E-Mobility is the Soltech Group’s company with specialist expertise in large-scale installations for electric car charging and high-efficiency charging infrastructure. They have now developed and installed a mobile fast-charging station for the electric boat company Candela. The fast charger has an output of 200 kW and is portable, which enables that the charger can be moved to meet future or seasonal needs.

The company’s CEO Martin Götesson sees a growing demand for this type of mobile charging station both in Sweden and internationally, due to the increased electrification of maritime transports.

– We are very proud to have installed this mobile fast-charging station for Candela. It is a unique installation that creates a flexible and powerful charging solution. In the past, we have developed charging infrastructure for passenger vehicles, trucks and mining machines, and now we are helping the electric boat industry. With the increasing electrification of both private and commercial shipping, we see great potential for our mobile and scalable fast chargers in the future, says Martin Götesson, CEO of E-Mobility.

– We would like to thank E-mobility for their cooperation and flexible solutions for mobile charging stations, which suited us perfectly during our pilot project. Their product enabled us to meet our needs efficiently, says Martin Reher, Strategic Project Purchaser at Candela.

Read more about E-Mobility:
https://kalemaemobility.se/

Read more about the electric ferries:
https://www.regionstockholm.se/nyheter/2024/05/trafikstart-for-sls-barplansbat-i-host/

Photo: Soltech/Candela

Soltech is conceptualizing its solar energy offer with solar, electric car charging and energy storage to the consumer market by launching the Soltech Home concept. The concept includes a combination of products and services that will help households use their self-produced solar electricity in the best possible way, when it is needed the most and at the lowest possible price.

To optimize both energy production and consumption, the concept includes solar panels, electric car charging, battery storage, support services, electricity purchase agreements and a separate control unit connected to the inverter. The customer can then monitor, control and optimize their functions in the Soltech Home app.
 
– We are very proud to launch Soltech’s consumer concept, which sharpens our offering for private individuals. With our long experience of helping homeowners with solar energy solutions, together with Soltech Home’s composition of products and services, an automated solution has been created. This enables an efficient energy economy and the concept creates a great solution for the household, without the customer having to think about how and in what way it should be done. We take care of everything, says Patrik Hahne, CEO of Soltech Energy.

An overall solution that contributes to the green transition
Soltech Home enables homeowners and farmers to easily monitor, make their investments future-proof and optimize their energy use, and create higher predictability and at the same time get an improved energy economy. Something that is becoming increasingly important in today’s fast-moving, volatile and more unpredictable energy market.

– With Soltech Home, the customers get a tailor-made overall solution that enables both reduced electricity costs and income from the household’s self-produced solar energy. Our products and services together with the Soltech Home app make it safe, and easy for private individuals to optimize their own use of solar electricity, get a more predictable energy economy and at the same time contribute to the green transition, says Gustaf Stetler, CEO of Soltech’s subsidiary Soldags, the concept developer for Soltech Home.

Soldags is a concept developer and has developed the Soltech Home concept together with Soltech. The ambition is that the concept will be offered in the future by the Soltech Group’s companies that offer solar energy solutions to the private market.
 
How Soltech Home works:

• Experienced solar and battery advisors guide the customer to a safe investment
• The energy flows in the building are analyzed and optimized through a smart algorithm that adapts the system to the property’s behavior patterns and takes into account things such as weather and the customer’s electricity trading and electricity network agreements
• All units are integrated and optimized for maximum profitability and efficiency
• All services are integrated and enable a profitable solar energy investment
• Phase optimization automatically ensures that the electricity you produce is used more efficiently
• The battery stores excess electricity and enables lower grid charges through peak power creation
• Batteries also enable revenue by supporting the electricity grid with balancing services
• In the service subscription, it is possible to choose an integrated electricity purchase agreement for maximum return
• After the installation, Soltech offers support and service that optimizes the production and lifespan of the solar panels

For more information about Soltech Home, please visit:
www.soltechhome.se

Soltech Energy Solutions is one of the Soltech Group’s operating companies within advanced energy systems, energy storage and large-scale solar energy solutions. The company developes solar solutions for commercial properties such as large logistics properties and warehouses. The company has now designed and installed Nobia’s new 2 MW solar system which is expected to produce just over 1.7 million kWh of green solar electricity annually.

– We are pleased to have commissioned a large solar installation for Nobia. It is a company with high sustainability ambitions, so it feels great that we have been entrusted with this solar installation. The solar panels will not only produce large amounts of solar electricity for the factory, but will contribute to meet future EU requirements for solar panels on commercial properties, says Christoffer Caesar, CEO of Soltech Energy Solutions.

– The climate crisis is one of the greatest challenges of our time. Our ambition is to lead the way in sustainability and design in the kitchen industry. We are investing in the green transition, among other things by building Europe’s most modern and automated kitchen factory locally here in Jönköping – a factory that will be central to our transition. Our own renewable energy supply enables our sustainability certification of the building, according to BREEAM Excellent, and a low climate footprint for the kitchens we offer our customers, says Anna Hamnö Wickman, Sustainability Director at Nobia.

Soltech Energy Solutions is one of the Soltech Group’s operating companies in advanced energy systems and large-scale solar energy solutions on roofs and grounds. In recent years, the company has established a business area with a focus on the development of solar park projects, which in many cases also include energy storage. The company has now designed, built and commissioned the 11 MW Solpark Ramsjöholm, located just outside Falkenberg.

Soltech’s strategy for solar and battery parks is to develop, build and later on manage the daily operation and maintenance of the divested projects. In line with this strategy, Solpark Ramsjöholm will in the future be divested when the right opportunity comes.

– We are proud to announce that Solpark Ramsjöholm has been commissioned and is now producing and selling solar electricity to the local electricity grid. It is a fantastic installation and the solar park team has, as usual, performed and done an outstanding job, says Christoffer Caesar, CEO of Soltech Energy Solutions.

Grazing sheep and plants
The site has been chosen based on its good conditions for solar energy, which according to solar radiation maps, is among Sweden’s best, and because there is an accessible and nearby electricity grid connection. In addition to the electricity production, the solar park will also create conditions for increased biodiversity in the area. The park is inhabited by a flock of sheep that graze between the panels and allows for an increased presence of variable vegetation, insects and bees. Ivy is also planted around the park to allow the fence to blend into the lush green environment.

– When we develop and build solar parks, it is a high priority for us to protect the surrounding environment. This can be done through a number of different initiatives depending on the conditions of the area. A great opportunity is the combination of land usage when the solar park is grazed by a herd of sheep, which makes the land rich in plants and insects, while at the same time you do not have to mow the grass. The sheep also get much-needed shade under the panels on hot summer days, while the panels produce green electricity, concludes Axel Öhman, Project manager solar parks at Soltech Energy Solutions.

Facts – Solpark Ramsjöholm

• The solar park has an installed capacity of 11 MW
• The installation will produce approximately 11 GWh of electricity annually
• Through initiatives such as sowing meadow plants, ivy and grazing, the solar park will contribute to increased biodiversity in the area

*Household electricity consumption calculated at 5,000 kWh/year.

CEO comment:

When we summarize the second quarter, we see positive effects from our technical advanced solutions and the strength of our diversed business. However, we are still affected of the lower demand, especially in the consumer market for solar energy.

Low electricity prices and high interest rates, combined with an uncertain global situation, have contributed to a lower demand in the consumer market for solar energy in all geographic markets in which we operate. Despite the decreased demand, the decrease in net sales nevertheless remains at 16% compared to the previous year.

In the Swedish market, we continued to manage the uncertainty regarding the rules for green deductions for batteries during the quarter. It is gratifying that the Swedish Tax Agency changed its previous interpretation at the beginning of July and now approves a green tax deduction for home batteries that both support the household and also the electricity grid.

There is also a great deal of uncertainty in the Netherlands regarding the regulatory conditions for solar energy, and where energy companies have also introduced an extra fee when solar energy is fed into the grid, which has further decreased the demand. These types of regulatory uncertainties are not only negative for us, but also negative for the green transition.

The upcoming EU requirements for solar energy on properties are expected to have a positive impact on the solar energy market. Solar energy plays an important part in the transition, and the combination of batteries and smart solutions for control and energy optimization means that the opportunities are great. Soltech has a central and prominent position, with our broad offering and expertise, see opportunities in supporting a green transition by delivering energy-efficient solutions that support both the electricity grid and our customers.

Through the Group’s focus on quality and the opportunities for overall solutions for the customers, we stand strong in the challenges that will come with electrification in several areas in our markets.

Our strategy, with solar as the platform, acquire, own and develop companies in roofing, electrical engineering and façade and thereby create the conditions for broadening our customer, competence and capacity base and offering overall solutions. Although we are noticing a weaker economy within construction, we have successfully been able to focus on repairs, maintenance and service to a greater extent and thus maintained the volume in roofing, façade and electrical engineering. In parallel with this work, our profitability work is also ongoing. We need to become more efficient and continuously adapt our organization with a focus on increased collaboration between the companies to improve efficiency and profitability.

We operate in a changing environment and work daily to sharpen our offering. In the past quarter, we continued to develop our small and large-scale technical solutions in solar energy, charging infrastructure and energy storage.

This work creates new business opportunities in new customer segments. Good examples of this are the Group’s largest energy collaboration to date between our company Soltech Energy Solutions and the paper mill Hylte Paper, as well as the charging infrastructure agreement with the metal and mining company Boliden via our company E-Mobility.

Despite a fast-moving and challenging consumer market in solar energy, I see a bright future. Solar energy is the energy of the future and an important part of the energy transition. With a stable business base in several countries, industries and customer segments, we are strongly positioned as an enabler for the green transition.

Patrik Hahne, CEO

SECOND QUARTER HIGHLIGHTS

• Net sales amounted to SEK 620.2 million (742.6)
• The Group’s organic growth amounted to -16% (31)
• EBITDA amounted to SEK 50.1 (31.8) million. EBITDA margin amounted to 8.1% (4.3)
• EBITA amounted to SEK 34.3 (18.3) million. EBITA margin was 5.5% (2.5)
• Profit after tax for the period in the quarter amounted to SEK 6.1 million (-6.2)
• Cash flow from operating activities amounted to SEK 24.0 (40.9) million. Cash flow for the period amounted to SEK -68.4 million (42.6)
• Earnings per share before and after dilution amounted to SEK 0.05 (-0.05)

INTERIM PERIOD 2024: 1 JANUARY – 30 JUNE

• Net sales amounted to SEK 1,133.3 million (1,423.8)
• The Group’s organic growth amounted to -21% (39)
• EBITDA amounted to SEK 49.5 (39) million. EBITDA margin amounted to 4.4% (2.7)
• EBITA amounted to SEK 19.2 (12.6) million. EBITA margin was 1.7% (0.9)
• Profit after tax for the period in the quarter amounted to SEK -26 million (-46.1)
• Cash flow from operating activities amounted to SEK 64.0 (0.4) million. Cash flow for the period amounted to SEK -23.1 million (1.0)
• Earnings per share before and after dilution amounted to SEK -0.20 (-0.34)

Significant events during the quarter:

• Soltech has entered into a long-term strategic energy partnership with the paper mill Hylte Papper. The collaboration concerns a number of different parts of Hylte’s sustainability strategy and continued development of its green energy supply. The business value of Soltech is estimated to amount to over SEK 250 million over 20 years
• The subsidiary E-Mobility has signed an agreement with Boliden for the development of mobile charging stations for battery-powered mining machines
• Commissioning of the Group’s self-owned solar park Öringe outside Halmstad with an expected annual production of 5.7 GWh
• At the Annual General Meeting on 21 May, three new Board members were elected, Ivana Stankovic, Ove Anebygd and Bernt Ingman. Stefan Ölander was re-elected as a member of the Board of Directors and was appointed new Chairman

Significant events after the period:
• No significant events after the reporting period

The quarterly report and other financial reports are available at: https://soltechenergy.com/en/investors/financial-reports-calendar/

Din Takläggare has been part of the Soltech Group since 2020. Since then, the company has acquired a solar energy company, Solexperterna Värmland, and Arvika Elinstallationer, thereby broadening its offering. The two acquisitions have contributed to the development of Din Takläggare into a roofing company that also offers solar energy and electrical engineering, in line with Soltech’s transformation strategy.

A transformation that has been successful. Din Takläggare’s turnover have increased from SEK 33.5 million in 2020 (shortened financial year of 11 months from Feb 1-Dec 31), which was the company’s first year within the Soltech Group, to SEK 50.5 million in 2023. Now the company has received one of its largest solar assignments. The assignment means that they are now helping Arvika municipality with solar installations on twelve apartment buildings. In total, an output of about 370 kW will be installed.
 
– We are very pleased to have been entrusted with helping the municipality with their solar energy investment. Projects like this is a proof that we have developed a competitive and competent solar energy department at Din Takläggare. We now hope to be able to assist more public and private property owners so that their properties both can produce green electricity and is prepared for upcoming regulatory EU requirements for solar on different types of properties, says Bernhard Ranke, Solar energy manager at Din Takläggare.
 
Read more about the upcoming EU requirements for solar:
https://svensksolenergi.se/solklara-byggnader-epbd-direktivet/

Soltech Energy Solutions is one of Soltech’s companies active in the above areas. The company has now entered into a collaboration with Hylte Paper in Halland. This is in line with the Soltech Group’s strategy to develop overall solutions in solar energy, energy storage, arbitrage, control and optimization together with the customers. Solutions that create value for the customer and for Soltech as well as contributing to society’s green transition.
 
Hylte Paper produce sustainable paper products and is a part of the Sweden Timber Group, which produces wood products and biocomposite granulates where wood replace plastics.
 
This project contributes to Hylte’s continued development of its green energy supply and in extension a green forestry, through an increased utilization rate of its self-produced green electricity and the possibility of storage energy and use it when needed the most. The solution also enables reduced power peaks and support services to the regional electricity grid.
 
Hylte Paper already has a biomass boiler that contributed with green base power to the electricity grid. They will now also be able to support the electricity grid with flexibility, something that enables the expansion of solar and wind power and is important for Sweden to be a leader in the green transition.
 
– We are very pleased to enter into a long-term strategic energy collaboration with Hylte Paper. With tech and sustainability as business drivers, we contribute to a well-established industrial company being able to develop its green energy supply and at the same time support the electricity grid. We see this as proof that Soltech as a green community builder is at the forefront of the overall solutions that tomorrow’s electricity grid requires, says Rickard Lantz, Business Development Manager at Soltech Energy Solutions.

E-Mobility is a company within the Soltech Group with specialist expertise in large-scale electric car charging installations and high-efficiency charging infrastructure. The company has now entered into a technology development agreement with the metal company Boliden. The agreement means that E-Mobility will develop and sell mobile charging containers to Boliden, which will then charge battery-powered mining machines down in their underground mine in Kristineberg.

The tech solution that is currently being developed is a mobile charging station in the form of charging containers that are adapted for the underground environment in the mine. The solution will be easy to move as the mine is gradually expanded. The investment is part of Boliden’s focus on expanding its charging infrastructure to get one step closer to realizing the fully electric mine of the future.

– We are very pleased to have been entrusted with carrying out a product development that places high demands on innovation and technical expertise. The mobile charging stations for the mining machines will save a lot of time, space and create a smarter charging infrastructure in the mining system. It would surprise me if more metal and mining companies didn’t start looking at this type of tech solution and follow in Boliden’s footsteps, says Martin Götesson, CEO of E-Mobility.

Photo: Soltech/Boliden/Tomas Westermak

Speech by the CEO

The CEO of the Company presented the financial year 2023, the strategic direction going forward as well as the board of directors’ dividend policy. The Company’s dividend policy is to distribute 30-50 percent of the group profit after tax to shareholders. Dividends are proposed by the board of directors and decided by the general meeting, taking into account the Company’s financial targets and growth prospects.

Adoption of the income statement and the balance sheet

The AGM resolved to adopt the income statement and the balance sheet in Soltech and the consolidated income statement and the consolidated balance sheet.

Allocation of profit

The AGM resolved that no dividend would be paid to the shareholders and that the previously accrued results, including the share premium account and year result, would be carried forward.

Discharge from liability

The board of directors, the managing director and the former managing director, Stefan Ölander, were discharged from liability for the financial year 2023.

Election of remuneration, the board of directors, auditor and chairman to the board

In accordance with the nomination committee’s proposal, the AGM resolved that the remuneration to the board of directors is to be SEK 1,500,000 in total, and shall be paid to the board of directors in the following amounts:

• SEK 300,000 for each of the directors and SEK 600,000 to the chairman (same as previous year); and
• If the board establishes committees, the fee for each member shall be SEK 40,000 and the fee for the chairman of the committee shall be SEK 60,000.

It was further resolved that the auditor shall be entitled to a fee in accordance with approved invoice.

In accordance with the nomination committee’s proposal, the AGM resolved that the board of directors shall comprise of four directors. The AGM resolved that the number of auditors shall be one registered audit firm.

In accordance with the nomination committee’s proposal Stefan Ölander was re-elected as director of the board. Ivana Stankovic, Ove Anebygd and Bernt Ingman were elected as new directors.

Stefan Ölander was elected as chairman of the board.

Öhrlings PricewaterhouseCoopers AB was elected as the Company auditor in accordance with the audit committee’s proposal. Öhrlings PricewaterhouseCoopers AB has announced that Claes Sjödin will continue to act as main responsible auditor.

Adoption of principles for the nomination committee

It was resolved to adopt principles for the nomination committee in accordance with the nomination committee’s proposal, to apply until further notice.

Amendment of the articles of association

The AGM resolved, in accordance with the board of directors’ proposal, to introduce a new provision in the Company’s articles of association which enables the board to resolve that a general meeting may be held digitally.

Authorization for the board to issue shares, warrants and/or convertibles

The AGM resolved, in accordance with the board of directors’ proposal, to authorize the board of directors during the period up until the next annual general meeting to, on one or more occasions, resolve to issue shares, warrants or convertibles with the right to subscribe for and convert for shares, respectively, with or without preferential rights for the shareholders, within the limits of the articles of association, to be paid in cash, in kind and/or by way of set-off.

The minutes from The Annual General meeting will be published on the Company’s website https://soltechenergy.com/en/investors/#corporate-governance

CEO comment:

In the first quarter, the Group’s net sales amounted to SEK 513.1 (680.2) million. The sales decline is primarily explained by lower activity in the consumer market for solar energy in all regions and by strong comparative figures in the same period in 2023. Looking at the Group’s other services in roofing, façade and electrical engineering, demand generally remained stable. The quarter was also seasonally characterized by customary lower activity with a smaller share of ongoing projects.

EBITA was impacted by the lower volume. Some cost adjustments were also made during the quarter to meet the changed market conditions. Cash flow from operating activities was positive.

Even though the solar energy market slowed down in the quarter, solar energy is an industry of the future and an increasingly important part of the energy transition. Our strategy is to continue to focus on quality, profitability and end-to-end solutions, as well as developing, transforming and growing our subsidiaries, but also to acquire new businesses when the market situation is more favorable.

Together with our driven entrepreneurs and employees, we will build an increasingly stronger group with the goal of increasing long-term shareholder value – and being a growing enabler for the green transition.

THE FIRST QUARTER IN BRIEF

• Net sales amounted to SEK 513.1 million (680.2)
• The Group’s organic growth amounted to -26% (66)
• EBITDA amounted to SEK -0.5 (6.7) million. EBITDA margin amounted to -0.1% (1)
• EBITA amounted to SEK -15.1 (-4.5) million. EBITA margin amounted to -2.9% (-0.7)
• Profit after tax for the period in the quarter amounted to SEK -32.2 million (-39)
• Cash flow from operating activities amounted to SEK 40 (-46.6) million. Cash flow for the quarter amounted to SEK 45.4 M (-41.5)
• Earnings per share before and after dilution amounted to SEK -0.24 (-0.30)

SIGNIFICANT EVENTS DURING THE QUARTER:

• In January, the Board of Directors decided on a new financial five-year target, which means that the Soltech Group will deliver revenues of SEK 8,000 million in the 2028 financial year with a profitability of 10% (EBITA)
• In March, Patrik Hahne was appointed new CEO of Soltech, starting on April 2, 2024
• Soltech’s Nomination Committee has submitted a proposal for the composition of the Board of Directors for resolution at the Annual General Meeting on May 21, 2024. Stefan Ölander, CEO of Soltech from September 2018 to April 1, 2024, is proposed as new Chairman of the Board.

SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD:

• Patrik Hahne took over as the new CEO of Soltech on April 2, 2024
• Acquisitions have been made of minority shares in Annelunds Tak, Ljungs Sedum and Wettergrens Tak, which are now wholly owned subsidiaries
• A merger has been carried out between Wettergrens Tak and Plåtteamet i Örnsköldsvik AB and between TG:s El i Finspång AB and Smart Solkraft i Sverige AB
• The Öringe solar park has been commissioned with an installed capacity of 5.8 MW and an expected annual production of 5.7 GWh

The quarterly report and other financial reports are available at: https://soltechenergy.com/en/investors/