The logistics industry is growing fast, at the same time the ongoing electrification of the transport and vehicle industry. But for the industry to be able to reduce its emissions by 70 percent by 2030, it is necessary that the pace of the transition increases. That's why Boxflow and Soltech Energy Solutions are creating the Greenbox Energy concept, which will make it easier for more logistics companies to turn their properties into smart energy hubs.

The technical solution in the concept is that roof-mounted solar panels, energy storage and a speed-charging park are connected behind one and the same grid connection. Together, the energy solution enables the property owner to produce, store and use solar energy in an optimized way. In the project, Boxflow contribute with its logistics expertise and Soltech is the technology developer and supplier.

The property owner does not have to do the initial investment for the installation but instead go with Greenbox Energy who will make the investment through the establishment of a PPA agreement (Power Purchase Agreement), which means that the property owner only commits to buying the electricity that the solar energy solution produces.

– This is an exciting venture that we are very proud of. The concept will make a real difference and make it easier for the industry to switch to electricity driven transports and produce green energy without straining the electricity grid. It feels great that we and Soltech are creating new opportunities for logistics property owners, says Oscar Andersson, CEO at Boxflow.

Benefits for both property owners and the public
The highly efficient charging park, powered by the self-produced electricity, will create great benefits for the property owner's vehicle fleet, but also for the public and visitors. The charging and battery park will also be accessible to the public so that passing commercial traffic and private individuals can charge their vehicles in the speed-charging park.

– Greenbox Energy is well suited for logistics properties that often have large unused roofs, energy-intensive operations, and land where large batteries can fit. This creates good conditions for us as a technical integrator to tie together all energy solutions behind the property owner's existing grid connection and create a business model that benefits both the customer and the society, says Rickard Lantz, Business development manager at Soltech Energy Solutions.

A three-step solution that connects to the same grid connection:

1. Roof-mounted solar panels
By letting a large-scale solar energy solution cover the otherwise unused roof surface, the property owner creates own electricity. The property owner also does not necessarily have to cover the initial investment for the solar installation, Greenbox Energy covers it. The property owner only undertakes to buy the electricity that the solar panels produce through a so-called PPA (Power Purchase Agreement).

2. Batteries that store the energy
The energy storage is charged by the solar panels when the sun is shining and by the electricity grid when prices are low, creating a safe energy reserve of 2 MWh. Not least, this will make the property owner less sensitive to power cuts and contributes to balancing the electricity grid.

3. Highly-efficient charging park
With a highly efficient charging park of between 20-40 charging points, staff, customers, and private individuals passing by can quickly charge their electric vehicles. Something that both contributes to the green transition and strengthens the area's charging infrastructure for both the public and professional traffic.

Visit the website for more information: www.greenboxenergy.se

The Spanish solar energy company Sud Renovables became Soltech's second international acquisition when they became part of the group at the beginning of July this year. The company with approximately 130 employees develops and installs solar energy and storage solutions for private property owners and companies through rooftop solar installations, solar parks, and solar facades.

The company has now constructed and installed what is now Catalonia's largest rooftop solar installation on the rooftop of a cable company in Central Catalonia. Manel Romero at Sud Renovables is proud of the project, which significantly reduces the property owner's electricity costs.

– At Sud Renovables we are very proud to have realized such a great project, which keeps us in the lead for industrial installations of the photovoltaic sector. We are very pleased to help companies save their energy expenditure while also reducing their CO2 footprint, says Manel Romero, CEO & Co-Founder at Sud Renovables.

– Sud Renovables is a very well-run and successful solar energy company, and we are very happy that they became a part of the Soltech Group this summer. We would like to congratulate them on their exciting project, which gives an indication of the great potential of both the company and the Spanish solar energy market, says Stefan Ölander, CEO of Soltech Energy.

365zon is one of the largest solar energy companies on the Dutch market and is primarily focused on solar energy solutions and charging solutions for private individuals, landlords, housing associations and member and consumer organizations for homeowners and tenant- owners. A market that grows every year due to rising electricity prices and a strong desire from the target groups to produce its own electricity.

Now the company has received extended trust from a large housing company organization that manage a larger number of rental apartments. The renewed contract means that 365zon are going to provide approximately 2,500 rental apartments with solar panels.

– It feels very good that we get renewed trust from the housing cooperatives. It shows both that they are organizations that want to drive the green transition, but also proof that we are doing a good job. Now we look forward to helping thousands of tenants take advantage of the sun's rays and reduce their electricity costs, says Levi van de Ven, Managing Director at 365zon.

– 365zon once again shows that their focus on quality and customer satisfaction is paying off. I would like to congratulate the entire company on a large new order that consolidates their position as market leader on the Dutch solar energy market, says Stefan Ölander, CEO of Soltech Energy.

The Dutch solar energy company 365zon was Soltech's first international acquisition when they became part of the Group on April 1 this year. The company is one of the largest solar energy companies on the Dutch market and is focused on solar energy solutions and charging solutions for the consumer market, housing associations and organizations for homeowners and tenant owned apartments.

They have now won a solar energy auction organized by the homeowners' association Vereniging Eigen Huis to offer its members opportunities to obtain high-quality solar energy installations. 365zon was one of the installers that won the assignment, where the participating companies were judged on customer satisfaction, delivery reliability and quality measurements, among others. This means that 365zon will install solar panels on 1,000 houses over the next 6 months.

– We are proud to help Vereniging Eigen Huis with 1,000 solar installations. The win is a proof that we maintain a high level of customer satisfaction and deliver quality services. The assignment is also strategically important for the future, which is great news for the entire 365zon, says Levi van de Ven, Managing Director of 365zon.

– I want to send my warmest congratulations to Levi and the team who landed this prestigious mission. 365zon is a highly valued company in the Soltech Group and deals like this shows the potential of the Dutch solar market, says Stefan Ölander, CEO of Soltech Energy.

Soltech Energy Solutions provides large-scale solar energy solutions and tech solutions for property owners and energy companies among others. The company has over 30 years of experience in creating a profitable and future-proof electricity production for commercial properties, not least in the growing segment of logistics properties.

Seven new agreements have now been signed with the logistics real estate developer Logicenters, which invests heavily in solar energy for its properties. The agreements apply to various solar installations, including one installation with an installed power of 1 MWp, which corresponds to solar installations on approximately 140 houses. The solar energy solutions are to be installed at Logicenters' logistics properties in several locations in the Stockholm area but also in Landskrona, Örebro, Borås and Jönköping.

– We are very happy about the continued trust from Logicenters, which results in several new solar projects. This is completely in line with our ambition to join hands with other community builders who wants to lead the green transition. We look forward to helping with their continued solar energy investment, says Elin Höglund, Commercial manager at Soltech Energy Solutions.

Aiming for a climate-neutral property portfolio by 2028
Logicenters is the logistics part of the property developer NREP and manages over two million square meters of logistics space, and its climate ambitions are high. In 2028, NREP's entire property portfolio, which includes Logicenters' logistics properties, is to be climate neutral. This is to be done, among other things, via climate compensation, environmental certifications, but also by installing even more solar energy installations in the coming years.

– It feels great that we have agreed upon another handful of roof-mounted solar installations on our logistics properties. Solar energy is an important tool for us and our tenants in driving the green transition, but also an opportunity to reduce and obtain predictable energy costs. Logicenters must be at the forefront of renewable energy solutions and this investment is an important part of that work, says Jon Malmsten, Solar energy expert at Logicenters.

The analysts point out that even with the situation with a deteriorating economy in general, Soltech manages to increase the organic growth rate to 44 percent in Q3 and continues to deliver strong growth. At the same time, it is also stated that the share is significantly undervalued at today's level and that there is a large upside.

Here you can read the analysis in its entirety:
https://www.aktiespararna.se/analysguiden/nyheter/analys-soltech-energy-fortsatt-kraftig-tillvaxt

SOLTECH DELIVERS 44% ORGANIC GROWTH

CEO comment:

Soltech's third quarter 2022 shows an impressive organic growth of a whopping 44 percent, which I am very proud of. We don't only acquire companies, by doing so we also develop and enhance growth within the Soltech family. We reach SEK 482.5 million in revenue, which corresponds to 119 percent in growth adjusted for Advanced Soltech. However, we still have negative figures in terms of results, which is something that we have great focus to turn around going forward, not least by increased synergy effects. Soltech should not be an speculative company with low or non-existent revenues.

We will soon exceed 2 MDR in revenue and there are great opportunities for us to achieve increased profitability through synergy effects from this large revenue. Not least are synergies between the companies an even greater focus going forward.

THIRD QUARTER IN BRIEF
• The group's revenues during the quarter amounted to SEK 482.5 (267.2) million, an increase of 81%. Adjusted for Advanced Soltech*, the group's revenue amounted to SEK 482.5 (220.1) million, an increase of 119%

• The group's organic growth amounted to 44% (39%) and was driven by high demand for solar energy solutions.

• The group's earnings before depreciation (EBITDA) amounted to -55.3 (29.3) MSEK. Adjusted for Advanced Soltech*, the group's EBITDA amounted to -59.9 (-6.9) MSEK. EBITDA has been positively affected by results from shares in associated companies with SEK 4.6 million. EBITDA has been negatively affected by profit effects from the Neab group of -44.5 MSEK and, in addition to this, also affected by prevailing component shortages and price increases for construction components. The price increases above all affect the group's fixed price projects that were agreed before the price increases. During the quarter, the group also invested in both new acquisitions and existing subsidiaries, which continued to drive increased costs.

• The group's operating profit (EBIT) amounted to SEK -84.8 (4.6) million. Adjusted for Advanced Soltech*, EBIT amounted to -89.4 (-18.2) MSEK. EBIT has, in addition to the effects on EBITDA mentioned above, been affected by increased depreciation as a result of acquisitions.

• The period's profit after tax amounted to -91.1 (-10.6) MSEK.

• The period's cash flow from operating activities amounted to -33.3 (-116.9) MSEK and has been affected by investments in existing operations and increased inventory levels to secure deliveries to existing projects.

• The period's cash flow for the group amounted to SEK 98.6 (399.6) million. Similar to the previous year, the cash flow has been affected by the completed new issue in the quarter of SEK 186 million (SEK 84 million has been added after the end of the reporting period).

• Earnings per share amounted to -0.90 (-0.19).

• During the quarter, the Neab group contributed with total revenues of -4.7 MSEK and EBIT of -33.5 MSEK. In addition to this, the decided bankruptcy has led to non-recurring costs of -11 MSEK, which meant that the total profit impact from the Neab group and related costs amounted to -44.5 MSEK in the quarter.

• The war in Ukraine has an indirect effect on the group's costs and the price development of the components required for the manufacture of solar cell installations, roof installations, electrical installations, and facades. Soltech has no sales to Russia or Ukraine.

THE FIRST NINE MONTHS IN BRIEF
• The group's revenues amounted to SEK 1,207 (674) million, an increase of 79%. Adjusted for Advanced Soltech, revenue amounted to SEK 1,207 (554.3) million, an increase of 118%.

• The group's organic growth amounted to 39% (42%) and is primarily driven by high demand for solar energy solutions.

• The group's earnings before depreciation (EBITDA) amounted to -124 (50.3) MSEK. Adjusted for Advanced Soltech*, the group's EBITDA amounted to -131.2 (-38) MSEK. EBITDA has been positively affected by results from shares in associated companies with SEK 7.2 million. EBITDA has been negatively affected by profit effects from the Neab group of SEK -71.6 million and has also been negatively affected by the previously mentioned price increases on components. During the year, the group continued to invest in both new acquisitions and existing subsidiaries, which drives increased costs.

• The group's operating profit (EBIT) amounted to -192.6 (-15.6) MSEK. Adjusted for Advanced Soltech*, EBIT amounted to MSEK -199.8 (-67.1) and has, in addition to the above-mentioned effects on EBITDA, been affected by increased amortization of goodwill as a result of acquisitions.

• The period's result after tax amounted to -202.4 (-60.6) MSEK.

• The period's cash flow from operating activities amounted to -146.5 (-72.7).

• The period's cash flow for the group amounted to SEK -87.5 (272.3) million.

• Earnings per share amounted to -1.88 (-0.43).

• In 2022, the Neab group contributed with total revenues of SEK 28.1 million and EBIT of SEK -60.6 million. In addition to this, the decided bankruptcy has led to non-recurring costs of SEK -11 million, which meant that the total profit impact from the Neab group and related costs amounted to SEK -71.6 million.

SIGNIFICANT EVENTS DURING THE THIRD QUARTER
Significant events in subsidiaries:

• The subsidiary Rams El has won two new deals regarding electrical installations for schools in Gothenburg. The order value for the two new projects amounts to SEK 21 million.

• The subsidiary ESSA has received an assignment from the real estate company Örebroporten Fastigheter AB for a facade contract at Stadsbyggnadshuset, where part of the facade consists of building-integrated solar cells. The entire facade is expected to be commissioned in the spring of 2023 and the order value amounts to approximately SEK 23.6 million.

• The subsidiary Soltech Energy Solutions has signed an agreement with the municipal energy company Varberg Energi for a large battery park in Varberg that will contribute to stabilizing the electricity grid and optimizing power output. The total investment for the battery park amounts to upwards of SEK 100 million.

• A long-term electricity trading agreement has been concluded between the municipal energy company Nybro Energi and Soltech Energy Solutions. The agreement involves PPA solutions (Power Purchase Agreements) for large-scale solar installations.

Acquisition:
On July 1, Soltech acquired 100% of the shares in TG's El i Finspång AB and the wholly owned subsidiary Smart Solkraft.

• On 1 September, Soltech acquired 80% of the shares in Kalema E-Mobility AB (E-Mobility) with access on the same day. The acquisition is Soltech's first purely electric car charging company with excellence in electric car charging projects for companies and private individuals but also in solar energy services.

• On 21 September, Soltech acquired 100% of the shares in Takab i Jönköping AB (TAKAB) with access on 3 October. TAKAB has around 30 employees who work from the company's headquarters in Jönköping.

International acquisitions:
On 22 June, Soltech acquired 65% of the shares in the Spanish solar energy company Sud Energies Renovables SL with access on 5 July. This establishes the group in the strongly growing Spanish solar energy market. The acquisition is financed entirely from own cash and with newly issued Soltech shares.

Other:
The board of Soltech Energy AB (publ) decided, with the support of the authorization of the general meeting, to carry out a new share issue of approximately SEK 228 million with preferential rights for existing shareholders and possible over-allotment. The rights issue was oversubscribed, and the company received approximately SEK 270 million before issue costs.

SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD

• On October 14, the Neab Group filed for bankruptcy. At the time of the acquisition, the Neab group was a clear turn-around case that Soltech worked actively to turn around. The overall assessment on the basis of the decision is that the Neab group will be financially insolvent for a long time to come and that there are no conditions to continue the business. Bankruptcy trustees were appointed on 14 October and from this date Soltech no longer has controlling influence over the company. This means that from this date the Neab group will not be consolidated and will not have any financial impact from 2023 onwards. In quarter 3, the Neab group contributed with turnover of -0.2 MSEK and EBIT of -33.5 MSEK and for the first nine months of the year with sales of 36.5 MSEK and EBIT -71.6 MSEK. This also includes restructuring costs as a result of the bankruptcy of SEK 11 million. During the past 12 months, Soltech has worked actively to turn around the financial situation in the Neab group both via additions and via the addition of personnel resources. As a result of the deconsolidation, during the fourth quarter, Soltech will receive an operating income not affecting cash flow of a preliminarily estimated SEK 49 million. Soltech does not expect any further effects or costs from the Neab group in the coming quarters.

• The subsidiary Soltech Energy Solutions has signed an agreement for a roof-mounted solar cell installation that will measure approximately 9,400 square meters and consist of 3,624 solar panels. When completed, the solar cells will have an installed output of 1,975 kWp and will account for an electricity production that covers 30% of the property's electricity needs. The solar cell plant is expected to be commissioned in the spring of 2023.

• On October 28, Soltech Energy Sweden AB acquired 20% of the shares in the subsidiary Takrekond i Småland AB with access on the same day. Soltech Energy now owns 100% of the company and the acquisition of the remaining shares in the company is part of the work to continue strengthening Takrekond's transformation towards becoming a solar roof company.

*Advanced Soltech Sweden AB (ASAB) was separately listed on the Nasdaq First North Growth Market on October 29, 2021, and was thus deconsolidated from the group, which affects the comparative figures for 2021

The quarterly report and other financial reports are available at: https://soltechenergy.com/investerare/finansiella-rapporter-kalender/

Soltech company Soltech Energy Solutions has vast experience with large-scale solar and technology solutions. The company is now starting the installation of what will be a roof-mounted solar installation that will annually produce approximately 6 GWh, which is equivalent to household electricity for approximately 12,000 houses.

The facility's size is made possible by a joint arrangement
The initial investment for the facility itself is covered by the investor Swede Solar. That investment makes it possible to build a larger facility than was originally planned. Postnord will lease a larger area of its roof and gets a facility that produces far more than what the business consumes during parts of the year, without the initial investment. The electricity that is not consumed by Postnord is sold to the overall power grid and contributes to the county's supply of green electricity. The property already today has a grid connection, which means the property supports the electricity grid with the excess of solar electricity that is not going to be used in the property, balancing the grid not weighing it down.

Soltech Energy Solutions CEO Christoffer Caesar is positive about the three-party arrangement, which has made it possible to now install approximately 12 times more solar energy on the property's roof than was originally intended.

– It feels great that we are building one of the largest roof-mounted solar energy installations in the Nordics and the fact that Postnord makes it possible for us to install a much larger facility. This means that they will get a large excess of electricity in the summer but also a larger share of solar electricity in the property during the spring and autumn than a smaller solar energy system would have produced. A perfect way to utilize a roof surface that otherwise would have been unused and of course also supporting the local power grid, says Christoffer Caesar, CEO of Soltech Energy Solutions.

Postnord will buy the electricity they consume through a PPA (Power Purchase Agreement). Meaning avoiding an investment, instead buy electricity for a fixed price in a long agreement, getting a stable price for green electricity over time. The maintenance and operation are left to the owner of the installation, Soltech Energy Solutions, and tenant Postnord can focus solely on their core business instead. This installation will be an important part of the company's sustainability plans.

– We want to contribute to the sustainable development of our industry and an important part is to increase the share of renewable energy in our operations. That is why we are very much looking forward to collaborating with Soltech on the solar energy solution at Malmölandet, our property in Norrköping, which will be one of the largest of its kind in the Nordics, says Nilas Linder, Regional Manager at Postnord TPL.

On October 1, 2020, Soltech acquired 80 percent of Takrekond i Småland. On the same day in 2020, 100 percent of Takrekond i Kalmar was also acquired, which is the second twin of the two Takrekond companies.

Now the remaining 20 percent of Takrekond i Småland is also being acquired. This means that Soltech now owns 100 percent of both companies, which during their time at Soltech have been transformed to also have energy solutions in addition to their core expertise in roofing.

– Takrekond is a highly valued company within the Group. They have made an amazing journey from being a traditional roofing company to now also offering solar energy solutions and they have been involved in several solar energy projects during their time in the group That is why we are happy to acquire the remaining part of the company to further support their transformation journey, says Stefan Ölander, CEO of Soltech Energy.

Transformed into a solar roof company
Takrekond is a leading company in the roofing industry with headquarters in Växjö and Kalmar. With over 30 years of experience, Takrekond is well-known in the region, and they are now being transformed into a solar roof company. Since the start of Soltech, they have helped both new and previous customers with various types of solar energy solutions. The company has a dedicated solar energy project manager and CEO Nisse Jansson sees that this will create even better opportunities going forward.

– Now we have even better opportunities to develop our solar energy offer in combination with our expertise in roofing Being part of the Soltech Group gives us a strength we didn't have before, and I see a very bright future for both Takrekond and for the Group as a whole, says Nisse Jansson, CEO Takrekond.

Borlänge-based E-Mobility offers comprehensive solutions in planning, installation, and operation of large electric car charging stations, associated software for customer management and billing, energy storage and also solar energy solutions. The company has been part of Soltech since September 1, 2022 and has now completed a prestigious order in Dalarna.

E-Mobility has helped the sawmill Fiskarheden with electric car charging for their employees and visitors. Each electric car charger is also equipped with intelligent control of the engine heater outlet.

– This order has been a big project for us and we are grateful for the trust and for good cooperation. Fiskarheden is making a strategic investment and can now offer safe and efficient charging stations for employees and visitors. This will also contribute
to Fiskarheden as an employer as the number of electric cars continues to increase and the demand for electric car charging increases, says Martin Götesson, CEO of E-Mobility.

Charging services for Fiskarheden employees
The society has high demands and a rising need for more electricity and renewable energy. In 2021 alone, the number of electric cars in Sweden doubled. This was a contributing reason for the company to build up its own charging infrastructure at its sawmill in Fiskarheden, a venture that is partly financed by the European Union – NextGenerationEU. Magnus Larsson, CEO at Fiskarheden also sees that employers who want to create attractive workplaces in the future need to be able to offer a smart charging infrastructure.

– We see great advantages in investing in our own charging infrastructure. Society is becoming electrified, and our employees will most certainly drive electric cars in the future. This investment also strengthens us as a company we believe charging stations will become a hygiene factor for employers and property owners as a service to employees in the near future, says Magnus Larsson, CEO of Fiskarheden.