Dear shareholders,
All of our portfolio companies are going through a transformational phase with a high level of intensity and focus. The companies continue to develop in the right direction, in line with expectations. In the near future we anticipate that significant milestones will be passed which will lead the portfolio companies to commercialization and higher valuation.

Monthly Highlights

Meva Energy
Meva Energy received formal approval from Naturvårdsverket (“Environmental Protection Agency”) in Sweden for the Essity project. This approval grants subsidies of 50 % of a Meva Energy plant and is an important formal step in the Essity project. Meva Energy’s CEO Niclas Davidsson and his team are fully focused and committed to succeed the Essity project which will be the company’s first commercial sale.

Meva Energy has been elected to be part of the Swedish Energy Departments initiative of Cleantech Hubs. Business Sweden will work with Meva Energy to promote the business. This is administrated through Business Sweden’s London office and is free of charge. The cooperation lasts for a period of 2-3 years.

QFS
QFS is working to launch commercially using industry partners as a parallel strategy with the work of receiving the formal documents in China necessary to perform the trading operations under own name. These discussions are with potential partners with necessary approvals already in place, with the intention to speed up the time for QFS to launch commercially.

Exeger
There is significant momentum in Exeger with several on-going discussions with potential customers and industry partners. Given the number of discussions and also the multiple strategic choices at hand, we are confident there will be a continued positive development of the company.

Molindo Energy’s investors had the opportunity to visit the factory on the 27th of August and see the products at first hand.  CEO Giovanni Fili and CFO Gustav Röken gave an inspiring presentation and the quality and uniqueness of Exeger’s products became apparent to all visitors.  The presentation showcased the company’s level of confidence and preparation, which further emphasized the company’s readiness for commercial launch.

Molindo Energy
Molindo Energy has purchased an additional 300,000 shares in Exeger. The purchase was financed through a private placement raising close to 10 MSEK at 118 SEK per share (latest NAV per share). The purchase price for each Exeger share was at the same level as per Molindo Energy’s valuation 30 June 2018 and this additional investment made by Molindo Energy amounted to 10.5 MSEK.
 
Molindo Energy will continue to closely monitor and take active part in the development of the portfolio companies. There are exciting times ahead and we appreciate your continued support.

Yours sincerely,
Morgan Sadarangani