Soltech Energy Solutions is one of the Soltech Group’s companies within tech solutions such as advanced energy systems, energy storage and large-scale solar energy solutions. In recent years, the company has established itself as a market leader in large-scale battery parks.
They have now been commissioned to build another large battery park for CA Batteribalans, a subsidiary in the CA Group.

The battery park will operate in the ancillary services market, which is a rapidly growing part of the energy sector, driven by the need to manage the transition to renewable energy and maintain the stability of the electricity grid. Something that is needed as weather-dependent and volatile power sources such as solar and wind increase. These types of power can also be a challenge for grid owners as they do not offer support services that the planned production facilities normally offer. Energy storage in the form of large-scale batteries is therefore becoming an increasingly important complement to the electricity system.

– It feels great to help CA Batteribalans with a large-scale tech solution in the form of a battery storage of 28 MWh that, in addition to balancing the electricity grid, will also be active in various markets such as the day ahead and intra day markets. The battery park will also be further proof of our position as a market leader in large-scale energy storage in Sweden, says Rickard Lantz, Business Development Manager at Soltech Energy Solutions.

Together with its customers, Soltech Energy Solutions has now built battery parks with a combined capacity of over 150 MWh.

CEO comment:

In Sweden, we see how the challenges of an undersized electricity grid are becoming increasingly apparent, with effect problems and higher grid tariffs as a result. This is something that contributes to strengthen our offering in energy storage. In these deals, our width and expertise are crucial, and I am proud of our ability to both deliver technically advanced overall solutions and carry out large-scale projects.

It is gratifying that in the quarter, despite challenging market conditions, we see a positive development in the demand in the solar business segment in Sweden compared to the second quarter of the year.

Through a continued strong focus on energy solutions, renovation and repair work, maintenance and service, we have, despite a weak construction industry, maintained relatively stable volumes in the quarter.

Despite the market challenges, I am positive about the future, where solar energy and Soltech’s solutions to the energy transition create great opportunities over time. Upcoming EU requirements for solar and increased charging infrastructure are also expected to have a long-term positive impact on the solar industry. At the beginning of the third quarter, the Swedish Tax Agency also changed its previous interpretation and now approves subsidies for home batteries, which support both households’ energy needs and the power grid.

During the third quarter, uncertainty remained about the changed conditions for solar energy in the Dutch market, which means, among other things, that an additional fee is charged by some network owners for solar energy fed into the electricity grid. In Spain, lengthy permit processes have meant that projects during the period have been delayed.

The work of continuously sharpening our processes and streamlining our organization and offering continues, while we have a strong focus on costs. During the quarter, we adapted both the organization and the offering to current market conditions, and we have both merged operations and implemented organizational downsizing. However, our cost savings have not yet had full effect in the quarter. We are continuously working to streamline operations and processes through, among other things, increased collaboration and knowledge transfer between the companies in order to better benefit from our breadth.

With a focus on quality and technology, we sharpen our overall offerings and our technologically advanced solutions contribute to improved profitability both for ourselves and for our customers. We also see that our customers are increasingly demanding a long-term partner that offers just that. With our breadth, expertise and focus on offering complete solutions, we are in a strong position to meet that demand.

An example of this is the development of our concept for the consumer market, Soltech Home, which was launched at the beginning of the fourth quarter. The solution for Soltech Home offers a complete solution that combines solar, electric car charging and energy storage in combination with support services, power optimization, electricity subscriptions, etc. All gathered in a common platform (Soltech Home App) that is optimized with the support of AI. This enables the customer to get maximum value from their investment and the solution via Soltech Home.

In terms of large-scale projects, the development of the project portfolio consisting of large-scale solar parks and battery projects has progressed. During the quarter, the Ramsjöholm solar park, of 11 MW, was commissioned and in line with the strategy, the solar park was divested at the beginning of November.

During the autumn, I have visited many of our companies and a number of successful customer projects. I feel very proud of how our entrepreneurs and employees solve our customers’ challenges on a daily basis in all our technical areas: roofing, electrical engineering, façade and solar. Our broad business base in several industries and customer segments creates both new business opportunities and stability. Our decentralized operations also allow us to adapt to regional market conditions, and make quick business decisions close to our customers.

In the short term, the market remains challenging. We are a long-term full-service supplier with market-leading expertise and a stable and well-diversified business base. This platform will be valuable when the green transition is gaining momentum again.

Patrik Hahne, CEO

QUARTER 3: 1 JULY – 30 SEPTEMBER

• Net sales amounted to SEK 608.3 (741.0) million
• The Group’s organic growth amounted to -18% (38%)
• EBITDA amounted to SEK 86.1 (32.8) million. EBITDA margin was 14.2% (4.4%)
• EBITA amounted to SEK 70.4 (18.9) million. EBITA margin amounted to 11.6% (2.6%)
• Profit after tax for the period in the quarter amounted to SEK -34.6 (-1.3) million
• Cash flow from operating activities amounted to SEK -73.1 (-100.5) million. Cash flow for the period in the quarter amounted to SEK -81.9 (-114.3) million
• Earnings per share before and after dilution amounted to SEK -0.26 (-0.01)

INTERIM PERIOD: 1 JANUARY – 30 SEPTEMBER

• Net sales amounted to SEK 1,741.6 (2,163.8) million
• The Group’s organic growth amounted to -20% (41%)
• EBITDA amounted to SEK 135.6 (71.8) million. EBITDA margin was 7.8% (3.3%)
• EBITA amounted to SEK 89.6 (34.1) million. EBITA margin was 5.1% (1.6%)
• Profit after tax for the period amounted to SEK -60.6 (-45.6) million
• Cash flow from operating activities amounted to SEK -9.1 (-100.2) million. Cash flow for the period amounted to SEK -105.0 (-113.3) million
• Earnings per share before and after dilution amounted to SEK -0.46 (-0.34)

SIGNIFICANT EVENTS DURING THE QUARTER

• Soltech commissioned Solpark Ramsjöholm of about 140,000 sqm. The installed capacity is 11 MW and the solar panels are expected to produce 11 GWh of electricity annually, which corresponds to the annual household electricity consumption of approximately 2,200 houses

SIGNIFICANT EVENTS AFTER THE PERIOD

• Soltech Energy launched the Soltech Home concept, solar energy solutions that enable optimization of energy production, energy use and reduced energy costs for private individuals and farmers

• The Soltech company E-Mobility has developed and installed Stockholm’s first mobile fast charger for electric boats. The charger has an output of 200 kW

• Soltech has divested Solpark Ramsjöholm of 11 MW to Alight. Operation and maintenance will be managed by Soltech in the future through an operation and maintenance agreement

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

Soltech’s long-term strategy for the more than 2,000 MWp project portfolio is to develop projects, build and manage operation and maintenance. Not to own the commissioned parks, with the exception of Soltech’s self-owned battery park in Malmö and solar park in Öringe.

After identification and analysis of the optimal geographical location for the installation, environmental assessments, design, construction and commissioning, the 140,000 sqm solar park, located just outside Falkenberg, is now being sold to the solar energy company Alight. The operation and maintenance of the solar park will continue to be handled by Soltech through an operation and maintenance agreement between the companies.

– The divestment of the solar park is a natural step in our long-term strategy and we are very pleased with the agreement with Alight. Christoffer Caesar at Soltech Energy Solutions and the entire solar park team have done a fantastic job with everything from construction, refinement and now the sale of the solar park. This deal is an acknowledgement of our ability to develop competitive projects from start to finish, which now have been divested to the competent investor Alight, which feels very confident about the further development of our strong project portfolio, says Patrik Hahne, CEO of Soltech Energy.

– This is a milestone transaction for Alight, as it’s the first acquisition of a commissioned project in our portfolio. We are primarily investing our capital in projects we have developed ourselves, but the Ramsjöholm solar park provided a very attractive opportunity to grow our operating solar portfolio. Soltech has done a fantastic job developing and commissioning this solar park and we are open to doing further acquisitions of mature projects in all Nordic countries, says Richard Nicolin, co-founder and Chief Investment Officer at Alight.

Read more about the solar park here: https://soltechenergy.com/mfn_news/soltech-driftsatter-solpark-ramsjoholm-pa-ca-140-000-kvm/

The project is carried out together with the investment and energy company Swede Solar, and the energy storage of 4 MWh, together with the solar panels, solves several challenges for the customer’s climate efforts. The solution provides both access to renewable energy and an increased power capacity that enables fast charging of electric vehicles. Power capacity is a problem that the entire transport sector is facing as the properties’ grid connection and electricity capacity are often not sufficient for example, fast charging of electric trucks. A problem for which Soltech has now developed and installed a solution.

With the energy storage, Postnord TPL can even out power peaks, gain greater power capacity and thus be able to expand its charging infrastructure for its electric trucks. The overall solution means that they now are able to avoid the bottleneck problem that the property’s limited grid connection previously constituted.

The energy storage facility and the 6.5 MWp roof-mounted solar energy solution also contribute to the property producing more solar electricity than it consumes, which means that PostNord TPL will be a net exporter of locally produced green electricity over the whole year. Through smart control, the surplus solar electricity is exported to nearby properties or stored in the large batteries that Soltech has installed next to the property.

– The energy storage will help stabilize the electricity grid and be an important part of PostNord being able to avoid the power challenge in the electricity grid and therefore accelerate the conversion of its vehicle fleet. The solution will create great value as it solves several problems at the same time and it feels great to have been able to conduct this with Swede Solar as a long-term partner. It would surprise me if other transport and logistics companies did not glance at this type of overall solution to create energy-smart logistics properties, says Rickard Lantz, Business Development Manager at Soltech Energy Solutions.

* The power challenge is that the electricity grid sometimes has difficulty delivering enough power (the immediate amount of electricity) when demand is high, even if there is enough electricity production overall. This becomes especially important as society becomes more electrified and as production shifts towards renewable energy such as solar and wind, which are more weather-dependent. The challenge is to match supply and demand for power in real time, especially during peaks, to avoid congestion and power outages.

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/