Ferroamp AB (publ)
Climate Impact & Sustainability Data (2023)
Reporting Period: 2023
Environmental Metrics
ESG Focus Areas
- Sustainable business
- Transparent operations
- Attractive workplace
Environmental Achievements
- Produced Environmental Product Declarations (EPDs) for EnergyHub and Solar String Optimizer
- Reduced material consumption in installations compared to AC solutions due to use of DC technology
Social Achievements
- Awarded a bronze medal by EcoVadis for sustainability work
- Conducted internal training in Code of Conduct, work environment, and electrical safety for employees
- Introduced a whistleblower function for staff
Governance Achievements
- Developed a sustainability policy and code of conduct for suppliers
- Completed supplier audit/risk assessment of suppliers
Climate Goals & Targets
Long-term Goals:
- Reach profitability in Q1 2025
Medium-term Goals:
- Cost-optimized product portfolio in place
- V2G DC-DC fully commercialized and part of core portfolio
- Signed agreements with partners in three additional verticals
- Launched in Nordic region and five other European countries
- Established software sales as part of core business
Short-term Goals:
- Increase turnover
- Normalize inventory level
- Reach positive cash flow
- Finalize new cost-optimized products
- Expand sales in Europe
Environmental Challenges
- Component shortages
- Market slowdown in the second half of the year due to economic downturn and lower electricity prices
- Increased inventories due to production volume correction
- High interest rates and uncertain global situation cooling the market for solar cells and energy optimization
Mitigation Strategies
- Cost savings of SEK 50 million implemented by 2024
- Cost-optimized products ready for manufacturing in Q4 2023
- Comprehensive quality work reduced service and support costs
- Organization sharpening and streamlining
- Directed share issue to raise approximately SEK 39 million
Supply Chain Management
Responsible Procurement
- Sustainability policy and code of conduct for suppliers
Climate-Related Risks & Opportunities
Sustainable Products & Innovation
- EnergyHub
- Solar String Optimizer
- PowerShare
- Bidirectional electric car charger (V2G)
Awards & Recognition
- Bronze medal from EcoVadis