Savo-Solar Oy explores IPO on NASDAQ OMX First North Sweden



Savo-Solar Oy
Press Release   19 November 2014


Savo-Solar Oy, supplier of the world’s most efficient solar thermal collector explores the opportunity of having the company’s share listed on the NASDAQ OMX First North Sweden. The planned schedule for the initial public offering is early 2015.

Savo-Solar’s order book is growing rapidly, and with the listing and the related share issue the company is seeking capital to finance the growth and increase in production capacity.

“With the listing we want to ensure our company’s growth into one of the biggest and best solar heating and cooling companies in the world. Savo-Solar is growing rapidly in the Nordic countries’ district heating market, particularly in Denmark where they invest heavily in large solar district heating plants. Alone this year about 300 000 m2 solar thermal collectors will be installed in Denmark, with a market value of about 70 million euros. Our company would be the first solar thermal company listed in the Nordic countries. Both investors and industrial players have already shown interest in us”, says Savo-Solar Oy’s Managing Director Jari Varjotie.

Savo-Solar’s goal is to be one of the technologically most advanced and leading providers of large-scale solar thermal plants, offering patented solutions and manufacturing the world’s most efficient solar thermal collectors and systems. Solar thermal is already competitive compared with conventional heat production and up to 70-80% of the radiated solar energy can be utilised, especially with Savo-Solar’s panels which have the best performance in the market. The world’s installed solar thermal capacity is 330 TW, which is twice as much compared with the total installed solar electrical capacity of solar cell panels (Photovoltaic).

Savo-Solar concentrates on the growing markets of large solar thermal projects in district- and regional heating as well as in industrial process heating. In particular, the demand for large district heating applications, where Savo-Solar’s solutions are very competitive, is growing rapidly. Additionally, Savo-Solar is also developing a new solar cooling solution, together with central European partners.

“Our purpose is to reduce the use of fossil fuels for heating and cooling and to promote clean and energy-efficient heat production. We offer our customers clean and fuel free energy, combined with stable, forecastable and low energy costs. Thanks to our solutions we can achieve more with less resources”, continues Varjotie.

For more information:
Managing Director
Jari Varjotie
Savo-Solar Oy
Phone: +358 400 419 734

Savo-Solar in brief
Savo-Solar, established in 2010, is a Finnish-Danish company manufacturing the world’s most efficient solar thermal collectors and delivering effective solutions for large district heating plants, industrial process heat, as well as energy efficiency investments in real estates. The company has close to 30 clients and its products have been sold in nearly 20 countries. Savo-Solar’s management includes international experts in the fields of solar thermal and selective nano-optical coatings.

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