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Dear shareholders,
During the second quarter 2018 there have been significant activities and good progress on all fronts.  

  • Meva Energy has signed an agreement with Essity which is expected to lead to the first commercial sale of a plant
  • Despite some of the outstanding administrative documents still pending for QFS, the company has started to move forward into commercial phase
  • Exeger built prototypes for a potential customer and the prototypes passed an industrial standard testing process at the potential customer’s premises
  • Molindo Energy successfully raised 43 MSEK and increased investments in all portfolio companies. Total portfolio value as per 30 June 2018 amounts to            118 MSEK
  • Net asset value is 118 SEK per share as per 30 June 2018, which is up 14 per cent from the previous quarter and 18 per cent since inception in September 2017
Meva Energy
A significant step on the commercialisation of Meva Energy was taken on 15 April, where an agreement with Essity was reached. The agreement includs a commercial agreement and has together with other documents (eg. financing) been filed with Naturvårdsverket.
Naturvårdsverket through their fund Klimatklivet has previously agreed to put in 50 per cent of the Meva Energy plant value as a subsidy, their condition to this subsidy is a commercial agreement. As the commercial agreement was reached and filed in due time, we feel confident that the project will start. There are details still to be negotiated with Essity, but the agreement is a significant step forward for Meva Energy. Further to this agreement, there are several other customer discussions which are continuously progressing.
On the technical side Meva Energy is finalizing the tar re-injection system with good results so far. There are still some steps to be completed but we do not see significant risks and expect this finalized in the coming months.
The administrative process in China is slower than expected with regard  to what we previously communicated on administrative formalities needed before the commercial order. Although slow, things are progressing in the right direction.  We expect the formalities to be sorted shortly. In the meantime, we are working on several other routes to launch the business. As previously communicated, we already have a willing seller, a lined-up refinery and a willing buyer. We are focused to move forward into commercial phase.
Exeger Sweden
There is good progress at Exeger with several on-going discussions with potential customers. Currently these discussions are non-disclosable but it is safe to say that times are more exciting than ever before at Exeger.  What can be disclosed at this point in time is that Exeger built prototypes for a potential customer and the prototypes passed industrial standard testing at the potential customer’s premises. This confirmed the quality of Exeger’s products and validates the company’s readiness for commercial phase. We are confident the company will have exciting times ahead.
Next steps Molindo Energy 
There is significant momentum in the portfolio companies and we are approaching several key milestones which gives us all the reasons to be optimistic. We appreciate your continued support!

Yours sincerely,

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

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