the global transmission grid technology market and is a leader in modular power flow control technology. Power flow control technology controls and directs power flow on high voltage electric transmission systems. Smart Wires serves transmission owners, primarily electric utilities. Transmission owners use power flow controllers to eliminate line overloads by redirecting power to other lines, to reduce transmission congestion, and to enable renewable energy connection and dispatch. Currently, Smart Wires’ main projects are located in Europe, the United States and Australia with upcoming projects in South America and Canada. The Company has a large customer base comprised of utilities globally. For more information, please visit www.smartwires.com.

 

 

 

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Julie Andrews from Wright Medical is Appointed as Chief Financial Officer of Smart Wires

Julie Andrews from Wright Medical is Appointed as Chief Financial Officer of Smart Wires

August 10, 2021

Smart Wires Technology Ltd (“Smart Wires”) has appointed Julie Andrews as Chief Financial Officer. Julie Andrews is a results-focused Senior Finance Executive with more than 20 years of financial leadership experience. She has a proven track record of leading and executing strategic initiatives including divestitures, mergers, acquisitions and business restructuring, developing high performing teams, and driving cultural transformation.

“I’m excited to join this exceptional global team, particularly at this massive inflexion point for strong growth and momentum in the company’s journey. I look forward to helping further strengthen our market position and contributing to Smart Wires’ goal of accelerating the energy transition"

Julie Andrews

Chief Financial Officer

Julie joins Smart Wires from Wright Medical where she spent eight years as Vice President Finance, Chief Accounting Officer and Senior Vice President Global Finance.

At Wright Medical, Julie successfully led the Finance function for the $1 B global business with oversight for all finance and accounting functions. Prior to Wright Medical, Julie spent almost 15 years at Medtronic holding positions of increasing responsibility within Finance.

“We are delighted to welcome Julie to Smart Wires,” said Smart Wires’ CEO, Peter G. Wells.

“Julie’s prior experience at Wright Medical will be extremely valuable to us as we continue to scale up our business and position Smart Wires for sustainable, rapid and profitable growth,” he said.

“Smart Wires is the leading power technology company in the clean tech sector,” Julie said.

“I’m excited to join this exceptional global team, particularly at this massive inflexion point for strong growth and momentum in the company’s journey. I look forward to helping further strengthen our market position and contributing to Smart Wires’ goal of accelerating the energy transition,” she said.

CONTACTS

Peter G. Wells, CEO

E-mail: peter.wells@smartwires.com

Tel: +1 (510) 340-9797

Smart Wires’ Certified Adviser is Erik Penser Bank AB, Apelbergsgatan 27, Box 7405, SE-103 91 Stockholm, E-mail: certifiedadviser@penser.se, Tel: 08-463 83 00, www.penser.se.

This information is information that Smart Wires Technology Ltd is obliged to make public pursuant to the EU Market Abuse Regulation. The information in this press release has been made public through the agency of the responsible person set out above for publication at the time stated via the Company’s news distributor Cision at the publication of this press release.

ABOUT SMART WIRES TECHNOLOGY LTD.

Smart Wires conducts grid technology business that helps utilize, modernize, optimize and monetize grid capacity to meet the demands and opportunities of the energy transition. The Company operates in the global transmission grid technology market and is a leader in modular power flow control technology. Power flow control technology controls and directs power flow on high voltage electric transmission systems. Smart Wires serves transmission owners, primarily electric utilities. Transmission owners use power flow controllers to eliminate line overloads by redirecting power to other lines, to reduce transmission congestion, and to enable renewable energy connection and dispatch. Currently, Smart Wires’ main projects are located in Europe, the United States and Australia with upcoming projects in South America and Canada. The Company has a large customer base comprised of utilities globally. For more information, please visit www.smartwires.com.

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Renowned European Energy Industry Leader Joins Smart Wires

Renowned European Energy Industry Leader Joins Smart Wires

March 17, 2020

Dr. Susanne Nies joins as General Manager, Germany, to assist company’s further expansion into European market.

Global power technology company, Smart Wires, today announced the hiring of renowned European energy industry leader, Dr. Susanne Nies.

Dr. Nies joins Smart Wires as General Manager, Germany, and will be based in Berlin.

As one of Europe’s leading energy figures, Dr. Nies brings with her vast experience which will assist the company as it expands further into the European market.

“The European energy industry is at a real turning point,” said Smart Wires’ Managing Director of Europe, Michael Walsh.

“With the EU’s new Green Deal policy, and the significant green energy targets many European governments have announced, Europe is leading the world in this area. We’re on the cusp of seeing real change and a material shift in progress towards achieving the energy transition,” he said.

“As a major figure in the energy industry, Susanne’s arrival at Smart Wires significantly bolsters our presence in the European market, as we work to help utilities reduce constraints that limit the flow of clean power through the existing grid. This will help society accelerate decarbonization and achieve our clean energy targets,” he said.

On her decision to join Smart Wires, Dr. Nies said: “I have been watching Smart Wires with great interest for years now. The company’s technology is truly innovative, and represents game-changing solutions for the global energy industry,” she said.

Prior to joining Smart Wires, Dr. Nies led ENTSO-E’s (European Network of Transmission System Operators) Strategy, Research and Communication team, where her responsibilities included ensuring broad strategic alignment of European TSOs, leading the regulatory benchmarking of TSOs, developing the TSO-DSO interaction strategy, and managing stakeholder relationships.

She has also worked for EURELECTRIC (European power sector association) heading the DSOs department, Energy Policy department and Power Generation department; the French Think Tank IFRI, based in Paris; in French and German universities; and the German Heinrich Boell Foundation.

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