Provektor is Soltech's first acquisition in the electrical engineering industry and the company will have a central role in Soltech's offensive growth strategy with acquisitions in the solar, roofing, facade and electrical engineering industries. These various companies' cutting-edge expertise and given role in solar energy build a strong group for the benefit of customers and shareholders.

The acquisition of Provektor in financial terms:
• The acquisition payment for 100% of the shares amounts to SEK 53 million
• The acquisition is paid for with an initial cash portion of SEK 20 million and with newly issued Soltech shares to a value of SEK 25 million
• After 12, 24 and 36 months, a total of approximately SEK 6.7 million / year can be paid out in a variable additional purchase consideration if the set sales and profitability targets are achieved. Which would give a total acquisition payment of SEK 65.1 million
• The acquisition of Provektor is financed entirely from its own cash and with newly issued Soltech shares
• The acquisition also includes the wholly owned company Afsens Fastighetsbolag AB, which includes three properties. Provector's operations in Skara, Lidköping and Töreboda are conducted in these properties. The book residual value amounts to SEK 22.2 million and the properties are mortgaged to SEK 14.4 million
• Soltech and Provektor's assessment is that the acquisition will contribute approximately SEK 133 million in sales during the financial year 2021 (ten months) and with a positive operating profit of approximately 6% of sales. During the years 21-22-23, Provektor is estimated to contribute with more than SEK 500 million in sales and with an operating profit of 7-8%
• Provektor will add solar energy to its product range and be a competence partner in electricity, charging and storage for its sister companies
• Synergy effects in purchasing, marketing, HR, finance and administration will have a positive effect on sales and earnings throughout the Group through this acquisition

Soltech's CEO Stefan Ölander comments:
– Provektor adds expertise and business opportunities to Soltech that we have to some extent lacked. I see this acquisition as a milestone and am happy and proud that Provektor's owners chose to sell to us. Their corporate culture is characterized by competence and entrepreneurship, which is a perfect match with Soltech.

Provector's CEO Kenneth Johansson comments:
– Soltech feels like a perfect owner because most customers nowadays demand solar energy. In order for Provektor to continue to be the leading player in our region, we must add solar energy to our offering and now it will be much easier as we are part of Soltech.

Continued strong growth in 2020

Fourth quarter in brief
• The Group's revenues in the quarter amounted to SEK 159.3 (67.5) million. An increase of 136%
• Revenues in the Swedish operations grew to SEK 118.1 (56.4) million, an increase of 110%
• The Group's profit before depreciation (EBITDA) amounted to SEK 14.5 (-3.2) million.
• The Group's operating profit (EBIT) amounted to SEK -1.3 (-13.4) million. An improvement of 90%
• Profit for the period after tax amounted to SEK -80.6 (-39.6) million. The result was affected by unrealized exchange rate differences in the Chinese operations by SEK -29.2 (-8.2) million. This does not affect cash flow
• Cash flow for the period from operating activities amounted to -30.6 (67.9)
• The period's cash flow for the Group amounted to SEK 27.2 (-1.7) million. The cash flow for the period was, among other things, positively affected by the completed new share issue
• Earnings per share amounted to SEK -0.67 (-0.71)
• No dividend is proposed
• Covid-19 had a major impact on the Swedish operations in the fourth quarter, mainly in the form of postponed projects. However, order intake remains good
• Revenues from operations in China were negatively affected in the quarter by approximately SEK 1 million as a result of the temporary price reduction for electricity introduced by the state NDRC in order to stimulate the Chinese economy after the pandemic
• During the quarter, 33.3 MW was connected and a total of 176.6 (139) MW of installed capacity (solar power plants) at the end of 2020

January – December in summary
• Total operating income amounted to SEK 500 M (303.6). An increase of 65%
• The Group's operating profit before depreciation (EBITDA) amounted to SEK 101.8 (65.4) million. An increase of 56%
• The Group's operating profit (EBIT) amounted to SEK 42.7 (24.8) million. An increase of 72%
• Profit for the year after financial items, currency effects and tax amounted to SEK -141.2 (-45.8) million. Currency effects of unrealized exchange rate differences in the Chinese operations have affected earnings by SEK -42.8 (1.8) million
• Covid-19 affected the Swedish operations during the year and mainly in the form of deferred projects driven by deferred customer meetings, orders and the fact that it took longer for customers to be able to make decisions with an estimated negative effect of approximately 15% on sales
• Covid-19 is estimated to have had a negative impact on revenues in the Chinese operations of approximately SEK 13.5 million. This is partly due to a general price reduction and that approximately 30 MW were shut down during the first and second quarters and that lower activity among customers resulted in lower electricity consumption, which led to a larger share of electricity being sold to the grid where ASAB is paid less. Furthermore, covid-19 has led to poorer conditions in the capital markets, which through poorer borrowing conditions caused higher costs than planned

Significant events during the fourth quarter
Sweden

• Soltech’s subsidiary Soltech Sales & Support AB has received an order to deliver semi-transparent solar cells in four different colors to the parking garage “Mölnlycke fabriker” with end customer Wallenstam. Order value approximately SEK 7 million
• Soltech’s subsidiary Fasadsystem will contribute to the construction of a new Biltema facility in Partille, as well as the expansion of Mio furniture department store in Frölunda with a total order value of SEK 7.5 million.
• Soltech’s subsidiary NP Gruppen delivered a new waterproofing roof including solar energy and charging posts. The project is carried out together with the sister company Measol. The order value was approximately SEK 4.5 million.
• Soltech’s subsidiary Merasol begins energy conversion projects together with Nexion Enertech for HSB and BRF Solängen in Alingsås. Merasol will deliver a solar system and roof with a total order value of approximately SEK 4 million.
• Soltech’s subsidiary Swede Energy received approximately SEK 10 million of solar energy deal from MatHem / Logistic Contractor with construction starting in 2021
• Soltech’s subsidiary Takorama has signed an agreement with Tuve Bygg AB regarding the rebuilding of the roof of the operating room at Norra Älvsborgs Sjukhus (NÄL) in Trollhättan. The order value is approximately SEK 11.8 million with project start in 2021
• Investment by the Swedish state in renewable energy, which includes tax reductions for the installation of solar cells and storage for private individuals as well as an increased power limit for energy tax to 500 kW for self-used electricity

China
• During the quarter, Soltech’s subsidiary in China, ASRE, signed nine orders that are expected to generate a total annual revenue of SEK 13.3 million, or approximately SEK 265.5 million during the agreements’ 20-year maturities
• ASRE awarded prize in China as “Top 10 Industrial and Commercial Distributed Solar Power Station Builders in 2020”
• Soltech’s subsidiary ASAB issued additional preference shares corresponding to SEK 26.1 million during the quarter
Significant events after the reporting period
• Soltech acquired 76% of the shares in Annelunds Tak AB and 52% of the shares in Ljungs Sedum Entreprenad AB. The companies have a total of 18 employees and are expected to contribute SEK 60 million in sales and SEK 6 million in operating profit in the coming years.
• Soltech acquired the remaining 40% of the shares in the subsidiaries Swede Energy and MeraSol to create the best conditions to become an even larger player in the solar energy market. Soltech now owns 100% of both companies, which strengthens the offer in the corporate and real estate market in solar energy.
• Soltech’s subsidiary in China, ASRE, has signed orders that are estimated to generate annual revenues of just over SEK 10.2 million, or approximately SEK 203 million during the agreements’ 20-year maturities
• The effects of Covid-19 are difficult to assess and we are following developments closely

The CEO has the floor

Continued strong growth in a growing market
We are proud of our strong growth despite the difficult conditions caused by the Corona pandemic in 2020. We deliver 65 percent growth at Group level and 74 percent growth in the Swedish operations. Thus, we continue our journey towards 4.7 billion in turnover in 2024, which was communicated in November 2019.
Unfortunately, the Group's earnings on the bottom line for 2020 are strongly affected by, above all, unrealized currency losses and high interest costs in our Chinese operations. The management of Advanced Soltech is working hard to reduce these effects in the future and the project to list the company separately continues together with Carnegie and DnB. It is worth pointing out that we see good opportunities for continued strong growth in the Chinese operations, even after the completion of the special listing.

Continued strong interest from the market
We are very proud of the great interest we encounter from the stock market. We now have about 60,000 owners, which is more than most companies on the stock exchange's A-list. I would like to take this opportunity to once again thank all the shareholders who in the autumn participated in our successful rights issue when we raised SEK 144 million. At that time we were about 30,000 owners, so now we have been joined by as many more.

Growth continues in an expansive phase
The solar energy market with everything around in the form of storage, charging and control is growing explosively in Sweden and throughout the world. Today, about 1% of Swedish electricity comes from solar energy, which means that Sweden is far behind other comparable countries. But more and more private and commercial property owners are realizing that solar energy benefits both the climate and the economy, as evidenced by demand.

With a new green deduction for private individuals and an increase in the power limit for large roof installations, both of which will be introduced in 2021, the opportunities for continued Swedish market growth are very good. There, Soltech is well equipped to be one of the strongest players for both large property owners and the private homeowner.
Our organic growth in our subsidiaries will be good and if we add the business opportunities our acquisition strategy provides, the billion SEK barrier should be within reach. We are a growth company with ambitious goals. In 2018, we had sales of approximately SEK 50 million, two years later we have increased tenfold to approximately SEK 500 million and in November 2019 we communicated a goal to turn over SEK 4.7 billion in 2024, this goal remains.

Corona pandemic's impact on Soltech
The corona pandemic has affected the whole world, including Soltech. During the fourth quarter, we experienced greater problems with the Corona pandemic than during the first nine months. It is mainly in sales where both the opportunity to conduct physical meetings and travel is limited even more. We also experience longer decision-making processes with customers. In total, within the entire Group, we estimate that the Corona pandemic affected sales negatively by approximately 15 percent. Despite this, we reach our goal of approximately SEK 500 million in sales.

The acquisition strategy resulted in eight new subsidiaries
In just two years, Soltech has become an efficient acquisition company at the same time as dynamic development takes place in the existing companies. During the latter part of 2020 and the beginning of 2021, we see a clearly increasing trend in terms of incoming inquiries if we are interested in acquiring companies. We have succeeded in establishing ourselves as a serious, entrepreneur-friendly and decision-making buyer and this attracts direct contacts with companies, but many company brokers also come to us with their assignments. We meet companies every week and constantly have a number of negotiations underway. We look forward to more companies in the Soltech family.

Advanced Sotech, our business in China
We are proud that under very difficult conditions we managed to increase our installed base from 139 megawatts to 176.6 megawatts during the past year. Demand for our offer is high and confidence in the future is strong. However, the result on the last line is strongly affected by, above all, unrealized currency losses, high interest costs and depreciation in our Chinese operations. The management of Advanced Soltech is working hard to reduce these effects in the future and the project to list the company separately continues together with Carnegie and DnB. All shareholders will receive information about the special listing by letter when the schedule is ready.

The green recovery
The corona pandemic has fundamentally changed the world. The years 2020 and 2021 will go down in history as very difficult years, both in terms of human and financial suffering. But it also forces politicians to make strong decisions about how to stimulate the economy. For all companies in solar energy and cleantech, these are positive times when these stimuli give us great opportunities to increase our business. Now the world has a chance to invest in long-term sustainable climate-smart alternatives and we are ready to take our responsibility by growing strongly. The better it goes for Soltech, the more benefit we make in the green transition.

Our journey has just begun
We are now primarily investing in developing our thirteen subsidiaries and getting the greatest possible synergy effects. We are already seeing positive signals, not least in purchasing, sales and recruitment. Our second focus is to continuously acquire more companies in the solar energy, roofing, facade and electricity industries. After two years and thirteen acquisitions, we have created a good process and we see great opportunities in the market that we will take advantage of.

I look forward to an exciting 2021 and to leading the company into the future with the board and our competent employees. You are warmly welcome to continue with us on the journey.

Sincerely,
Stefan Ölander, CEO

Advanced Soltechs CEO Max Metelius comments:

• We are happy to present yet another good project with strong profitability completely without subsidies. We have an offer that is appreciated by the market and also contributes to benefit the climate.

About the China venture
in China ASAB operates through, its wholly owned local subsidiaries Advanced Soltech Renewable Energy (Hangzhou) Co. Ltd, ASRE and Longrui Solar Energy (Suqian) Co. Ltd. The business model consists of financing, installing, owning, and managing solar energy installations on customers' roofs in China. The customer does not pay for the plant, but instead undertakes to buy the electricity that the plant produces under a 20-year agreement. Current income comes from the sale of electricity to customers and from subsidies. The goal is to have an installed capacity of 1,000 megawatts (MW) by 2023, which is fully connected to the electricity grid by 2024.

ASAB is 50.85 % owned by Soltech Energy Sweden AB (publ), 48.85% by Soltech's Chinese partner, Advanced Solar Power Hangzhou Inc and 0.3% by several holders of preference shares.

Advanced Soltech’s CEO, Max Metelius comments:

• Currently we have many ongoing negotiations with new customers which we continue to convert into good projects with high profitability completely without subsidies. Demand for our offering is solid and we believe that the market will be even stronger going forward, considering China's recently communicated new ambitious climate goals.

About the China venture
In China ASAB operates through, its wholly owned local subsidiaries Advanced Soltech Renewable Energy (Hangzhou) Co. Ltd, ASRE and Longrui Solar Energy (Suqian) Co. Ltd. The business model consists of financing, installing, owning and managing solar energy installations on customers' roofs in China. The customer does not pay for the plant, but instead undertakes to buy the electricity that the plant produces under a 20-year agreement. Current income comes from the sale of electricity to customers and from subsidies. The goal is to have an installed capacity of 1,000 megawatts (MW) by 2023, which is fully connected to the electricity grid by 2024. ASAB is 51% owned by Soltech Energy Sweden AB (publ) and 49% by Soltech's Chinese partner, Advanced Solar Power Hangzhou Inc.

Soltech continues to grow and delivers a strong third quarter with a 46 percent increase in sales and a 45 percent increase in operating profit (EBIT). During the first half of the year, we completed four acquisitions and during the third quarter, four more were completed.

CEO comment:
– We live in a new reality with the pandemic hanging over us. At Soltech, however, we see signs of an even stronger market for our competitive offerings when both
Private individuals, companies and the public sector are investing more and more in solar energy

Third quarter in brief

• The Group's revenues in the quarter amounted to SEK 127.2 (87.3) million. An increase of 45.7%

• Revenues in the Swedish operations grew to SEK 84 M (51.9), an increase of 61.8%

• The Group's profit before depreciation (EBITDA) amounted to SEK 38.9 (30.2) million. An increase of 28.8%

• The Group's operating profit (EBIT) amounted to SEK 23.1 (15.9) million. An increase of 45.3%

• Profit for the period after tax amounted to SEK -18.1 (6.4) million. The result was affected by unrealized exchange rate differences in the Chinese operations by SEK -8.5 (10.8) million

• The period's cash flow for the Group amounted to 85.5 (-76.3) MSEK. The cash flow for the period was, among other things, positively affected by completed new issues

• Earnings per share amounted to -0.31 (0.13)

• Covid-19 is estimated to have had a certain impact on the Swedish operations in the quarter, but order intake is still good

• Operations in China have made a strong quarter with 38.4 million kWh produced. However, revenues were negatively affected in the period by approximately SEK 2 million due to temporary price reductions on electricity as a direct result of Covid-19. The quarter was also affected by unrealized price effects in the Chinese operations of a total of SEK -8.5 (10.8) million. A total of 143 MW of installed capacity (solar power plants) at the end of the quarter

First nine months in summary

• Total operating income amounted to SEK 336.1 (236.1) million. An increase of 42.4%

• The Group's operating profit before depreciation (EBITDA) amounted to SEK 87.3 (68.6) million. An increase of 27.3%

• The Group's operating profit (EBIT) amounted to SEK 43.9 (38.2) million. An increase of 14.9%

• Profit for the period after financial items, currency effects and tax amounted to SEK -60.6 (-6.2) million

• Covid-19 had a certain impact on Swedish operations during the period. The primary effects have been deferred customer meetings and orders

• Covid-19 is estimated to have had a negative impact on revenues in the Chinese operations during the period of approximately SEK 12.5 million. The reasons for this are due to the fact that a larger than normal share of the electricity produced has been sold to the grid instead of directly to the customer and then at a lower price per kWh. Some customers' production facilities in China were also closed until the end of May

Significant events during the period

• During the quarter, Soltech's subsidiary in China, ASRE, signed five orders that are estimated to generate a total annual revenue of SEK 12.7 million, or approximately SEK 253.9 million under the agreements 20-year maturities

• The Board of Directors of Soltech Energy Sweden AB (publ) decided, with the support of the Annual General Meeting's authorization, to carry out a rights issue of approximately SEK 98 million to finance continued expansion through acquisitions and to develop existing subsidiaries. In addition to the rights issue, there was an opportunity to decide on an over-allotment issue of SEK 46 million. The rights issue was oversubscribed by 590 percent, the over-allotment issue was completed in full and Soltech received a total of just over SEK 144 million before issue costs

• Soltech acquired 60 percent of the shares in Miljö & Energi Ansvar Sverige AB with access on September 1, 2020

• Soltech's subsidiaries, Swede Energy, Soltech Sales & Support and Measol will build Sweden's largest solar and direct current plant with Ferroamp. The order value is just over SEK 3 million

• Soltech and PowerCell Sweden AB (publ) have signed a Nordic co-operation agreement to develop solutions for customers that include both the Soltech Group's products for solar energy and PowerCell's products for storage.

• Soltech's subsidiary, Advanced Soltech, raises SEK 131.5 million before issue costs via subscription of newly issued preference shares. This is in order to take advantage of the business opportunities the company has in China. Soltech continues to own more than 50% of the shares in Advanced Soltech after the issue

• In connection with the Government's budget bill, two important changes were announced for the Swedish solar energy market. The kW limit for tax liability for self-produced solar energy is proposed to be raised at the turn of the year, from the current 255 kW installed power to 500 kW. At the same time, a new deduction is also proposed for the installation of green energy (private households). This includes both solar cells and charging options for e-cars, among other things

• Eurocommercial Properties chose Soltech's subsidiary Swede Energy Power Solutions as a partner in its investment in Solenergi. Eurocommercial Properties installs solar energy at its remaining shopping centers in Sweden and a total of 1,658 kWp of solar energy solutions will be installed, which is estimated to produce approximately 1,473,709 kWh / year

• Soltech acquired 80 percent of the shares in Takrekond in Småland AB and 100 percent of the shares in Takrekond in Kalmar AB with access on October 1, 2020

• Soltech acquired 60 percent of the shares in Din Takläggare i Värmland Dalsland AB with access on 1 October 2020

Significant events after the reporting period

• Soltech's subsidiary Soltech Sales & Support has received orders via Bergman and Höök Byggnads AB to deliver semi-transparent solar cells to the end customer Wallenstam. Order value approx. SEK 7 million

• Soltech's subsidiary in China, ASRE, has signed orders that are estimated to generate annual revenues of just over SEK 1.9 million, or approximately SEK 38.7 million during the agreements' 20-year maturities

Advanced Soltechs CEO Max Metelius comments:

– We see very strong demand for our offering, and we have a well functioning sales process that continues to deliver good projects to our portfolio of solar power projects. These projects show good profitability and are carried out completely without subsidies.

About the China venture

In China ASAB operates through, its wholly owned local subsidiaries Advanced Soltech Renewable Energy (Hangzhou) Co. Ltd, ASRE and Longrui Solar Energy (Suqian) Co. Ltd. The business model consists of financing, installing, owning and managing solar energy installations on customers' roofs in China. The customer does not pay for the plant, but instead undertakes to buy the electricity that the plant produces under a 20-year agreement. Current income comes from the sale of electricity to customers and from subsidies. The goal is to have an installed capacity of 1,000 megawatts (MW) by 2023, which is fully connected to the electricity grid by 2024. ASAB is 51% owned by Soltech Energy Sweden AB (publ) and 49% by Soltech's Chinese partner, Advanced Solar Power Hangzhou Inc.

Advanced Soltechs CEO Max Metelius comments:

– Demand has returned with full force and our team in China continues to sign orders with new stable customers. This project shows good profitability and is carried out completely without subsidies.

About the China venture

In China ASAB operates through, its wholly owned local subsidiaries Advanced Soltech Renewable Energy (Hangzhou) Co. Ltd, ASRE and Longrui Solar Energy (Suqian) Co. Ltd. The business model consists of financing, installing, owning and managing solar energy installations on customers' roofs in China. The customer does not pay for the plant, but instead undertakes to buy the electricity that the plant produces under a 20-year agreement. Current income comes from the sale of electricity to customers and from subsidies. The goal is to have an installed capacity of 1,000 megawatts (MW) by 2023, which is fully connected to the electricity grid by 2024. ASAB is 51% owned by Soltech Energy Sweden AB (publ) and 49% by Soltech's Chinese partner, Advanced Solar Power Hangzhou Inc.

The acquisition of Din Takläggare is a continued investment in solar energy by acquiring expertise and business in the waterproofing roof industry. In order to deliver the highest quality, it is of utmost importance to have deep expertise in roofing work when building a successful solar energy group. With Din Takläggare, we still add companies in roofing alongside NP Gruppen, Takorama and Takrekondbolagen. Soltech has an option to acquire the remaining 40 percent of the shares in Din Takläggare 2024.

Din Takläggare is a very reputable company in Värmland / Dalsland and the plan is now to gradually expand the business, while maintaining a good profit margin, from current levels of approximately SEK 35 million to approximately SEK 50 million in 2023. The increase in business volume is expected to come from organic growth in combination with that Din Takläggare adds solar energy to its product and service range. In addition, Soltech expects that synergy effects within the Group in terms of joint purchasing, warehousing & logistics, marketing, HR, finance and administration will have a positive effect on earnings. The acquisition of Din Takläggare is financed entirely from its own cash and with newly issued shares in Soltech Energy.

Stefan Ölander, CEO of Soltech Energy in a comment:
– Just like Monday's acquisition of Takrekondbolagen, Din Takläggare has a tradition of high quality and profitability. Now we will together take the company into the future by adding solar energy to their range. We look forward to a successful development together.

Håkan Wennberg, CEO of Din Takläggare in a comment:
– Almost all customers are asking for solar energy today and the decision to sell to Soltech therefore feels completely right. Now we can use our deep expertise in waterproofing roofs to, together with our sister companies, take a good share of the solar energy market in our region.

Eurocommercial is one of Europe's most experienced real estate investors with shopping centers in Belgium, France, Italy and Sweden with over 130 million visits to the malls. The business is concentrated in shopping centers in attractive locations and with a long-term sustainable strategy and high goals for renewable energy. In Sweden, the goal is to get 100% electricity from renewable energy sources on both roofs and parking areas. It is a fantastic project that leads to a greatly reduced climate impact from the large facilities at the same time as Eurocommerical in Sweden gets a cost-effective solution to its energy needs.

– “With this large expansion, we will have solar cells at 100% of shopping centers in Sweden. To be able to do this together with such an experienced and serious supplier as Swede Energy should not only be an exciting journey, we also value the importance the work has for our environment, not at least locally where we have our tenants and visitors. Now the stores not only get green fossil-free electricity but also locally produced, says Patrik Sörnell, Director, Asset Management at Eurocommercial Properties.

With over 30 years of experience behind it, Swede Energy has knowledge of which constructions, elements and installations need to be made to have a future-proof plant. Everything from drawings, strength calculations, construction and engineering has been done by the solar engineers with great accuracy. Several of the shopping centers that receive solar energy on the roof have a few years on their necks and then it is extra important to take into account the strength of the roofs as all panels must load the roof. Today, with current solar panels, Eurocommercial has an annual production capacity of almost 500,000 KWh / year in Sweden. With this investment, capacity will be increased to as much as 2,000,000 KWh / year.

– “Working with the type of forces to which a roof is exposed is not something that can be taken lightly. It is both a question of personal safety in, for example in snowy winters, but also a question of the plant producing efficiently throughout its life, which is often over 20 years, says Christoffer Caesar, CEO of Swede Energy”.

More about Sweden Energy Power Solutions:
Swede Energy has over 30 years of experience in developing innovative and renewable energy plants with a unique design strategy that creates profitable and future-proof electricity production for industrial and commercial properties. www.swedeenergy.se

More about Eurocommercial:
Eurocommercial Properties (Eurocommercial) is a long-term investor and manager of mainly retail properties in Belgium, France, Italy and Sweden with assets over EUR 4 billion. The company was founded in 1991 and is a Euronext listed company with a broad shareholder base. https://www.eurocommercialproperties.com/property/sweden

The acquisition of Takrekond is a continued investment in solar energy by acquiring expertise and business in the waterproofing roof industry. In order to deliver the highest quality, it is of utmost importance to have deep expertise in roofing work when building a successful solar energy group. With Takrekond in Småland and in Kalmar, we are adding two companies in roofing alongside NP Gruppen and Takorama. Soltech has an option to acquire the remaining 20 percent of the shares in Takrekond Småland 2024.

Takrekond has long been a partner of Soltech's subsidiary Takorama and the plan is now to gradually expand the business, while maintaining a good profit margin, from current levels of approximately SEK 25 million to approximately SEK 55 million in 2023. The increase in business volume is expected to come from organic growth in combination with adding solar energy to the product and service offering. In addition, Soltech expects that synergy effects within the Group in terms of joint purchasing, warehousing & logistics, marketing, HR, finance and administration will have a positive effect on earnings. The acquisition of Takrekond is financed entirely from its own cash and with newly issued shares in Soltech Energy.

Stefan Ölander, CEO of Soltech Energy in a comment:
– The Takrekond companies have a tradition of high quality and profitability. Now we will together take the companies into the future by adding solar energy to their range. In this way, we are really changing society in a sustainable direction.

Nils Jansson, CEO of Takrekondbolagen in a comment:
– We at Takrekond notice an ever-increasing demand from our customers to be able to deliver both roof and solar energy systems and have therefore, after more than 30 years of clean roofing operations, chosen to be part of the Soltech Energy Group and thereby broaden our offering with solar cells. For me and all the employees, this step feels really exciting and inspiring.