The installation will cover a roof surface area measuring circa 11,000 sq. meters and annually produce circa 1,155,000 kWh. The customer is contractually committed to buying all the electricity the installation produces over the course of 20 years. Over this same period, ASRE receives subsidies from the Chinese authorities based on every kilowatt-hour (kWh) delivered to the customer. Investment in the installation, which continues to be owned by ASRE, amounts to approximately 6.9 MSEK (ca. 0.69 MEUR), and it is expected to be completely installed during January 2019.
CEO Stefan Ölander comments:
” The business situation in China continues to be favorable. And, above and apart from the prospect of good income over a very long period of time, I take pride in the contribution we are making toward the environment. This solar installation alone reduces the charge of 1,155 tons of carbon dioxide into the atmosphere every year (at the rate of 1 kg per kWh). Or considered from another perspective: In effect, this installation is equivalent to planting 110,000 trees (10 trees per m2). ”
For more information, please contact: Stefan Ölander, CEO SolTech Energy Sweden AB (publ.).
Tel: 070-739 80 00, email: stefan.olander@soltechenergy.com
The information contained in this press release conforms to that which SolTech Energy Sweden AB (publ.) is required to make public according to the EU’s regulation 596/2014 concerning securities market abuse. Said information is furnished, via the above-cited contact person’s authorization, for publication on 8 October 2018, 08:00 CET.
SolTech Energy in brief
SolTech Energy develops and sells esthetic, building-integrated solar energy products for all forms of building structures – commercial, public and residential. The products are part of a building’s outer shell, as a roof or wall, with integrated solar cells for the production of electricity. The concern also operates in China, where the business model consists of financing, owning and servicing solar energy installations on the roofs of customer owned facilities, and of selling all the electricity these installations produce. Soltech Energy Sweden AB (publ.) is traded on First North at Nasdaq Stockholm, under the symbol “SOLT” and has over 15,000 shareholders. Also included in the concern are its jointly owned (51%) subsidiaries ASAB in Sweden and ASRE in China. The company’s Certified Advisor is G&W Fondkommission (securities broker). For more information see: www.soltechenergy.com
Investment in China
SolTech’s investment in China is carried out by a jointly owned company, Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd (ASRE), where SolTech owns 51 percent and Advanced Solar Power Hangzhou Inc. (ASP) owns 49 percent. The business model consists of having ASRE finance, install, own, and periodically service solar energy installations mounted on the roofs of customer-owned facilities. The customer does not pay for the installed solar energy unit, but instead undersigns a long-term, 20-25 year contract to buy all the electricity the relevant unit produces. ASRE’s current income comes from the sale of electricity to customers, along with various forms of subsidies based on kWh production. Focus is now concentrated on building a backlog of orders for 2018/2019 and beyond, with the goal of obtaining an installed capacity of 605 MW (megawatts) by the close of 2021, which in 2022 will be set into full operation, generating current annual sales amounting to approximately 1 billion SEK (ca. 100 MEUR).
According to Benders, the roofs of about 30,000 homes are replaced every year and, in addition to roof replacements, there is also the construction of approximately 12,000 new modest single-family houses. SolTechRoof is perfectly suited to customers who wish to have a solar-energy solution that is, at the same time, an esthetically pleasing roof. Moreover, when compared with a roof supporting an unattractive, add-on solar energy unit, SolTechRoof is not only competitively priced, but also raises the value of the house.
Today, the private market for solar energy is dominated by silicon solar cells mounted on top of an existing roof. These installations fall a long way short of esthetically pleasing and many homeowners shy away from compromising the appearance of their home by having them mounted. Sol Tech Energy has – since its very inception – applied itself to the goal of creating esthetic and building-integrated solar energy solutions. Two years ago, SolTech ShingEl was launched – and now comes the launch of its successor, SolTechRoof, which is larger and has an attractive price per installed kvm/watt.
SolTech RooF is environmentally smart and designed from an eco-design perspective. This means, beginning as early as the concept phase, we have consciously worked on ensuring that, when the time comes to replace it, the product will be fully recyclable, which is both climate smart and economical from start to goal. SolTech RooF is constructed to be fully integrated with the roof, with a sub-frame identical that used for common roof tiles. The concept makes production easy and cost-effective to install.
CEO Stefan Ölander comments:
– I am proud and very pleased that we are now launching an optimized successor to SolTech ShingEl, which is built on the same concept, though smaller. Traditional, outside-mounted solar cell units are clearly still selling the most, true. But everyone within the solar energy field, both in Sweden and internationally, agree that esthetic and building-integrated solar cells will very soon be taking large markets shares. We at SolTech Energy stand ready to meet that demand.
For more information please contact: Stefan Ölander, CEO SolTech Energy Sweden AB (publ.).
Tel: 070 -739 80 00, email: stefan.olander@soltechenergy.com
SolTech Energy in brief
SolTech Energy develops and sells esthetic, building-integrated solar energy products for all forms of building structures – commercial, public and residential. The products are part of a building’s outer shell, as a roof or wall, with integrated solar cells for the production of electricity. The concern also operates in China, where the business model consists of financing, owning and servicing solar energy installations on the roofs of customer owned facilities, and of selling all the electricity these installations produce. Soltech Energy Sweden AB (publ.) is traded on First North at Nasdaq Stockholm, under the symbol “SOLT” and has over 15,000 shareholders. Also included in the concern are its jointly owned (51%) subsidiaries ASAB in Sweden and ASRE in China. The company’s Certified Advisor is G&W Fondkommission (securities broker). For more information see: www.soltechenergy.com
The installations will cover a surface measuring circa 17,000 sq. meters (roughly equivalent to 2.5 football fields) and produce circa 2,000,000 kWh annually. The customer is contractually committed to buying all the electricity the respective installations produce over the course of 20 years. During the same period, ASRE receives subsidies from the Chinese authorities, based on every kilowatt-hour (kWh) delivered to the customer. Investment in the installations, which continue to be owned by ASRE, amounts to approximately 10.7 MSEK (ca. 1.07 MEUR). Both installations are expected to be completed during January 2019.
CEO Stefan Ölander comments:
”These orders come under the our previously released annoucement of a five-year cooperation agreement (general agreement) with the local government in the city of JinCheng concerning the installation of 50 MW of solar energy capacity. JinCheng is located southeast of Peking in the ShanXi region, which is one of China’s coal districts. Helping them obtain a more sustainable energy mix is something we are extra proud of.”
For more information, please contact: Stefan Ölander, CEO SolTech Energy Sweden AB (publ.).
Tel: 070-739 80 00, email: stefan.olander@soltechenergy.com
The information contained in this press release conforms to that which SolTech Energy Sweden AB (publ.) is required to make public according to the EU’s regulation 596/2014 concerning securities market abuse. Said information is furnished, via the above-cited contact person’s authorization, for publication on 4 October 2018, 08:00 CET..
SolTech Energy in brief
SolTech Energy develops and sells esthetic, building-integrated solar energy products for all forms of building structures – commercial, public and residential. The products are part of a building’s outer shell, as a roof or wall, with integrated solar cells for the production of electricity. The concern also operates in China, where the business model consists of financing, owning and servicing solar energy installations on the roofs of customer owned facilities, and of selling all the electricity these installations produce. Soltech Energy Sweden AB (publ.) is traded on First North at Nasdaq Stockholm, under the symbol “SOLT” and has over 15,000 shareholders. Also included in the concern are its jointly owned (51%) subsidiaries ASAB in Sweden and ASRE in China. The company’s Certified Advisor is G&W Fondkommission (securities broker). For more information see: www.soltechenergy.com
Investment in China
SolTech’s investment in China is carried out by a jointly owned company, Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd (ASRE), where SolTech owns 51 percent and Advanced Solar Power Hangzhou Inc. (ASP) owns 49 percent. The business model consists of having ASRE finance, install, own, and periodically service solar energy installations mounted on the roofs of customer-owned facilities. The customer does not pay for the installed solar energy unit, but instead undersigns a long-term, 20-25 year contract to buy all the electricity the relevant unit produces. ASRE’s current income comes from the sale of electricity to customers, along with various forms of subsidies based on kWh production. Focus is now concentrated on building a backlog of orders for 2018/2019 and beyond, with the goal of obtaining an installed capacity of 605 MW (megawatts) by the close of 2021, which in 2022 will be set into full operation, generating current annual sales amounting to approximately 1 billion SEK (ca. 100 MEUR).
The installation will cover a roof surface measuring circa 35,000 sq. meters (about the surface area of five football fields) and produce circa 3,675,000 kWh annually. The customer is contractually committed to buying all the electricity the installation produces over 20 years. Over that same period of time, ASRE receives subsidies from the Chinese authorities based on every kilowatt-hour (kWh) delivered to the customer. Investment in the installation, which continues to be owned by ASRE, amounts to approximately 22 MSEK (ca. 2.2 MSEK (0.2 MEUR). It is expected to be completed during December 2018
CEO Stefan Ölander comments:
”Our new customer is a textile factory in Zgangjiagang, which – by Cinese standards – is a small city with about 1.5 million citizens. The city lies 160 kilometers north of Shanghai and we are very pleased about getting more and more customers in this vast region.”
FOR MORE INFORMATION, PLEASE CONTACT: Stefan Ölander, CEO SolTech Energy
Telephone: 070–739 80 00, email: stefan.olander@soltechenergy.com
The information contained in this press release conforms to that which SolTech Energy Sweden AB (publ.) is required to make public according to the EU’s regulation 596/2014 concerning securities market abuse. Said information is furnished, via the above-cited contact person’s authorization, for publication on 24 September 2018, 07:00 CET.
SolTech Energy in brief
SolTech Energy develops and sells building-integrated solar energy products for all forms of building structures – commercial, public and residential. The products are part of a building’s outer shell, as a roof or wall with integrated solar cells for the production of electricity. The concern also operates in China, where the business model consists of financing, owning and servicing solar energy installations on the roofs of customer owned facilities, and of selling all the electricity these installations produce. Soltech Energy Sweden AB (publ.) is traded on First North at Nasdaq Stockholm, under the symbol “SOLT” and has over 15,000 shareholders. Also included in the concern are its jointly owned (51%) subsidiaries ASAB in Sweden and ASRE in China. The company’s Certified Advisor is G&W Fondkommission (securities broker). For more information see: www.soltechenergy.com
Investment in China
SolTech’s investment in China is carried out by a jointly owned company, Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd (ASRE), where SolTech owns 51 percent and Advanced Solar Power Hangzhou Inc. (ASP) owns 49 percent. The business model consists of having ASRE finance, install, own, and periodically service solar energy installations mounted on the roofs of customer-owned facilities. The customer does not pay for the installed solar energy unit, but instead undersigns a long-term, 20-25 year contract to buy all the electricity the relevant unit produces. ASRE’s current income comes from the sale of electricity to customers, along with various forms of subsidies based on kWh production. Focus is now concentrated on building a backlog of orders for 2018/2019 and beyond, with the goal of obtaining an installed capacity of 605 MW (megawatts) by the close of 2021, which in 2022 will be set into full operation, generating current annual sales amounting to approximately 1 billion SEK (ca. 100 MEUR).
ASAB’s business operation is centered on financing the SolTech-concern’s construction of solar energy units in China. These units are installed, owned and periodically serviced by the jointly owned Chinese subsidiary Advanced SolTech Renewable Energy Hangzhou Co. Ltd. (ASRE). ASAB’s income consists of interest earnings paid in on the loans provided to ASRE, or its wholly-owned subsidiaries in China. As security for these loaned out funds, ASAB will have contracted legal claim to underlying assets, which is to say; the solar energy installations, as well as customer receivable accounts, owned by ASRE in China.
SolTech and its Chinese business partner, Advanced Solar Power Hangzhou Inc. (ASP), have thus far, and in proportion to their ownership share – 51 and 49 percent, respectively – invested 190 MSEK of their own capital in ASRE. In August 2018, ASRE’s solar energy installations had a cumulative total capacity equivalent to 52.21 MW coupled to the central electric network. An additional 2.73 MW are under construction. The last installation that ASRE invested in is mounted on the roof of one China’s largest producers of wine and alcohol. The installation covers a surface measuring circa 127,000 sq. meters, or 18 football fields, with an installed effect of 12.7 MW (127,000,000 watts).
The business operation in China is growing. The goal for 2018 is to install 88 megawatts (MW) of solar energy capacity, which corresponds to an investment of approximately 616 MSEK. ASRE has a backlog amounting to circa 24 MW, and a circa 95 MW pipeline project that is periodically being processed. It is to address this backlog and to convert this pipeline to a concrete project that the investment capital is needed.
CEO Stefan Ölander comments:
– The SolTech concern’s new-installation pace is going to accelerate as a result of this financing. And as you’re aware, the more solar energy units we get installed and coupled – the faster we generate long-term, positive cash flow. The potential is immense. As it stands today, SolTech’s installed and income-producing solar energy installations are generating approximately 50 MW more electricity than the just-over 2 MW of installed capacity reported two years ago when ASAB issued its first bond. Investing in ASAB’s bonds, in addition to securing a handsome yield, is investing money where it makes a concrete and highly apparent environmental good: We are helping China replace coal energy with solar energy.
SUMMARY OF THE OFFER
Subscription period: September 24 – October 15, 2018
Denomination and nominal amount: 5 000 SEK per bond. The minimum amount to subscribe is four (4) bonds (20 000 SEK): Thereafter, in increments of one (1) bond.
Interest: 8.25 % annually
Interest due dates: January 15 and July 15, with first payout falling due on January 15, 2019.
Bond release date: November 9, 2018
Bond repayment date: November 8, 2023
Preliminary first trading day: November 12, 2018
Bonds amounting to a sum total value of 150 MSEK are offered within the framework of the offer. However, the bond issue’s maximum value can amount to 300 MSEK (ca. 30 MEUR): The Company intends to allocate Bonds over the amount of 150 MSEK in the event the Offer is oversubscribed. Should the Offer be subscribed to the maximum amount of 300 MSEK, the new issue costs would then amount to approximately 10 MSEK.
The complete prospectus, officially approved by the Swedish Financial Supervisory Authority (Finansinspectionen, FI), as well as a summary of the Offer may be downloaded, as of September 24, 2018, from ASAB’s homepage: www.advancedsoltech.com. In addition, this information can also be accessed for downloading on the homepages of Avanza: www.avanza.se. and Finansinspectionen: www.fi.se. Printed copies of this documentation are also available at the SolTech concern’s office located at Upplagsvägen 1 in Stockholm (Årstaberg).
For more information, please contact:
Frederic Telander, CEO Advanced SolTech Sweden AB (publ.); Tel: 08-441 88 46, email: 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 contained in this press release conforms to that which SolTech Energy Sweden AB (publ.) is required to make public according to the EU’s regulation 596/2014 concerning securities market abuse. Said information is furnished, via the above-cited contact person, Stefan Ölander’s authorization for publication on 20 September 2018, 14:00 CET.
Advanced SolTech Sweden AB (publ) – ASAB
For the express purpose of financing investment in China, the SolTech concern’s parent company and its partner in China, Advanced Solar Power Hangzhou Inc., have formed ASAB. ASAB’s business operation is centered on financing, via making loans to the concern’s companies, solar energy installations in China that are owned and periodically serviced by ASRE or its wholly owned local subsidiaries. As security for said loaned out funds, ASAB holds contractual claim to underlying assets (solar energy installations and customer receivable accounts). The company’s Certified Advisor is Mangold Fondkommission AB, Tel: +46 8 5030 1550. For more info, see: www.advancedsoltech.com.
SolTech Energy Sweden AB (publ) – parent company of the SolTech-concern
SolTech Energy develops and sells building-integrated solar energy products for all forms of building structures – commercial, public and residential. The products are a part of a building’s outer shell, as a roof or wall, for the production of electricity. Soltech Energy Sweden AB (publ.) is traded on First North at Nasdaq Stockholm, under the symbol “SOLT” and has over 15,000 shareholders. Also included in the concern are its jointly owned (51%) subsidiaries ASAB in Sweden and ASRE in China. The company’s Certified Advisor is G&W Fondkommission (securities broker). For more information see: www.soltechenergy.com.
Investment in China
SolTech’s investment in China is carried out by a jointly owned company, Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd (ASRE), where SolTech owns 51 percent and Advanced Solar Power Hangzhou Inc. (ASP) owns 49 percent. The business model consists of having ASRE finance, install, own, and periodically service solar energy installations mounted on the roofs of customer-owned facilities. The customer does not pay for the installed solar energy unit, but instead undersigns a long-term, 20-25 year contract to buy all the electricity and/or thermal heat the relevant unit produces. ASRE’s current income comes from the sale of electricity to customers, along with various forms of subsidies per produced kWh. Focus is now concentrated on building a backlog of orders for 2018-19 and beyond, with the goal of obtaining an installed capacity of 605 MW (megawatts) by the close of 2021, which in 2022 will be set into full operation, generating current annual sales amounting to approximately 1 billion SEK (ca. 100 MEUR).
The installation will cover a roof surface measuring circa 5,000 m2 and annually produce ca. 500,000 kWh. The customer is contractually committed to buying all the electricity the installation produces over the 20-year term. Over the same period, ASRE receives subsidies from Chinese authorities based on every kilowatt-hour (kWh) delivered to the customer. Investment in the installation, which continues to be owned by ASRE, amounts to approximately 3 MSEK (0.29 MEUR). The installation is estimated to be completed during the month of December 2018.
CEO Sefan Ölander comments:
– Shaoxing is a city with 4 million citizens, located in the northeastern section of ASRE’s home-province, Zhejiang. To lend some perspective on the extensive business possibilities in Shaoxing, a Chinese city that most Swedes are totally unaware of, it is four times the size of Stockholm. We continue to expand in China according to plan, with a definitive feeling of strong support from the authorities.
For more information, please contact: Stefan Ölander, CEO SolTech Energy. Tel: 070 739 80 00, email: stefan.olander@soltechenergy.com
The information contained in this press release conforms to that which SolTech Energy Sweden AB (publ.) is required to make public according to the EU’s regulation 596/2014 concerning securities market abuse. Said information is furnished, via the above-cited contact person’s authorization, for publication on 6 September 2018, 08:30 CET.
SolTech Energy in brief
SolTech Energy develops and sells building-integrated solar energy products for all forms of building structures – commercial, public and residential. The products are a part of a building’s outer shell, as a roof, wall or window, containing semi-transparent solar cells for the production of electricity that simultaneously shuts out solar heat. Soltech Energy Sweden AB (publ.) is traded on First North at Nasdaq Stockholm, under the symbol “SOLT” and has over 15,000 shareholders. Also included in the concern are its jointly owned (51%) subsidiaries ASAB in Sweden and ASRE in China. The company’s Certified Advisor is G&W Fondkommission (securities broker). For more information see: www.soltechenergy.com
Investment in China SolTech’s investment in China is carried out by a jointly owned company, Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd (ASRE), where SolTech owns 51 percent and Advanced Solar Power Hangzhou Inc. (ASP) owns 49 percent. The business model consists of having ASRE finance, install, own, and periodically service solar energy installations mounted on the roofs of customer-owned facilities. The customer does not pay for the installed solar energy unit, but instead undersigns a long-term, 20-25 year contract to buy all the electricity and/or thermal heat the relevant unit produces. ASRE’s current income comes from the sale of electricity to customers, along with various forms of subsidies per produced kWh. Focus is now concentrated on building a backlog of orders for 2018 and beyond, with the goal of obtaining an installed capacity of 605 MW (megawatts) by the close of 2021, which in 2022 will be set into full operation, generating current annual sales amounting to approximately 1 billion SEK (ca. 95 MEUR).
Proposals and Decisions
The extraordinary general meeting decided to approve the board of director’s proposals as presented in the notice of the meeting with respect to:
- The decision to appoint a new chairman of the board of directors, Frederic Telander
- The decision concerning a changed subscription period with respect to an earlier decided options program.
The extraordinary general meeting’s protocol, with complete decisions, will be accessible on the company’s website: www.soltechenergy.com
__________________________________________________________________________________________
FOR MORE INFORMATION, PLEASE CONTACT:
Stefan Ölander, CEO SolTech Energy Sweden AB (publ.). Telephone: 070–739 80 00, email: stefan.olander@soltechenergy.com For more information see: www.soltechenergy.com.
The information contained in this press release conforms to that which SolTech Energy Sweden AB (publ.) is required to make public according to the EU’s regulation 596/2014 concerning securities market abuse. Said information is furnished, via the above-cited contact person’s authorization, for publication on 31 August 2018, 11:00 CET.
SolTech Energy Sweden AB (publ) in brief SolTech Energy develops and sells building-integrated solar energy products for all forms of building structures – commercial, public and residential. The products are a part of a building’s outer shell, as a roof, wall or window, containing semi-transparent solar cells for the production of electricity that simultaneously shuts out solar heat. Soltech Energy Sweden AB (publ.) is traded on First North at Nasdaq Stockholm, under the symbol “SOLT” and has over 15,000 shareholders. Also included in the concern are its jointly owned (51%) subsidiaries ASAB in Sweden and ASRE in China. The company’s Certified Advisor is G&W Fondkommission (securities broker). For more information see: www.soltechenergy.com
Strong half-year for SolTech:
- Net sales amounted to 33.4 (vs. 22) MSEK, an increase of 52% as compared with the same period the previous year.
- The concern’s result amounted to 681 KSEK (-11,065 KSEK). Included in these figures are entries of a one-off, non-recurring nature totaling 2.3 MSEK, as well as currency exchange adjustments equivalent to 8.5 MSEK.
- The period’s operating result amounted to -3.8 (-9) MSEK; a 57% improvement as compared with the same period the previous year.
- Earnings per share amounted to -0.06 (-.36) SEK/share. Cash flow amounted to 0.6 (-28.34) MSEK.
- ASRE earnings increased to 13.9 MCNY (18.2 MSEK) – a 116% improvement as compared with the figure of 6.7 MCNY (8.4 MSEK) reported for the same period the previous year – of which 51% is consolidated in the concern.
- Wasa Rör has been a sold off entity as of March 1, 2018.
After the report period’s close:
- Continued stabile growth in China. All told, solar energy installations with a total capacity of 52.21 MW were coupled to the central network in August 2018, as compared with the 18.85 MW capacity coupled to the network at the same time point in 2017. On a rolling 12-month basis, this coupled capacity is estimated to generate approximately 70 MSEK in income annually.
- SolTech Energy’s jointly owned Chinese company ”ASRE” completes the takeover of a record 12.7 MW order placed by JiangSu YangHe Brewery with SolTech’s partner Advanced Solar Power Hangzhou Inc. Over the contract’s 20-year term, cumulative income is estimated to amount to approximately 276 MSEK.
- SolTech Energy’s Board of Directors appoints the Company’s current Chairman of the Board, Stefan Ölander, the new CEO of the Company effective as of August 31, 2018. At the same time, at the extraordinary general meeting the Board will propose that the current CEO, Frederic Telander, take over the role of Chairman of the Board of Directors, also to be effective as of August 31, 2018.
- Introduction of SolTech’s Chinese business operation on the Stock Exchange, with Advanced SolTech Sweden AB (publ.) ”ASAB” as the proposed parent company, is planned to be carried out in the late fall of 2019. This timeframe constitutes a postponement of previous information citing the second quarter of 2018, which was released earlier in a press massage.
Read the report in its entirety
For more information, please contact:
Frederic Telander, CEO SolTech Energy Sweden AB (publ.). Tel: 08-441 88 46, email: frederic.telander@soltechenergy.com
The information contained in this press release conforms to that which SolTech Energy Sweden AB (publ.) is required to make public according to the EU’s regulation 596/2014 concerning securities market abuse. Said information is furnished, via the above-cited contact person’s authorization, for publication on 24 August 2018, 09:00 CET.
SolTech Energy Sweden AB (publ.) – parent company of the SolTech concern
SolTech Energy develops and sells building-integrated solar energy products for all forms of building structures – commercial, public and residential. The products are a part of a building’s outer shell, as a roof, wall or window, containing semi-transparent solar cells for the production of electricity that simultaneously shuts out solar heat. Soltech Energy Sweden AB (publ.) is traded on First North at Nasdaq Stockholm, under the symbol “SOLT” and has over 15,000 shareholders. Also included in the concern are its jointly owned (51%) subsidiaries ASAB in Sweden and ASRE in China. The company’s Certified Advisor is G&W Fondkommission (securities broker). For more information see: www.soltechenergy.com
ASAB’s function within the SolTech concern is to finance the business operation in China, which is carried out by its fellow subsidiary Advanced SolTech Renewable Energy Hangzhou Co. Ltd. (ASRE).
The period’s result after tax amounts to 6,685 KSEK, as compared with -993 KSEK reported for the same period the previous year. The primary reason for the result improvement lies in the effect of currency exchange on receivables outstanding in Euros where their reported value is accounted for at the exchange rate applicable on the closing day of the balance sheet, as opposed to previous accounting reports that used the acquisition cost method. Total balance sheet assets amounted to 222,294 (67,731) KSEK and the company’s own assets to 11,891 (3,482) KSEK.
The next report will be presented in connection with SolTech Energy’s press release of unaudited financial statements on February 21, 2019.
The period’s result and the company’s status:
- The period’s result amounted to 6,685 (.993) KSEK.
- Net interest for the period amounted to 318 (70) KSEK.
- Cash flow amounted to 6,319 (-196) KSEK.
- Receivables for the foreign fellow subsidiary amounted to 193,545 (57,940) KSEK.
- Interest-bearing debt amounted to 191,549 (62,167) KSEK.
- Liquid funds at the period’s close amounted to 6,853 (2,286) KSEK.
Interest to bond holders has been paid, in accord with the terms of the bonds, in January and July 2018
Read the report in its entirety
For more information, please contact:
Frederic Telander, CEO Advanced SolTech Sweden AB (publ) and SolTech Energy Sweden AB (publ). Tel: 08-441 88 46, email: frederic.telander@soltechenergy.com
The information contained in this press release conforms to that which SolTech Energy Sweden AB (publ.) is required to make public according to the EU’s regulation 596/2014 concerning securities market abuse. Said information is furnished, via the above-cited contact person’s authorization, for publication on 23 August 2018, 08:00 CET.
Advanced SolTech Sweden AB (publ.) – ASAB
For the express purpose of financing investment in China, the SolTech concern’s parent company and its partner in China, Advanced Solar Power Hangzhou Inc., have formed ASAB. ASAB’s business operation is centered on financing, either through making loans to or directly investing in the concern’s companies, solar energy installations in China that are owned and periodically serviced by ASRE or its wholly owned subsidiaries. As security for said loaned out funds, ASAB holds legal claim to underlying assets (solar energy installations and customer receivable accounts). The company’s Certified Advisor is Mangold Fondkommission AB. For more info, see: www.advancedsoltech.com.
SolTech Energy Sweden AB (publ.) – parent company of the SolTech concern
SolTech Energy develops and sells building-integrated solar energy products for all forms of building structures – commercial, public and residential. The products are a part of a building’s outer shell, as a roof, wall or window, containing semi-transparent solar cells for the production of electricity that simultaneously shuts out solar heat. Soltech Energy Sweden AB (publ.) is traded on First North at Nasdaq Stockholm, under the symbol “SOLT” and has over 15,000 shareholders. Also included in the concern are its jointly owned (51%) subsidiaries ASAB in Sweden and ASRE in China. The company’s Certified Advisor is G&W Fondkommission (securities broker). For more information see: www.soltechenergy.com
Investment in China
SolTech’s investment in China is carried out by a jointly owned company, Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd (ASRE), where SolTech owns 51 percent and Advanced Solar Power Hangzhou Inc. (ASP) owns 49 percent. The business model consists of having ASRE finance, install, own, and periodically service solar energy installations mounted on the roofs of customer-owned facilities. The customer does not pay for the installed solar energy unit, but instead undersigns a long-term, 20-25 year contract to buy all the electricity and/or thermal heat the relevant unit produces. ASRE’s current income comes from the sale of electricity to customers, along with various forms of subsidies per produced kWh. Focus is now concentrated on building a backlog of orders for 2018 and beyond, with the goal of obtaining an installed capacity of 605 MW (megawatts) by the close of 2021, which in 2022 will be set into full operation, generating current annual sales amounting to approximately 1 billion SEK (ca. 95 MEUR).
Background
ASAB’s owners, SolTech and Advanced Solar Power Hangzhou Inc. (ASP), find that, in today’s situation, alternative financing solutions for the Chinese operation are more favorable than an issue of shares with attendent listing. A wait and see policy has also provided time for the building of an even more solid platform to base the introduction on, with both sales as well as profits having risen notably higher. ASAB’s introduction on the stock exchange will aim to facilitate the further financing of growth in China, partially by the separate, ongoing development of SolTech and ASP’s respective operations, and partially by creating better transparency and comprehension of the Chinese business operation.
Follow up of the financing strategy from October 2017
The result of SolTech’s financing strategy that was released in October 2017 is as follows:
Over the period 9 January–18 July 2018, SolTech’s Chinese business operation, Advanced SolTech Renewable Energy Hangzhou Co. Ltd. (ASRE), has coupled solar installations with a sum total capacity equivalent to 15.5 megawatts (MW) to the central electric network, and has also taken over a 12.7 MW installation from SolTech’s Chinese partner ASP. As of this writing, ASRE now has a total capacity of 52.21 MW coupled to the electrical network in China. On a cumulative, 12-month rolling basis, this capacity generates income amounting to approximately 70 MSEK (7 MEUR) annually. In addition, ASRE has 2.73 MW under construction, a backorder log totaling 25.24 MW, and a 95 MW pipeline project that is continuously being worked on.
To date, the above capacity has been financed as outlined below
The jointly owned (51% SolTech and 49% ASP) Swedish subsidiary ASAB carried out, during the spring of 2018, its first new bond issue with proceeds amounting to 65.5 MSEK, whereof 6.1 MEUR (ca. 58.5 MSEK) were loaned out to ASRE
- In the identically proportioned, jointly held Chinese company, ASRE, SolTech and ASP have thus far, and in proportion to their ownership, invested 19 MEUR (ca. 180 MSEK) of their own capital that was provided to ASRE.
- During the first quarter of 2018, ASAB carried out a new green bond issue directed to the general public amounting to 128 MSEK. These funds have been loaned out to ASRE.
- Instead of the above-discussed introduction of ASAB on the stock exchange during the second quarter of 2018, an additional green bond, amounting to 148 MSEK, was issued to the general public. The major portion of the liquidity afforded by this issue was furnished to ASRE. A smaller, remaining portion is under registration in China and will soon be provided without restriction.
- In addition, ASRE has obtained loans totaling 34 MSEK from the Bank of China and negotiations with a further number of Chinese bankers and credit institutions are ongoing.
The financing strategy in place up to the late fall of 2019
ASRE intends to finance the remaining part of 2018’s capacity goal, as well as 2019’s, by:
- Continuing the issue of green bonds in ASAB, as they have proven to be very successful.
- Additional bank loans.
- Selling selected parts of the installation portfolio in accord with previously announced strategy.
- Direct injections of capital in ASRE, which are primarily expected to come from the above-discussed stock exchange listing of ASAB.
It is the Board of Directors’ judgment that, with implementation of the above financing measures, the stock market value of SolTech should develop in a positive direction, more specifically; in pace with the increased sales and profit of the Chinese business operation – but also: As the commercialization of SolTech ShingEl and other SolTech products starts to speed up, so too should the company’s stock market value.
For more information, please contact: Frederic Telander, CEO SolTech Energy och Advanced SolTech Sweden. Tel: 08-441 88 46, email; frederic.telander@soltechenergy.com
The information contained in this press release conforms to that which SolTech Energy Sweden AB (publ.) is required to make public according to the EU’s regulation 596/2014 concerning securities market abuse. Said information is furnished, via the above-cited contact person’s authorization, for publication on 15 August 2018, 10:00 CET.
SolTech Energy in brief
SolTech Energy develops and sells building-integrated solar energy products for all forms of building structures – commercial, public and residential. The products are a part of a building’s outer shell, as a roof, wall or window, containing semi-transparent solar cells for the production of electricity that simultaneously shuts out solar heat. Soltech Energy Sweden AB (publ.) is traded on First North at Nasdaq Stockholm, under the symbol “SOLT” and has over 15,000 shareholders. Also included in the concern are its jointly owned (51%) subsidiaries ASAB in Sweden and ASRE in China. The company’s Certified Advisor is G&W Fondkommission (securities broker). For more information see: www.soltechenergy.com.
Advanced SolTech Sweden AB (publ) – ASAB For the express purpose of financing investment in China, the SolTech concern’s parent company and its partner in China, Advanced Solar Power Hangzhou Inc., have formed ASAB. ASAB’s business operation is centered on financing the construction of solar energy installations in China that are owned and periodically serviced by ASRE or its wholly owned subsidiaries. As security for said loaned out funds, ASAB holds contractual claim to underlying assets (solar energy installations and customer receivable accounts). The company’s Certified Advisor is Mangold Fondkommission AB. Tel: +46 8 5030 1550. For more info, see: www.advancedsoltech.com.
Investment in China
SolTech’s investment in China is carried out by a jointly owned company, Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd (ASRE), where SolTech owns 51 percent and Advanced Solar Power Hangzhou Inc. (ASP) owns 49 percent. The business model consists of having ASRE finance, install, own, and periodically service solar energy installations mounted on the roofs of customer-owned facilities. The customer does not pay for the installed solar energy unit, but instead undersigns a long-term, 20-25 year contract to buy all the electricity and/or thermal heat the relevant unit produces. ASRE’s current income comes from the sale of electricity to customers, along with various forms of subsidies per produced kWh. Focus is now concentrated on building a backlog of orders for 2018 and beyond, with the goal of obtaining an installed capacity of 605 MW (megawatts) by the close of 2021, which in 2022 will be set into full operation, generating current annual sales amounting to approximately 1 billion SEK (ca. 95 MEUR).