Savo-Solar delivers solar thermal heating systems in Finland

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Savo-Solar Plc
Company Announcement                  24 March 2017 at 2.00 p.m. (CET)

Savo-Solar delivers solar thermal heating systems in Finland

Solar thermal solutions are gaining more interest also in Finland and Savo-Solar has received an increasing number of requests for quotation. The company has recently won several projects for solar thermal system deliveries during spring and summer 2017.

Savo-Solar has signed a contract with the energy company Elenia Lämpö Oy for a delivery and installation to a nursing home in the city of Hämeenlinna. According to the information available, this will be the biggest operational solar thermal installation in Finland. The collector field is scheduled to be handed over to the customer in the beginning of May.

The company has also another project in Hämeenlinna with Consti Talotekniikka, who is building a HVAC system in the renovated swimming hall. Savo-Solar will be installing solar thermal systems as turnkey delivery, which is covering part of the needed heating of swimming pools and shower water. It further will be connected to district heating network, and eventual surplus energy will be fed to the district heating network of the city of Hämeenlinna. The delivery is scheduled to take place in early summer when the collectors will be installed to the roof of the hall.

Savo-Solar’s third domestic project is for Etelä-Savon Energia in the city of Mikkeli, where the plant for district heating will be provided with solar collectors. The plant provides heat to the district heating network and serves some communal buildings such as a home for elderly and some apartment buildings.

In these deliveries, the collector area varies from 119 to 252m2 in each project and the total value to Savo-Solar is more than EUR 300 thousand. Local installation in these deliveries is executed by Sundial Finland Oy, a long-term partner to Savo-Solar. The property owners have decided to introduce solar thermal energy to reach savings in energy costs and to promote the use of emission-free clean energy. The energy produced by solar thermal collectors in these projects will amount to a total of 300 MWh annually.

Jari Varjotie, Managing Director of Savo-Solar: “I am happy that these customers have decided to invest in solar thermal in their projects and that we now have a possibility to install our efficient systems also for Finnish customers’ benefit.

These projects are a great example of what is going on in Europe in a much larger scale. During the first months of this year we have been invited in tenders or identified tens of projects for solar district heating in several countries. Today our pipeline of these known projects we are working with in different stages is more than EUR 90 million and is growing every week – demonstrating that the market is in fast growth currently. So far ca. 10% of these projects in our pipeline have matured to quotation phase and our quotations today amount to almost EUR 10 million. With our strengthened sales team and capacity investments we continue our growth strategy also during this year.”

SAVO-SOLAR PLC

For more information:
Managing Director Jari Varjotie
Phone: +358 400 419 734
E-mail: jari.varjotie@savosolar.com

Certified Adviser
Mangold Fondkommission AB
tel.: +46 8 5030 1550

This company announcement contains information that Savo-Solar Plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication on 24 March 2017 at 2.00 p.m. (CET).

Savo-Solar in brief
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.fi.

The Company’s Certified Adviser is Mangold Fondkommission AB, tel.: +46 8 5030 1550.

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