ASRE receives large order in Nanjing – Provides 300 MSEK over the contract’s lifespan

SolTech’s subsidiary in China, ASRE, has signed an order with Nanjing Gold Dragon Bus Co. Ltd. The order covers the installation of an 8 MW (megawatt) solar energy unit, estimated to provide an annual income of approximately 12 MSEK (1.26 MEUR). Over the contract’s 25-year lifespan, cumulative income is estimated to mount to approximately 300 MSEK (31.6 MEUR). With the inclusion of this order, ASRE, as of this writing, has booked orders totaling 17.4 MW toward 2017’s goal of 50 MW.

The installation is estimated to cover a roof surface measuring circa 8 hectors (80,000 m2) and produce 8,000,000 kWh annually. By way of comparison, this installation is three times bigger than Solsiden located outside Varberg, Sweden’s biggest installation to date. The customer is contractually committed to buying all the electricity the installation produces over 25 years. Investment in the installation, which continues to be owned by ASRE, amounts to approximately 78.5 MSEK (8.26 MEUR), and it is estimated to be completed during the third quarter of 2017..

Nanjing Gold Dragon Bus Co. Ltd. is a leading manufacturer of Electric Busses, with an annual volume of bus production exceeding 50,000 examples. Nanjing is the capital of Jiangsu Province, which has a population of 75 million and, in common with ASRE’s home-city, Hangzhou, as well as the city of Shanghai, Nanjing lies along China’s heavily populated east coast. In fact, these three highly industrialized Chinese cites are located only two to three hours from each other by car.

CEO Frederic Telander comments:

  • ”Unquestionably, our biggest order in ASRE to date, and a breakthrough into the rooftop mega-installation segment. It is twice as large as that of our previous biggest customer, and three times larger than Solsiden, Sweden’s biggest installation. With this order, ASRE has, over the start of this year, already secured a third of the sales plan goal determined for the entire year of 2017. We therefore perceive the possibilities for our products and organization in China as continuing to be very good.”


For more information, please contact: 
Frederic Telander, CEO SolTech Energy Tel: 08-441 88 46. Email: frederic.telander@soltechenergy.com

The information contained in this press release conforms to that which SolTech Energy Sweden AB (publ.) is required to make public according to the EU’s market abuse regulation.596/2014. Said information is furnished, via the above-cited contact person’s authorization, for publication on 1 February 2017, at 07:00 CEST.

SolTech Energy AB (publ.) in breif

SolTech Energy is a Swedish solar energy company that specializes in developing and implementing esthetically attractive solutions that enable every building to produce more energy than it consumes. SolTech Energy develops its own products, which are based on research carried out at Kungliga Tekniska Högskolan (KTH- Royal Institute of Technology) and function as part of a building’s outer shell that produces electricity and/or hot water. Included in the product assortment are unique, customer-tailored semi-transparent thin-film solar cells that, among other retail venues, are now sold via the Company’s exclusive contract with Sapa Building Systems throughout the Nordic and Baltic region.   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. Focus is now concentrated on building a backlog of orders for 2017 and beyond, with the goal of obtaining by the year 2019 an installed capacity of 230 MW, which in 2020 will be set into full operation, generating current annual sales amounting to approximately 400 MSEK (40.1 MEUR).

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