Cleantech Invest: Savo-Solar launches Initial Public Offering and will apply for listing on First North Sweden

News

19.02.2015 07:30:00 CET

Cleantech Invest: Savo-Solar launches Initial Public Offering and will apply for listing on First North Sweden

Cleantech Invest Plc
Company Announcement     19 February 2015 at 8.30 am (EET)

SAVO-SOLAR LAUNCHES FULLY UNDERWRITTEN INITIAL PUBLIC OFFERING AND WILL APPLY FOR LISTING ON NASDAQ FIRST NORTH SWEDEN

Cleantech Invest’s portfolio company Savo-Solar Oy has today published a prospectus for its initial public offering. Savo-Solar will apply for listing of its shares on Nasdaq OMX First North Sweden with the expected first day of trading being 2 April 2015.

The initial public offering will be launched as a directed share issue. With the offering, Savo-Solar is seeking to raise approximately EUR 4.1 million. Savo-Solar has received subscription undertakings from current shareholders amounting to approximately EUR 1.6 million and underwriting commitments from external investors amounting to approximately EUR 2.6 million, making the offering fully underwritten.

Cleantech Invest Plc is participating in the Initial Public Offering and is assigning the rest of its pre-emptive subscription rights to its shareholders, who have the right to subscribe offer shares in proportion to their holdings. Details of the share issue are available in the enclosed release of Savo-Solar. The shareholders of Cleantech Invest are further receiving more information separately.

Alexander Lidgren, Managing Director of Cleantech Invest Plc.: “We are very pleased to see the positive development of Savo-Solar and the intention to list the company on First North Sweden. This is the first of our associate companies we are helping to list and our intention is to bring more of them to the general public through listings.”

“We are also happy to announce that we have assigned our pre-emptive subscription rights to our shareholders, giving them the opportunity to get their whole pro-rata share in the issue regardless of oversubscription.”

“Savo-Solar is growing fast now. The turnover doubled during 2014, the sales pipeline is looking strong and with the IPO funding we believe Savo-Solar can scale its operations to become the global leader in its market.”

Jari Varjotie, Managing Director of Savo-Solar Oy: “By listing Savo-Solar we offer everyone the possibility to participate in the solar economy and help to solve the challenges of continuously rising and unpredictable energy costs, combined with the political dependency and CO2 emissions of fossil fuels. With our solar thermal systems you get emission free energy at practically no additional cost to the investment costs for the following 25 years. We have developed innovative products, which have been proven to be the most efficient in the market and which customers want for the commercial benefits they offer.”

“Although Savo-Solar is very well known and respected in its field and many magazines and industrial specialists have named Savo-Solar the most innovative company in the industry, the listing gives us even more publicity and brand value. The funding we are seeking gives us the possibility to grow to be one of the major players in the world within a few years.”

“As a Nordic high technology company and Sweden as the financial hub for the area, the First North Sweden was a natural choice for us. We now offer investors the opportunity to join us in our journey for success and enjoy both the ride and the results of that journey. We are proud to invite investors to subscribe for shares in Savo-Solar. “

CLEANTECH INVEST PLC

For more information:

Cleantech Invest Plc.
Managing Director Alexander Lidgren
tel. +46 73 660 1007
alexander.lidgren@cleantechinvest.com

Certified Advisor Access Partners Oy, tel. +358 9 682 9500

Savo-Solar Oy
Managing Director Jari Varjotie
Phone: +358 400 419 734
E-mail jari.varjotie@savosolar.fi

Certified Advisor: Mangold Fondkommission AB, tel: +46 8 5030 1550

Enclosure
Release of Savo-Solar on 19 February 2015

Cleantech Invest in brief
Cleantech Invest focuses on clean energy and efficient use of natural resources. The company owns minorities in a diversified portfolio of companies and is actively looking for new capital light and high impact businesses within the cleantech universe. Cleantech Invest invests in the most promising early-stage and growth cleantech companies in Finland, Sweden and in the Baltic Sea area. The company management team members are international pioneers in cleantech investing. Cleantech Invest is also a designated Accelerator in the Vigo Program initiated by the Ministry of Employment and the Economy. www.cleantechinvest.com

Savo-Solar in brief
Savo-Solar provides solar thermal systems based on the world’s most efficient collectors in which there are 2 m2 MPE-absorbers (several patents pending) for heating of buildings, industrial processes and domestic hot water. The absorbers are coated with a highly selective optical nano-coating. Savo-Solar is, according to the available information, the only company able to coat ready-made, complete absorbers. Focus is on large scale industrial applications such as district heating, industrial process heating and energy renovations of large buildings. Since 2011 the company has sold and delivered its products in over 17 countries on four continents. www.savosolar.fi

Release of Savo-Solar on 19 February 2015