20 December 2017

SolTech Energy Sweden AB’s (publ.) preferential rights issue is over-subscribed

SolTech Energy today announces that the Company’s new share issue was 147% subscribed. Subscription from the established, in-place guarantee consortium therefore does not have to be taken into consideration. Total subscription, aside from compensation to guarantors, came to 11,344,106 shares, whereof 6,881,298 were subscribed with preferential rights and 4,462,808 without. Prior to the new preferential rights share issue, with the possibility of an over-subscription in mind, the board had called an extraordinary general meeting with the aim of changing the articles of incorporation and making a request for renewed authorization to act on the possibility of floating a separately directed new share issue for a maximum amount of 25 MSEK (2.5 MEUR) according to existing conditions. All told, in the event of such a decision, total proceeds to SolTech would amount to 90 MSEK before deducting new issue expenses.

On 16 November 2017, SolTech Energy’s board of governors, in accord with authorization granted at the general meeting of shareholders on18 May 2017, decided to emit a new issue of Shares with preferential rights for existing shareholders. Intended max volume for the new share issue was 7,713,503 priced at 8.40 SEK per share. Assuming the decision is confirmed at the extraordinary general meeting on 20 December 2017, the board of governors will be able to decide on an Over-subscription up to a maximum of 25 MSEK (2.5 MEUR), equivalent to a maximum of 2,976,190 shares. Above that number is the compensation due guarantors amounting to a total of 875,000 shares. Subscription of shares with and without preferential rights took place from 24 November up to and including 14 December 2017. G & W Fondkommisson (Security brokers) has acted as financial advisor with respect to this new share issue.

As soon as the capital stock increase has been registered with the Swedish Companies Registration Office (Bolagsverket), the paid subscription shares (BTA) in the preferential rights new share issue will be converted to new shares. Until this is done, said shares will be traded with BTA (paid subscription shares) on Nasdaq First North. Regular trade with respect to the new shares is estimated to start on Nasdaq First North on or about 20 January 2017. After registration of this new share issue, including shares issued to guarantors, SolTech’s capital stock will have risen to total 1,972,125.65 SEK divided amongst 39,442,513 shares, each share having an allocated value of 0.05 SEK. Minor adjustments to the above cited total shares and sums may occur in connection with registering them with the Swedish Companies Registration Office.

CEO Frederic Telander comments:

”We are very proud and pleased over the confidence shown to us by both our existing as well as new shareholders. SolTech has now secured the funds necessary for achieving the goals we have set out, namely: To finance strategic acquisitions in Sweden, to meet the investment requirements of contracted solar energy installations in China, as well as to free up funds to strengthen working capital in anticipation of the wide launch of our new product, SolTech ShingEl.”

For more information, please contact: Frederic Telander, CEO SolTech Energy. Tel: 08-441 88 46, email; frederic.telander@soltechenergy.com

The information contained in this press release conforms to that which SolTech Energy Sweden AB (publ.) is required to make public according to the EU’s regulation.596/2014 concerning securities market abuse. Said information is furnished, via the above-cited contact person’s authorization, for publication on 20 December 2017, 07:00 CET.

SolTech Energy in brief
SolTech Energy develops and sells building-integrated solar energy products for all forms of building structures – commercial, public and residential. The products are a part of a building’s outer shell, as a roof, wall or window, containing semi-transparent solar cells for the production of electricity that simultaneously shade out solar heat. Soltech Energy Sweden AB  (publ.) is traded on First North at Nasdaq Stockholm, under the symbol “SOLT” with over 12,000 shareholders. Also included in the concern are its jointly owned (51%) subsidiaries ASAB in Sweden and ASRE in China, as well as its wholly owned subsidiary Wasa Rör T Mickelsson AB. The company’s Certified Advisor is G&W Fondkommission (securities broker). For more information see: www.soltechenergy.com.              

Investment in China
SolTech’s investment in China is carried out by a jointly owned company, Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd (ASRE), where SolTech owns 51 percent and Advanced Solar Power Hangzhou Inc. (ASP) owns 49 percent. The business model consists of having ASRE finance, install, own, and periodically service solar energy installations mounted on the roofs of customer-owned facilities. The customer does not pay for the installed solar energy unit, but instead undersigns a long-term, 20-25 year contract to buy all the electricity and/or thermal heat the relevant unit produces. ASRE’s current income comes from the sale of electricity to customers, along with various forms of subsidies per produced kWh. Focus is now concentrated on building a backlog of orders for 2018 and beyond, with the goal of obtaining an installed capacity of 605 MW (megawatts) by the close of 2021, which in 2022 will be set into full operation, generating current annual sales amounting to approximately 1 billion SEK (100 MEUR).           

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