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Savosolar signs a delivery contract for a solar thermal system to Guangzhou Power Supply Bureau of Guangdong Power Grid Co., Ltd. in China

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Savosolar Plc
Company Announcement, Insider information 17 May 2021 at 4.30 p.m. (CEST)

Savosolar signs a delivery contract for a solar thermal system to Guangzhou Power Supply Bureau of Guangdong Power Grid Co., Ltd. in China

Savosolar has signed a delivery contract with Guangzhou Power Supply Bureau, Guangdong Power Grid Co., Ltd. (later Guangzhou Power Supply) for a solar thermal heating system delivery in Guangzhou, China. The value of the delivered system is approximately EUR 500 thousand. The system is expected to be delivered in the autumn 2021 and to be operational by the end of this year.

Savosolar informed on April 28, 2021 of winning a tender for Guangzhou Power Supply. The now signed delivery contract is for this earlier informed project. In this project Savosolar large collectors will be installed on tracker following the sun and thus maximizing the clean energy output from a limited installation space. Savosolar’s system will be part of an advanced multi-energy network by Guangzhou Power Supply.

Jari Varjotie, CEO of Savosolar: “The Chinese district heating market is estimated to grow annually by 8% in the coming years, and government advances strongly clean energy sources to match this growth. Additionally, the significant industrial process heating market by solar energy is still largely an untapped opportunity. China has recently published its goals of reaching a 20% share of sustainable energy production by year 2030. This in turn will drive the district heating as well as industrial players into adopting more sustainable energy solutions.

With this reference in China, for such a remarkable customer as Guangzhou Power Supply, and it being a subsidiary of China Southern Power Grid, a large state-owned Fortune Global 500 company, we will be able to showcase the unique and competitive solutions of Savosolar in the world’s largest solar heating market. We aim to bring long lasting solutions to the renewable energy market, now also in China with our advanced and highly efficient systems.”

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 17 May 2021 at 4.30 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 8-604 22 55.