The plant is estimated to produce approximately 1,728,000 kWh annually and the customer buys all the electricity that the plant produces for 20 years. The investment in the facility, which will continue to be owned by ASRE, amounts to approximately SEK 10.24 million and construction starts are planned for Q3, 2020.
CEO Stefan Ölander comments:
– We are seeing increased activity in China in the aftermath of the Corona crisis and we look brightly at future business opportunities. We received this order under the exclusive five-year cooperation agreement signed in the spring of 2019 with the Jiangsu Siyang Administrative Committee of Economic Development Zone in Jiangsu Province, on the construction of 500 megawatts (MW) of solar energy capacity (100 MW per year for five years).
For more information contact: Stefan Ölander, CEO Soltech Energy Sweden AB (publ) Tel: 070-739 80 00. E-mail: stefan.olander@soltechenergy.com
The information in this press release is such that Soltech Energy Sweden AB (publ) is to publish according to EU Regulation No 596/2014 on market abuse. The information was provided through the above contact person's publication for publication on April 15, 2020 at. 07:30 CET.
About Soltech Energy Sweden AB (publ)
Soltech Energy is a comprehensive supplier that develops, sells, installs and optimizes solar energy solutions for our customers' needs. The group includes the subsidiaries Advanced Soltech Sweden AB (publ), Soltech Sales & Support, NP Group, Swede Energy Power Solutions, Merasol, Soldags and Takorama. Soltech Energy Sweden AB (publ), is traded on the Nasdaq First North Growth Market under the short name SOLT and has approximately 32,000 shareholders. The company's Certified Adviser is Erik Penser Bank. Phone: 08-463 83 00. Email: certifiedadviser@penser.se. For more information see: www.soltechenergy.com
About the China investment
Soltech Energy's investment in China is conducted in Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd., ASRE, its wholly owned local subsidiaries and Longrui Solar Energy (Suqian) Co. Ltd. The business model consists of financing, installing, owning and managing solar energy installations on customers' roofs in China. The customer does not pay for the plant, but instead commits to purchase the electricity that the plant produces during a 20-year agreement. Ongoing revenue comes from sales of electricity to customers and from various forms of grants per produced kilowatt hour (kWh) of solar energy. The goal is to have an installed capacity of 1,000 megawatts (MW) fully connected to the electricity grid in 2024.
ASRE and Longrui Solar Energy (Suqian) Co. Ltd. are wholly owned subsidiaries of Advanced Soltech Sweden AB (publ). ASAB is 51% owned by Soltech Energy Sweden AB (publ) and 49% by Soltech's Chinese partner, Advanced Solar Power Hangzhou Inc.
In view of the prevailing conditions in the world financial markets as a result of the global spread of the corona virus, ASAB, in consultation with its advisors, has decided to postpone the planned listing of the Company's shares on First North Growth Market until more favorable conditions exist.
The collaboration with Carnegie Investment bank and DNB Markets with the aim of listing the Company's shares on Nasdaq First North Growth Market is firm, and together with the previously announced plan to issue green bonds together with Nordea and DNB Markets, is the Company's financing plan for the continued expansion in China.
With a view to securing growth in China in the short term, ASAB is now evaluating alternative financing options with its advisers.
For more information contact:
Frederic Telander, CEO Advanced SolTech Sweden AB (publ) Tel: 070 – 525 16 03. E-mail: frederic.telander@soltechenergy.com or Stefan Ölander, CEO Soltech Energy Sweden AB (publ) Tel: 070-739 80 00. Email: stefan.olander@soltechenergy.com
The information in this press release is such that Soltech Energy Sweden AB (publ) is to publish in accordance with EU Regulation No 596/2014 on market abuse. The information was provided through the above contact person's publication for publication on March 11, 2020 at. 11:00 CET.
About Soltech Energy Sweden AB (publ)
Soltech Energy is a comprehensive supplier that develops, sells, installs and optimizes solar energy solutions for our customers' needs. The group includes the subsidiaries Advanced Soltech Sweden AB (publ) where the Chinese venture is conducted, Soltech Sales & Support, NP Group, Swede Energy Power Solutions, Merasol Soldags and Takorama. Soltech Energy Sweden AB (publ), is traded on the Nasdaq First North Growth Market under the short name SOLT and has approximately 32,000 shareholders. The company's Certified Adviser is Erik Penser Bank. Phone: 08-463 83 00. Email: certifiedadviser@penser.se. For more information see: www.soltechenergy.com
About the China venture
Soltech Energy's investment in China is conducted in Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd., ASRE, its wholly owned local subsidiaries and Longrui Solar Energy (Suqian) Co. Ltd. The business model consists of financing, installing, owning and managing solar energy installations on customers' roofs in China. The customer does not pay for the plant, but instead commits to purchase the electricity that the plant produces during a 20-year agreement. Ongoing revenue comes from sales of electricity to customers and from various forms of grants per produced kilowatt hour (kWh) of solar energy. The goal is to have an installed capacity of 1,000 megawatts (MW) fully connected to the electricity grid in 2024 by 2023.
ASRE and Longrui Solar Energy (Suqian) Co. Ltd. are wholly owned subsidiaries of Advanced Soltech Sweden AB (publ). ASAB is 51% owned by Soltech Energy Sweden AB (publ) and 49% by Soltech's Chinese partner, Advanced Solar Power Hangzhou Inc.
Josefin Sollander recently comes from Skansen as sponsorship manager and has a past in the financial industry as a marketing and brand strategist, sponsorship manager and event manager at SEB and has also run her own company in the industry.
- For many years I have worked with communication, branding and sponsorship assignments in various forms, both with large companies and in the non-profit sector. Being responsible for the communication at Soltech feels both honorable and exciting. The solar industry is absolutely necessary to reach the global climate goals and to be part of that journey is very inspiring – says Josefin Sollander.
- The market is ready for our solutions both in Sweden and in the other Nordic countries / Europe. Now we take the next step and aim for clearer communication to build our brand even stronger. Josefin has valuable knowledge in the communications field and she will be a key player in our expansion, says Stefan Ölander, CEO Soltech Energy.Josefin Sollander är anställd på Soltech från och med den 1 mars 2020.
For more information, contact:
Stefan Ölander, CEO Soltech Energy Sweden AB (publ) Tel: 070-739 80 00. E-post: stefan.olander@soltechenergy.com.
About Soltech Energy Sweden AB (publ)
Soltech is a comprehensive supplier that develops, sells, installs and optimizes solar energy solutions for our customers' needs. The group includes the subsidiaries Advanced Soltech Sweden AB (publ) where the Chinese venture is conducted, Soltech Sales & Support, NP Group, Swede Energy Power Solutions, Merasol, Soldags and Takorama. Soltech Energy Sweden AB (publ), is traded on Nasdaq First North Growth Market under the short name SOLT and has approximately 32,000 shareholders. The company's Certified Adviser is Erik Penser Bank. Phone: 08-463 83 00. Email: certifiedadviser@penser.se. For more information see: www.soltechenergy.com
January – december 2019
• Consolidated revenues amounted to MSEK 324 (53.7), an increase of 503%.
• The Swedish part of the business increased to SEK 201.4 (11.3) million, an increase of 1,682%.
• Chinese part1 increased sales to SEK 122.6 (48.8) million, an increase of 151%.
• Consolidated operating profit (EBIT) amounted to SEK 49.1 (5.2) million.
• Consolidated earnings before depreciation (EBITDA) amounted to SEK 88.25 (17.6) million.
• Consolidated profit after tax amounted to SEK -33.2 (-15.4) million. Adjusted for one-off and restructuring costs, the result was SEK -25.8 million.
• The Parent Company's net sales amounted to SEK 9.65 M (11.3). Including sales within the Group and other revenues, revenue amounted to SEK 17.2 M (14.3).
• Earnings per share amounted to SEK -0.61 (-0.4).
• Cash flow amounted to SEK 55.3 (1.6) million.
Fourth quarter 2019
• Net sales amounted to SEK 90.7 (18.2) million.
• Operating profit (EBIT) for the period amounted to SEK 10.9 (5.6) million.
• Cash flow for the period amounted to SEK 8.8 million.
After the end of the reporting period
• Acquisition of majority stake in Merasol AB. A B2B solar energy company based in Gothenburg.
• Acquisition of Soldags i Sverige AB. A sales company aimed at the private market.
• Acquisition of majority stake in Takorama AB. A roofing company with solar ambitions and based in Ljungskile.
• Castellum and HSB place orders worth a total of SEK 23.5 million to the subsidiaries Swede Energy and Merasol.
• Niclas Lundin is appointed new CFO and will take office on 25 March 2020.
• ASRE signs cooperation agreement with Rural Credit Cooperation in Hebi Province, which fully expanded during the contract period is expected to yield just over SEK 366 million during the contract period.
• ASRE signs agreements on two major transactions that are expected to yield SEK 77.4 million during the contract period.
• ASAB postpones planned bond issue with Nordea and DNB due to Covid19.
Read the full year-end report as an appendix or via link: https://soltechenergy.com/investerare/finansiella-rapporter-kalender/
For more information contact:
Stefan Ölander, CEO Soltech Energy Sweden AB (publ) Tel: 070-739 80 00. E-post: stefan.olander@soltechenergy.com.
Information in this press release is such that Soltech Energy Sweden AB (publ) will publish according to EU work no. 596/2014 on market abuse. The information was provided through the above contact person's insurance for publication on February 27, 2020 at. 11.00 CET..
Words from the CEO
Dear shareholders and investors!
We are a growing company with big goals
We are a pronounced growth company and compared to 2018 we deliver 503 percent growth at group level and 1 682 percent growth if we only look at the Swedish operations. But we still do not show profit on the last line. A big reason for this is that we have large one-off costs to build the right platform for our expansion. We must invest to build a base that will meet our lofty goals. Another strong contributing reason is that we have too high costs to raise capital for our operations in China and then high current interest costs. When we have clearly built our platform for the future and when we have succeeded in reducing funding costs, the result will be better. When we then add an increased business volume as well as increased synergy effects within the Group, we believe in a good result going forward.
Double share price and number of shareholders.
When we summarize 2019, it is without a doubt our most exciting year ever. It is gratifying to all shareholders that our share price more than doubled during the year. We are also really proud of the confidence all our new shareholders have given us. In 2019, the number of shareholders has increased from around 15,000 to about 32,000. For our owners, we have shown strong growth in our business in China during the year and not least a good result of our acquisition strategy in Sweden.
The solar energy market is unique
Few people are able to work in an industry that in Sweden is expected to double every year. Even in the global perspective, annual growth is good and amounts to about 20 percent. That we also work in the solar energy industry that does good for the world's climate is really what makes us fight further to achieve our goals. We at Soltech, just like our shareholders, want to get a good return on our investment and at the same time do good for the climate.
The solar energy market is in a build-up phase and with many companies selling standard panels, prices are being squeezed which reduces margins. In the standard panel segment, we are investing in volume to continue to be one of the largest on the market. As the crown of the work, we have our building-integrated ceilings and wall panels where we have a better margin. Here we work, among other things, with Vattenfall as a partner.
A combination of standards and our integrated panels will pave the way for good future profitability. In the fall of 2019, we announced our goal of reaching SEK 4.7 billion in sales within five years (2024). It is an aggressive target but fully achievable with our stated acquisition strategy, strong organic growth, our own building-integrated products and a rapidly growing market in Sweden and internationally.
Soltech has always been a company with many small shareholders and it is something we are proud of and cherish. At the same time, it would be a strength message to have a number of institutional investors in the ownership circle. Since the fall of 2019, we have noticed an increased interest from this group both at home, but also from international investors. In line with this, we will examine different sources of funding during the year to create the conditions to achieve our expansion goals.
The acquisition strategy resulted in five new subsidiaries
In late autumn 2018, we launched our acquisition strategy to create a stronger platform of business in Sweden. Both for our own aesthetic and building-integrated products, but also for taking part of the large market for standard surface-mounted solar cells. During quarter one, we acquired the majority of Nyedal Solar Energy, NP Group and Swede Energy. With the help of our successful rights issue in May / June 2019, we continued our work and in September we acquired the remaining 49 percent of Nyedal Solar Energy. Just before Christmas we acquired Soldags and Merasol, where we will take over as owner on January 2, 2020. We begin the 2020 acquisition by presenting on February 25, the acquisition of 70 percent of Takorama AB.
The transformation of traditional industries is changing society
We are driven by doing good business that contributes to a good environment. Being part of and transforming traditional industries is a new dimension that we started with during the year. It is a great satisfaction for us and for the employees of traditional roofing companies, facade companies, electricians and others. to develop their companies in a more environmentally oriented way. With Soltech's financial and knowledge-based support, these companies become sustainable future companies by adding solar energy solutions to their offering. With this strategy, we really change society. Takorama is the first example of this year.
Our business in China
Advanced Soltech, which issues green bonds in Sweden to finance the expansion of solar power plants in China, has grown from 91 megawatts (MW) to 139 MW per year-end 2019. Our new growth plan for a gigawatt (GW) fully connected to the grid in 2024 is firm.
This corresponds roughly to the effect of a nuclear reactor in Forsmark. Regarding the outbreak of the Coronavirus, it is our assessment at present that it will affect Advanced to a limited extent.
Listing of Advanced Soltech (ASAB)
To assist with the planned listing of ASAB on the Nasdaq First North Growth Market during the first half of 2020, ASAB has mandated Carnegie Investment Bank and DNB Markets as advisors. The listing
process is ongoing and follows the plan. All shareholders in Soltech will be informed in good time of the listing by letter.
New graphic profile and website
In December, the parent company changed its graphic profile at the same time as a new modern website was launched. Our strategy is for this new profile to be used by all subsidiaries in the Group, but these will retain their existing names. With a common graphic profile we create a stronger brand awareness which benefits us in both sales and recruitment work.
We are facing the big breakthrough
We have come a bit into this exciting year and the plan is to expand greatly in a market that is really facing its breakthrough. We have the drive, resources, products and timing on our site. Welcome to follow along on the journey.
Sincerely,
Stefan Ölander, CEO
About Soltech Energy Sweden AB (publ)
Soltech is a comprehensive supplier that develops, sells, installs and optimizes solar energy solutions for our customers' needs. The group includes the subsidiaries Advanced Soltech Sweden AB (publ) where the Chinese venture is conducted, Soltech Sales & Support, NP Group, Swede Energy Power Solutions, Merasol, Soldags and Takorama. Soltech Energy Sweden AB (publ), is traded on Nasdaq First North Growth Market under the short name SOLT and has approximately 32,000 shareholders. The company's Certified Adviser is Erik Penser Bank. Phone: 08-463 83 00. Email: certifiedadviser@penser.se. For more information see: www.soltechenergy.com
The solar cell plant will be installed in six different blocks in connection with the refurbishment of the roofs at Brf Grevgården. The plant is prepared for and can be expanded to 382 kW if required. The plant will be divided into three smaller and independent plants per block / yard connected to incoming FerroAmp technology. In the long term, these facilities will be interconnected so that power-sharing can take place and so that the surplus can be used to charge electric cars.
CEO Stefan Ölander comments:
– It's extra fun when a new subsidiary delivers fine business from one of its larger customers, HSB. We are now looking forward to close cooperation between our two west coast companies, Merasol and Takorama. We are convinced that such cooperation will lead to an increased business volume with good profitability for both companies.
For more information contact: Stefan Ölander, CEO Soltech Energy Sweden AB (publ) Tel: 070-739 80 00. E-mail: stefan.olander@soltechenergy.com.
The information in this press release is such that Soltech Energy Sweden AB (publ) is to publish in accordance with EU Regulation No 596/2014 on market abuse. The information was provided through the above contact person's publication for publication on February 26, 2020 at. 13.10 CET.
About Soltech Energy Sweden AB (publ)
Soltech is a comprehensive supplier that develops, sells, installs and optimizes solar energy solutions for our customers' needs. The group includes the subsidiaries Advanced Soltech Sweden AB (publ) where the Chinese venture is conducted, Soltech Sales & Support, NP Group, Swede Energy Power Solutions, Merasol, Soldags and Takorama. Soltech Energy Sweden AB (publ), is traded on the Nasdaq First North Growth Market under the short name SOLT and has approximately 32,000 shareholders. The company's Certified Adviser is Erik Penser Bank. Phone: 08-463 83 00. Email: certifiedadviser@penser.se. For more information see: www.soltechenergy.com
Takorama focuses on flat sealing roofs for the corporate market and has a number of framework agreements with large customers in the business and public sectors. Takorama will be Soltech's second subsidiary on the west coast following the acquisition of Merasol earlier this year. This is Soltech's first company acquisition this year that is not a solar company. There will be more as we believe in transforming eg roofing companies into solar roofing companies. We will take unlisted traditional companies in the roofing, facade and electricity industries, for example, into a listed environment and make them sustainable companies that, in addition to their traditional business, add solar energy. It will build value for our shareholders and at the same time be a strong force in helping to make solar energy a natural part of our energy mix.
The acquisition of Takorama in economic terms:
• All shares in Takorama are valued at SEK 14.5 million and the total acquisition proceeds for 70 per cent of the shares thus amount to SEK 10.15 million.
• The acquisition is paid with an initial cash portion of SEK 4.3 million and newly issued Soltech shares worth SEK 2.03 million (20 percent of the purchase price). After 12, 24 and 36 months, a further total of SEK 3.82 million can be paid out in variable supplementary purchase price if set sales and profitability targets are achieved.
• In the spring of 2023, through an option agreement, Soltech has the option to acquire the remaining 30 percent of the shares in Takorama, or a desired part thereof. The price for the shares under this option is calculated as the average of EBIT in Takorama during the financial years 2020 – 2022 (3 years) multiplied by six (6) multiplied by the percentage acquired.
• The acquisition of Takorama is financed entirely from its own cash and with newly issued Soltech shares.
• Soltech and Takorama's assessment is that the acquisition will contribute about SEK 33 million in sales in 2020 and with a positive operating profit of about 8 – 10 percent.
• From the 2021 fiscal year onwards, Soltech expects continued sales growth with a good operating margin thanks to Takorama adding solar energy to its product range. In addition, synergies within the Group in terms of joint purchasing, marketing, HR and administration will have a positive impact on sales and earnings.
CEO Stefan Ölander in a comment:
– We are pleased to have agreed with Takorama, which is characterized by great drive and deep knowledge. We see great business opportunities as they now add solar energy to their product range. Transforming traditional companies into solar companies is socially beneficial and a good business.
Michael Norrby, CEO Takorama in a comment:
– Takorama has always stood for a high quality and willingness to develop. In recent years, we have seen a significant increase in solar energy inquiries and this step is quite natural. We are sure that the Soltech Group is the right group for us to grow in solar energy.
For more information contact: Stefan Ölander, CEO Soltech Energy Sweden AB (publ) Tel: 070-739 80 00. E-mail: stefan.olander@soltechenergy.com.
The information in this press release is such that Soltech Energy Sweden AB (publ) is to publish in accordance with EU Regulation No 596/2014 on market abuse. The information was provided through the above contact person's publication for publication on 25 February 2020 at. 11.00 CET.
About Soltech Energy Sweden AB (publ) Soltech is a comprehensive supplier that develops, sells, installs and optimizes solar energy solutions for our customers' needs. The group includes the subsidiaries Advanced Soltech Sweden AB (publ) where the Chinese venture is conducted, Soltech Sales & Support, NP Group, Swede Energy Power Solutions, Merasol, Soldags and Takorama. Soltech Energy Sweden AB (publ), is traded on the Nasdaq First North Growth Market under the short name SOLT and has approximately 32,000 shareholders. The company's Certified Adviser is Erik Penser Bank. Phone: 08-463 83 00. Email: certifiedadviser@penser.se. For more information see: www.soltechenergy.com
Swede Energy's technical know-how was crucial to getting the order and a production guarantee will also be provided at the plant. The solar system will be built using the very latest solar cell technology.
Soltech's CEO, Stefan Ölander in a comment:
– We are very pleased with our subsidiary Swede Energy, which has had a very successful 2019 and is now also launching 2020 strongly with this prestige order. It is extra fun that the customer is Castellum, which is one of Sweden's largest and most sustainable real estate companies with 632 properties spread over 4.2 million square meters of office and logistics space in Sweden as well as in Copenhagen and Helsinki.
For more information contact: Stefan Ölander, CEO Soltech Energy Sweden AB (publ) Tel: 070-739 80 00. E-mail: stefan.olander@soltechenergy.com
The information in this press release is such that Soltech Energy Sweden AB (publ) is to publish in accordance with EU Regulation No 596/2014 on market abuse. The information was provided through the above contact person's publication for publication on February 20, 2020 at. 07.15 CET.
About Soltech Energy Sweden AB (publ)
Soltech is a comprehensive supplier that develops, sells, installs and optimizes solar energy solutions for our customers' needs. The group includes the subsidiaries Advanced Soltech Sweden AB (publ) where the Chinese investment is conducted, Soltech Sales & Support, NP-Gruppen, Swede Energy Power Solutions, Merasol and Soldags. Soltech Energy Sweden AB (publ), is traded on the Nasdaq First North Growth Market under the short name SOLT and has approximately 32,000 shareholders. The company's Certified Adviser is Erik Penser Bank. Phone: 08-463 83 00. Email: certifiedadviser@penser.se. For more information see: www.soltechenergy.com
For ASAB, the increased vacancy means that some of ASAB's customers in China will for a period have lower electricity consumption than usual. ASAB can always sell produced and renewable electricity to the grid according to law in China. The consequence is that a certain part of the electricity produced is sold to the electricity grid instead of directly to the customer, with slightly lower revenue per kWh as a result.
The first quarter of the year corresponds to approximately 18% of the year's revenue, as solar radiation is less during the winter season. This in turn means that the potential loss of income (the difference between selling electricity to the electricity grid instead of directly to the customer) comes during a period when ASAB has a smaller part of the year's revenue.
For more information contact:
Frederic Telander, CEO Advanced Soltech Sweden AB (publ) Tel: 070 – 525 16 03. E-mail: frederic.telander@soltechenergy.com or Stefan Ölander, CEO Soltech Energy Sweden AB (publ) Tel: 070-739 80 00. Email: stefan.olander@soltechenergy.com.
About Soltech Energy Sweden AB (publ)
Soltech Energy is a comprehensive supplier that develops, sells, installs and optimizes solar energy solutions for our customers' needs. The group includes the subsidiaries Advanced Soltech Sweden AB (publ) where the Chinese investment is conducted, Soltech Sales & Support, NP-Gruppen, Swede Energy Power Solutions, Merasol and Soldags. Soltech Energy Sweden AB (publ) is traded on the Nasdaq First North Growth Market under the short name SOLT and has approximately 31,000 shareholders. The company's Certified Adviser is Erik Penser Bank. Phone: 08-463 83 00. Email: certifiedadviser@penser.se. For more information see: www.soltechenergy.com
About the China venture
Soltech Energy's investment in China is conducted in Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd., ASRE, its wholly owned local subsidiaries and Longrui Solar Energy (Suqian) Co. Ltd. The business model consists of financing, installing, owning and managing solar energy installations on customers' roofs in China. The customer does not pay for the solar facility, but instead purchases the electricity that the plant produces during a 20-year agreement. Current revenue comes from the sale of electricity to customers and from various forms of grants per produced kilowatt hour (kWh) of solar electricity. The goal is to have an installed capacity of 1000 megawatts (MW) fully connected to the electricity grid in 2024 by 2023.
ASRE and Longrui Solar Energy (Suqian) Co. Ltd. are wholly owned subsidiaries of Advanced Soltech Sweden AB (publ). ASAB is 51% owned by Soltech Energy Sweden AB (publ) and 49% by Soltech's Chinese partner, Advanced Solar Power Hangzhou Inc.
In view of prevailing market conditions due to the corona virus in China, ASAB has decided to postpone the planned issue of green secured corporate bonds. During its “roadshow”, ASAB has met more than 60 investors in Asia and the Nordic countries and is grateful for the time and interest that investors have taken in this transaction.
The cooperation with DNB Markets and Nordea with the aim of issuing green bonds still constitutes, together with the previously announced intention to list ASAB's shares on Nasdaq First North Growth Market, the new financing plan for the continued expansion in China.
The information in this press release is such that Soltech Energy Sweden AB (publ) is to publish in accordance with EU Regulation No 596/2014 on market abuse. The information was provided through the above contact person's publication for publication on January 29, 2020 at. 08:30 CET.
About Soltech Energy Sweden AB (publ)
Soltech Energy is a comprehensive supplier that develops, sells, installs and optimizes solar energy solutions for our customers' needs. The group includes the subsidiaries Advanced Soltech Sweden AB (publ) where the Chinese investment is conducted, Soltech Sales & Support, NP-Gruppen, Swede Energy Power Solutions, Merasol and Soldags. Soltech Energy Sweden AB (publ) is traded on the Nasdaq First North Growth Market under the short name SOLT and has approximately 31,000 shareholders. The company's Certified Adviser is Erik Penser Bank. Phone: 08-463 83 00. Email: certifiedadviser@penser.se. For more information see: www.soltechenergy.com
About the China venture
Soltech Energy's investment in China is conducted in Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd., ASRE, its wholly owned local subsidiaries and Longrui Solar Energy (Suqian) Co. Ltd. The business model consists of financing, installing, owning and managing solar energy installations on customers' roofs in China. The customer does not pay for the solar facility, but instead purchases the electricity that the plant produces during a 20-year agreement. Current revenue comes from the sale of electricity to customers and from various forms of grants per produced kilowatt hour (kWh) of solar electricity. The goal is to have an installed capacity of 1000 megawatts (MW) fully connected to the electricity grid in 2024 by 2023.
ASRE and Longrui Solar Energy (Suqian) Co. Ltd. are wholly owned subsidiaries of Advanced Soltech Sweden AB (publ). ASAB is 51% owned by Soltech Energy Sweden AB (publ) and 49% by Soltech's Chinese partner, Advanced Solar Power Hangzhou Inc.
The plant is estimated to produce approximately 1,728,000 kWh annually and the customer buys all the electricity that the plant produces for 20 years. The investment in the facility, which will continue to be owned by ASRE, amounts to approximately 9.94 million SEK and construction start is planned for Q2, 2020.
CEO Stefan Ölander comments:
– We end the week with another order under the exclusive five-year cooperation agreement signed in the spring of 2019 with the Jiangsu Siyang Administrative Committee of Economic Development Zone in Jiangsu Province, on the construction of 500 megawatts (MW) of solar energy capacity (100 MW per year for five years).
For more information contact:
Stefan Ölander, CEO Soltech Energy Sweden AB (publ) Tel: 070-739 80 00. E-post: stefan.olander@soltechenergy.com
The information in this press release is such that Soltech Energy Sweden AB (publ) have to to publish in accordance with EU Regulation No 596/2014 on market abuse. The information was provided through the above contact person's publication for publication on January 24, 2020 at. 07.15 CET.
About Soltech Energy Sweden AB (publ)
Soltech Energy is a comprehensive supplier that develops, sells, installs and optimizes solar energy solutions for our customers' needs. The group includes the subsidiaries Advanced Soltech Sweden AB (publ) where the Chinese investment is conducted, Soltech Sales & Support, NP-Gruppen, Swede Energy Power Solutions, Merasol and Soldags. Soltech Energy Sweden AB (publ), is traded on Nasdaq First North Growth Market under the short name SOLT and has approximately 31,000 shareholders. The company's Certified Adviser is Erik Penser Bank. Phone: 08-463 83 00. Email: certifiedadviser@penser.se. For more information see: www.soltechenergy.com
About the China venture
Soltech Energy’s investment in China is conducted in Advanced Soltech Renewable Energy (Hangzhou) Co. Ltd., ASRE and Longrui Suqian (LSE). The business model consists of ASRE and LSE financing, installing, owning and managing solar energy installations on customers’ roofs in China. The customer does not pay for the solar facility, but instead commits to purchase the electricity that the plant produces during a 20-year agreement. ASRE’s current revenue comes from the sale of electricity to customers and from various forms of subsidies per produced kilowatt hour (kWh) of solar electricity. The goal is to have an installed capacity of 1000 megawatts (MW) fully connected to the electricity grid in 2024