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NitroVolt ApS

Maskinvej 5, DK-2860 Søborg

Annual Report for
1 April 2024 - 31 March 2025

CVR No. 44 15 79 69

Identification_ID:44 15 79 69202506271800420.0

The Annual Report was presented and adopted at the Annual General Meeting of the company on 23/06/2025

2025-06-23

Søren Munk Hansen

Chairman of the general meeting

Company momentum logo
Contents
Management’s statement and Auditor’s report
Management’s statement 1
Independent Auditor’s report 2
Company information
Company information 4
Financial Statements
Income statement 1 April 2024 - 31 March 2025 5
Balance sheet 31 March 2025 6
Statement of changes in equity 8
Notes to the Financial Statements 9
Management’s statement
1
The Executive Board and Board of Directors have today considered and adopted the Annual Report of NitroVolt ApS for the financial year 1 April 2024 - 31 March 2025.
The Annual Report is prepared in accordance with the Danish Financial Statements Act.
In our opinion the Financial Statements give a true and fair view of the financial position at 31 March 2025 of the Company and of the results of the Company operations for 2024/25.
We recommend that the Annual Report be adopted at the Annual General Meeting.
Søborg , 23 June 2025 2025-06-23
Executive Board
Suzanne Zamany Andersen Mattia Saccoccio
CEO CTO
Board of Directors
Marie-Christine Jansby Lasse Truels Köhler Jasenko Hadzic
Chairman
Suzanne Zamany Andersen Mattia Saccoccio
Independent Auditor’s report
2
To the shareholders of NitroVolt ApS
Opinion
In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 March 2025 and of the results of the Company´s operations for the financial year 1 April 2024 - 31 March 2025 in accordance with the Danish Financial Statements Act.
We have audited the Financial Statements of NitroVolt ApS for the financial year 1 April 2024 - 31 March 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”the Financial Statements”).
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other Matter
With effect as from the current financial year, the Company has voluntarily opted for an audit. Please note that the comparative figures stated in the Financial Statements have not been audited, which also appears from the Financial Statements.
Management’s responsibilities for the Financial Statements
Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the Financial Statements, Management is responsible for assessing the Company´s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
  • Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Independent Auditor’s report
3
  • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company´s internal control.
  • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.
  • Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company´s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
  • Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Aalborg , 23 June 2025 2025-06-23
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR No 33 77 12 31
Morten Porup
State Authorised Public Accountant
mne47816
Company information
4
The Company NitroVolt ApS
Maskinvej 5
DK- 2860 Søborg
CVR No: 44 15 79 69
Financial period: 1 April 2024 - 31 March 2025
Incorporated: 28 June 2023
Financial year: 2nd financial year
Municipality of reg. office: Gladsaxe
Board of Directors Marie-Christine Jansby, chairman
Lasse Truels Köhler
Jasenko Hadzic
Suzanne Zamany Andersen
Mattia Saccoccio
Executive Board Suzanne Zamany Andersen
Mattia Saccoccio
Auditors PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
Skibsbyggerivej 5, 4. sal
DK- 9000 Aalborg
Income statement 1 April 2024 - 31 March 2025
5
(DKK) Note 2024/25 2023/24
Not audited
12 months 9 months
Gross profit 1,185,928 1,329,285
Staff expenses 2 - 3,124,520 0
Depreciation and impairment losses of property, plant and equipment - 12,412 0
Profit/loss before financial income and expenses - 1,951,004 1,329,285
Financial income 110,987 0
Financial expenses - 97,529 - 2,412
Profit/loss before tax - 1,937,546 1,326,873
Tax on profit/loss for the year 3 - 737,267 0
Net profit/loss for the year - 2,674,813 1,326,873
Distribution of profit
(DKK) 2024/25 2023/24
Not audited
12 months 9 months
Proposed distribution of profit
Retained earnings - 2,674,813 1,326,873
-2,674,813 1,326,873
Balance sheet 31 March 2025
6
Assets
(DKK) Note 2024/25 2023/24
Not audited
Development projects in progress 5,100,883 1,339,683
Intangible assets 4 5,100,883 1,339,683
Other fixtures and fittings, tools and equipment 123,894 0
Property, plant and equipment 5 123,894 0
Fixed assets 5,224,777 1,339,683
Other receivables 302,412 57,820
Receivables 302,412 57,820
Cash at bank and in hand 20,971,395 5,748,865
Current assets 21,273,807 5,806,685
Assets 26,498,584 7,146,368
Balance sheet 31 March 2025
7
Liabilities and equity
(DKK) Note 2024/25 2023/24
Not audited
Share capital 53,714 40,000
Share premium account 0 0
Reserve for development costs 3,978,689 1,044,952
Retained earnings 21,167,339 281,921
Equity 25,199,742 1,366,873
Provision for deferred tax 737,267 0
Provisions 737,267 0
Convertible and profit-yielding instruments of debt 0 5,573,325
Prepayments received from customers 0 189,793
Trade payables 320,512 0
Other payables 241,063 16,377
Short-term debt 561,575 5,779,495
Debt 561,575 5,779,495
Liabilities and equity 26,498,584 7,146,368
Key activities 1
Contingent assets, liabilities and other financial obligations 6
Accounting Policies 7
Statement of changes in equity
8
(DKK) Share capital Share premium account Reserve for development costs Retained earnings Total
Equity at 1 April 40,000 0 1,044,952 281,921 1,366,873
Cash capital increase 13,714 26,493,968 0 0 26,507,682
Transfers, reserves 0 0 2,933,737 - 2,933,737 0
Net profit/loss for the year 0 0 0 - 2,674,813 - 2,674,813
Transfer from share premium account 0 - 26,493,968 0 26,493,968 0
Equity at 31 March 53,714 0 3,978,689 21,167,339 25,199,742
Notes to the Financial Statements
9
1. Key activities
The key activity of the Company is to develop and sell systems for the production of active nitrogen for fertilizer and other purposes, as well as any business related thereto.
2. Staff expenses
(DKK) 2024/25 2023/24
Not audited
12 months 9 months
Wages and salaries 3,031,564 0
Pensions 72,298 0
Other social security expenses 20,658 0
3,124,520 0
Average number of employees 5 0
3. Income tax expense
(DKK) 2024/25 2023/24
Not audited
12 months 9 months
Deferred tax for the year 737,267 0
737,267 0
4. Intangible fixed assets
(DKK) De­ve­lop­ment projects in progress
Cost at 1 April 1,339,683
Additions for the year 3,761,200
Cost at 31 March 5,100,883
Carrying amount at 31 March 5,100,883
The Company's development projects relate to the development of revolutionizing ammonia production. The projects are progressing as planned and are expected to be completed within the next couple of years. Market research shows that the increased focus on climate and the Companies' environmental profiles leads to an increased demand for this type of product.
Notes to the Financial Statements
10
5. Property, plant and equipment
(DKK) Other fixtures and fittings, tools and equipment
Cost at 1 April 0
Additions for the year 136,306
Cost at 31 March 136,306
Impairment losses and depreciation at 1 April 0
Depreciation for the year 12,412
Impairment losses and depreciation at 31 March 12,412
Carrying amount at 31 March 123,894
6. Contingent assets, liabilities and other financial obligations
(DKK) 2024/25 2023/24
Not audited
Rental and lease obligations
Lease obligations under operating leases. Total future lease payments:
Within 1 year 112,950 0
112,950 0
Notes to the Financial Statements
11
7. Accounting policies
The Annual Report of NitroVolt ApS for 2024/25 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C.
The accounting policies applied remain unchanged from last year.
The Financial Statements for 2024/25 are presented in DKK.
Recognition and measurement
Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.
Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.
Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.
Income statement
Expenses for raw materials and consumables
Expenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the year.
Other external expenses
Other external expenses comprise expenses for premises, sales as well as office expenses, etc.
Gross profit
With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of work on own account recognised in assets, other operating income, expenses for raw materials and consumables and other external expenses.
Staff expenses
Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees.
Amortisation, depreciation and impairment losses
Amortisation, depreciation and impairment losses comprise depreciation and impairment of property, plant and equipment.
Other operating income and expenses
Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of property, plant and equipment.
Notes to the Financial Statements
12
7. Accounting policies (continued)
Financial income and expenses
Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.
Tax on profit/loss for the year
Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.
Balance sheet
Intangible fixed assets
Development projects
Costs of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities.
Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs.
Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred.
Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item 'Reserve for development costs'. The reserve comprises only development costs recognised in financial years beginning on or after 1 January 2016. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basis.
As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is 10 year.
Property, plant and equipment
Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.
Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use.
Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:
Other fixtures and fittings, tools and equipment 5 years
The fixed assets’ residual values are determined at nil.
Depreciation period and residual value are reassessed annually.
Notes to the Financial Statements
13
7. Accounting policies (continued)
Impairment of fixed assets
The carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation.
If so, the asset is written down to its lower recoverable amount.
Receivables
Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts.
Deferred tax assets and liabilities
Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.
Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.
Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity.
Current tax receivables and liabilities
Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses.
Financial liabilities
Debts are measured at amortised cost, substantially corresponding to nominal value.