All language subtitles for Intervju med Metacon om företrädesemissionen [m2VG4Bz2vnE].sv

Hello everyone and welcome to Inderes TV!
Today we are going to talk about Metacon,

which last week announced a rights issue
of SEK 109 million.

In this interview, I thought
we would discuss

the structure of the issue.
We're going to talk

about what the issue is going to be
and the outlook going forward. With me

to talk more about this, I have, Christer
and Mattias, CEO and CFO

at Metacon.
You are very welcome!

Thank you very much!
Thank you very much!

-Yes, you are conducting
-a rights issue here now

of SEK 109 million.
Shall we start with the timing

or timing of the issue?
Why is it happening now?

And why is this the right time?
-It is absolutely the right time for us.

Because we have grown a lot,
as everyone who follows us knows,

and we have entered
into much larger projects

than we have had before.
We want to enter this world

with the world's largest hydrogen project
and we are now seriously sniffing around,

so to speak. But at the same time,
we are a very small company

compared to our competitors.
That has very big advantages

because we are very capital light.
Can you say that?

It's easier for us
to achieve profitability,

so to speak, when we get this going.
And at the same time,

we need to strengthen ourselves in order
to be a really credible player

in these contexts.
Then you could say that it is also linked

to the fact
that we have been given an opportunity.

There is a backing
for this capital raising

that is stronger than what we have had
in all historical occasions,

where a party we knew from before
has chosen to back us in a different way.

So there are a few different reasons.
-Yes, exactly. I thought that

we would talk a little more
about the structure

of the capital raising,
because it includes a rights issue

but also a convertible loan agreement.
Mattias, maybe you should take us

through this.
-I can do that.

There are two parts as you say.
There is a rights issue of 109 million

that is backed
by a guarantee of 75 from Fenja and it.

On top of that,
we have added a convertible bond

of SEK 35 million,
which suits us very well,

because it gives us good flexibility
in financing.

We get the capital we need
and we also get good flexibility.

So that's how we ended up
and it feels like a very good solution.

And what will the issue proceeds go to?
-"Very briefly.

So just under half will go
to repay a loan that we have.

As we have reported on before.
Then we have about 35%

that goes to further
strengthen our delivery capacity

and our ability
to take on new customer assignments.

So we have talked a lot about that,
that we need financing

with new customer projects
and then we have the last part

which is about strengthening
our commercial team.

And we are doing that.
We intend to do this in different ways.

We need to reinforce certain competencies,
skills and it's a lot

about technical sales support,
for example,

so that we can maintain
many sales processes at the same time.

But it can also be about.
Joint projects with our suppliers

and reference facilities and other things
that we want to do

to boost the sales process simply.
-How much is this issue about?

To finance existing project deliveries
versus to equip

for possible new customer projects?
-We feel that this is very forward-looking

capital raising, and it is clear
that the existing projects are,

so to speak, by definition self-financed.
Then the cash flows in them

when you talk to each other
and they are spread over time

is something we have to deal with
in the overall business.

But otherwise it's about us feeling
that we are close in terms

of whether we are talking
about new contracts.

There are not as many
as we need to reach profitability

and start making good money.
And with the portfolio of opportunities

that we have now,
we want to be able to work it much,

much harder and make efforts to be able
to get to this position

that makes us much more independent
as a company.

Yes, you have. You have. Speaking
of being close to contracts,

you have mentioned
over 150 ongoing customer dialogs.

From one megawatt
up to over 700 megawatts.

What would you say is required for you
to be able to translate

these customer dialogs into actual orders?
-Yes, but it is precisely

what Mattias was talking about,
that we want to be able to process

these opportunities
much more actively than we can today.

In practice, we are still
a fairly small company

that is in an international environment
in many different places,

many different languages
and many are regulatory frameworks

so to relate to.
And all customer dialogs consist

of a plethora of different parties.
On the other hand,

you could say that we have to meet,
and that means that every customer dialog

that we want to invest
in becomes a small project in itself

where we have to have a number
of engineers,

answer questions,
be able to meet it professionally

and well. And do we have too few of them?
Do we have too thin a bandwidth,

so to speak, in those parts?
Then the risk is higher

that we have to succeed
with some of these.

And have we bet on the right horses?
In a manner of speaking.

By being able to process much more broadly
and being able to keep

several customer projects going,
then it becomes more the usual statistics,

if you will, that sales is all about.
They say that sales is a statistics game,

so if we can process enough opportunities,
we will know.

We may not know exactly which projects
will come in the near future,

but we know
that some will definitely come.

So that's kind of how we try to think
in this somewhat,

still somewhat
immature, messy outside world

that we're maneuvering in.
And that's why we feel

that we want to be able
to really strengthen our sales

and what we call sales support.
So really different types of engineers

that back up the sales process.
So that is.

That's mainly what it's about, right?
-Yes, exactly. -How long do you estimate

that this capital injection will last?
We'll have to see what the outcome is

and how much it depends on that.
But given your current burn rate,

is this in the idea that this will take
all the way to being cash flow positive,

or how do you see it?
-That is the idea.

That's the whole idea of this financing.
And then. Then we plan

for a certain order intake
and then it may be

that we can even be a very positive thing,
that we have an additional financing need.

If you look six months or a year ahead.
Because then we have received

a large customer order.
Or we have another growth initiative

that we have the opportunity to do so.
But the plan with this capital raise

is to get us
to a cash flow positive position.

There are several interviews here.
You have to be creative

when it comes to financing solutions.
In that it is a project support.

Business quite simply. We have talked
about grant applications as.

As an opportunity.
How does it work?

How is it going with that?
-We. We... We are.

We are. Actively seeking
grant opportunities

where it fits our strategy
and where we can.

Above all, finding opportunities
and boosting the sales process.

So we are looking and we are in dialog
on a couple of different grants

that are super exciting.
So we hope that we will have reason

to return to this in the near future.
-The move we have made now

that we have felt
that we have had a little more.

We have built a little more body
in the company.

We have a very strong organization now.
Both management and execution.

We have begun to think much more
about how we ourselves

can be a player in this world of grants.
In the past, it has been our customers

and we have had
our customers' contributions

to relate to and so on.
But now we are looking much more

at how we ourselves
could benefit from grant

money in different areas to be able to do
and get support for our initiatives,

which in turn
aim to be able to drive our sales better.

So we are much more active
in that area now.

So that's exciting.
If we talk a bit broader terms.

What would you say the strategy
looks like here now

for the next 02:03 years approximately?
-Would you like to start with Mattias?

I guess we will.
We will continue on the beaten path,

you could say.
And hope for some luck.

-Yes, but we are preparing
-to be able to take on

bigger and bigger customer projects,
and we're preparing for that,

among other things.
Because that's part of the capital

that we intend to use to continue to grow
and scale up our delivery capacity.

So, full focus on continued sales efforts
and on our delivery capacity.

I should say.
-That's exactly right.

We know very well what we want to do
to succeed in this world.

We think we have a very good mix
between a really strong commercial side

now that we can.
We can make good money on.

We can compete very effectively
in electrolysis.

We have a fantastic strength
in this partnership with Peric,

where we have access
to the world's largest factories

and fast deliveries
without having to invest anything

in our own manufacturing.
But then what we are constantly struggling

with in the company,
and where we have been a little

too thin to be able to push it,
is on the reform side

where we also want to be able
to commercialize

more actively in the future.
We can see that we are capable of many

of these solutions.
They can be completely unique solutions

that contribute
in a completely different way

to various niches, you could say,
in the future

of both fuel and transportation systems
and energy solutions.

So this small company
contains so much potential.

But we have to. We have to make sure
that we maneuver correctly

in this uncertain world
and move forward in a good way.

And on the journey.
-Exactly! There are many

application areas for you
and the reform side is very exciting

to be bubbling along in the background
as a positive option.

In the future,
you can summarize a bit like.

But the focus is on the electrolysis area.
It's the closest to the cash flow,

quite simply.
That's right.

And if we are to summarize all this,
as I said,

you are doing this rights issue now.
And why do you think that an investor

should participate in the issue?
-We don't have any of us

on the board and management,
are founders of the company or so.

But we are. We go in
and defend our shares again in this.

Which is a good sign
that we believe in the continuation.

-In the game.
Yes, but a little bit anyway.

And then it is also the case
that if you look at us

compared to the competitors
in this future world that is emerging,

we are an incredibly interesting party
because we are already competing

with the world's largest companies
in the world's largest projects

internationally in this area.
And if you look at the results for 2025

or the financial statements
for 2025 and Q1 2026,

you can see the proof that as long
as we have projects in this machine

that are rolling, we are there
and are already approaching break even.

So we can. If we can just reach one or two
or three similar projects that we have,

we make good money in the company.
And of course,

there are risks with everything.
But we see the possibility

that in this pipeline
we have built up now,

we can just convert a few more.
Within a reasonable time,

there is a huge opportunity
for us to become

a much larger and profitable company.
And that. We are a very tough competitor

for our competitors
and we want to be there.

We are exactly where we want to be.
So I think that's a good reason

to take a good bet on us.
Do you want to add anything?

Mattias. -No,
but I connect to what you say.

That business model is very scalable
and it's exciting.

There are great opportunities
to build value in this company

with a customer.
But the sales pipeline that we have.

As I said,
we have a very large sales pipeline.

And it's a bit about.
Do you believe that you succeed

in converting these customer dialogs
or share these customer dialogs so.

Then maybe you should invest in the issue,
so to speak.

Yes, and I also think as a comment
to that there is a difference

between the media, so to speak,
and much that happens around hydrogen

and so on.
And what we see in the real world,

you could say. Sometimes you think
that this is on its way out.

But we see that
there are more and more projects.

Sure, they have a bit of a hard time
because financing

for all types of projects,
not just in hydrogen,

is difficult in this financial climate.
But the initiatives are growing

and there are more
and more opportunities emerging.

And why is that?
Well, it's because this is needs-driven

and now we have completely different needs
that have come up and become visible

with what's happening with oil
and Iran and all that.

And it is precisely these driving forces
that will make

this happen much faster for us too.
Because now it is not the climate alone

that is somehow the bearer of this,
but it is our self-sufficient,

independent national interests.
To be able to produce green steel

without importing coal
and to be able to fly

without importing oil
and to be completely independent

as a country.
These are becoming important drivers

for hydrogen. - Do you see anything?
-Do you see this as something

that accelerates the process?
More like it's temporary.

- Absolutely. And this is long-term.
-I think the penny has dropped now.

This will not go away without this.
This is obvious in

that we are not an oil country
and there are many countries that are not.

Who are not. And for those that are,
the oil will run out anyway.

You can see this with China.
China has really understood this.

And they realize that this is the future.
So we are investing fully

and they will become leaders
in these technologies and solutions

a little further down the line.
It doesn't matter if it takes a few years.

These are such big important investments
for the world and for them.

So why not do it here?
I think these insights are beginning

to emerge in the EU,
and perhaps even in Sweden eventually too,

so we can hope for that.
In some areas there is a lot to learn

and we have a lot.
We've been working closely with them

for five years now, so you could say
we're well advanced there.

Yes, it will be exciting
to follow you here in the future.

And thank you very much
for coming here today!

Thank you very much! Thank you very much!