Metacon in final negotiations with a new customer

Metacon has announced that it is in the final stages of negotiations for an electrolysis-based wind-to-hydrogen production project, valued at 20 MSEK. If the contract is secured, it would support our current estimates. However, it does not immediately trigger any revisions to our estimates or valuation.

According to the press release, the deal relates to a pilot project and is part of the customer’s efforts to verify its plans for large-scale hydrogen production. If the contract is obtained and successfully executed, it could serve as a valuable reference for other projects. However, its value as such is not that significant at the current stage but supports our current estimates which include expectations of high revenue growth with revenues growing from around 40 MSEK in 2024 to 643 MSEK in 2026. While Metacon considers it highly likely that the contract will be secured, it has not yet been finalized. We would like to obtain further details about the project before making any major conclusions, which are expected to be communicated either when a final agreement is reached or if the deal falls through.