SolTech’s subsidiary ASRE has signed a smaller, complementary order with Zhejiang Jindun Fire-Fighting Equipment Co. Ltd. in the city of Shaoxing. This new order covers the installation of a solar energy unit on the roof of the company’s parking garage. The installation is for 0.23 MW (234,000 watts), and is estimated to provide an annual income equivalent to approximately 407,000 SEK (41,000 EUR). Over the contract’s 20-year lifespan, cumulative income is estimated to mount to approximately 8.15 MSEK (0.82 MEUR).
The order was received shortly after ASRE had coupled the company’s 4 MW main installation to the electrical network. This complementary installation is estimated to produce circa 234,000 kWh annually. Zhejiang Jindun Fire-Fighting Equipment Co. Ltd. is contractually committed to buying all the electricity the system produces over 20 years. Investment in the installation, which continues to be owned by ASRE, amounts to approximately 2.7 MSEK (0.27 MEUR). Completion of the installation is estimated to take place during the first quarter of 2017.
CEO Frederic Telander comments
- ”We are pleased and proud that the leadership of Jindun, shortly after we had coupled their 4 MW installation to the central electrical network, chose to place a follow up order that, in effect, makes the roof of its parking facility for employees also available for an ASRE solar cell installation. Thereafter, Jindun will have a total installed capacity of 4.234 MW. The combined installations will cover a surface area of circa 42,000 m2, which is equivalent to the area covered by six standard football fields.“
For more information, please contact: Frederic Telander, CEO SolTech Energy Tel: 08-441 88 46. Email: email@example.com
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.