Savosolar to deliver solar thermal system to AbSolar in France

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Savosolar Plc
Company Announcement, Insider information    23 April 2020 at 12.30 p.m. (CEST)

Savosolar to deliver solar thermal system to AbSolar in France

  • Pilot project of EUR 300 thousand signed with AbSOLAR SAS
  • Exclusivity agreement for designing and delivering solar thermal plant worth ca. EUR 2.5 million signed

Savosolar Plc will deliver a solar thermal system of over 900 m2 for AbSOLAR SAS’s pilot project in the city of Cadaujac in France. The value for Savosolar is approximately EUR 300 thousand, final price depending on which options the delivery will consist of. The project still awaits final decision of the French subsidy.

At the same time Savosolar Plc signed an exclusivity agreement for designing and delivering AbSOLAR’s second solar thermal plant for a greenhouse. The final decision of this project is planned to be made at the end of this year and delivery is expected to happen in 2021. The size of this solar system is estimated to be between 8,000 and 9,000 m2, with a budgetary value approximately EUR 2.5 million.

The first solar thermal plant, to be delivered during 2020, will be combined with AbSOLAR’s seasonal storage in order to deliver heat to the local district heating network also newly built. The target of this system is to reach near 100% solar fraction throughout the year. Savosolar’s delivery includes the solar collector field, piping, solar station and, as an option, short-term storage.

AbSOLAR SAS is a company newly founded by three associates, each with long experience in ground heat storages, HVAC engineering and construction. AbSOLAR aims to develop and deliver turnkey solutions for heating applications, for industrial and residential use, using solar thermal and seasonal storage. This first project in Cadaujac will be a real scale demonstration, however, they aim at delivering larger projects and have already many prospects for the coming years.

Jari Varjotie, CEO of Savosolar: “We are very pleased to receive this first order from and sign an exclusivity agreement for a second project with AbSOLAR in France. We look forward to cooperating in further development of solar heating with AbSOLAR for these first two projects. This agreement also shows the activity of French market, in which the outlook remains positive, despite the current situation.”

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 23 April 2020 at 12.30 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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