U.S. Markets closed

Savo-Solar to gain project financing from Tekes

Savo-Solar Plc
Company Announcement            20 February 2017 at 8.00 a.m. (CET)

Savo-Solar to gain project financing from Tekes

Savo-Solar`s project on the development of a new type of solar thermal collector has been approved to gain financing support from Tekes, the Finnish Funding Agency for Innovation. The financing is a part of the Government`s spearhead projects in cleantech industry.

In the project Savo-Solar is aiming at developing new business and production process models, which enable the company to expand its market presence and deliver collector fields to mega-scale projects. Big solar thermal fields will become more common for instance in district heating and one example of this is a field of 450,000m2 which has been planned in Graz, Austria, with the construction costs being approximately EUR 180 million.   

Savo-Solar`s project is focusing on the development of energy-efficient collectors, which are suited for large solar thermal fields. The target is to innovate a collector solution, which can be manufactured in mass production and offers minimized logistics costs. Furthermore, the installation of collectors shall be economical and flexible. The project targets are meeting with the climate commitments made in Paris.

The project will last until the end of 2018 and its total budget amounts to EUR 706 thousand. Tekes has granted support for the project by a loan amounting to a maximum of EUR 494 thousand, with the interest today being 1%. The loan period is 7 years and the payback starts after 3 years.  


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

Savo-Solar Plc. discloses the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication on 20 February 2017 at 8 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.fi.

The Company`s Certified Adviser is Mangold Fondkommission AB, tel.: +46 8 5030 1550.

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Savo-Solar Oyj via GlobeNewswire