Savosolar enters China market and partners with Jiangsu Holly Environmental Technology Industrial


Savosolar Plc
Company Announcement            15 March 2019 at 10:40 a.m. (CET)

Savosolar enters China market and partners with Jiangsu Holly Environmental Technology Industrial

Savosolar Oyj (“Savosolar” or the “Company”) has signed a partnership agreement with a Chinese company Jiangsu Holly Environmental Technology Industrial Co., Ltd (“Jiangsu Holly”).  It is a subsidiary of Jiangsu Holly Corporation, which is listed on the Shanghai Stock Exchange. Jiangsu Holly Corporation is engaged in cross-sector international manufacturing and trade, with revenues amounting to CNY 4,032 million (EUR 531 million) in 2017.

Jiangsu Holly will sell and deliver solar thermal systems in China using Savosolar’s products. Savosolar will provide the leading technology within solar thermal and bring know-how of large solar thermal system design, delivery and operation.

Entering this agreement, Savosolar will establish its presence in China. The current CFO, Raul Ikonen will enter the position of Savosolar’s Country manager in China. He will be based in Shanghai and will from there work to implement Savosolar’s China strategy. Savosolar will also establish an entity in China and initiating the partnership with Jiangsu Holly will be Raul’s main objective.  Savosolar has already started the recruitment process to find a new CFO to replace Mr. Ikonen, as he will enter the new position in May.

With these steps Savosolar aims to capture its share of the vast, fast growing Chinese renewable energy market and to develop its industry leading technology as a preferred choice and brand for customers in China.

“This is a great milestone in our strategic plans, and we are extremely happy and proud that Jiangsu Holly has chosen us as their partner. We have been systematically working towards this goal already for some time.  We met Jiangsu Holly for the first time almost a year ago and shared positive feeling about a potential co-operation between us. With previous experience working with international companies, Jiangsu Holly possesses motivation and resources to build up required operations fast. They have already established a team for Savosolar’s business. More importantly, Jiangsu Holly has extremely good connections throughout China and especially in their home province Jiangsu, which will prove an asset when tapping into potential projects and acquiring customers. 

“The Chinese government is pushing hard to reduce emissions, and by joining forces with Jiangsu Holly, we are contributing to these efforts in China. It is also great to have Raul in China to build Savosolar’s presence in the region. He has over a decade of experience in leading positions in China and has already thorough understanding of Savosolar and our products. His input will certainly provide important insight and excellent support for us and Jiangsu Holly to successfully initiate the partnership to sell and deliver the leading technology in large scale solar thermal sector in China” – Jari Varjotie, CEO of Savosolar.


For more information:

Savosolar Plc
Managing Director Jari Varjotie
Phone: +358 400 419 734

Savosolar 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 15 March 2019 at 10:40 a.m. (CET).

About Savosolar

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. The company has sold and delivered its products to 17 countries on four continents. Savosolar’s shares are listed on Nasdaq First North Sweden with the ticker SAVOS and on Nasdaq First North Finland with the ticker SAVOH.

The company’s Certified Adviser is Augment Partners AB,, phone: +46 8-505 65 172.

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