Insplorion

The second quarter was characterized by continued high activity on the business development side in hydrogen. There is strong interest in discussing our technology in relation to safety and process applications for safe and efficient use of hydrogen. These discussions are continually ongoing. In parallel we focus on making sure our technology  demonstrates value in customer applications.

During the quarter we have performed several evaluations confirming our technology. This includes successful tests carried out with a potential customer in one of our neighbouring countries, this time for use in inert environments. We also visited a potential partner in the United States, where we did extensive testing with successful outcome. 

In May, our team presented at Hydrogen Safety in Rotterdam and at Vätgas Sverige, with positive reception. In Rotterdam, we also attended the World Hydrogen Summit together with Consilium Safety Group. World Hydrogen Summit was twice the size of last year’s event, which in itself is a strong indication of the growing interest around the world in hydrogen as an energy carrier. 

During June Stephen B. Harrison, a leading authority on hydrogen, published an article in H2 View about the challenges of today's sensor technologies and our opportunities. A good summary well worth a read also is published on our LinkedIn page. 

Just after the end of the quarter, I attended the AP Ventures portfolio company conference in London together with other CEOs and investors. AP Ventures focuses on investments in the hydrogen sector worldwide and is one of our shareholders.  

In short, we are looking back at a quarter with more and more evidence stacking up in support of the strong interest in our hydrogen measurement products. Naturally, our focus is to build on that and enter into commercial customer projects and partnerships. Unfortunately, it was a weak quarter in terms of sales in our instrument business, with no major deals concluded.

As we previously disclosed in our annual report, we are planning to implement a capitalization of the company during the autumn to ensure the continued successful development and commercialization of our products.

Gothenburg, Sweden
August 2023
Johan Rask, CEO

The Interim Report is also available at Insplorion’s investor relations website: www.insplorion.com/en/investors/