– SWEDEN – The Board of directors of Opcon AB (STO:OPCO), the energy and environmental technology Group, has decided to co-opt Wendy Lin, representative of the Chinese company, Snowman, onto the Opcon Board. At the same time, Ulf Ahlén is leaving the Opcon Board
Opcon’s Center of Excellence for compressor technology, Svenska Rotor Maskiner (SRM), has been working in close collaboration with Snowman of China since the summer 2011 on the development of modern, energy-efficient cooling compressors for production in China. Over the past two years alone, development and licensing agreements have been signed with Snowman for which contracted fixed revenues amount to a minimum of almost SEK 90 million, of which SEK 75 million is for development. Depending on customer sales, revenues over time can be significantly higher. License revenues for the period 2014-2024 are expected to exceed SEK 100 million.
In 2013 Snowman became a 10% owner of Opcon through a directed placement of shares. This share issue was intended to establish a platform for the continued development of the long-term strategic collaboration that was started with the aim of linking the companies closer together.
To further this aim of closer cooperation, the Board of Opcon AB has consulted with Snowman and with Opcon’s largest owner, B.O. Intressenter AB, and decided to co-opt Wendy Lin, aged 22, a representative of Snowman, onto the Opcon Board.
Meanwhile Ulf Ahlén has chosen not to stand for re-election to the Opcon Board and has decided to leave his post now in order to let his position be taken by a representative for Snowman. With the final part of the sale of SEM being completed in August 2013, Ulf Ahlén considers that his competence within the auto industry is no longer relevant for Opcon with its present focus while he is also involved in several other assignments that make demands upon his time.
The Opcon Group
Opcon is an energy and environmental technology Group that develops, produces and markets systems and products for eco-friendly, efficient and resource-effective use of energy.
Opcon has activities in Sweden, Germany and the UK. There are around 150 employees. The company’s shares are listed on Nasdaq OMX Stockholm. The Group comprises one business area:
Renewable Energy focuses on the following areas: electricity generation based on waste heat, bioenergy-powered heating and CHP plants, pellets plants, handling systems for biomass, sludge and natural gas, industrial cooling, flue gas condensation, treatment of flue gases and air systems for fuel cells.
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