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Monday, 13 November 2017

Savo-Solar and Beijing Yuxin Solar Energy sign Letter of Intent to deliver solar thermal fields in China

Savo-Solar Oyj    

Published: 07:30 CET 13-11-2017 /GlobeNewswire /Source: Savo-Solar Oyj / : SAVOS /ISIN: FI4000123096

Savo-Solar and Beijing Yuxin Solar Energy sign Letter of Intent to deliver solar thermal fields in China

Savo-Solar Plc
Company Announcement                  13 November 2017 at 7:30 a.m. (CET)

 

Savo-Solar and Beijing Yuxin Solar Energy sign Letter of Intent to deliver solar thermal fields in China

Savo-Solar and Beijing Yuxin Solar Energy Co. have signed a Letter of Intent concerning the delivery of solar thermal collectors for fields with a combined size of approximately 40,000m2. Beijing Yuxin Solar Energy is tracking the fields as a turn-key project for a local energy company. 

The delivery of the collectors and the fields is estimated to take place during the first half of 2018 if Yuxin wins the project bid in domestic China. The companies continue negotiating on the final contract during the next few weeks, and if the negotiations lead to an actual contract, the value of the delivery for Savo-Solar would be approximately EUR 3-4 million.

The companies are at the same time negotiating also on further cooperation in form of eventual licensing or joint venture arrangement for collector manufacturing for Chinese market. Then Savo-Solar would be in a strong position with Yuxin to take a remarkable share in the large solar thermal systems market in China, which is estimated to grow enormously. According to the initial plan, a part of the collectors in the above mentioned first delivery would already be assembled in China, while all of the absorbers would be manufactured in Finland.

Yuxin is a Chinese private limited liability company, which was founded in 2000. The company has a solid expertise in solar water heaters manufacture, solar thermal project design and photovoltaic engineering.

Jari Varjotie, Managing Director of Savo-Solar Plc: "China has for a long time been the world's biggest market for solar thermal water heaters. Today also China is experiencing the trend to invest in larger systems to further improve the efficiency and economy of the systems thus reducing the emissions as well as bringing clean energy in areas where infrastructure is not completed yet. So the market for large solar thermal systems is forecasted to grow very fast and to be enormous.

We are very proud to have this opportunity to bring our leading technology to the market with Yuxin, who has the competences and experience to sell and deliver the turn-key systems in China. We hope we can finalize the contract for the first delivery very fast and then build our long term cooperation based on that. We believe that the high volumes in China will help us in sourcing of materials and further improve the competitiveness of our solutions also in our deliveries in Europe and elsewhere."

 

SAVO-SOLAR PLC

For more information:

Savo-Solar Plc

Managing Director Jari Varjotie

Phone: +358 400 419 734

E-mail: jari.varjotie@savosolar.com

 

This company announcement contains information that Savo-Solar Plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication by aforementioned contact person on 13 November 2017 at 7:30 a.m. (CET).


Savo-Solar in brief

Savo-Solar 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, Savo-Solar helps its customers to produce competitive clean energy. Savo-Solar'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. Savo-Solar 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 17 countries on four continents. Savo-Solar's shares are listed on Nasdaq First North Sweden with the ticker SAVOS and on Nasdaq First North Finland with the ticker SAVOH. www.savosolar.com.

The company's Certified Adviser is Augment Partners AB, phone: +46 8-505 65 172.





This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of Nasdaq Corporate Solutions clients. Source: Savo-Solar Plc, Insinöörinkatu 7, Mikkeli FI-50150, Finland
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