Invest in a clean
future through the unique
technology of Savosolar

Savosolar Plc is a Finnish public limited liability company listed in Nasdaq First North Growth Market Sweden and Nasdaq First North Growth Market Finland that designs and supplies large solar thermal systems for district heat producers and industry. The systems are based on Savosolar’s highly efficient solar heat collectors, at the heart of which are Savosolar’s proprietary optically coated direct flow absorbers. With this leading technology, Savosolar helps its customers to produce competitive clean energy on a global scale. According to the information available to the company’s executive management, Savosolar’s collectors are the most efficient large solar heat collectors in the word.


Savosolar’s mission is to accelerate the solar economy through the leading technology for competitive energy. Savosolar helps its customers to attain their goals related to climate change with the help of fully emission-free energy. The company’s vision is to be the first-choice supplier of large solar installations on a global scale.

The company’s strategic objective is to grow substantially and be the leading supplier of large solar thermal installations where quality and efficiency matter the most. This means large-scale systems such as solar district heating (SDH) and solar heat for industrial processes (SHIP). In industry, the principal segments are the mining industry, food and beverage processing, the paper industry and greenhouses. In implementing its strategy, the key factors for the company are its proprietary solar collector technology and knowledge of system design as well as its strong local and global partners.

The geographical focus of operations continues to remain in Europe, but the company is actively seeking partners and marketing its products and services outside Europe as well. Savosolar delivers energy systems on a turnkey basis in line with its strategy in collaboration with its partners. The partners in different countries also serve as a sales channel for Savosolar’s products.

Our mission

To fight climate change with leading solar thermal technology to provide competitive and stable energy costs.

Our vision

Be the global first-choice supplier to high performance solar installations.

Business environment

The demand for renewable energy, and for genuinely clean, emission-free energy, continues its strong growth when the actions to curb climate change increase. The European Commission’s proposal for a directive on renewable energy sources of July 2021 (Fit for 55) imposes a stricter target for the reduction of emissions: greenhouse gas emissions should be reduced by at least 55% from the 1990 level by 2030. The EU’s carbon neutrality target had been set for 2050. The attainment of the targets is supported by, e.g., the EU Taxonomy Regulation that links financing with companies’ actions to achieve the environmental targets. Emission reduction and carbon neutrality targets have been widely set in other parts of the world as well.

Alongside emission reductions, the intensification of consumption peaks and extreme weather phenomena pose additional challenges to energy production. The flexibility of energy systems, the optimisation of the use of different energy sources and the possibilities for energy storage will grow in significance. Solar heat is well suited for such hybrid energy systems, being a fully emission-free source of energy that is utilised in district heating, industrial processes and, to a lesser extent, the heating of domestic water. Heat can also be stored cost-effectively.

The market for large solar thermal systems with a temperature of less than one hundred degrees has a limited number of skilled turnkey suppliers that operate globally. Savosolar is the technology and quality leader in this segment.

The use of large-scale solar thermal systems is increasing globally both in district heating and cooling and in industrial process heat generation. In many countries, the utilisation of clean renewable energy is driven by taxation and the sanctions imposed on emissions, but solar heat is often already competitive without any subsidies. The EU Green Deal programme is expected to increase interest towards solar heat as part of district heating in particular.

CEO Jari Varjotie:

Future looks bright

Interest towards solar heat has grown and is expected to continue to grow. In Europe, however, decision-making was delayed in 2021 by uncertainty about the country-specific schedules for EU Green Deal funding, and exceptionally high increases in material and transport costs.

More than half of all the large-solar thermal systems commissioned in Europe last year were supplied by Savosolar. Our most significant delivery was France’s largest solar thermal system in Issoudun to Kyotherm Solar, which sells heat to Malteries Franco-Suisse for the drying of malt. Another good example of our advanced collector technology is the solar heating system commissioned in 2021 in Creutzwald, France, whose annual production target for the first calendar year was already reached in October.

Looking back, I see that 2021 was a gap year in the solar thermal market due to uncertainty and delays in decision-making, and that in 2022 the market will return to a clear growth track again. We expect this to be positively reflected in Savosolar’s operations.

Jari Varjotie

Key financials

The table below describes Savosolar’s key financial indicators.

 (EUR thousand) Jan-Dec 2021 Jan-Dec 2020 Jan-Dec 2019
 Revenue 2 497 5 117 3 415
 Result for financial year -5 772 -4 977 -6 760
 Cash and cash equivalents 4 070 2 498 2 133
 Equity 6 503 4 659 3 592
 Equity ratio % (incl. capital loans) 81 70.7 61.8

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