Company Announcement 30 November 2017 at 10.30 a.m. (CET)
Savo-Solar Plc: Validity period of Savo-Solar’s bank guarantee limit has been extended by 12 months
The bank Suur-Savon Osuuspankki has extended the validity period of its bank guarantee limit granted to Savo-Solar Plc (“Savo-Solar” or the “Company”) by 12 months, up and until 30.11.2018. The limit amounts to EUR 2 million and the Company uses it in large projects for guarantees needed during deliveries and the warrant period, among others. The extension of the limit’s validity period is conditional upon Finnvera Plc granting a counter guarantee to the bank on behalf of Savo-Solar and the Company giving an additional collateral to the bank. Finnvera has already made a positive decision regarding the guarantee. Suur-Savon Osuuspankki’s bank guarantee limit has been extended on the same terms as with the earlier limit.
Savo-Solar’s financial position has improved as a result of the successful rights issue of units carried out during the summer of 2017, when the Company raised approximately EUR 4.3 million in proceeds. Currently, the Company has its subscription period for the warrants 1-2017 issued in connection with the rights issue above.
Savo-Solar aims to increase its revenue and to improve its profitability so that the Company can ensure the coverage of needed working capital and meet the terms of its loan funding.
For more information:
Managing Director Jari Varjotie
Phone: +358 400 419 734
Savo-Solar Plc discloses the information provided herein pursuant to the Market Abuse Regulation ((EU) No 596/2014, “MAR”). The information was submitted for publication by the aforementioned person on 30 November 2017 at 10.30 a.m. (CET).
Savo-Solar 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, Savo-Solar helps its customers to produce competitive clean energy. Savo-Solar’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. Savo-Solar is known as the most innovative company in the business, and aims to stay as such. The company has sold and delivered its products to 17 countries on four continents. Savo-Solar’s shares are listed on Nasdaq First North Sweden with the ticker SAVOS and on Nasdaq First North Finland with the ticker SAVOH. www.savosolar.com.
The Company’s Certified Adviser is Augment Partners AB, phone: +46 7 3154 5232.