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Molindo Energy - Newsletter December
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Visiting QFS’s partner Datang Holdings, Beijing in November 

Dear shareholders,
November and December have been progressing according to plan for our portfolio companies and additional fund raising to Molindo Energy has been successful which concludes a strong finish of our first year.

  • Molindo Energy raised an additional 20 MSEK from mainly new shareholders, all funds have been invested in existing portfolio companies
  • Completed oil optimization test for QFS with favourable results
  • Third party study confirms quality of Meva Energy’s produced gas
Meva Energy
A third-party test, conducted by RISE (research institute), was completed during November. The purpose of the test was to determine if the gas produced by Meva Energy and when applied for combustion purposes would result in any undesired colour or odour.  The result was, as expected, very positive for Meva Energy and this independent report is now an important piece in all discussions with
The strong development of the business area industrial process gas, is based on the desire for potential customers to replace fossil gas to meet with internal sustainability requirements and CO2 reduction targets. The high (and now verified) quality of Meva Energy’s produced gas and the timing for the public, political and corporate pressure to replace fossil gas is creating a very strong business opportunity for Meva Energy.
In all the customer discussions that are currently being held, it is evident that Meva Energy’s offering comes with an excellent timing. 
For QFS, the focus has been the oil sample optimization test at a refinery in the Shandong province south of Beijing. The optimization test has now been completed and the results were in line with expectations. It was a specific oil quality that was sampled and tested and this will also be the initial main quality for QFS to import to China.
As there are several refineries in QFS’s distribution network, the sample test was conducted by a independent third party official institute and the results of the test can therefore be used in all future discussions with refineries. There will be final negotiations with the refinery performing the test and we are moving closer to a first commercial order. 
Exeger Sweden
The activity level at Exeger is continuously high and there is an enormous interest in the technology from potential customers to investors. The company is in the phase of commercialization of the technology and is focusing on the consumer electronics market.
Exeger’s technology can be applied to many other markets than consumer electronics, examples are buildings, the automotive industry, in military applications etc. Exegers focus area of consumer electronics is strategic since this market is a constant competitive technological race and producers can charge customers for new
In this environment, we are confident that Exeger’s ground breaking solutions will give an edge and be profitable for a consumer electronic’s company. 
Next steps Molindo Energy 
There is progress in all of the portfolio companies, we have all reasons to be optimistic of 2018. We look forward to your continued support of Molindo Energy.

Yours sincerely,

Morgan Sadarangani
Molindo Energy | Biblioteksgatan 1 | 111 46 Stockholm |

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