SolTech’s subsidiary ASRE has now coupled its eighth solar energy installation to the electrical network. This 3.11 MW (megawatt) installation is mounted on the roof of Ebara Great Pumps Co. Ltd.’s main facility. The previous total of coupled, income-producing installations, 7,94 MW, has thereby risen to 11.05 MW of coupled, income-producing installations. Calculated on a cumulative, rolling 12-month basis, a capacity of 11.05 will generate approximately 19.6 MSEK (2 MEUR) in income. ASRE is consolidated in the SolTech concern in line with the Proportional Method by which 51% of this income figure constitutes SolTech’s share.
CEO Frederic Telander comments:
- For purposes of making a comparison of our investments in China relative to those in Sweden: This (3.11 MW) installation alone – which we have just now coupled – is significantly larger than Solsidan, which was officially invested and put into operation by Varberg Energy this fall, and whose 2.7 MW capacity represents Sweden’s largest solar cell installation to date.
SolTech Enery in brief:
SolTech Energy develops and sells a solar energy system based on research carried out over several years at Kungliga Tekniska Högskolan (KTH- Royal Institute of Technology). The system is a part of a building’s outer shell; specifically, roofs and/or walls formed of glass (panels or glass plates) that function as both weather protection and sun-catchers for the production of heat, hot water and electricity. The assortment of suitable glass also includes unique thin-film solar cells in black and/or semi-transparent glass – or as isolated glass modules in various sizes and formats that promote integration with a building’s outer shell.
SolTech Energy Sweden AB (publ.) is traded on First North at Nasdaq Stockholm, under the symbol “SOLT”. Included in the concern are its jointly owned (51%) subsidiaries Advanced SolTech Sweden AB (publ.) ASAB, and Advanced SolTech Renewable Energy, Hangzhou Inc. (ASRE), as well as its wholly owned subsidiary Wasa Rör T Mickelsson AB. The company’s Certified Advisor is G&W Fondkommission (securities broker). For more information see: www.soltechenergy.com
Investment in China:
SolTech’s investment in China is carried out by a jointly owned company, Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd (ASRE), where SolTech is the majority (51%) owner and Advanced Solar Power Hangzhou Inc. (ASP) the minority (49%) owner. The business model consists of having said jointly owned company, ASRE, responsible for the installation, ownership, and periodic maintenance of solar energy installations mounted on the roofs of customer-owned facilities. The customer does not pay for the installed solar energy unit, but instead undersigns a long-term, 20-25 year contract to buy all the electricity and/or thermal heat the relevant unit produces. ASRE’s current income comes from the sale of electricity to customers, in combination with various forms of subsidies per produced kWh. The strategy is to build a backlog of orders for 2016 and beyond, with the goal of obtaining by the year 2019 an installed capacity of approximately 230 MW in full operation, generating current annual sales amounting to approximately 400 MSEK (40.1 MEUR).