Increased focus on new geographies
Yesterday, we hosted Energy Save's CEO and CFO, Fredrik Sävenstrand and Helena Wachtmeister, at ABGSC's Investor Days. The company highlighted 1) its investments in growth and efforts to establish more partnerships with new distributors, 2) the good momentum in its Aira partnership and 3) that the market was improving from low levels. First, Energy Save has historically been focused on regions such as Eastern Europe and Scandinavia (~40% of sales '20/21-'21/22, <10% recently). Considering the significant potential in other gas-dominated countries such as Italy, Germany, the UK and Benelux, the company has focused intensely on the launch of its new products with updated software and refrigerants (R290). However, the company stressed that these distributors will have to go through a ramp-up period before sales start to pick up and that we can expect sales for the coming quarters to be in line with Q2 levels. In addition, Energy Save sees potential in the U.S. market, where there is an opportunity for its R32 model, which are the units currently in the company's inventory.
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