Technology
Minesto publishes Year-End Report 2024
Published
2 years agoon
By
GOTHENBURG, Sweden, Feb. 27, 2025 /PRNewswire/ — CEO Dr. Martin Edlund: “Minesto has now demonstrated competitive renewable energy production from an untapped natural resource based on a truly novel and proprietary innovation.”
Significant events October – December 2024
Minesto’s work towards tidal energy buildout in the Faroe Islands continues. The Hestfjord Dragon Farm is a first-of-a-kind tidal energy array with Minesto Dragon 12-kites with a total capacity of 10 MW in a first phase. Following the successful utility-scale installation of the Dragon 12 in Vestmanna and corresponding interest by various parties in the technology, Minesto assigns strategic advisor Ernst & Young (EY) to the unique Dragon Farm Project, with focus on investments.
In December, Minesto announces completion of Hestfjord Dragon Farm specification based on Dragon 12 achievements. This refers to the overall design and technical specification of the upgraded Dragon 12 system targeting the first Dragon farm in Hestfjord (Phase 1: 10MW) in the Faroe Islands.
Minesto presents at one of the biggest international energy conferences, Enlit Europe in Milan. CEO Dr. Martin Edlund also presents at global climate change meeting COP29 in Baku, Azerbaijan where Minesto is hosting a session on the role and importance of innovation in tackling climate change.
The company arranges a well-attended capital market day at the company’s premises in Gothenburg, welcoming shareholders to experience the Minesto workshop and power plant components.
After the end of the period
In February, Minesto welcomes Faroese stakeholders, authorities as well as the public to a seminar at the Nordic House in Torshavn. CEO Martin Edlund presented the company’s vision for a sustainable energy system in the Faroe Islands, a 200MW buildout roadmap. There was a strong stakeholder engagement towards Minesto’s first tidal energy Dragon farm in Hestfjord, Faroe Islands.
An independent technical review of Minesto’s Dragon-class technology initiated in autumn 2024 is completed by DNV – a world leader in technology assessments and certifications in the energy & maritime sectors, incl. renewable energy solutions. The successfully completed review strengthens Minesto’s buildout investment case.
Group in summary 1 January-31 December 2024
1 January-31 December 2024
Total operating income in the end of the financial year amounted to SEK 33,035 thousand (45,590) and mainly included capitalised development work. Net sales amounted to SEK 75 thousand (391).Operating loss, at the end of the financial year, amounted to SEK -37,345 thousand (-28,680). The negative result is largely attributable to business development and administration related to technology development.At the end of the financial year, intangible assets amounted to SEK 544,924 thousand (492,928), of which capitalised development costs amounted to SEK 527,708 thousand (476,608) and capitalised patent expenses amounted to SEK 17,217 thousand (16,320).Cash flow amounted to SEK 19,436 thousand (-20,015). At the end of the period, cash and cash equivalents amounted to SEK 34,890 thousand (15,160).At the end of the financial year, equity amounted to SEK 568,649 thousand (522,746) divided into 194,116,040 shares (160,732,694), of which net loss for the year amounted to SEK -36,104 thousand (-27,123).
The Year-end Report is available to download at Minesto’s website:
www.minesto.com/investor/investor-information
CEO comment
Reinforcing Minesto as the World Leader in Ocean Renewables
2024 was a year of outstanding achievements for Minesto. The success of Dragon 12 puts us in a solid position to release the commercial potential of our unique ocean energy technology.
Minesto has now demonstrated competitive renewable energy production from an untapped natural resource based on a truly novel and proprietary innovation.
Backed up by performance and production data from installed devices, Minesto has assessed the cost of energy of its technology at lower levels than all other actors in ocean energy and most importantly, in our target markets, we offer the most viable or the only viable solution for an affordable energy transition. At last, the marine energy sector has a commercially viable energy generating technology ready for large scale buildout.
Ready for Dragon Farms
During 2024, all technical aspects of a commercial Dragon farm – a grid connected array of Dragon 12 units – have been successfully verified at the site in Vestmanna. Limited upgrades and customizations required are identified and in implementation for the first phase of Dragon Farm build outs.
It is important to underline that to commercialize the core Dragon-class technology, Minesto is relying on a wide range of unique and hard-earned technologies and competencies accumulated (internally and with partners) over more than a decade. So stating that we are “ready for farms” is not made lightly and implies that we are a master of all core activities such as: tidal site assessment, environmental consenting, production array design, infrastructure configuration, balance of plant, service procedures, offshore launch/recovery, grid connection, production monitoring, powerplant build and onshore testing, array installation management and power plant commissioning.
Most recently, the independent review of Minesto’s technology by DNV has been successfully completed. The review underlines the strength of our technology and our readiness to deploy at scale. It also supports our core arguments that our technology is generically cost effective.
Pushing for Business
During the year, Minesto has created energy project investment cases, initiated feasibility studies targeting specific production sites, hosted due diligence from potential customers and strengthened collaboration with our local partners around the world.
We have continued to nurture a strong relationship with the Faroe Islands’ business community and investor sphere. A renewed and updated power purchase agreement (PPA) with a price level to denote the total system value of tidal energy in the future renewable energy mix in the Faroe Islands is agreed in principle for the first phase of the Hestfjord buildout.
The Phase 1 Hestfjord Dragon Farm investment case is now open for business, the plan includes a newly established local project development company, Drekin Sp/f, where local investors can eventually become part owners of a 200MW tidal farm project in the Faroe Islands. The investment case includes the technical specification of the Phase 1 buildout, targeting the specific site conditions in Hestfjord, which is based on six customized Dragon 12 kites systems rated at 1.75MW, 10.5 MW in total.
In a number of markets around the world, Minesto has been asked to offer feasibility studies, project planning services, demo-installation projects and the creation of larger scale investment cases like Hestfjord. We are working with new and existing local market actors such as independent power producers and utilities. We believe that the novelty of the ocean energy industry and uniqueness of our products makes it necessary to offer customers and project investors flexible step in commercial involvement.
An important enabling factor in ongoing sales and project investment activities is public funding in different forms. The renewable energy transition is an area in focus for government grants, green electricity subsidies and soft loans. Our soft funding team is working together with our business development team to target application calls which directly support sales and project finance work. Minesto holds a broad application portfolio targeting programs that will be awarded during 2025.
We have strengthened our commercial team internally and have partnered up with internationally recognized advisory firm EY to support securing project financing and industrial partnerships. Minesto also receives valuable support from Business Sweden in Southeast Asia, via grant-funding from the Swedish Energy Agency.
It is worth noting that the volume of sales activities have significantly increased, driven by the level of maturity of our products and step change in global awareness of our innovation.
An Evolving Team
The collective knowledge, experience and capabilities in the Minesto team is at the core of the value of the company. Our intangible assets, built through technology investments, now reaches around 540 MSEK in accounting terms.
We have strengthened the organization regarding supply chain partnerships, operations in Vestmanna and through integration of product and business development in Sweden.
The management team is more commercially oriented and strengthened.A ca 30% overall reduction in personnel costs (from 2023 to 2025) has been achieved.A flexible operations team is in place in Vestmanna for the Faroe Island expansion.
Funding and cash flow
A combination of work streams to fund continued development and product delivery capacity are ongoing. We are not excluding any scenario in seeking the optimal way forward in creating industrial and shareholder value. The range of funding sources are sales of services and electricity, sales of microgrid hardware and installations, project finance with prepayments, soft funding, targeted new strategic investors/owners and issuance of securities.
Martin Edlund
CEO, Minesto AB
For additional information, please contact
Cecilia Sernhage, Chief Communications Officer
+46 735 23 71 58
ir@minesto.com
This information was brought to you by Cision http://news.cision.com.
https://news.cision.com/minesto-ab/r/minesto-publishes-year-end-report-2024,c4111631
The following files are available for download:
https://mb.cision.com/Main/14621/4111631/3287652.pdf
Minesto AB Year-End Report 2024
https://mb.cision.com/Public/14621/4111631/bf836eaf2b780ee4.pdf
PR 270225 Minesto publishes Year-End Report 2024
View original content:https://www.prnewswire.co.uk/news-releases/minesto-publishes-year-end-report-2024-302387135.html
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Unity: The Convergence of the Three Main Red Army Forces
Published
57 minutes agoon
October 21, 2026By
BEIJING, Oct. 21, 2026 /PRNewswire/ — An interview from China.org.cn with Wang Xiaohui and David Ferguson on the Long March:
Wang Xiaohui:
We have all been through something similar — a group of people disagreeing with one another, with each side holding sound reasons to believe their own judgment is correct.
In such moments, should they part ways, or find another path forward together?
David Ferguson:
The word “unity” is often understood as a strategy. People unite when they face a common enemy, and when that enemy disappears, the cooperation ends with it. But I’ve always wondered if there is a different kind of unity — one not forged by a common enemy, but by a common destination. A unity that isn’t temporary, that doesn’t fall apart the moment circumstances change. I wanted to find out.
Wang Xiaohui:
An arduous expedition like the Long March posed unparalleled trials for any military unit.
Bitter cold on snow-capped mountains, hidden mire across marshlands, and dangers lurking every step of the way; food and warm clothes were constantly scarce, while enemies and artillery fire were relentless. Even so, through the Long March, these poorly equipped and raggedly dressed Red Army troops remained tightly bonded as one.
This bond was not coerced by harsh military discipline, but arose spontaneously from every soldier’s heart. Before they even set off, shared ideals and conviction had already taken deep root within every soldier, steeling their resolve to follow the Communist Party of China without hesitation. Along the trail, officers and soldiers of the Red Army ate from the same pots and wore uniforms made from the same coarse cloth. High-ranking commanders like Zhu De and Peng Dehuai covered most of the journey on foot alongside their troops, leaving their horses to the ill and wounded, while splitting their last rations with soldiers. Amid food shortages, even when columns in the front discovered edible greens, they would never dig them all up; instead, they sent words to rear units so that all troops could share.
The Red Army’s unity took root in shared ideals, flourished under equal treatment for all, and was forged through countless moments of entrusting each other with their lives. It also became the unshakable foundation that carried them through every ordeal.
In the late autumn of 1936, the Loess Plateau in northwestern China witnessed two hopeful rendezvous, marking the Long March’s triumphant close. First in Huining, soldiers of the First and Fourth Front Armies embraced in a long-awaited reunion. Just over 10 days later, at Jiangtaibu, the waiting First Front Army finally greeted the travel-worn soldiers of the Second Front Army.
Many of these soldiers had never met before, yet they greeted one another like long-lost brothers, eyes brimming with tears as they clasped hands. Officers and soldiers of the First Front Army sent whatever supplies they had saved up to their brother troops. Three battle-hardened columns merged into a mighty iron stream across the plateau. Just one month later, they fought in coordinated formation to secure triumph in the battle of Shanchengbao, putting a glorious full stop to the Long March.
When scattered sparks merge, inherent unity surges into a mighty force, powerful enough to rewrite an army’s fate and shift the course of a nation’s history.
At the time, Japanese invaders advanced deeper into China, occupying more and more territory, yet the civil war persisted. The CPC clearly understood that brutal conflict among the Chinese would only play to the invaders’ hands, and only national unity could safeguard the motherland. The CPC publicly called for an end to the civil war and joint resistance against Japanese invaders, officially proposed to build the national united front against Japanese aggression, and even took the initiative to halt military operations and withdraw troops as a gesture of goodwill — when the survival of a nation hung by a thread, they chose to unite all Chinese people.
The two KMT officers, Zhang Xueliang and Yang Hucheng, who were stationed in the northwest, witnessed the nation’s peril and were touched by the CPC’s advocacy of a united resistance. Resolved to collaborate with the CPC to fend off Japanese aggression, Zhang and Yang repeatedly pleaded with Chiang Kai-shek to shift focus to national defense, but to no avail. Ultimately, they detained Chiang by force, which later became known as the Xi’an Incident.
When word spread of Chiang’s detention, many assumed the CPC would demand a public trial, given years of bitter partisan strife. Instead, Zhou Enlai personally traveled to Xi’an with the CPC delegation to mediate, laying out the stakes for all parties concerned: executing Chiang would only result in a much larger-scale civil war, handing the Japanese aggressors golden opportunities to advance further into China. The only path to a promising future for the Chinese nation lay in a peaceful settlement that would compel Chiang to join the resistance against Japanese aggression.
Setting aside partisan divisions and prioritizing the supreme interests of the nation — this was the answer delivered by the CPC. At last, the Xi’an Incident was settled in peace, bringing an end to a decade of war. Since then, the Chinese nation finally stood united in fighting back against foreign invasion.
Nearly a century has passed, yet the spirit of unity forged on the Long March has never faded.
In September 1949, the First Plenary Session of the Chinese People’s Political Consultative Conference (CPPCC) was convened, officially instituting the system of multiparty cooperation and political consultation under the leadership of the Communist Party of China. The spirit of solidarity tempered amid the Long March was thereafter embedded in the very fabric of China’s governance system, with unity becoming one of its enduring tenets.
From the early reconstruction years since the founding of the People’s Republic of China in 1949, through the era of reform and opening up since 1978, to today’s march toward China’s modernization, each successive trial has burnished this core spirit of unity. In the fight against absolute poverty, the whole nation pulled together as a single force: the more developed eastern regions lent robust support to underdeveloped western regions, officials devoted themselves to working at grassroots communities, and local residents worked hard and strove for self-improvement. Together, hundreds of millions of Chinese worked to eradicate absolute poverty nationwide. When earthquakes and floods struck, rescue teams rushed to disaster zones from every corner of the country, while relief supplies and charitable donations poured in ceaselessly.
From the helping hands extended between soldiers along the Long March to the nationwide solidarity repeatedly demonstrated today, the essence of unity has never changed. It was the key that carried the Red Army through seemingly impossible odds, and it endures as China’s bedrock strength that propels China forward to this day.
David Ferguson:
After hearing the stories of the reunion of the three main forces of the Red Army and the Xi’an Incident, I found my answer.
The Long March showed me that unity is a condition for survival — not in the sense of “I need you for now, so let’s work together.” Rather, it was “We believe in a common cause, so we must stand together.” That kind of unity does not dissolve when the danger is gone, because it is rooted not in fear, but in conviction.
Whether I look at stories of the Long March or at China’s development today, what strikes me is not simply unity itself. What gives unity its power is the shared ideal that enables people to stand together, and the common mission that at critical moments, enables them to rise above the interests of the individual, of groups, and even of political parties.
Wang Xiaohui:
From the arduous trails of the Long March to the contemporary journey of national rejuvenation, when a group of people or a whole nation stand united around common ideals, they will always arrive at the future they hoped for, no matter how lengthy and winding the road ahead is.
China Mosaic
http://www.china.org.cn/video/node_7230027.htm
Unity: The Convergence of the Three Main Red Army Forces
http://www.china.org.cn/2026-10/20/content_118741729.shtml
View original content to download multimedia:https://www.prnewswire.com/news-releases/unity-the-convergence-of-the-three-main-red-army-forces-302914999.html
SOURCE China.org.cn
Technology
KingClean Debuts at the 140th Canton Fair with One-Stop ODM Solutions for Global Brands
Published
57 minutes agoon
October 21, 2026By
GUANGZHOU, China, Oct. 21, 2026 /PRNewswire/ — KingClean, a global leader in home appliances and cleaning solutions, showcased its latest smart home product line at the 140th Canton Fair, which includes cleaning appliances, kitchen and coffee equipment, drinking equipment, personal care and air comfort products. During the exhibition, KingClean held in-depth discussions with global channel partners at Booths E30–36 and F13–19, Hall 2.2, Zone A.
KingClean showcased over 40 innovative products. The cleaning appliances exhibition area covers cordless stick vacuum cleaners with docking stations, upright 3-in-1 wet-and-dry vacuum cleaner with steam, spot cleaner with steam, cordless mattress cleaners and canister. The kitchen appliance exhibition area showcases products such as cooking robot, commercial blenders, and fully automatic coffee machines. The water & beverage solutions area presents desktop intelligent water purifiers with functions of water purification, sparkling water, ice making, and tea brewing. In addition, KingClean balances personal care with environmental comfort, showcasing water-ion turbofan hair dryers, desktop air purifiers, and smart air circulation fans.
The collaboration between high-performance cleaning equipment and intelligent base stations is the key direction of this exhibition. The exhibits include cordless vacuum cleaners equipped with high-power motors, dust‑cup or dust‑bag docking stations, charging and automatic cleaning functions, as well as floor cleaning vacuum cleaners that integrate functions of steam cleaning, automatic water refilling, and hot air drying. Multiple reference models intuitively demonstrate how the same technology platform can flexibly adapt to different power levels, structural schemes, and accessory configurations.
KingClean also showcased a series of home fully automatic coffee machines, smoothies and ice-making equipment, as well as desktop intelligent beverage purifiers that supported flexible combinations of sparkling water, ice water, tea brewing, and coffee related modules in the beverage area. These exhibits could be further customized based on the customer’s beverage menus, usage frequency, and after-sales mode.
“We connect globally through innovative products, focusing on smart solutions that improve life and strengthen our leadership in the smart home industry” said Nate Yang, Senior Marketing Director at KingClean Electric Co., Ltd.
About KingClean
KingClean was founded in 1994 and is headquartered in Suzhou, China. The company specializes in high-end smart home appliances and mechatronic products, with motor as our core technology.
For more information, visit http://www.kingclean.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/kingclean-debuts-at-the-140th-canton-fair-with-one-stop-odm-solutions-for-global-brands-302914851.html
SOURCE KingClean
Technology
Husqvarna Group: INTERIM REPORT JANUARY – SEPTEMBER 2026
Published
57 minutes agoon
October 21, 2026By
STOCKHOLM, Oct. 21, 2026 /PRNewswire/ —
Consistent strategy execution in a continued challenging market
Third quarter 2026
Net sales decreased organically by 5%.Net sales decreased by 2% to SEK 9,012m (9,204), and included a positive impact of 3% from changes in exchange rates.Operating income amounted to SEK -334m (141) and the operating margin was -3.7% (1.5).Items affecting comparability (IAC) amounted to SEK -88m. These were primarily related to the execution of cost-saving initiatives.Excluding IAC, operating income amounted to SEK -246m (140), and the operating margin was -2.7% (1.5).Earnings per share (EPS) after dilution amounted to SEK -0.70 (-0.02) and EPS excluding IAC and after dilution amounted to SEK -0.58 (-0.02).Free operating cash flow was SEK 2,422m (2,423).Net debt was SEK 9.4bn (9.9).
January – September 2026
Net sales decreased organically by 2%.Net sales decreased by 5% to SEK 37,356m (39,184), and included an impact of -3% from changes in exchange rates.Operating income amounted to SEK 2,977m (3,735) and the operating margin was 8.0% (9.5).Items affecting comparability (IAC) amounted to SEK -445m. These were primarily related to the execution of cost-saving initiatives.Excluding IAC, operating income amounted to SEK 3,421m (3,742), and the operating margin was 9.2% (9.5).IEEPA-related tariff refunds of SEK 240m were recognized in COGS during the second quarter.Earnings per share (EPS) after dilution amounted to SEK 3.14 (4.43) and EPS excluding IAC and after dilution amounted to SEK 3.74 (4.44).Free operating cash flow was SEK 4,891m (4,743).
CEO Comment
We are making solid progress on our strategic priorities. Our cost savings program remains on track, recent product launches are receiving encouraging customer feedback, and we are broadening our presence across sales channels. Although these measures have not yet fully offset current market headwinds, they reinforce our confidence in the Group’s long-term competitiveness and prospects.
Financial performance summary
Net sales were SEK 9,012m (9,204), representing an organic decline of 5% in the quarter, primarily driven by continued weakness in Europe. Organic sales in the Husqvarna Forest & Garden Division declined by 10%, sales in the Husqvarna Construction Division were unchanged, while the Gardena Division delivered solid organic growth of 8%. Performance in the Husqvarna Forest & Garden Division was significantly affected by the widespread drought across large parts of Europe and continued weak consumer demand in key markets, including Germany and France. In contrast, strong growth in the Gardena Division’s Watering business highlighted the resilience of our diversified portfolio, gaining market shares in key markets, and the Husqvarna Construction Division has continued good momentum in its aftermarket business. I am also encouraged by continued growth across all three divisions in North America.
Operating income excluding IAC was SEK -246m (140), corresponding to a margin of -2.7% (1.5). The result reflected lower volumes in the Husqvarna Forest & Garden Division, an unfavorable product mix, inventory reductions and cost increases on raw materials and logistics costs. Free operating cash flow was stable at SEK 2,422m (2,423), as lower operating income was offset by changes in working capital, primarily driven by reduced inventories. We further strengthened the balance sheet, reducing net debt to SEK 9.4bn (9.9).
Executing on cost savings while navigating cost headwinds
Our transformative cost savings program remains on track to deliver SEK 3bn in gross savings by the end of 2028. Year-to-date savings reached approximately SEK 935m, including around SEK 305m in the third quarter, driven mainly by sourcing activities and personnel reductions. However, lower volumes, inventory reductions and cost headwinds continue to weigh on profitability. We are responding with targeted price increases, supply chain actions and product cost optimization, which will partly offset these pressures, although near-term headwinds are expected to remain.
We are advancing our asset-light strategy through further outsourcing initiatives. We will transfer production of selected Husqvarna-branded battery handheld products from Europe to Asia, using both our own facilities and external partners to enhance efficiency and competitiveness.
In addition, the ongoing discontinuation of the stone diamond tool business in the Construction Division, the phase-out of our Brastad component factory in the Husqvarna Forest & Garden Division and relocation of selected activities within Gardena’s European manufacturing network are progressing according to plan.
Unlocking the next phase of robotics growth
Our robotic lawn mowing business faced a difficult quarter, with adverse weather, competitive headwinds, and elevated channel partner inventories in Europe constraining demand for Husqvarna- and Gardena-branded products. Although recent performance has fallen short of expectations, we remain the clear market leader and we are confident in our strategy and longer-term development.
The strategic review of the Powered Garden BPU in the Gardena Division is ongoing and we aim to provide an update in the beginning of next year. Our priorities in the Husqvarna Forest & Garden Residential Robotics BPU include expanding our retail footprint and product range across price points and channels, strengthening the robotics organization and development model.
During the quarter, the US became the largest market in terms of sales for our Professional Robotics BPU, driven mainly by continued growth in the golf segment. Upcoming product launches and broader US distribution are expected to further strengthen our competitive position next season. We are also encouraged to be the first robotics company to receive conditional approval from the Federal Communications Commission (FCC) for foreign-produced advanced robotic devices in the US market.
Building a stronger, more competitive Husqvarna Group
We are accelerating change across the Group to create a leaner, more agile and asset-light organization. By challenging established ways of working, simplifying operations and acting decisively, we are strengthening competitiveness and profitability in the longer-term. Significant work remains, but I am confident we are moving in the right direction.
When consumer sentiment recovers, particularly in Europe, we will be well positioned to capture growth and improve earnings.
Glen Instone, CEO
Webcast presentation and telephone conference
A webcast presentation of the Q3 report hosted by Glen Instone, CEO and Patrik Johnson, CFO will be held at 9:00 CEST on Oct 21, 2026.
To view the presentation, please use this link.
The dial-in to the telephone conference (to ask questions):
+46 (0) 8 505 100 31 (Sweden) or +44 203 059 58 63 (UK)
Contact
Emelie Alm, Vice President, Investor Relations
+46 70 514 64 14
Husqvarna AB (publ), P.O. Box 7454, SE-103 92 Stockholm
Hälsingegatan 49, +46 8 738 90 00, www.husqvarnagroup.com
Reg. Nr: 556000-5331
(NASDAQ STOCKHOLM: HUSQ-A) (NASDAQ STOCKHOLM: HUSQ-B)
This report contains insider information that Husqvarna AB is required to disclose under the EU Market Abuse Regulation. The information was submitted for publication, through the contact person set out above, at 07:00 CEST on Oct 21, 2026.
Factors affecting forward-looking statements
This report contains some forward-looking statements. These statements are subject to risks and uncertainties that may give rise to major deviations in the result due to several aspects. These aspects include, among other things: consumer demand and market conditions in the geographical areas and lines of business in which Husqvarna operates, the effects of currency fluctuations, downward pressure on prices due to competition, success in developing new products, outcome of product responsibility litigation and progress in terms of reaching the goals set for productivity and efficient use of capital.
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/husqvarna-group/r/interim-report-january—september-2026,c4412543
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https://mb.cision.com/Main/996/4412543/4328797.pdf
Interim report Q3 2026 Husqvarna Group
View original content:https://www.prnewswire.com/news-releases/husqvarna-group-interim-report-january–september-2026-302915009.html
SOURCE Husqvarna Group
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