Savosolar has entered into final agreement with Fernwärme Ettenheim GmbH

Savosolar Plc
Company Announcement, Insider information      12 September 2019 at 2.00 p.m. (CEST)

Savosolar has entered into final agreement with Fernwärme Ettenheim GmbH

With reference to Savosolar Plc’s (“Savosolar”) company announcement of 9 July 2019 on winning a tender, Savosolar has entered into final agreement with Fernwärme Ettenheim GmbH on delivery of approximately 1,700 m² solar collector field and 200 m³ heat storage. Fernwärme Ettenheim operates a district heating network to supply the German city of Ettenheim, Southwest of Stuttgart, with heat. The new Savosolar plant will save cost and emissions since the solar heat is to replace woodchips and oil. The 1.2 MW Savosolar solar thermal system is expected to be operational already in Q4 2019, with final performance test and hand-over planned for early 2020. The value of the delivery to Savosolar is over 800 k€.

The ground-mounted solar thermal system with Savosolar’s premium flat-plate collectors will be a turn-key delivery. As a manufacturer of solar collectors, that business model had been used by Savosolar successfully before e.g. in Finland and France.

Jari Varjotie, CEO of Savosolar: “The Ettenheim project marks another milestone of our internationalization strategy. We invested in Germany, we came to stay, and customers obviously appreciate our experience and competitive offer. The famous German “Energiewende” is going to get completed with the “Wärmewende”, i.e. the transition towards 100% healthy heat supply. Large-scale solar thermal with flat-plate collectors will be a substantial and highly competitive part of the solution! As people we are grateful and as a company we are proud to see Fernwärme Ettenheim GmbH go towards 100% renewable heat production. Savosolar will make this solar thermal plant a blue print for many other district heating network operators in Germany to solarize their energy business too.”


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 12 September 2019 at 2.00 p.m. (CEST).

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 almost 20 countries on four continents. Savosolar’s shares are listed on Nasdaq First North Growth Market Sweden with the ticker SAVOS and on Nasdaq First North Growth Market Finland with the ticker SAVOH.

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

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