Continued strong development in Q3 – an increase of 380 percent compared to Q3 2018

SolTech Energy is delivering another strong quarter with operating revenues of SEK 87.3 million (18.2 million) and earnings (EBIT) of SEK 15.9 million (5.6) and with an EBITDA of SEK 30 million (9.3). Revenue is 380 percent higher than quarter 3, 2018, which is largely due to our three acquisitions during quarter 1, 2019 and increased business volume in our Chinese operations.

Strong quarter for SolTech:

  • Total operating income, including ongoing work, amounted to SEK 87.3 (18.2) million.
  • Consolidated operating profit (EBIT) amounted to SEK 15.9 (5.6) million
  • Operating profit before depreciation (EBITDA) SEK 30 (9.3) million
  • Profit for the period after financial items and tax was SEK 6.4 (-2) million
  • Cash flow for the period was SEK -76.3 million
  • Earnings per share amounted to SEK 0.13 (0.07)
  • Adjusted for currency effects on foreign leases, the result was -3.5 (-7.5)

Period January 1 – September 30, 2019

  • Total operating income amounted to SEK 236 M (51). An increase of 360 percent
  • Consolidated operating profit (EBIT) amounted to SEK 38.2 (1.8) million
  • Operating profit before depreciation (EBITDA) SEK 68.6 (8.6) million
  • Profit for the period after financial items and tax was SEK -6.2 M (-8.3). Adjusted for currency effects on foreign leases, the result was -11.3 (-17.3)

Significant events

  • Acquisition of the remaining 49 percent in Nyedal Solenergi, which is renamed Soltech Sales & Support AB and takes over responsibility for products, sales and support
  • Continued strong expansion and growth in China
  • The subsidiary, ASAB, now owns 100% of the shares in the Chinese portfolio company ASRE
  • Advanced SolTech appointed Carnegie Investment Bank and DNB Markets as advisors at the planned listing on Nasdaq First North Growth Market, which is scheduled to take place during the first half of 2020

Significant events after the reporting period

  • On October 16, SolTechs ASRE announced its second largest order to date of 12 megawatts in China. Customer is Zhejiang GuXianDao Polyester Dope Dyed Yarn Co. Ltd. and revenues during the 20-year contract period are estimated at approximately SEK 217.6 million
  • New growth plan in China with planned expansion from 605 MW, 2021 to 1,000 MW, 2023

CEO comment:

– Our third quarter shows strength in both Sweden and China. Our subsidiaries have good business acumen and the interest in being part of our group is growing. We look forward to a good fourth quarter, where we reach our goal of SEK 300 million in operating income for the year, and not least an exciting and successful 2020.

The interim report is available at https://www.soltechenergy.com/en/investors/financial-reports/

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 October 24, 2019 at. 14:15 CET.

About SolTech Energy

SolTech Energy develops and sells aesthetic and building-integrated solar energy products for all types of properties – commercial, public and villas. The products are part of an exterior shell of a property in the form of a roof or a wall with integrated solar cells for the production of electricity. The Group also conducts operations in China where the business model consists of financing, owning and operating solar power plants on customers’ roofs and selling all electricity produced. The Group also includes the subsidiaries Soltech Sales & Support, NP-Gruppen and Swede Energy and the jointly owned companies ASAB in Sweden and ASRE in China. SolTech Energy Sweden AB (publ), is traded on Nasdaq First North Growth Market under the short name SOLT and has approximately 31,000 shareholders. Company Certified Adviser Erik Penser Bank Phone: 08-463 83 Email: certifiedadviser@penser.se. More info at: www.soltechenergy.com

SolTech Energy’s joint venture in China, Advanced SolTech Renewable Energy Hangzhou Co. Ltd., ASRE, has signed an order with Zhejiang GuXianDao Polyester Dope Dyed Yarn Co. Ltd. The words refer to the installation of a solar power plant of 12 megawatts (MW) and are expected to generate annual revenue of approximately SEK 10.88 million, or approximately SEK 217.6 million during the 20-year term of the agreement.

The plant will produce approximately 11,640,000 kWh annually. The customer undertakes to purchase all 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 76.8 million and construction start is planned for quarter 1, 2020.

CEO Stefan Ölander comments:
– This is our second largest order so far in ASRE and the facility will cover a roof area corresponding to approximately 17 soccer fields. There is great interest in ASRE’s offer in China and we now have 104.3 MW connected to the grid that generates revenue, 22.5 MW under construction and an order backlog of 31.5 MW. The potential for further orders is good, as we also have framework agreements of 650 MW in three different provinces and a project pipeline of 123 MW that we continuously process. Our goal to reach 605 MW 2021 in installed capacity, which is fully connected to the network 2022, remains firm.

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 October 16, 2019 at. 07.40 CET.

About SolTech Energy Sweden AB (publ)
SolTech Energy develops and sells aesthetic and building-integrated solar energy products for all types of properties – commercial, public and villas. The products are part of an exterior shell of a property in the form of a roof or a wall with integrated solar cells for the production of electricity. The group includes the subsidiaries SolTech Sales & Support, NP-Gruppen and Swede Energy Power Solutions. 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. More info at: www.soltechenergy.com

About the China venture
SolTech Energy’s investment in China is conducted in Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd., ASRE. The business model consists of ASRE financing, installing, owning and managing solar energy installations on customers’ roofs in China. The customer does not pay for the plant, but instead undertakes 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 grants per produced kilowatt hour (kWh) of solar electricity. The goal is to have an installed capacity of 605 megawatts (MW) fully connected to the electricity grid in 2022 by 2021.

ASRE is a wholly owned subsidiary of Advanced SolTech Sweden AB (publ), ASAB, which is 51% owned by SolTech Energy Sweden AB (publ) and 49% by SolTech’s Chinese partner, Advanced Solar Power Hangzhou Inc.

SolTech Energy’s joint venture in China, Advanced SolTech Renewable Energy Hangzhou Co. Ltd., ASRE, has signed an order with JiangSu Xir Sealing Technology Co. Ltd. The words concern the installation of a solar power plant of 800 KW and are expected to generate annual revenues of approximately SEK 780,000, or approximately SEK 15.6 million during the 20-year term of the agreement.

The plant will produce approximately 880,000 kWh annually. The customer undertakes to purchase all electricity that the plant produces for 20 years. The investment in the facility, which will continue to be owned by ASRE, amounts to SEK 5.22 million and construction start is planned for quarter 4, 2019.

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 October 14, 2019 at. 07.30 CET.

 

About SolTech Energy Sweden AB (publ)
SolTech Energy develops and sells aesthetic and building-integrated solar energy products for all types of properties – commercial, public and villas. The products are part of an exterior shell of a property in the form of a roof or a wall with integrated solar cells for the production of electricity. The group includes the subsidiaries SolTech Sales & Support, NP-Gruppen and Swede Energy Power Solutions. 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. More info at: www.soltechenergy.com

About the China venture
SolTech Energy’s investment in China is conducted in Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd., ASRE. The business model consists of ASRE financing, installing, owning and managing solar energy installations on customers’ roofs in China. The customer does not pay for the plant, but instead undertakes 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 grants per produced kilowatt hour (kWh) of solar electricity. The goal is to have an installed capacity of 605 megawatts (MW) fully connected to the electricity grid in 2022 by 2021.

ASRE is a wholly owned subsidiary of Advanced SolTech Sweden AB (publ), ASAB, which is 51% owned by SolTech Energy Sweden AB (publ) and 49% by SolTech’s Chinese partner, Advanced Solar Power Hangzhou Inc.

SolTech Energy Sweden AB (publ) has signed a cooperation agreement with Kraftpojkarna AB for distribution of SolTech ShingEl and SolTech RooF. Vattenfall buys solar energy products from Kraftpojkarna and will offer its customers SolTech’s products starting in Q1 2020.

SolTech is a leader in aesthetic and building-integrated solar cells, which is the roof, not something on the roof. Vattenfall has now chosen to expand its product range with SolTech ShingEl and RooF. This is to provide nationwide customers with a stylish and integrated solar energy solution, which is also a roof you can walk on.
SolTech’s collaboration agreement with Kraftpojkarna also means that their other 300 solar energy customers now have access to SolTech’s products. The power boys are Scandinavia’s largest system distributor in solar energy, charging infrastructure and energy storage and were acquired in March 2019 by OKQ8.

CEO Stefan Ölander in a comment:
– We are very proud that Vattenfall is now choosing our products and look forward to a fruitful collaboration with Kraftpojkarna and Vattenfall. It is too early to comment on volumes, but it can of course be a positive addition to Soltech’s Swedish sales.

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 September 19, 2019 at. 13:30 CET.

 

About SolTech Energy
SolTech Energy develops and sells aesthetic and building-integrated solar energy products for all types of properties – commercial, public and villas. The products are part of an exterior shell of a property in the form of a roof or a wall with integrated solar cells for the production of electricity. The Group also conducts operations in China where the business model consists of financing, owning and operating solar power plants on customers’ roofs and selling all electricity produced. The Group also includes the subsidiaries Nyedal Solenergi, NP-Gruppen and Swede Energy as well as the jointly owned companies ASAB in Sweden and ASRE in China. SolTech Energy Sweden AB (publ), is traded on Nasdaq First North Growth Market under the short name SOLT and has approximately 28,000 shareholders. The Company’s Certified Adviser Erik Penser Bank Phone: 08-463 83 00. Email: certifiedadviser@penser.se. More info at: www.soltechenergy.com

On 9 January 2019, SolTech Energy Sweden AB (publ) acquired 51 percent of the shares in Nyedal Konsult AB, which is the trading company behind the Nyedal Solenergi brand. On August 26, 2019, SolTech now acquires the remaining 49 percent of the shares for a cash settlement of SEK 3.09 million.

 SolTech initiated its acquisition strategy with the acquisition of Nyedal and shortly afterwards acquired the majority in the NP Group and Swede Energy. The acquisition strategy has proved successful and in the spring of 2019, the strategy, which at the same time creates a sales platform for its own products, has become a main focus for SolTech. Following the successful rights issue in May / June 2019, the Company now has the resources needed to increase the acquisition rate.

As a result of this, the Company’s management now looks at the opportunities to move sales, support and product development from SolTech Energy to Nyedal Konsult, which in connection with this will change its name to Soltech Sales & Support AB.

CEO Stefan Ölander in a comment:
– I am sure that the planned reorganization as above is the best for the Group. Both the parent company and our now wholly owned subsidiary can focus on what we are best at. In addition, SolTech makes a really good deal as Nyedal goes better than forecast but we only pay just over 50 per cent compared to what the original agreement had meant when the remaining shares were acquired in two years.

The acquisition of Nyedal in economic terms:

  • SolTech acquires the remaining 49 percent of the shares in Nyedal Konsult AB and thus becomes the owner of all the shares (100%) in the company.
  • All shares in Nyedal were valued at SEK 10 M on January 9, 2019, provided that set sales and profit targets in Nyedal were achieved.
  • The previous acquisition of 51 percent of the shares was paid with an initial cash portion of MSEK 1.36 and newly issued shares in SolTech Energy Sweden AB (publ) worth MSEK 1.02. After 12 and 24 months, an additional SEK 1.36 million would be paid in additional purchase price if set sales and profitability targets were achieved.
  • The acquisition of the remaining 49 percent of the shares is now made through a cash payment of SEK 3.09 million, which means that SolTech has paid a total of SEK 5.47 million for all shares (100%) of Nyedal. The acquisition is fully financed from own cash.
  • SolTech’s assessment is that Nyedal will contribute approximately SEK 30 million in consolidated sales in 2019 and with an operating profit equivalent to about 5 per cent on sales, then calculated on Nyedal’s own sales. This is an increase of about 50 percent compared to 2018.

For more information contact: 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 August 26, 2019 at. 08:30 CET.

About SolTech Energy Sweden AB (publ)
SolTech Energy develops and sells aesthetic and building-integrated solar energy products for all types of properties – commercial, public and villas. The products are part of an exterior shell of a property in the form of a roof or a wall with integrated solar cells for the production of electricity. The group includes the subsidiaries ASAB, Nyedal Solenergi, NP-Gruppen and Swede Energy Power Solutions. SolTech Energy Sweden AB (publ), is traded on First North at Nasdaq Stockholm under the short name SOLT and has about 28,000 shareholders. The company’s Certified Adviser is Erik Penser Bank Phone: 08-463 83 00. Email: certifiedadviser@penser.se. More info at: www.soltechenergy.com

ASAB is owned by 51 percent of SolTechs Energy Sweden AB (publ) (“SolTech”) and 49 percent by Advanced Solar Power Hong Kong (ASP). ASAB’s function within the SolTech Group is to finance the operations in China conducted by its sister company Advanced SolTech Renewable Energy Hangzhou Co. Ltd. (ASRE).

Second quarter for Advanced Soltech

  • Profit for the period after tax amounted to TSEK 228 (4,409).
  • Net financial items amounted to TSEK 4,900 (7,680).
  • Cash flow for the period amounted to TSEK -1,042 (6,743) *
  • The balance sheet total amounted to TSEK 664,801 (222,294).

* Cash flow is continuously affected by the inclusion of long-term liabilities and investments in the portfolio company (ASRE) and can vary greatly between individual quarters.
The next report is expected to be submitted in connection with SolTech’s report for the third quarter of 2019, October 24.

First and second quarter in summary, period 1 january-30 june 2019

  • Profit after tax amounted to TSEK 6,346 (6,685) in the first half of 2019 in the first half of the year.
  • The balance sheet total as of 2019-06-30 amounts to TSEK 664,801 (222,294), of which SEK 627,287 is loans and investments in ASRE.
  • During the first half of the year, green bonds corresponding to a total of SEK 280 million were issued. The capital has been used to partially finance the acquisition of a commissioned solar energy portfolio of 21.4 MW in China and to repay ASAB’s first bond loan SOLT1, which expired in June 2019.
  • Installed capacity in the portfolio company ASRE as of 2019-06-30 amounts to 93.7 MW, which in a rolling 12 months is expected to generate revenue of approximately SEK 124 million.
  • Work on transferring ownership of all shares in the jointly owned ASRE is continuing and is expected to be completed during the third quarter.

For more information, please contact: Max Metelius, CFO, Advanced SolTech Sweden AB (publ)
Tel: 08-425 010 53. E-mail: max.metelius@advancedsoltech.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 August 22, 2019 at. 10.00 CEST.

Advanced SolTech Sweden AB (publ) – ASAB
In order to continuously finance investments in China, the SolTech Group’s parent company and its partner in China, Advanced Solar Power Hangzhou Inc., have formed ASAB. ASAB’s business consists of lending to Group companies to finance solar power plants in China that are owned and continuously maintained by ASRE or its wholly owned local subsidiaries. As collateral for borrowed funds, collateral is obtained in underlying assets (solar power plants and accounts receivable). The company’s Certified Adviser is Mangold Fondkommission AB, telephone number +46 8 5030 1550. E-mail: ca@mangold.se More info at www.advancedsoltech.com

About SolTech Energy Sweden AB (publ)
SolTech Energy develops and sells aesthetic and building-integrated solar energy products for all types of properties – commercial, public and villas. The products are part of an exterior shell of a property in the form of a roof or a wall with integrated solar cells. The group includes the subsidiaries Nyedal Solenergi, NP-Gruppen and Swede Energy Power Solutions. SolTech Energy Sweden AB (publ), is traded on First North at Nasdaq Stockholm under the short name SOLT and has about 28,000 shareholders. The company’s Certified Adviser is Erik Penser Bank Phone: 08-463 83 00. Email: certifiedadviser@penser.se. More info at: www.soltechenergy.com

About the China venture
SolTech Energy’s investment in China is conducted in Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd., ASRE. The business model consists of ASRE 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. 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 605 megawatts (MW) fully connected to the electricity grid in 2022.

Continued strong development quarter 2 – an increase of 371 percent compared to quarter 2, 2018

SolTech Energy delivers another good quarter with revenue of SEK 92.3 million (SEK 19.6 million) and earnings (EBIT) of SEK 11.4 million (0.1) and with an EBITDA of SEK 18.4 million (0.7) m. Revenue is up 371 percent higher than quarter 2, 2018, which is largely to do with our three acquisitions during quarter 1, 2019 and an increased business volume in our Chinese operations. Compared with Q1, 2019, we increase revenues by 61 percent, SEK 92.3 million (56.4).

Strong quarter for SolTech:

  • Total operating income, including ongoing work, amounted to SEK 92.3 (19.6) million. An increase of 371%
  • Consolidated operating profit (EBIT) amounted to SEK 11.4 (0.1) million
  • Operating profit before depreciation (EBITDA) SEK 18.4 (0.7) million
  • Profit for the period after financial items and tax was SEK -3 (5.1) million

Half-year figures for the period 1 January – 30 June 2019

  • Total operating income amounted to SEK 148.7 M (33). An increase of 350%
  • Consolidated operating profit (EBIT) amounted to SEK 22.3 (-3.8) million
  • Operating profit before depreciation (EBITDA) SEK 38.2 (-0.7) million
  • Profit for the period after financial items and tax was SEK -12.6 M (0.7)

Significant events

  • New share issue raised SEK 100.2 million in new capital
  • Continued strong expansion in China
  • The bond loan SOLT1 repaid on the due date

Significant events after the reporting period
SolTech’s ASRE in China has signed four different agreements totaling 15.7 megawatts, which will yield about SEK 287 million during the term of the agreement for 20 years.

CEO comment:
– I am very pleased with our second quarter. We are starting to show better and better numbers and we are facing the challenge of taking more than our share of the growing solar energy market. Doing good for the environment while building value for all our shareholders is what drives us.

For more information contact: 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 August 22, 2019 at. 07:15 CET.

 

About SolTech Energy Sweden AB (publ)
SolTech Energy develops and sells aesthetic and building-integrated solar energy products for all types of properties – commercial, public and villas. The products are part of an exterior shell of a property in the form of a roof or a wall with integrated solar cells for the production of electricity. The group includes the subsidiaries Nyedal Solenergi, NP-Gruppen and Swede Energy Power Solutions. SolTech Energy Sweden AB (publ), is traded on First North at Nasdaq Stockholm under the short name SOLT and has about 28,000 shareholders. The company’s Certified Adviser is Erik Penser Bank Phone: 08-463 83 00. Email: certifiedadviser@penser.se. More info at: www.soltechenergy.com

SolTech Energy’s joint venture in China, Advanced SolTech Renewable Energy Hangzhou Co. Ltd., ASRE, has signed an order with Hangzhou Yuhang Wanda Plaza Real Estate Co. Ltd. The order applies to the installation of a solar energy plant of 395 KW and is expected to generate annual revenues of approximately SEK 442,400, or approximately SEK 8.85 million during the 20-year term of the agreement.

The plant will produce approximately 395,000 kWh annually. The customer undertakes to purchase all electricity that the plant produces for 20 years. The investment in the facility, which will continue to be owned by ASRE, amounts to SEK 2,733 million and construction start is planned for quarter 4, 2019.

CEO Stefan Ölander in a comment:
– This is a small but strategically important order as the plant will be installed at a shopping center in Hangzhou, our hometown. It also represents a whole new customer group for ASRE. As before, the market remains strong and interest in ASRE’s offering is very good.

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 August 16, 2019 at. 07.30 CET.

 

About SolTech Energy Sweden AB (publ)
SolTech Energy develops and sells aesthetic and building-integrated solar energy products for all types of properties – commercial, public and villas. The products are part of an exterior shell of a property in the form of a roof or a wall with integrated solar cells for the production of electricity. The group includes the subsidiaries Nyedal Solenergi, NP-Gruppen and Swede Energy Power Solutions. SolTech Energy Sweden AB (publ), is traded on First North at Nasdaq Stockholm under the short name SOLT and has about 28,000 shareholders. The company’s Certified Adviser is Erik Penser Bank Phone: 08-463 83 00. Email: certifiedadviser@penser.se. More info at: www.soltechenergy.com

About the China venture
SolTech Energy’s investment in China is conducted in Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd., ASRE. The business model consists of ASRE financing, installing, owning and managing solar energy installations on customers’ roofs in China. The customer does not pay for the plant, but instead undertakes 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 grants per produced kilowatt hour (kWh) of solar electricity. The goal is to have an installed capacity of 605 megawatts (MW) fully connected to the electricity grid in 2022 by 2021.

ASRE is a wholly owned subsidiary of Advanced SolTech Sweden AB (publ), ASAB, owned by 51% of SolTech Energy Sweden AB (publ) and 49% of SolTech’s Chinese partner, Advanced Solar Power Hangzhou Inc. The plan is to list ASAB: s share on First North at Nasdaq Stockholm during Q4, 2019.

SolTech Energy’s joint venture in China, Advanced SolTech Renewable Energy Hangzhou Co. Ltd., ASRE, has signed an order with Zhejiang New Gonow Automobile Co. Ltd. The order refers to the installation of a solar power plant of 6 megawatts (MW) and is expected to generate annual revenue of approximately SEK 5.4 million. During the 20-year term of the agreement, the accumulated revenue is estimated to amount to approximately SEK 108 million.

The plant will produce approximately 6,000,000 kWh annually. The customer undertakes to purchase all electricity that the plant produces for 20 years. The investment in the plant, which will continue to be owned by ASRE, amounts to SEK 37.74 million and construction start is planned for quarter 4, 2019.

CEO Stefan Ölander in a comment:
“This is yet another large order that again underlines the huge business potential that exists in China. Especially pleasing in this case is that the customer, Zhejiang New Gonow Automobile Co. Ltd., is a manufacturer of electric cars. The business group also manufactures gasoline and diesel cars.

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 August 6, 2019 at. 07.30 CET.

 

About SolTech Energy Sweden AB (publ)
SolTech Energy develops and sells aesthetic and building-integrated solar energy products for all types of properties – commercial, public and villas. The products are part of an exterior shell of a property in the form of a roof or a wall with integrated solar cells for the production of electricity. The Group also conducts operations in China where the business model consists of financing, owning and operating solar power plants on customers’ roofs and selling all electricity produced. The Group also includes the subsidiaries Nyedal Solenergi, NP-Gruppen and Swede Energy as well as the jointly owned companies ASAB in Sweden and ASRE in China. SolTech Energy Sweden AB (publ), is traded on First North at Nasdaq Stockholm under the short name SOLT and has about 28,000 shareholders. The company’s Certified Adviser is Erik Penser Bank Phone: 08-463 83 00. Email: certifiedadviser@penser.se. More info at: www.soltechenergy.com

About the China venture
SolTech Energy’s investment in China is conducted in a joint venture with our partner, Advanced Solar Power Hangzhou Inc, Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd. (ASRE). The business model consists of ASRE financing, installing, owning and continuously maintaining solar energy installations on customers’ roofs. The customer does not pay for the plant, but instead undertakes to purchase all the electricity that each plant produces during a 20-year agreement. ASRE’s current revenue comes from the sale of electricity to customers and from various forms of grants per produced kWh. The focus now is on building an order backlog for 2019 and onwards with the goal that in 2021 we will have an installed capacity of 605 megawatts (MW) that is fully connected to the network in 2022.

Release
SolTech Energy’s joint venture in China, Advanced SolTech Renewable Energy Hangzhou Co. Ltd., ASRE, has signed an order with Shanghai United Financial Investment Co. Ltd.The order apply to the installation of a solar power plant of 380 kW and is expected to generate annual revenues of approximately 346 TSEK. During the agreement’s 20-year term, the accumulated revenues are estimated to amount to approximately SEK 6.92 million.

The plant is estimated to produce approximately 380.000 kWh annually. The customer commits to buy 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 SEK 2.542 million and construction start is planned for Q3, 2019.

CEO Stefan Ölander, comments:

–  This order is one of the smaller we received, but strategically very important as the customer is located in the mega city Shanghai with about 30 million inhabitants. Our experience so far is that business in a city or region quickly brings more business in the same area.

For more information contact: Stefan Ölander, CEO SolTech Energy Sweden AB (publ) Tel: +46 70 739 80 00. Email: stefan.olander@soltechenergy.com

The information in this press release is such that SolTech Energy Sweden AB (publ) must publish in accordance with EU Regulation No. 596/2014 on Market Abuse. The information was submitted through the above contact person’s agency for publication on July 16, 2019 at. 07.30 CET.

 

About SolTech Energy Sweden AB (publ)
SolTech Energy develops and sells aesthetic and building-integrated solar energy products for all types of real estate – commercial, public and residential. The products are part of a building’s outer shell in the form of a roof or a wall with integrated solar cells for the production of electricity. The Group also conducts operations in China where the business model consists of financing, owning and operating solar power plants on customers’ roofs and selling all the electricity that is produced. The Group also includes the subsidiaries Nyedal Solenergi, the NP Group and Swede Energy, as well as the jointly owned companies ASAB in Sweden and ASRE in China. SolTech Energy Sweden AB (publ) is traded on First North at Nasdaq Stockholm under the short name SOLT and has about 28,000 shareholders. The Company’s Certified Adviser Erik Penser Bank Telephone: +46 8 463 83 00. Email: certifiedadviser@penser.se More info at: www.soltechenergy.com

About the Chinese initiative
SolTech Energy’s investment in China is conducted in partnership with our partner, Advanced Solar Power Hangzhou Inc joint venture, Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd. (ASRE). The business model consists of ASRE financing, installing, owning and running solar energy installations on customers’ roofs. The customer does not pay for the facility, but instead undertakes to buy all electricity produced by each plant during a 20 year contract. ASRE’s current income comes from the sale of electricity to the customers and from various forms of grants per kWh produced. Now the focus is on building an order backlog for 2019 and onwards with the goal of year 2021 has an installed capacity of 605 megawatts (MW) that is fully connected to the network 2022.

Release