SolTech’s CEO comments on the sale of stock in the Company with a market value of approximately 500,000 SEK.
Background
Over the period spanning 15 June up to and including 20 July 2018, CEO Frederic Telander has personally sold, via the Company, a cumulative total of 51,000 shares in SolTech, representing circa 3.55 percent of the CEO’s holdings, with proceeds amounting to approximately 500,000 SEK. The sale of shares distributed over this period, which – in compliance with all regulatory and legal requirements – were continuously reported to Sweden’s Financial Supervisory Authority (Finansinspektionen), took place for the purpose of partially financing personal undertakings; among these, the renovation of a summer residence.
For more information, please contact: Frederic Telander, CEO SolTech Energy. Tel: 08 – 441 88 46, email: frederic.telander@soltechenergy.com
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 shuts out solar heat. Soltech Energy Sweden AB (publ.) is traded on First North at Nasdaq Stockholm, under the symbol “SOLT” with ca. 15,000 shareholders. Also included in the concern are its jointly owned (51%) subsidiaries ASAB in Sweden and ASRE in China (below is more info on ASRE). 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 installation, 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).