Savo-Solar Oy explores IPO on NASDAQ OMX First North Sweden

News

19.11.2014 07:30:00 CET

Savo-Solar Oy explores IPO on NASDAQ OMX First North Sweden

Cleantech Invest Plc
Company Release   19 November 2014 at 8.30 am (EET)

SAVO-SOLAR OY EXPLORES IPO ON NASDAQ OMX FIRST NORTH SWEDEN

Savo-Solar Oy, supplier of the world’s most efficient solar thermal collector explores the opportunity of having the company’s share listed on the NASDAQ OMX First North Sweden. The planned schedule for the initial public offering is early 2015.

Savo-Solar’s order book is growing rapidly, and with the listing and the related share issue the company is seeking capital to finance the growth and the increase in production capacity.

”With the listing we want to ensure our company’s growth into one of the biggest and best solar heating and cooling companies in the world. Savo-Solar is growing rapidly in the Nordic countries’ district heating market, particularly in Denmark, where they invest heavily in large solar district heating plants. Alone this year about 300,000 m2 solar thermal collectors will be installed in Denmark, with a market value of about 70 million euros. Our company would be the first solar thermal company listed in the Nordic countries. Both investors and industrial players have already shown interest in us”, says Savo-Solar Oy’s Managing Director Jari Varjotie.

Savo-Solar’s goal is to be one of the technologically most advanced and leading providers of large-scale solar thermal plants, offering patented solutions and manufacturing the world’s most efficient solar thermal collectors and systems. Solar thermal is already competitive compared with conventional heat production and up to 70-80% of the radiated solar energy can be utilised, especially with Savo-Solar’s panels which have the best performance in the market. The world’s installed solar thermal capacity is 330 TW, which is twice as much compared with the total installed solar electrical capacity of solar cell panels (Photovoltaic).

Savo-Solar concentrates on the growing markets of large solar thermal projects in district- and regional heating as well as industrial process heating. In particular, the demand for large district heating applications, where Savo-Solar’s solutions are very competitive, is growing rapidly. Additionally, Savo-Solar is also developing a new solar cooling solution, together with central European partners.

”Our purpose is to reduce the use of fossil fuels for heating and cooling and to promote clean and energy-efficient heat production. We offer our customers clean and fuel free energy, combined with stable, forecastable and low energy costs. Thanks to our solutions we can achieve more with less resources”, continues Varjotie.

SAVO-SOLAR OY / CLEANTECH INVEST PLC

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

Cleantech Invest Plc
Managing Director Feodor Aminoff
Phone: +358 400 449 096
E-mail: feodor.aminoff@cleantechinvest.com

Savo-Solar in brief
Savo-Solar, established in 2010, is a Finnish-Danish company manufacturing the world’s most efficient solar thermal collectors and delivering effective solutions for large district heating plants, industrial process heat, as well as energy efficiency investments in real estates. The company has close to 30 clients and its products have been sold in nearly 20 countries. Savo-Solar’s management includes international experts in the fields of solar thermal and selective nano-optical coatings. www.savosolar.fi.

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, 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.