The construction has started for the Soltech Group's own solar park – Öringe Solpark. It is situated in Getinge in Halmstad municipality. The subsidiary Soltech Energy Solutions carries out the project. The site has been carefully selected according to its good conditions for solar energy and already established grid connection. The investment is made as part of the Soltech Group's sustainability work. When the park is fully completed it will produce electricity equivalent to the household electricity consumption* of more than 1,200 houses. The project is now in building phase one and is expected to be fully operational in spring 2024.
Soltech Energy Solutions is the Soltech Group's operating company in advanced energy systems, energy storage and large-scale solar energy solutions. The company has now begun construction of what will be the Soltech Group's own solar park of approximately 70,000 square meters in Getinge, just outside Halmstad.
– It feels great and exciting that we are now starting construction for Soltech's own solar park. In addition to the fact that it is beneficial business and that it will contribute to the Group reducing its climate footprint, the solar park will contribute with about 5.9 GWh of green electricity to the local area and southern Sweden, says Fredrik A Svensson.
Solar energy and increased biodiversity
The land where the park is established is planned to be managed through mowing and/or grazing, which creates a dynamic living environment for flora and fauna. The solar park will create conditions for increased biodiversity in the area, including sowing of flowering meadow plants and the placement of nests for pollinators and various insect hotels. In this way, pollinators and species that are currently threatened in many parts of Sweden will benefit and thrive in the area.
– For us, it is both important to contribute to the green energy transition but at the same time also protect the surrounding nature and the environment. Through our process, we both respect the place we operate in and contribute to the area's future electricity supply. We are proud and looking forward to constructing a solar park that will contribute to electricity for many households in Halland and that also protects nature and diversity in the area, says Fredrik A Svensson.
Here is more information about Öringe Solpark and how it works when a solar park is established (in Swedish): https://soltechenergysolutions.se/oringe-solpark/
*household electricity consumption calculated on 5,000 kWh/year.
Soltech Energy Sweden AB (publ) has on July 11 acquired 30 percent of the shares in the subsidiary Takorama. Soltech Energy now owns 100 percent of the company and the acquisition of the remaining shares in the company is the next step in strengthening Takorama's transformation towards becoming a solar-roof company. Takorama has more than 30 employees and had a turnover of approximately SEK 50 million in 2022 with a good profit margin. The acquisition is financed entirely from own cash.
Soltech acquired 70 percent of Takorama on March 2, 2020, at the time Takorama had a turnover of approximately SEK 25 million. The remaining 30 percent of the company is now being acquired according to plan. This means that Soltech now owns 100 percent of the company, which during its time in the Soltech Group has been transformed by adding solar energy solutions, electrical technology and battery solutions to its core business within roofing and waterproofing.
– Takorama has gone from being a traditional roofing company to becoming a solar-roof company and, since the additional acquisition of Din Elkontakt this spring, now also has deep expertise in electrical engineering. I am therefore very pleased that we are acquiring the remaining part of the company as part of the work to further strengthen their transformation journey, says Stefan Ölander, CEO of Soltech Energy.
Transformation into a solar-roof company
Takorama is a leading company in the roofing industry in western Sweden and with over 30 years of experience in the industry, they are a well-known player in the region. Since Soltech acquired the company, they have developed a solar energy offering and have helped both old and new customers with roof-placed solar energy solutions, for instance Swedish Mässan Gothia Towers. Soltech invests in its subsidiaries and in April 2023, a bolt on-acquisition was made to Takorama when Din Elkontakt became part of the company. This bolt on-acquisition has made Takorama a full-service company with a complete offering in roofing, solar, battery technology and electrical technology.
– Now we have even better opportunities to sharpen our solar energy offering in combination with roofing and electrical technology. The fact that we are part of the Soltech Group gives us great competitive advantages and we look forward to our future together, says Micke Norrby, CEO of Takorama.
Soltech Energy's subsidiary Soltech Energy Solutions has commissioned an international, reputable financial advisor to identify investors for a majority of the solar park project portfolio of more than 1,000 MWp that has been built up over the past two years. The total remaining portfolio is thus significantly larger than the 300 MWp portion that Solgrid recently became a partner in, a deal in which the estimated future order value for Soltech amounts to between SEK 700 and 1,000 million, in the first stage.
Over the past two years, Soltech Energy Solutions has established a business area focusing on the development of solar park projects. The project portfolio developed includes building rights and land agreements and the majority of the projects are located in the SE4 area. In order to further develop the projects with permit approval and later construction, very large investments are required.
Soltech's focus regarding solar parks is to develop projects, build and manage operation and maintenance. Focus is not ownership of solar parks, with the exception of Soltech's own solar park in Öringe, which is currently being built. Therefore, the goal is to find investors with the ambition to become long-term owners of the solar parks and together with Soltech, further develop the portfolio through contracting and construction. In addition to the existing portfolio, Soltech continues to search for and secure new projects on an ongoing basis.
A transaction such as the one Soltech Energy Solutions is planning with the help of an external financial advisor, would mean that the solar park projects in the portfolio can be made ready for construction faster with the help of external financing and external co-ownership. When the projects then gradually become ready for construction, Soltech has the exclusive right to build. This means that the solar park portfolio would constitute a significant secured business opportunity.
The benefits for Soltech are many. Soltech does not need to finance the large-scale project development of the solar park portfolio itself via a new share issue or take up large loans. The plan is instead to realize shares of the portfolio in the near future and then have the opportunity for long and stable revenues over time from construction, operation, maintenance and support services such as large battery solutions.
Currently, details about the time plan or valuation of the portfolio cannot be disclosed as it is too early in the process. But in order to begin the work of finding investors, the news must be shared with the public market.
– Soltech Energy Solutions has quickly built up a business area for solar parks that has great financial value for the Group and that we look forward to developing together with one or more investors. Our goal is for this to accelerate the green energy transition as well as Soltech's growth and profitability, says Stefan Ölander, CEO of Soltech Energy.
On July 5, Soltech Energy Sweden AB (publ) acquired 100 percent of the shares in Tekniska lösningar i Täby AB (Tlab) with entry on July 6, 2023. The company has a turnover of approximately SEK 40 million with good profitability and has 15 employees based in Danderyd, north of Stockholm. Together with Soltech, Tlab will increase the share of solar energy in the product range and raise both turnover and profit. The acquisition is financed entirely from own cash and with newly issued Soltech shares and consolidates the Soltech Group's position in electrical engineering and solar energy.
Soltech has a clear growth strategy with acquisitions in the solar, roof, facade and electrical engineering industries. Something that builds a strong Group with cross-sector competencies. The acquisition of the electrical engineering company Tlab further establishes the group in the electrical engineering area and also strengthen Soltech's geographical presence in the Stockholm area.
Tlab is a well-established electrical engineering company and today has a turnover of approximately SEK 40 million with good profitability. Tlab's competence extend over projects and installations that includes complex and large-scale electrical and network installations, but the company also offers solar cell solutions in combination with charging and energy storage. The goal is to grow further in the renewable energy business area, where solar cell installations form the basis.
– We are now growing even more within the electrical engineering industry, which is much welcomed as solar energy requires electrical expertise with the installation. Tlab is a profitable and skilled company and already have a well-established experienced in solar energy, charging and storage solutions. This acquisition will create even more synergy opportunities between our subsidiaries, not least in the Stockholm area, and I would like to warmly welcome Jocke Persson and his team to Soltech, says Stefan Ölander, CEO of Soltech Energy.
Advanced electrical installations and solar energy
Tlab's history goes back to the 80s and the company operates in large parts of the country, although the majority of employees are based in Stockholm. For electrical installations, the company is primarily active in contracting and new installations, but also has deep expertise in more advanced solutions such as switchgear. The company's solar energy customers mainly consist of companies and smaller industrial properties, and renewable energy is a growing business area. CEO Jocke Persson therefore takes a very positive view of becoming part of the Soltech Group.
– This is a fantastic milestone for the whole of Tlab. Our customers' demand for solar energy is growing strongly and as a part of the Soltech group we will gain more opportunities to further develop our solar energy offer. Having an international Group behind us will create great advantages and we look forward to start cooperation with our sister companies, Jocke Persson, CEO at Tlab.
365zon has once again won a solar energy auction for the Netherlands' largest association for homeowners, Vereniging Eigen Huis. The winning assignment means that 365zon will install solar panels on approximately 1,000 houses during Q3-Q4 2023. The order value for the deal amounts to approximately SEK 71 million.
The Dutch solar energy company 365zon was Soltech's first international acquisition when they were acquired in April 2022. The company, with approximately 60 employees, has once again won a solar energy order for the homeowners' association Vereniging Eigen Huis. The association organizes solar energy auctions to offer its members opportunities to obtain market-leading solar energy consulting and installation services.
This means that 365zon will install solar panels on approximately 1,000 houses during quarters three and four of this year.
– I’m happy to conclude that we once again gained this trust in times of intensifying competition. This achievement reflects the dedication and hard work of our team and our will to contribute to the green transition, says Lars Buuts, CEO of 365zon.
– They once again prove that they are one of the leading companies in the Dutch solar energy market. I truly admire Lars, Levi, Arjan and their teams strong aim to create remarkable solutions that exceed their customers’ expectations, says Stefan Ölander, CEO of Soltech Energy.
On June 27, Affärsvärlden published an article about Soltech that avoids mentioning anything positive at all about Soltech's development in recent years. The writer only has a negative focus instead of a holistic perspective. The article is full of examples of deals that have been challenging for various reasons and not a single successful acquisition or deal is mentioned. The article also has a long line of own interpretations, personal attacks, opinions and facts that are purely incorrect and unprofessional. Furthermore, I was not a shareholder who stepped in in 2019, I had been chairman of the board for 7 years. I’m also the single largest shareholder, so building a castle in the air is not directly in my interest.
Since we started our acquisition strategy in 2019, Soltech has expanded greatly and in such a strategy losses are a natural part initially. It is not possible to increase turnover fortyfold without investing large sums of money. We have never tried to hide the fact that, in addition to all the successes, we have of course encountered challenges.
My view of the media is that they often do a good job by analyze different companies, and there everything negative has to be highlighted. But the media should not focus solely on highlighting the negative aspects in a subjective article. In order to provide the reader, and our shareholders, an objective picture of the company, the positive should also be highlighted. But since this part was not included in Affärsvärlden's article, I thought I would highlight some of them in the following list:
• from 2019 to 2022, we have gone from approx. 50 MSEK to approx. 2,000 MSEK in turnover. The expansion continues with a focus on profitability
• our organic growth was as much as 57% in 2022 and 66% in Q1 2023. Proof that the subsidiaries thrive and develop within the Soltech Group
• our underlying business was profitable in both Q4 2022 and Q1 2023
• approx. 30 companies have been acquired and the absolute majority have had a very good development and over 95% of all entrepreneurs have stayed in the Group
• in 2022, Soltech was established in the Netherlands and Spain via the acquisition of large solar energy companies
• our investment in solar parks has proven very successful. Recently, a deal with Solgrid was communicated with an initial order value of SEK 700-1000 million
• synergy effects between the companies are beginning to have a noticeable effect both in terms of lower prices and safer deliveries
• The solar energy industry worldwide faces an extremely positive future as governments, businesses and individuals line up to ensure cheap and green energy.
Soltech's subsidiaries conducts a fantastic job and our idea with a solar energy company as a foundation and deep competence in nearby areas such as roofing, facade and electrical technology is a unique positioning that will deliver great value in the future.
I understand that our shareholders and employees are very worried after this article and I can only refer to the positive things within our Group, of which a small part is mentioned above. We continue to build a Group with a focus on quality, profitability and growth and look forward to other articles in the future that give an overall picture of Soltech Energy.
Stefan Ölander, CEO
Borlänge-based Soltech company E-Mobility and Kläppen Ski Resort are now collaborating. An agreement between the companies has been reached which awards E-Mobility the privilege of installing solar panels and smart electric vehicle (EV) charging points for the thousands of cabin owners at the ski resort and the corporate headquarters of Kläppen Ski Resort. The order is initially valued at SEK 14 million, but can potentially amount to SEK 24 million during the contract period.
E-Mobility is the Soltech Group company with expertise in large-scale EV charging points and charging infrastructure. The company has signed a three-year agreement with Kläppen Ski Resort, Sweden's largest family-owned ski resort with 38 slopes and 21 ski lifts.
The agreement, effective as of August this year, means that E-Mobility is offering the cabin owners at Kläppen the opportunity to install solar panels and EV charging points, where E-Mobility delivers technical consultation, installation and continual support. All installations are also prepared to accommodate energy storage in the future. The company will also install solar panels and EV charging points at the planned new headquarter of Kläppen Ski Resort, expected to be finished in 2025, which will house 55 employees and provide close to 100 EV charging points.
– We are very happy to have gained the trust of a ski resort that really puts its sustainability ambitions to the test. Now we look forward to rolling up our sleeves and helping Kläppen's cabin owners get access to both smart EV charging and solar energy solutions, says Maja Pettersson, responsible for solar energy at E-Mobility.
An important service for both the climate and cottage owners
Kläppen Ski Resort has high sustainability ambitions for its operations and has previously participated in several environmental projects. Now the ski resort is taking its sustainability work to the next level through the long-term collaboration with E-Mobility, which will help cabin owners interested in sustainability reduce their environmental impact.
– We think it is extremely important to think long-term and sustainably. Sustainability work must permeate all daily work, and with E-Mobility's solutions we continue in the right direction. For us, it is a natural part to think sustainably, both in the short and above all in the long term. We are a family-owned company and for us sustainability is part of our core values and our DNA. We want to develop the company and in the future hand over a sustainable facility to the next generation Eriksson, says Gustav Eriksson, CEO of Kläppen Ski Resort.
The Skara-based electrical engineering company Provektor has received an order from the Danish company Lundsby Renewable Solutions. Provektor will help develop a new biogas plant for Gasums in Götene. The project start is in June and the order value for Provektor amounts to just over SEK 20 million.
Provektor is Soltech's largest company within the electrical engineering industry and has deep expertise in electrical installations, automation, and solar energy. The company can be found at 13 different locations in Skaraborg, Skåne and Halland and currently has approximately 150 employees.
Provektor, together with Danish Lundsby Renewable Solutions, will carry out extensive electrical installations for what will become Gasum's new biogas plant. Biogas is a renewable and climate-friendly fuel. The facility in Götene will primarily use manure from the agricultural sector in the surrounding area as raw material.
The plant will produce 120 gigawatt hours (GWh) of liquefied biogas (LBG) yearly from 2025 onwards. This corresponds to the annual consumption of 300 trucks, or approximately 15,000 passenger cars that drive 1,500 miles. The biogas will be used as fuel for road transport, in the marine sector and in industry.
Elisabeth Nordberg, CEO at Provektor, is proud of the assignment and highlights a thorough feasibility study and competent employees as the key factors to win this assignment.
¬ We are proud and happy to have received this trust. It is an important project for us and the trust is a result of a genuine and thorough preliminary study and process, in which, among others, our experienced employees Andreas Werner, Albin Johansson and Erik Andersson have been a driving force. We are very much looking forward to getting started, says Elisabeth Nordberg, CEO at Provektor.
The Soltech Group's subsidiary, Soltech Energy Solutions, and the Norwegian solar park developer and investor Solgrid have entered a co-operation agreement where Solgrid becomes an investor and owner in several solar park projects that Soltech Energy Solutions will develop, install and operate. The ambition in the agreement is project developments for 300 MW of ground-mounted solar energy, which would mean a total investment of approximately SEK 2 billion for Solgrid if all applications are approved. County administrations and network owners decide on how many projects that will be approved, but the forecast for the initial order volume is total approx. SEK 700 million up to SEK 1 billion for Soltech Energy Solutions during the first 3-4 year period.
Soltech Energy Solutions is active within project development of large-scale solar energy solutions on roofs, ground and tech solutions for property owners and energy companies. The company has now entered into a cooperation agreement with the Norwegian solar park developer Solgrid, which invests mainly in land-based solar parks in Sweden together with Soltech Energy Solutions.
The agreement means that Solgrid will become the owner and investor of several solar parks that Soltech Energy Solutions designs, installs and operates in southern Sweden. Christoffer Caesar, CEO of Soltech Energy Solutions sees the agreement as a payoff for the company's project development focus.
– This project development agreement confirms the strategic movement we are making towards becoming a large-scale project developer that attracts investors that want to contribute to and accelerate the green transition. Solgrid is a highly competent partner who has seen the advantages in Sweden's solar energy conditions as well as in our quality processes and experience within the team, says Christoffer Caesar, CEO of Soltech Energy Solutions.
Major investment in locally produced electricity
The projects that Soltech Energy Solutions will design and develop for Solgrid are located in the so called electricity area SE4 and will be carefully evaluated based on existing infrastructure and where the solar parks can harmonize with natural and cultural values. Kristin Melsnes, CEO of Solgrid, is very positive about the investment and the long-term agreement with Soltech.
– It feels great that we are investing in more large-scale solar parks in Sweden. The solar energy conditions in southern Sweden are good and the local need for energy is large. Therefore, it feels safe that Soltech Energy Solutions is our partner in these type of solar park projects at a level that will strongly contribute to the local electricity supply, says Kristin Melsnes, CEO of Solgrid.
In a press release on 15 June at 08:45 AM, the wrong number of shares subscribed by Soltech Energy was stated. The correct number should be 6,027,889 pcs, not 39,640,390 pcs.
The board of Advanced Soltech Sweden AB (publ) has decided on June 14, 2023, as part of the company’s refinancing process, to carry out a targeted new share issue of approximately SEK 141 million. The directed new share issue is fully subscribed, but allocation is subject to the board’s approval. The main owners Soltech Energy Sweden AB (publ) and Advanced Solar Power Hangzhou Inc. have subscribed shares for a total amount of SEK 118.3 million. Soltech Energy has subscribed for 6 027,889 shares, a total investment of SEK 60.2 million.
Soltech Energy’s CEO Stefan Ölander comments:
“This is a very good opportunity for Soltech to invest in the world’s largest solar energy market at a low valuation. Yesterday’s announcement that JiangSu Leasing is investing approx. SEK 820 million in a sale and leaseback solution was very important due to Advanced Soltech’s situation with maturing bonds corresponding to almost SEK 1 billion at the beginning of July. Through this fully subscribed issue, the new financing solution is made possible, which means SEK 61 million in lower financing costs annually for Advanced Soltech. This will help them develop its business even further.”
Compensation issue in August to all shareholders in Advanced Soltech
The board of Advanced Soltech has also decided to carry out a compensation share issue of approximately SEK 99 million with the same subscription price (*10 SEK per share) as the directed new issue to compensate other shareholders for the dilution that the directed new issue entails.
Full participation in the event of a completed directed new share issue and compensation issue would mean a total addition of equity of approximately SEK 240 million.
Advanced Soltech’s CEO Max Metelius comments:
“With the new financing in place, consisting of a sale and leaseback financing agreement in China of approximately SEK 820 million supplemented by this targeted new issue, we have reduced interest costs, reduced the currency risk and created a stable financial platform that significantly improves the result. Now we can focus on growth again.”
Here is Advanced Soltech’s more extensive press release: https://advancedsoltech.se/investerare/pressmedalenden/
* SEK 10 corresponds to a volume-weighted average price for the Company’s share on the Nasdaq First North Growth Market during the last 10 trading days up to and including June 13, 2023 (“VWAP”) which amounts to SEK 9.98. The board therefore considers the subscription price to be market-based