Savosolar statutory negotiations completed; temporary layoffs due to the corona situation

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Savosolar Plc
Company Announcement, Insider information    30 March 2020 at 2.00 p.m. (CEST)

Savosolar statutory negotiations completed; temporary layoffs due to the corona situation

The statutory negotiations regarding Savosolar Plc’s corona position have been completed. Under the statutory procedure, the company will temporarily lay off 22 people on a part-time or full-time basis for a maximum of 90 days over the next three months. The factory will continue its operations with a shortened working week according to the current plan for April, as the company still has orders to fulfill. If the corona situation changes substantially during the three-month period, or if the company receives new orders during the lay-off period, the plan may be changed as necessary. The call back to work may take place with a three (3) days’ notice. The company has several projects in the active bidding phase and thus the above mentioned adjustment measures do not apply to sales personnel.

The company’s Board of Directors and CEO will also reduce their remuneration within the next three months. Overall, the company expects to achieve approximately EUR 0.5 million in savings over the next three months through personnel arrangements and other ongoing savings measures.

SAVOSOLAR PLC

For more information:

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

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 30 March 2020 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. www.savosolar.com.

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

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