The shell of a building no longer only has to have an insulating effect. With integrated solar cells in the façade, the property takes advantage of more of the sunrays, while at the same time being given an aesthetically pleasing exterior.

A photovoltaic façade is also a suitable complement to a rooftop photovoltaic system. An example of the combination of roof-mounted solar panels and architect-designed solar cell façade can now be found at Fastpartner’s office property in central Frösunda in Solna.

– We are proud to have designed and installed this beautiful solar façade for Fastpartner. The façade gives the property a building envelope that is not only aesthetically pleasing but also generates renewable solar electricity. It also feels great that several Soltech companies have helped to create an energy-producing property, says Tommie Standerth, CEO of Fasadsystem.

The design of the solar façade is specially adapted to turn the solar panels into the best possible position, but also to ensure that the solar panels are adapted to the rest of the building in terms of design. In the future, the property’s operations will receive solar electricity from both the solar façade and the roof-mounted solar system that Soltech Energy Solutions previously installed.

–This property has now become a forerunner that other property owners and community developers should take a look at. If the aim is to create a cityscape at the intersection of design, sustainability and functionality, solar facades should be a matter of course for every major building project in the future, concludes Tommie Standerth.

Photo: Roger Spetz, Gatun Arkitekter

Over the past five years, Soltech has increased revenues from approximately SEK 50 million to almost SEK 3 billion (the period Q4 2022 to Q3 2023) and is today a Group with 1,000 employees in three countries. The Group's rapid and planned expansion, which has taken place through acquisitions of companies and high organic growth, has entailed major investments and Soltech has according to plan shown red figures during the period. Over the past four quarters, however, profitability has been in focus and has gradually improved.

In November 2019, Soltech communicated a five-year goal of reaching revenues of SEK 4.7 billion in 2024. Given that rapid growth through acquisitions is no longer the main focus, Soltech makes the assessment that the previous revenue target will not be reached in 2024. Soltech's new financial goal is to reach SEK 8 billion by 2028 with an increased profitability target from 8-10 percent to 10 percent (EBITA). During the five-year period, strategic acquisitions will be made when the right opportunity arises.

CEO Stefan Ölander comments on the market outlook and the new financial target:

– Solar energy and all its surrounding products and solutions, such as charging, storage and balancing services, are an obvious industry of the future, according to both national and international analyses. The Soltech Group's comprehensive offering with all these areas and our expertise in roofing, façade and electrical engineering has resulted in a strong position in our three markets. A position we look forward to strengthen to reach our new target of SEK 8 billion in revenues with 10 percent EBITA in 2028.

The energy of the future
Solar energy has taken on an increasingly growing role in the energy market and will continue to be part of the green transition and an important part of the solution to meet the global energy challenges. Solar has the potential to cover 25 percent of Sweden's energy needs in the long term, but today solar only accounts for 1-2 percent.

The market has great potential and will therefore grow strongly. A market where Soltech have a leading part and will continue to keep that position in the future.

The Dutch solar energy company 365zon has once again won a solar energy order for the largest homeowners' association in the Netherlands. The association organizes solar energy auctions to offer its members opportunities to obtain market-leading solar consulting and installation services.

The new contract means that 365zon expects to install solar panels on hundreds of houses during Q1 and Q2 of this year.

– It feels great that we have started 2024 with a good auction win. We are pleased to once again have been given the trust to assist our customers in their sustainability efforts, says Lars Buuts, CEO of 365zon.

– I want to express my congratulations to Lars Buuts and his team who have started this year with an impressive accomplishment. To get renewed confidence from a homeowners association proves that 365zon is considered as a very trustworthy company to cooperate with, says Stefan Ölander, CEO of Soltech Energy.

Soltech Energy had an eventful 2023. The Group has grown to consist of more than 1,000 employees in Sweden, Spain and the Netherlands, and a total of five bolt on-acquisitions were made to strengthen existing companies. An acquisition of an electrical engineering company in the Stockholm area was also carried out.

In terms of operations, a number of major projects were initiated in the Group in which large-scale tech solutions will be delivered to energy companies, property owners and other community builders. In the solar park area, Soltech has a growing portfolio with a potential exceeding 1,000 MWp. This portfolio has been built up in recent years and will be sold off on an ongoing basis, as communicated in July 2023.

Another sign of strength during the year was organic growth. During the interim period January-September, it amounted to a full 41 percent, which testifies to the fact that the subsidiaries are developing in the Group. Together, net sales of more than SEK 2 billion were also delivered in the first three quarters of 2023 with significantly improved profitability.

– Regarding our focus areas of quality, profitability and growth, I look back on 2023 with pride. The fact that organic growth remains high is proof that our companies offer quality and enjoy being part of Soltech. In addition, it contributes to us having four consecutive quarters of improved profitability, which together with our growth creates even better conditions for us in the future, says Stefan Ölander, CEO of Soltech Energy.

Solar energy 2024
Solar energy development continues to make strong progress globally and is predicted to increase even more in 2024. Not least after new EU directives on solar cells on properties and after the conclusions of the UN climate summit COP 28 in Dubai. A historic summit that stated, among other things, that a tripling of renewable energy capacity by 2030 is needed.

In Sweden, solar energy and green technology solutions also progressed. The development of larger solar parks, rooftop installations, charging stations and larger battery storage facilities was strong in 2023 and is expected to grow further in 2024. Regarding the private market, however, the Swedish solar energy industry had a lower growth compared to 2022. This was mainly due to high interest rates and lower electricity prices. Despite this, the number of private installations still increased by almost 100 percent in 2023.

– Many factors indicates that solar will increase sharply, both in Sweden and globally. Not least after COP 28 pointed out the importance of increased investments in renewable energy sources and that we hopefully see falling interest rates in the coming years. As a Group, we are well positioned for the green transition that is now accelerating. We look forward to further consolidating our position as a leading player in the solar energy market during the year, concludes Stefan Ölander.

Three highlights from Soltech Energy 2023

• Entrepreneurs and employees
  In challenging times, we are growing to over 1,000 employees, which is a sign of strength
• The transition to profitability yielded results
  Ahead of 2023, the focus on profitability gradually increased. This resulted in four consecutive quarters of improved profitability
• More large-scale projects and agreements
  In 2023, the Group increased the number of large-scale projects. These include a project development agreement with Norwegian Solgrid with the aim of 300 MW of ground-mounted solar energy, its own 70,000 sqm solar park and several major battery agreements

Three predictions for the solar energy industry in 2024

• The private market is predicted to peak again
  Interest rate cuts are underway in 2024 and 2025. This will have a positive impact on Swedish homeowners' willingness to invest in green energy

• The increase of hybrid solutions
  One of the trends in 2024 is expected to be an increased focus on hybrid solutions that include both solar energy and tech solutions such as large-scale energy storage. The development took off already in 2023 but will now increase further. Through hybrid solutions, larger properties can become their own electricity producers and at the same time support an already strained electricity grid

• Solar panels on large properties can no longer be deprioritized
  Many properties already have solar panels, but even more are still lacking solar panels. To have a chance of meeting the solar energy targets in the EU's Energy Performance of Buildings Directive (EPBD), the pace of solar cell installations must increase significantly. More areas on properties must be used for solar energy solutions and therefore solar facades will become an increasingly important complement

Photo: Soltech Energy/Gustaf Kumlin

The new assignments will be carried out at Catena's properties, where Netonnet, PostNord and Survitec currently operate. All properties will have energy storage of 0.5 MW. Survitec and PostNord will also have roof-mounted solar energy installations installed.

– We are very pleased with the increased confidence we have received from Catena. In November, we agreed on a solution including solar energy, energy storage and roofing contract at one of their logistics properties in Borås. Now we look forward to helping them in the development of three properties in Gothenburg, says Pierre Sahlin, Head of the Solar Energy Department at Takorama Elteknik.

– We are now agreeing on additional solar, re-roofing and energy storage projects with Takorama Elteknik. As a property owner, it is our task to offer long-term sustainable logistics properties and this agreement is an important part of that work, says Jonas Arvidsson, Regional Manager at Catena.

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- and energy storage solutions for private individuals and companies. The company is broadening its operations geographically as a result of high demand for its innovative and profitable installations.

Sud Renovables has now opened up its operations in Palma, Mallorca, but will also offer solar installations to private individuals and companies on the other major islands in the Balearic archipelago.
 
– We are pleased to strategically strengthen our presence in the Balearic Islands. With fantastic solar radiation and a high level of sustainability awareness, not least among the islands' Nordic residents and businesses. It is a place where solar energy is on the rise. It therefore feels very good that Sud Renovables and Soltech now operates in the area under the leadership of Josep Maria Rigo, says Alfred Puig, CEO and co-founder of Sud Renovables.
 
– I would like to warmly congratulate to the opening of the new branch. Sud Renovables is a very well-managed and profitable company that is in the forefront of renewable solutions and is now broadening its operations geographically, which we believe will create great value. Both for the Group but foremost for the continued climate transition in Spain, says Stefan Ölander, CEO of Soltech Energy.
 

COPENHAGEN/STOCKHOLM, 8/12 – Axpo has facilitated a long-term transaction of renewable electricity produced by Soltech Energy Solutions and sold to the Egmont media group. In collaboration the parties have signed a seven-year corporate power purchase agreement for the construction of an 11 MW solar park, developed by Soltech Energy Solutions. The solar park is planned to be operational in the summer of 2024 and will be located in southern Sweden, near Falkenberg.

The installation will annually add around 11 GWh of renewable electricity to the grid, which corresponds to the average consumption of approximately 1,200 Nordic households*. Egmont is the sole purchaser of the renewable electricity, and it will cover 50% of Egmont’s electricity consumption in Sweden and Norway. Egmont has previously entered a PPA for a Danish solar park that started operations mid-2023 and will cover more than 90% of Egmont’s electricity consumption in Denmark.

“When we set our goal of 100% green electricity from 2022, we also wanted to work towards a renewable electricity supply that can make a difference to the energy sector, and to use our size as a group to realize it. This ambition has led us to the unique and exciting collaboration with Axpo and Soltech Energy Solutions. We are proud to be a leader in the media industry when making this type of investments in renewable energy. This agreement is an important part of our ‘Go Greener’ journey,” says Raphaëlle Stewart, Sustainability Manager at Egmont.

Axpo Sverige AB Senior Originator David Eickhoff adds: “Collaboration is key to the energy transition and we’re very happy to announce this success story during a challenging time for the energy markets. Soltech Energy Solution’s green power generation, Egmont’s commitment to a green electricity procurement, and Axpo’s solutions for hedging and trading of energy were all equally important to this deal. By using our expertise and long experience in PPAs we were able to structure the deal to fit the needs of all parties involved.”

“Soltech Energy Solutions is proud to construct this solar park that will contribute to the green transition in Sweden and Norway. The joint project with Egmont and Axpo, both with high sustainability ambitions, feels truly rewarding. Collaborations such as this one serve as a good example for substantial and crucial investments in large-scale solar installations,” says Fredrik A Svensson, Director Utility PV, Soltech Energy Solutions.

Facts

• From 2022, Egmont has set a goal to cover its electricity consumption with 100% green electricity, i.e., electricity from renewable sources.
• Axpo has signed a PPA with Egmont and Soltech Energy Solutions for the construction of a solar park in southern Sweden. Egmont is the sole purchaser of the renewable electricity certificates from the solar park, which will supply an estimated 11 GWh of electricity per year.
• The collaboration between Egmont, Axpo and Soltech Energy Solutions is from the offset for a seven-year period and will cover approximately 50% of Egmont's electricity consumption in Norway and Sweden.
• The solar park will cover an area equivalent to approximately 19 full-size football pitches.
• The term “PPA” stands for Power Purchase Agreement, and it is a contract commonly used in the solar energy industry. A Power Purchase Agreement is a legal agreement between a solar project developer and a buyer (often a utility or business) for the sale of electricity.

* Note: Based on data from Eurostat and national population statistics.

About Egmont
Egmont is a leading Nordic media group focused on storytelling, journalism, and technology. Egmont creates content across media, such as films, TV, cinemas, computer games, magazines, books, education, e-commerce, and agencies. Egmont is behind Story House Egmont, Nordisk Film, TV 2 in Norway, Lindhardt & Ringhof and Cappelen Damm. Egmont is a foundation that donates approx. 100 million DKK every year to support children and young people at risk.

About Axpo
Axpo is Switzerland's largest producer of renewable energy and an international leader in energy trading and the marketing of solar and wind power. Using cutting-edge technologies, Axpo innovates to meet the evolving needs of its customers in over 30 countries across Europe, North America and Asia. Axpo Nordic is part of the Axpo Group. The focus of its business activities in the Nordics is on long-term power supply and purchase agreements. In addition to its PPA business, Axpo Nordic develops bespoke products and associated services for its customers, such as retailers, industry, and producers.

About Soltech Energy
Soltech is a comprehensive supplier that develops, sells, installs and optimizes solar energy solutions for our customers' needs. Soltech Energy Sweden AB (publ), is traded on the Nasdaq First North Growth Market under the short name SOLT and has approximately 80 000 shareholders. The Company’s Certified Adviser is Carnegie Investment Bank AB (publ). For more information see: https://soltechenergy.com/en/

Soltech Energy Solutions is operating in large-scale solar energy solutions and tech solutions such as battery storage for property owners, landowners and major energy companies. The company has over 30 years of experience in creating profitable and sustainable electricity production for commercial properties, not least in the growing logistics property segment.

Soltech already has a solar energy collaboration with Logicenters and has installed a number of solar energy solutions on their properties in Stockholm, Jönköping and Borås for instance. The parties have now signed a new agreement for a roof-mounted solar installation at what will be Frigoscandia's new cooling storage facility in Hyllinge. With an installed capacity of 3.5 MW, the solar panels will produce as much annually as the annual household electricity consumption of about 500 houses.

– It is very gratifying that Logicenters has continued confidence in us, which will now result in another large-scale solar energy installation. It is a logistics property owner with high sustainability ambitions and who sees solar installations like this as an obvious choice, says Elin Höglund, Commercial Manager at Soltech Energy Solutions.

– It feels great that we, together with Soltech and Frigoscandia, have reached the finish line with the construction of another large solar installation. Skåne is the area in Europe with the lowest electricity production in relation to consumption, so it's especially important that we can be involved in supporting the electricity grid in this area – as the property houses a cooling storage, virtually all electricity will be used directly in the building, says Jon Malmsten, Solar Energy Manager at Logicenters.

*household electricity consumption calculated on 5,000 kWh/year.

Soltech Energy Sweden AB (publ) has entered into an agreement with Carnegie Investment Bank AB (publ) regarding the position as Certified Adviser. Carnegie Investment Bank AB (publ) will take over as Certified Adviser on [November 30, 2023].

Annelunds Tak has been part of the Soltech Group since 2020 and offers various types of roofing contracts, sedum roofs and solar installations. A combination that pays off. The strategic investment to transform with the help of Soltech to also offer solar has led to an rapidly increasing turnover. In 2022, sales ended at a record hight of SEK 61 million.

The company has won several new projects and will now help Perssons Träteknik with the construction of a large-scale solar installation, roofing and a green sedum roof in Vårgårda. In addition to the benefits of solar panels and a newly installed roof, sedum cultivation will help the roof to more easily absorb rainwater and capture carbon dioxide.

Annelunds Tak will also assist in the construction and property development Group Skeppsviken with a large roofing project in Mariestad of approximately 50,000 sqm, which will be the company's largest roofing project to date. CEO Mikael Markusson comments on the new business and the advantages of combining solar panels and sedum roofs.

– The investment in solar energy in combination with large-scale roofing has been a successful choice for us. It is also pleasing that one of the projects combines sedum plants with solar panels. Something that creates a fantastic combination that reduces the property owner's electricity bill, increases biodiversity and cleans the air at the same time, says Mikael Markusson, CEO of Annelunds Tak.