Clean motion
ListSpotlight Stock Market
Market cap64,3 million SEK
Share price0,984 SEK at time of publication
Market Size$24,5 billion by 2023
IndustryElectric last mile delivery

ESGFIRE portfolio comment:

Clean motion today (9/11 2023) published their quarterly report for the period of January – September 2023 ,the FULL report can be viewed HERE


Revenues came in at 3 107 000 SEK for the period in comparison to 580 000 SEK for the same period last year. The operating profit came in at – 4 309 000 SEK and some part of this negative result was linked to a depreciation of the old Zbee vehicle. Without this depreciation results would have come in at – 3 354 000 SEK.

There are many positive news in the quarterly report which we will comment on below but the biggest take away we want to reiterate is that management , with current orders are projecting a positive EBITDA result for Q4 of 2023 and that the company, for the time being, will not be conducting any dilutive financing. Management had hopes that options with a strike price of 2,70 SEK would be in the money but delays have for obvious reasons made this expected share price level unachievable.

The management of Clean Motion are notorious experts at bootstrapping financially however the negative side of this and the negative side of not having more funds available is that growth and scale up may be hampered for some time according to the company. ESGFIRE however is of the opinion that in the current high interest rate environment slower growth and achieving profitability is to be preferred from a shareholders perspective.

Other key take aways from the Q3 report below:

– Neom Project
The first 15 vehicles for NEOM are under production and the first have already been delivered. Due to adjustments for the customer  the current production output is 3 vehicles per week. The EVIG is highly flexible for adjustments and other manufacturers would of have had a hard time complying with the customer demand of raising the inner roof of EVIG by 150 millimeters.

– Type approval
Clean Motion expects final type approval to be announced by IDIADA during November of 2023.

– Horizon Project GIANTS
The consortium is in the stage of contract negotiation and according to the project leader (Virtual Vehicles in Austria) the contract is expected to be signed at the beginning of December 2023.
The timeline is intact and will begin in January of 2023. Working Chairman Göran Folkesson have had several meetings with other project participants and “expects a flying start”.


We remain positive of our portfolio position in Clean Motion.



ESGFIRE is an investment company and research firm that focuses on ESG companies with either an environmentally friendly service or product. ESGFIRE has a performance record of over 1000 % returns since 2018.

Contact details
Group CEO: Filip Erhardt

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This post is based upon reliable sources, namely regulated press releases from the company, as referred to above. Nevertheless, this post may contain interpretations, estimates, or opinions of the authors, or other non-factual information. If that is the case, this is continuously stated above. Furthermore, any projections, forecasts, or similar are explicitly stated as such.

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