Fasadsystem i Stenkullen have been part of the Soltech Group since 2020. They offer different types of solar facades and roof-mounted solar energy solutions, in addition to the core competence in façade contracting as well as glass and aluminum work. The company is now broadening its product offering as it launches its innovation consisting of mobile and foldable solar panel modules.

What distinguishes Fasadsystem’s new solar solution from other similar products is that the solar module is foldable. This creates great advantages when storing the solar modules and when transporting them to the next construction site or modular building.

– We see a great demand from companies in the modular property industry to be able to offer a solar energy concept to their customers. The construction industry also wants to reduce its climate impact, and solar energy solutions on construction sheds are a smart alternative. I am convinced that our customers will appreciate that the product is foldable, which is convenient when it comes to inventory management and transport of the solar modules, says Daniel Christiansen, solar energy manager at Fasadsystem.

Increased sustainability requirements from municipalities and companies
In addition to Fasadsystem’s new solution being offered to construction companies, whose construction sites are often major consumers of electricity, demand is also increasing among rental companies of modular properties. The reason for this is, among other things, increased sustainability requirements from the modular building rental companies’ customers, who are often found in the public sector. A sector with increasingly high sustainability goals. Private companies have also raised their sustainability ambitions, which is why the requirements for modular and temporary buildings are also increasing.

– When we talk to companies in the modular property industry, we experience two clear wishes. Both the desire to find new and sustainable offerings to reduce their own and their customers’ environmental impact, but also the demand for flexible and easy-to-use products. I think our new solar innovation meets both sides and we at Fasadsystem are proud to now launch a new green product on the market for construction sheds and temporary buildings, concludes Daniel Christiansen.

This is how Fasadsystem’s mobile and foldable solar modules work:

• Flexible for different modular building sizes
• Rotatable depending on direction
• No impact on the roof surface
• Foldable for easy transport
• Cost-effective in inventory management and storage
• Inverters, cables and transport racks included
• Manufactured in Fasadsystem’s factory in Gothenburg with the possibility of at least 75% recycled aluminium

The solar energy company Sud Renovables became part of the Soltech Group in 2022. The company, with approximately 150 employees, is active in solar energy and storage solutions. The projects often consist of large-scale solar cell facades, roof-mounted photovoltaic systems, floating installations but also solar energy and energy storage solutions for private individuals and companies.

The company is now installing one of its largest projects to date. These are large-scale solar energy solutions consisting of several types of installations on and around a logistics property in Amposta in Catalonia.

More than 8,400 panels and an installed capacity of 4.7 MW are currently being installed on the roofs of the properties, in a directly connected ground-based solar park and on the roofs of the property’s parking lots. The solar panels on the parking roofs will provide the employees’ electric cars with electricity through EV charging points that are also installed by the company.

– Sud Renovables is proud to be able to help Saica with several innovative installations. In this project, the space is used to the maximum so that we can install as many solar energy solutions as possible. The warehouse will soon be largely powered by solar energy and the staff’s electric cars will be charged using the sun’s rays, says Alfred Puig, CEO of Sud Renovables.

Solar energy on the rise in Spain
The Spanish solar energy market has been one of Europe’s fastest growing markets for years. In addition to good solar radiation, the combination of political easing and high electricity prices creates very good conditions for solar energy players in the country. The Spanish government also aims to significantly increase the share of renewable energy in the coming years and in 2023 alone, the share of solar energy in Spain’s energy mix increased from 10.1 percent to 14.6%. *

– It feels both good and important that the share of solar energy in the Spanish energy mix is increasing. As a company, we are strongly equipped to meet the demand for all types of installations, regardless of whether they are on roofs, façades, land or on water, concludes Alfred Puig.

* https://reglobal.org/outlook-for-solar-power-development-in-spain-france-and-greece/

Comment from Soltech’s Chairman of the Board, Mats Holmfeldt:

– In recent years, Soltech has grown significantly through acquisitions and organic growth and built a leading Group with strong diversified operations and a turnover in 2023 of almost SEK 3 billion in three countries. I would like to thank Vivianne Holm for her efforts during her two years as a board member of Soltech Energy AB.

As announced earlier today, the Board of Directors has decided to appoint Soltech’s COO Patrik Hahne as the new CEO of Soltech Energy with start April 2, 2024.

Comment from Soltech’s CEO, Stefan Ölander:

– Five years ago, a new strategy was set with the goal of becoming one of the largest companies in the solar energy industry. The business has been focused on being a full-service supplier of solar energy and related businesses. This has been achieved through the acquisition of approximately thirty companies in the solar energy, roofing, electrical engineering, and façade industries. With Soltech’s support, we transform the traditional companies into sustainable companies of the future by adding solar energy solutions to their offering. With this strategy, Soltech has grown both organically and through acquisitions to be a group with approximately SEK 3,000 million in revenue, a positive EBITA and approximately 1,000 employees in three markets in 2023. It therefore feels like a natural time for a change of CEO. I have a strong belief in Soltech’s vision and strategy and my commitment to Soltech is long-term. I will remain as one of the largest shareholders in Soltech and my intention is to take on the role of Chairman of the Board if the Annual General Meeting entrusts me to take it on. I also hope to get the boards mandate to work part time with acquisitions, financing as well as brand and communication issues, in addition to the role as chairman.

Soltech has grown significantly through both acquisitions and organic growth over the past five years and is today a leading company in the solar energy industry. After a fast-growing acquisitionjourney and with new financial targets for the Group, communicated in January 2024, the time is suitable for a CEO succession.

Patrik Hahne, who has held the position of COO at Soltech for three years, has been appointed as the new CEO of Soltech effective April 2. Patrik has extensive experience in business management from a number of different CEO and board positions in Sweden, the Nordic region and Asia. Patrik is an engineer with extensive experience of business development in companies bordering green technology and entrepreneurship and has worked for almost twenty years in the Addtech Group, among others as CEO of several of the company’s subsidiaries. Patrik also has extensive experience of both acquisitions and onboarding, as well as of working to extract synergies between subsidiaries.

Comment from Soltech’s COO, Patrik Hahne:

– It is with humble gratitude and great commitment that I take on the assignment as CEO. I feel proud to have been entrusted to lead Soltech with its’ fantastic business and employees who have enabled the company’s growth journey. It feels especially inspiring to work with Soltech’s continued development with a strong focus on quality, full-service business solutions, and profitable growth, as well as creating value for our customers and owners, and being an important part of the green transition.

Patrik Hahne succeeds Soltech’s current CEO Stefan Ölander, who will remain as a board member of Soltech. Stefan has been the CEO of Soltech since 2018. Five years ago, a new strategy was set with the goal of becoming a leading company in the solar energy industry. Under Stefan’s leadership, the business has focused on becoming a full-service supplier of solar energy and related businesses. This has been achieved through the acquisition of some thirty companies in the solar energy, roofing, electrical engineering, and facade industries. With Soltech’s support, the traditional companies have been transformed into sustainable companies of the future by adding solar energy solutions to their offer. With this strategy, Soltech has grown both organically and through acquisitions to 2023 being a Group with approximately SEK 3 billion in revenue, a positive EBITA and with close to 1,000 employees in three markets.

Comment from Soltech’s CEO, Stefan Ölander:

– In January, we communicated new five-year financial targets for the Group, and it therefore feels like a natural time for a change of CEO. I have a strong belief in Soltech’s vision and strategy and my continued commitment to Soltech is long-term, and I will remain as a board member and as one of the company’s largest shareholders”.

Comment from Soltech’s Chairman of the Board, Mats Holmfeldt:

– Under Stefan’s leadership, Soltech has grown significantly through acquisitions and organic growth. The past four years have been challenging with the pandemic and its effects on the world around us and businesses, followed by increased geopolitical uncertainty and challenging macroeconomic conditions. It has been under tough conditions that Stefan and his team have built a leading Group with a strong diversified business and a turnover of almost SEK 3 billion in three countries. I would like to thank Stefan for his efforts and now look forward to Patrik continuing to develop Soltech’s business with a strong focus on quality, total solutions, organic growth, and profitability.

Soltech Energy Solutions is one of the Soltech Group’s companies within tech solutions such as advanced energy systems, energy storage and large-scale solar energy solutions. The company has now been commissioned to build another large battery park. The installation will be constructed in Falun and for the municipal energy company Falu Energi & Vatten.

– It feels great to be able to support Falu Energi & Vatten with a tech solution that will contribute with necessary frequency regulation and stabilization. Battery parks like this are an investment that will create value both for the energy company but also for the regional electricity grid, says Zen Dinha, business engineer at Soltech Energy Solutions.

A growing demand
In recent years, Soltech Energy Solutions has established itself as a market leader in large-scale battery parks. An area that is becoming an increasingly important element in the green transition to maintain the important balance between electricity production and consumption.
 
The company’s battery department has, among other things, helped other solar energy companies, municipal energy companies and the transport sector with the design and installation of energy storage as well as subsequent operational maintenance and service.
 
– The share of renewable electricity is increasing in the country, which is great. But with the expansion of unplanned electricity production, the need for stabilizing support services such as batteries also increases. We therefore see that the market for large-scale battery parks will grow further. Not least in combination with, and complement to, already established solar energy installations, says Zen Dinha.
 
Soltech Energy Solutions has, among other things, designed and installed the following battery parks:

• 14 MWh for Varberg Energi
• 2 MWh for Alight
• 4 MWh for Tekniska verken
• 2 MWh for Falkenklev Logistik
• 12 MWh for Nybro Energi 

In 2024, about 65,000 new solar installations are expected in Sweden, according to a new forecast from the Swedish Solar Energy Association. Despite a lower growth rate in the market, Soltech aims to further strengthen its position.

– The solar energy forecast from Svensk Solenergi shows more healthy market levels, and our strength with a well-diversified business is now increasingly evident. By growing in solar and tech and at the same time nurturing our subsidiaries’ original core competencies, we are well positioned and strongly equipped for the future, says Stefan Ölander, CEO of Soltech Energy.

SEK 8 billion with 10 percent profitability
Despite the challenging macroeconomic situation, the Group has a positive outlook for 2024 and the coming years. The transformation of traditional companies into solar companies continues and a strategic review of the ownership in Gigasun (formerly Advanded Soltech) is being conducted. As a market leader in large-scale battery parks and with more than 2,000 MWp in the solar park portfolio, Soltech continues to deliver on the stated strategy with a focus on profitability and organic growth.

– Soltech’s management’s main priority now and in the future is quality, profitability and growth. Both by continuing to develop our 22 companies, but also by continuously evaluating all measures that can increase shareholder value. We will continue to deliver on our long-term strategy with the aim that the Soltech Group has a turnover of SEK 8 billion with a profitability of 10 percent in five years, Stefan Ölander concludes.

Soltech Energy in brief:

• 22 operating companies in solar energy, charging and storage, electrical engineering, façade and roofing
• Approximately 1,000 employees in Sweden, Spain and the Netherlands
• Strong growth of 50 percent in the past year, from SEK 1.9 billion in 2022 to SEK 2.9 billion in 2023
• In 2023, Soltech had sales of SEK 2,904 million with an EBITDA of SEK 128.5 million
• Listed on Nasdaq First North with approximately 75,000 shareholders

Over the past three years, Soltech Energy Solutions has established a business area with a focus on the development of solar park projects, which in most cases also include batteries. The project portfolio includes building rights and land agreements, with the majority of the projects in the development phase being located in the SE4 electricity grid area.

Soltech’s focus when it comes to solar and battery parks is to develop projects, build and manage operation and maintenance. Not in owning the operational parks, with the exception of Soltech’s own battery park in Falkenklev and the solar park in Öringe, which are currently being built and which will contribute with stable revenue streams for Soltech for a long time to come. Therefore, in July 2023, the process was initiated to find an investor with the ambition to become a long-term owner of the rest of the solar park portfolio, and together with Soltech, further develop the portfolio through exploration and, above all, construction.

The development of the portfolio has, of course, continued during the autumn of 2023, and not least the planning and qualification of new projects has been very efficient during the period. As a result, the portfolio now amounts to more than 2,000 MWp, of which approximately 750 MWp is under permitting approval. This means that a significant part of the portfolio’s value is tied to future development, for which Soltech is not in direct need of increased financing. This also means that the mature projects that are in the phase close to construction, and which are best suited for divestment to external investors, now only constitute a small part of the portfolio.

In light of the development that took place during the autumn of 2023, Soltech no longer assesses that a divestment of a majority of the project portfolio, in a single transaction with one and the same investor, is the right way to maximize the value of the assets. Instead, the plan is to divest individual projects such as the solar park in Ramsjöholm that is already under construction, or smaller clusters of other projects, as they reach the right level of maturity. This gives Soltech the opportunity to retain future value potential through continued refinement of the early projects, while selective divestment of mature projects creates long and stable revenues over time from construction, operation, maintenance and support services such as large energy storage solutions.

– Soltech Energy Solutions has quickly built up a business area for solar parks that has a great financial value for the Group and which we now look forward to further developing over time together with several investors with different focuses in terms of degree of maturity and size of solar park projects. Our aim is that this will accelerate the green energy transition as well as Soltech’s growth and profitability in both short and long term, says Stefan Ölander, CEO of Soltech Energy.

CEO’s comments
In the fourth quarter of 2023, despite strenuous market conditions, Soltech reaches net sales of SEK 740.6 million and an EBITDA of SEK 58.1 million. Our cash flow is positive and our liquidity is strengthening. For the full year of 2023, we reach net sales of SEK 2,904 million, which is an increase of 50 percent, and EBITDA is improved to SEK 128.5 million from SEK -19.8 million, compared to 2022.

Our operational business is profitable
We are pleased to be able to maintain high sales and operational profitability for the fourth quarter of 2023, compared with a strong fourth quarter of 2022. Growth is not as aggressive as last year since we have focused on profitability for 18 months and no major acquisitions have been carried out since October 2022.

2024 will be a challenging year, but with the hope of future interest rate decrease and clear rules of the game in the solar market, the underlying need and demand for a green transition and hopefully a more stable global climate , I see upon the future with confidence.

Stefan Ölander
CEO

FOURTH QUARTER HIGHLIGHTS

• Net sales increased by 1% to SEK 740.6m (732.4)

• The Group’s organic growth was -3% (81)

• Adjusted EBITDA amounted to SEK 58.1 (52*) million. The adjusted EBITDA margin was 7.8% (7.1*%). EBITDA of SEK 58.1m (101.4)

• Adjusted EBITA amounted to SEK 41.5 (46.1*) million. The adjusted EBITA margin was 5.6% (6.3*)

• Earnings after tax for the quarter amounted to SEK -120.2 (-59.7) million. Earnings were affected by non-cash effects of write-downs and profit from participations in the associated company Gigasun of SEK 131.9 M (121.3)
• Cash flow from operating activities amounted to SEK 102.4 (-4.9) million. Cash flow for the quarter was MSEK 50.8 (26.7).
• Earnings per share before and after dilution amounted to SEK -0.91 (-0.46)

JANUARY – DECEMBER IN BRIEF

• Net sales increased by 50% to SEK 2,904.4m (1,931.4)
• The Group’s organic growth was 26% (57%)
• Adjusted EBITDA amounted to SEK 128.5 (-8.8*) million. Adjusted EBITDA margin was 4.4% (-0.5*). EBITDA amounted to MSEK 128.5 (-19.8)
• Adjusted EBITA amounted to SEK 75.4 (-41.5*) million. The adjusted EBITA margin was 2.6% (-2.1*%). EBITA of SEK 75.4m (-52.5)
• Earnings after tax for the period were SEK -165.9 (-224.2) million. Earnings were affected by non-cash effects of write-downs and profit from participations in the associated company Gigasun of SEK 156.2 M (114.1)
• Cash flow from operating activities amounted to MSEK 2.3 (-191.3).
• Cash flow for the period was MSEK -62.5 (-60.8)
  
• Earnings per share before and after dilution amounted to SEK -1.25 (-1.73)

Soltech has agreed on a new supplier of quarterly report analyses and will continue to collaborate with Inderes Oyj, which is currently conducting an initiation analysis of Soltech with completion in March. Thus, no report analysis performed by an external analysis house follows Soltech’s year-end report 2023.

Going forward, Inderes will conduct and publish quarterly analysis reports on Soltech.

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

Most recently, Camilla Weiner worked at the communications agency Hallvarsson & Halvarsson, as a senior advisor. Camilla has more than 25 years of experience in implementing change, leading and developing communication, investor relations, sustainability and branding in growth companies and listed multinational companies.

CEO Stefan Ölander comments:

– Soltech has grown significantly over the past five years and we have a need to strengthen the company’s communication and take a clearer grip on our IR efforts in particular. Camilla has a broad experience of communication and brand work in listed companies and I am very pleased to in March welcome Camilla to lead the continued development.