A 600 MW solar boiler order in Dubai and a new collaboration with Shanghai Electric Group Corporation in China

Date: 18 March 2020

It became the turning point for Aalborg CSP, which in 2019 has been able to reap the fruits of two years of intensive work to take orders ashore.

This has not been easy, says Svante Bundgaard, CEO of the energy technology company in Aalborg. We had two years without order entry. It has been, and continues to be, hard work to secure the tasks that actually achieve the green transition we all need, he tells Energy Supply. Two years without orders has also meant two years of million minus on the bottom line.

But it looks like Aalborg CSP has taken a hit with the 2017 and 2018 deficit years and the empty order book, because it has actually managed to increase gross profit from DKK 28 million in 2018 to DKK 35 million in 2019. At the same time, a minus of 4, DKK 8 million before tax turned into DKK 3.2 million in black figures in 2019. A result that is satisfactory, better than expected and part of the plan. We are pleased and proud to be able to present an annual report with a profit before tax of more than DKK 3 million. DKK 37m and DKK 37m. DKK in the bank – and not least a solvency ratio of more than 50 percent, says CFO of Aalborg CSP Henrik Mosel Pape.

In general, 2019 has been a busy year for Aalborg CSP. The year began with a big order for Dubai and two reasonable orders on the Danish market. In addition, the year offered a number of other exciting tasks, including a large order in the Chinese market, Henrik Mosel Pape says.

Energy focus in a new framework
With a happy ending in 2019, Aalborg CSP can further tune into its strategy, which goes under the heading ‘Changing Energy’. Our great competence is understanding of the exchange of energy and system integration. We are not platform dependent, so whether the starting point is solar, heat pumps or wind is by no means essential to putting our skills into play, says Henrik Mosel Pape. It also means that new technologies have crept into the portfolio – and hopefully they have come to stay. Energy storage will in future be one of the major focus areas for Aalborg CSP.

In particular, salt storage projects are in play. As Energy Supply has previously written about, we believe that we have a good solution for efficient and faster conversion of the three Danish coal-fired plants – and for that matter the many German coal-fired plants, which must be phased out by 2038. We are thus in dialogue with the Danish coal-fired works and have just submitted a project application to the EUDP, which we hope they find attractive to support. If we get the support and quickly get our solution realized, it will open the door to the German market as well, says Henrik Mosel Pape.

Still not an option
Henrik Mosel Pape says that a significant part of Aalborg CSP’s resources in 2019 have been channeled into ‘production’, which means that the sales side has been reduced slightly compared to 2018. Henrik Mosel Pape emphasizes that it has been a conscious choice.

We are really strong at the start of 2020, when we started the year with two heat pump orders for Saltum and Ørum respectively (district heating companies, ed.). As of today, we have already closed more than two-thirds of budgeted revenue for 2020, he says. Aalborg CSP expects a reasonable profit in 2020.

Reported in Energy Supply