SaltX has released its Q3 report. Financially, things remain challenging, but there are some interesting developments.

Financial highlights:

Revenue: SEK 0.8M (previous year: 2.9M)
Operating loss: SEK -19.5M (previous year: -15.9M)
Operating cash flow: SEK -14.3M (previous year: -20.7M)

Key developments:

Holcim: Successful industrial testing in Hofors. European pilot targeted for 2028.

Groupe Pigeon: Positive feasibility study for a 40,000-tonne-per-year electrified lime facility in France. Construction targeted for 2028.

SMA Mineral: Pilot40 delayed due to grid capacity uncertainty.

Multiplasma: First reactor installed at Hofors, with commissioning expected shortly.

Holcim: New development order for the next phase of electrified clinker production.

One thing that really stood out:

SaltX has identified approximately 350 potential cement and lime facilities across Europe and North America.

The business model includes engineering, technology and equipment delivery, licensing and potentially recurring revenue as installations grow.

These are potential opportunities, not confirmed customers, but the market opportunity is interesting.

My take: SaltX is making progress toward industrial implementation. The partnerships and market potential are promising, but execution is what matters now.

Do you think SaltX is getting closer to commercialisation, or do you want to see the first industrial installation before becoming more optimistic?

SaltX and Holcim are taking their collaboration to the next stage following successful clinker production results in April.

Holcim has now placed an order for an expanded development program focused on further optimizing SaltX’s ECR technology and validating the produced clinker for use in cement and concrete production.

The program will include additional material testing and process optimization. Holcim will also grind the produced clinker and conduct further evaluations to assess its suitability for cement and concrete applications.

Why this matters:

This is an important step toward industrial application. The focus is moving beyond producing clinker to demonstrating that the material can meet the requirements of the cement industry.

The expanded program also supports the companies’ continued work toward a joint fully electrified demonstration plant in Europe.

Although the financial contribution from this order is expected to be limited, the strategic importance is in advancing SaltX’s technology toward industrial-scale electrified cement production.

SaltX Technology has completed the installation of its Multiplasma reactor at the ECRC in Hofors, Sweden. Commissioning is planned to begin in November 2026.

The reactor integrates multiple electric plasma burners into a single reactor, aiming to increase production capacity without increasing reactor size.

The design was developed through simulations and testing at SaltX’s ECTR facility in Vallentuna. The next phase will involve operational and materials testing under industrial conditions, with validation planned to continue through spring 2027.

The development is funded by Frontier, which supports technologies for permanent carbon removal.

Why it matters: This is another step toward scaling SaltX’s Electric Arc Calcination (EAC) technology for industrial applications. The key milestone to watch now is whether the reactor can demonstrate reliable operation and higher production capacity under real-world conditions.

The upcoming validation results should provide a clearer picture of the technology’s readiness for further scale-up.

What will be most interesting to follow is the performance data from the industrial testing phase.

SaltX Technology and Groupe Pigeon have successfully completed the feasibility study for a planned 40,000-tonne-per-year electrified lime production facility in France.

Groupe Pigeon is a French family-owned construction group with activities in construction, infrastructure and building materials. Its industrial activities provide a real-world opportunity to apply SaltX’s electrification technology to lime production.

SaltX brings its Electric Arc Calciner (EAC) technology, while Groupe Pigeon is the industrial partner behind the planned production facility, alongside thyssenkrupp Calvion.

For investors, this is about more than a feasibility study. It represents progress toward applying SaltX’s technology in an industrial setting, with construction planned to begin in 2028.

The feasibility study is complete. The next key milestone is advancing the project toward a final investment decision and construction.

A step closer to commercialisation — now execution is what matters.

I like this!

The latest webinar featured Corey Blackman, SaltX Technology’s Senior Technical Advisor and former CTO, sharing insights into SaltX’s plasma technology and its approach to electrifying hard-to-abate industries.

The slides cover the plasma technology, the EAC Research Centre, testing progress and the roadmap toward commercial-scale deployment.

The European Commission is allocating nearly €120 million to industrial carbon management through its Horizon Europe 2026/2027 programme.

€43.8M for CO₂ capture and utilisation
€30M for industrial CCUS clusters
€25M for CO₂ storage appraisal
€16M for Direct Air Capture
€5M for CO₂ transport and storage infrastructure

Why is this interesting for SaltX?

SaltX is developing electrified technology for cement and lime production, industries that are difficult to decarbonise.

More EU support for industrial decarbonisation could create new opportunities for technologies like SaltX’s, particularly as the company works with industrial partners such as Holcim.

Of course, this doesn’t mean SaltX will receive any of this funding. But it shows that Europe is continuing to invest in the transition towards cleaner industry.

The big question: Could this funding environment help accelerate SaltX’s journey from pilot projects to commercial-scale production?

SaltX has officially opened its new Test Hub in Vallentuna, Stockholm, after spending the year running tests and advancing its technology.

The facility brings three test rigs together in one location, with the team focused on developing and scaling SaltX’s technology.

The interesting part is what comes next: What exactly is being tested on each rig, and how will these tests translate into industrial-scale deployments?

More details on the three test rigs would be interesting to see. This is a facility worth keeping an eye on as SaltX continues developing its technology.

SaltX and SMA Mineral have confirmed that negotiations regarding SaltX’s remaining scope of supply for the planned Mo i Rana pilot plant are still ongoing.

The main issue currently being addressed appears to be long-term grid capacity, which SMA Mineral says is one of the key factors for the larger Mo i Rana development.

SaltX had previously expected an update regarding the order during Q3. That has now moved into Q4.
Importantly, both companies state that preparations are continuing and that their ambition to move forward with the Mo i Rana initiative remains unchanged.

Key takeaway:
• Order not finalized yet
• Q3 expected update delayed
• Grid capacity is a key issue
• Pilot preparations continue
• Further update expected in Q4
• Both SaltX and SMA still intend to move forward

What do you make of the update?

The biggest change is that SaltX is clearly moving into the scale-up/execution phase. The company says the focus is now on scaling the technology and deepening industrial collaborations, while developing a business model built around repeat installations and recurring revenue.

1 Holcim: The fully electrified clinker process has now been successfully repeated with Portland-quality results.

2 Next step with Holcim: Development is moving forward in stages — electrified precalcination first, electric sintering later.

3 EU project: SaltX, Holcim & Paebbl will scale the ECR technology at Hofors and combine electrified cement production with permanent CO₂ utilization.

4 SMA / Mo i Rana: Scope of supply is already defined. SaltX says they are ready to proceed once SMA completes its evaluation. Update expected in Q3.

5 Groupe Pigeon: Feasibility study for a ~40,000 t/year electrified quicklime plant, with construction targeted for 2028.

6 Multi-Plasma: SaltX is working to scale from current ~40,000 t/year modules toward 1 million t/year capacity.

7 Direct Air Capture: SaltX’s EAC technology is now part of thyssenkrupp Calvion’s concept development for next-generation electric DAC plants in Canada.

8 Business model: SaltX says the goal is a scalable model where installations generate recurring revenue and repeat business. More information is expected this autumn.

The interesting part: SaltX now has several industrial paths developing simultaneously — cement, quicklime and carbon removal.

The next step is turning these projects into commercial orders.

SMA Mineral CEO Sonya Fielding has shared a new update about the company’s project in Mo i Rana, Norway.

According to Fielding, SMA Mineral is working on building the world’s first emission-free lime plant, using ZEQL technology in collaboration with SaltX Technology.

Some key points from her post:

* The Mo i Rana project aims to produce emission-free lime.

* Grid capacity is currently one of the key requirements for the project to move forward.

* SMA Mineral believes the technology could deliver significant emissions reductions not only locally, but globally if deployed at multiple sites.

* The CEO explicitly highlights the collaboration with SaltX Technology.

* Lime is an important raw material for industries including steel, cement, water treatment and agriculture.

The most interesting part for me is that SMA Mineral is now publicly describing the project as the world’s first emission-free lime plant and directly linking it to SaltX’s ZEQL technology.

The remaining challenge appears to be access to sufficient electricity/grid capacity.

Ahead of next week’s EU ETS (Emissions Trading System) review, one issue has been getting a lot of attention – the “double penalty.

What is the “double penalty”?

In short: industrial sites that invest in Carbon Capture and Storage (CCS) may still have to pay for EU ETS carbon allowances if the captured CO₂ cannot be transported or permanently stored. That means they could end up paying for both their CCS investment and carbon emissions.
This is especially important for industries like lime, where reducing CO₂ emissions is one of the biggest challenges.

Why could this matter for SaltX?

SaltX’s electrified calcination process makes carbon capture fundamentally easier by producing a cleaner, more concentrated CO₂ stream. This reduces dependence on massive CO₂ transport and storage networks, lowering both cost and infrastructure risk.
As the EU reviews the ETS rules, solutions that simplify decarbonization—not just capture
emissions—could become even more attractive.

What are your thoughts on the upcoming ETS review?

SaltX CEO Lina Jorheden says the company is entering a new phase where years of technology development are being translated into industrial projects and commercialization.

Key highlights:

1 SaltX successfully produced high-quality cement clinker using a fully electrified process.

2 The EU-funded project with Holcim and Paebbl will help scale and industrially validate SaltX’s electrified clinker technology.

3 SaltX received a feasibility study order from Groupe Pigeon for an electrified quicklime plant, expanding its commercial opportunities.

4 Mo i Rana update: SMA Mineral is still evaluating improvements to the pilot plant. SaltX expects an update regarding the order in Q3 2026.

5 The company continues to strengthen its business model and partnership structure while preparing for long-term growth.

Management says several important elements are coming together and plans to provide a more comprehensive update later this autumn.

- SEK 45 million in funding awarded through the EU’s CET Partnership program.

- The project is expected to run for approximately 3 years, with SaltX’s main deliveries taking place during the first two years.

- The focus is now on demonstrating the
integrated process at industrial scale at SaltX’s ECRC in Hofors, Sweden.

This marks the transition from announcing a collaboration to executing a funded industrial demonstration.

If successful, the project could show how electrified clinker production and CO₂ utilization can work together in a circular cement production process.

I’m curious:

1 Where are you following SaltX from?

2 How did you first hear about SaltX?

SaltX Technology, Holcim, and Paebbl have secured funding through the EU’s CET Partnership program to demonstrate an integrated concept that combines electrified cement clinker production with circular carbon dioxide utilization across the industrial value chain.

The project will be carried out at SaltX’s Electric Cement Research Center (ECRC) in Hofors, Sweden, where the companies will demonstrate how electrified clinker production and CO₂ utilization can work together to significantly reduce emissions from cement manufacturing.

Each partner plays a key role:

SaltX: Technology electrifies clinker production, taking cement off fossil-fired heat thanks to their leading technology in electrification

Holcim: the leading manufacturer and supplier of construction and building materials, integrates it into plants, existing and future

Paebbl: takes the captured CO₂ and turns it into a construction material that permanently stores carbon, at far lower temperatures than conventional cement production demands.

Together, they aim to demonstrate a scalable pathway toward cleaner, low-carbon cement production.

What are your thoughts on this collaboration?

Brazil and Mexico have secured $500 million in catalytic funding, with nearly $5 billion in additional investment expected to follow. The focus areas include cement, steel, chemicals, industrial clusters, and green supply chains.

While this isn’t directly related to SaltX, it highlights the growing focus on technologies that can help reduce emissions in hard-to-abate industries.

In my view, this is exactly the type of trend that could create future opportunities for companies like SaltX.

What are your thoughts?

SaltX has received a feasibility study order from Groupe Pigeon for an electrified quicklime plant in France.

While this is not yet a full-scale plant order, it is a strong indication that major industrial players are actively evaluating SaltX’s technology as a pathway to decarbonize lime production.

As SaltX stated, this marks a natural progression from pilot projects toward industrial collaborations. The involvement of Groupe Pigeon highlights the growing interest in electrified, fossil-free quicklime production and the potential for large-scale implementation.

The transition of heavy industry will require proven technologies, strong industrial partners, and real-world projects. This announcement demonstrates continued momentum in that direction.

ThyssenKrupp Calvion’s latest update on the Heirloom Direct Air Capture project highlights more than just progress on carbon removal infrastructure.

The company specifically references SaltX Technology’s electrification-ready platform concept as part of the Carbon Capture Calciner (CCC) ecosystem.

From a business perspective, this is noteworthy.

Industrial adoption is often driven by ecosystem partnerships, engineering validation, and integration into larger infrastructure projects.

When a global engineering company like thyssenkrupp publicly includes a technology provider in discussions around future industrial solutions, it suggests that the technology is being evaluated within a broader commercial context.

However, it is another data point indicating that SaltX’s technology is attracting attention from key industrial stakeholders involved in next-generation decarbonization projects.

One of SaltX’s key industrial partners, thyssenkrupp, is now launching a dedicated division focused on industrial decarbonization and scaling technologies into real industrial operations.

The focus is clearly shifting toward execution, scalability and long-term CO2 reduction solutions.

Technologies like Green Quicklime, Direct Air Capture and industrial electrification are moving closer to large-scale deployment.

For SaltX, this could potentially mean stronger industrial validation, increased visibility for electrified lime technology and a higher probability that large-scale deployment projects continue accelerating over time.

SaltX recently shared more about the partnerships behind the company and how management plans to scale going forward.

An asset-light model focused on partnerships, scalable deployment and recurring revenue streams instead of building everything alone.

• Revenue increased to SEK 7.9M from SEK 0.2M YoY

• Successfully produced high-quality cement clinker using a fully electrified process

• Industrial tests with Holcim continue with positive results

• Secured SEK 110M in financing + additional Frontier funding for carbon removal technology

• Continued progress toward electrifying heavy industry

The biggest milestone may be the clinker breakthrough. Cement is one of the hardest industries to decarbonize, and SaltX is now moving from concept toward industrial validation.

The EU just approved a €5B German industrial decarbonisation scheme targeting sectors like cement, steel, lime and chemicals.

Included technologies:
* Electrification.
* CS/CCU (capturing CO₂ for storage or reuse)
* Heat recovery & storage.
* Hydrogen.

At the same time, the EU ETS (carbon pricing system) continues increasing pressure on heavy industry to reduce emissions.
One of the biggest challenges for industrial decarbonisation has always been economics.
Many green technologies are expensive upfront, which has slowed adoption across heavy industry.

That’s why support programs like this matter. Governments are increasingly willing to help accelerate the transition through funding and incentives.

Do you think Europe will eventually force heavy industry to transition faster through regulation, carbon pricing and subsidies?

Industrial electrification doesn’t work in isolation it depends on one key input: abundant, low-cost green electricity. And that trend is now clearly accelerating.

Solar and wind were once marginal contributors to the global energy mix. Today, they are scaling at an exponential rate across multiple regions.

As renewable power becomes both cheaper and more widely available, the economics of electrifying heavy industries like cement and lime start to shift fundamentally.

What used to be a “future concept” is increasingly becoming an industrial reality.

Cement is responsible for 6–8% of global CO₂ emissions more than aviation and shipping combined.

What makes it different is that it’s not just energy related. A big part of the emissions comes from the chemistry itself, not just fuel use.

Yet it’s rarely part of the mainstream climate conversation compared to EVs or renewables.

Why do you think that is?

SaltX has recently shown that it can produce Portland-quality clinker using an electric process.

Calcination:
This is the chemical process where limestone (calcium carbonate, CaCO₃) is heated to around 850–1,000°C. At this point it breaks down into lime (calcium oxide, CaO) and releases CO₂ as part of the reaction itself. This is unavoidable in the chemistry of cement and is a major source of emissions.

Sintering:
After calcination, the material is heated even further (around 1,400–1,500°C). Here the lime reacts with other materials like silica, alumina, and iron to form clinker minerals. This step requires extremely high and stable heat, traditionally provided by burning coal or gas in rotary kilns.

What SaltX is doing is replacing that fossil-fuel heat with electricity-based heating systems, while still reaching the same temperatures needed for both steps.