Savosolar Plc
Company Announcement 18 March 2022 at 1.30 p.m. (CET)
Subscription period for shares based on Savosolar Plc’s Warrant Plan 1-2021 starts on 21 March 2022
Savosolar Plc (“Savosolar” or the “Company”) carried out a rights issue during the period between 11 October 2021 and 27 October 2021, where warrants were issued to the subscribers free of charge (the “Warrant Plan 1-2021”). The share subscription price based on the warrants of series TO8 (the “Warrants”) has been set to EUR 0.03 or SEK 0.31 per share.
The subscription price per share for the Warrant Plan 1-2021 is EUR 0.03 or SEK 0.31.
The subscription period for shares that can be subscribed for based on the Warrants is 21 March 2022 – 1 April 2022.
The terms and conditions of the Warrants can be found at https://savosolar.com/investor-relations/rights-issue-2021/.
Demand for renewable energy continues to grow as measures to combat climate change increase. Although the Covid pandemic had a reduced impact last year, the country-specific implementation of the EU Green Deal still caused delays in customers’ investment decisions in Europe. Savosolar’s sales for 2021 subceeded expectations and amounted to EUR 2.5 million. Despite this, interest in solar heating has increased and is expected to keep increasing going forward. At the end of the financial year, the Company’s equity ratio was 81 percent and cash and cash equivalents totaled EUR 4.1 million. Savosolar has improved its internal efficiency so that the entire organization can function together seamlessly in a multi-project environment. The current production capacity enables a revenue of EUR 25-30 million with the current business model, without the need for major investments.
The EU has set a goal of climate neutrality by 2050. Achieving emission reductions requires a rapid shift to clean energy with related innovations. The market for large solar heating systems, an important segment for Savosolar, has grown especially in Europe. The growth rate seems to increase in pace, and the Company estimates that the market will triple in size in 2022, compared to the previous year. The strong market position of Savosolar creates ideal conditions to seize this growth opportunity. In 2021, the Company delivered over half of all large solar heating systems that were put into use in Europe.
Savosolar’s projects in the planning and bidding phase, as well as the number of sales opportunities identified for the next few years, are at a record high of EUR 138 million. This year, the Company has been in negotiations regarding several new projects where the customer has not made a decision yet. These factors, combined with a strong brand and state-of-the-art technology create excellent conditions for increasing the Company’s revenue towards profitability.
The attack on Ukraine by Russia has been deeply upsetting. The humanitarian crisis is severe and the need for help is enormous. Unfortunately, there is currently no end in sight for the war. We all hope that military action will stop as soon as possible, and that Europe can yet again return to peaceful co-existence. The war has already had significant effects on the European energy sector. The sanctions put in place and the new geopolitical climate call for a faster green transition as Europe reduces its dependence on fossil fuels. Following the war in Ukraine, interest in alternative energy sources has amplified, adding more political pressure to shorten the permit application processes even further. As the segment’s technology and quality leader, Savosolar is fully prepared to meet rapidly growing demand for clean energy in Europe.
Savosolar’s vision is to be the first choice among suppliers of effective solar heating systems globally. By providing a competitive and high-quality solution for large-scale production of clean energy, the Company is strongly committed to the fight against climate change. Through the warrant subscriptions, Savosolar can improve its market position even further, by increasing its financial capacity.
Invest in clean energy by subscribing for shares through the exercise of the warrants and fight against climate change together with Savosolar!
SAVOSOLAR PLC
For more information:
CEO Jari Varjotie
Phone: +358 400 419 734
E-mail: jari.varjotie@savosolar.com
Savosolar in brief
Savosolar with its highly efficient collectors and large-scale solar thermal systems has taken solar thermal technology to the next level. The company’s collectors are equipped with the patented nano-coated direct flow absorbers, and with this leading technology, Savosolar helps its customers to produce competitive clean energy. Savosolar’s vision is to be the first-choice supplier to high performance solar installations on a global scale. Focus is on large-scale applications like district heating, industrial process heating and real estate systems – market segments with a big potential for rapid growth. The company primarily delivers complete systems from design to installation, using the best local partners. Savosolar is known as the most innovative company in the business and aims to stay as such. Savosolar’s shares are listed on Nasdaq First North Growth Market Sweden with the ticker SAVOS and on Nasdaq First North Growth Market Finland with the ticker SAVOH. www.savosolar.com.
The Company’s Certified Adviser is Augment Partners AB, info@augment.se, tel. +46 8 604 22 55.
