Savosolar Oyj: Chinese competitor wins the large system project tender in China – Beijing Yuxin Solar Energy and Savosolar continue building cooperation in China

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Savosolar Plc                                     
Company Announcement            30 April 2018 at 2 p.m. (CEST)


Chinese competitor wins the large system project tender in China – Beijing Yuxin Solar Energy and Savosolar continue building cooperation in China


Negotiations by Beijing Yuxin to deliver a solar thermal field to a local energy company have ended and a Chinese competitor has been chosen as a supplier of the project. Beijing Yuxin Solar Energy was to build the field as a turnkey delivery using solar thermal collectors of Savosolar, and the commercial value of the delivery to Savosolar was estimated to be approximately EUR 3-4 million.

Savosolar’s strategy to enter the Chinese market by and with a local partner has not changed, and Savosolar and Beijing Yuxin Solar Energy continue building their cooperation concerning sales and manufacture of collectors for the Chinese market in form of eventual licensing or joint venture arrangement. In cooperation with Yuxin Savosolar would be in a strong position to take a remarkable share in the large solar thermal systems market in China, which is estimated to continue growing strongly. Savosolar has already delivered to Yuxin few collectors, which are used for demonstration and marketing purposes and for certification tests needed in China.

SAVOSOLAR PLC

For more information:

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

This company announcement contains information that Savosolar Plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication by aforementioned contact person on 30 April 2018 at 2 p.m. (CEST).

Savosolar in brief
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. www.savosolar.com.

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

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