Our Mission

Our mission is to accelerate the transition to solar energy where the need is greatest


In China we add real value by investing in solar power replacing coal, which accounts for nearly 70 per cent of electricity generation.

An investment in Advanced Soltech generates both good financial returns and benefits the environment.

Our Story

Committed to contributing to a greener future

Advanced Soltech is a solar energy development company founded by SolTech Energy Sweden AB (publ.) and Advanced Solar Power Hangzhou Inc. in China – two companies committed to doing great business by doing good. We aim to contribute to a more sustainable energy mix by leveraging the clean, reliable and cost-effective energy of the sun.

We were early to recognize the potential of the Chinese energy market, which is the largest in the world and keen to find creative solutions to solve its environmental problems.

The company was founded in 2014. The same year our first two installations totalling 445 kilowatts were built in China. From 2015 to 2019, the company’s expansion of installations accelerated with very strong growth and installed capacity now amounts to over 100 megawatts.

There are plenty of business opportunities in China. The main thing that can stop us from reaching our ambitious business and environmental goals is if we are not successful in continuously raising capital to build our solar energy facilities.

Key historical milestones of Advanced Soltech

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  • 2014

    SolTech Energy AB and Advanced Solar Power Hangzhou Inc. build the first mutually owned project and invest
    SEK 50 millon. End of year installed capacity amounts to 1.3 MW.

  • 2015

    Business model is formalised and more projects built. End of year installed capacity amounts to 13.7 MW.

  • 2016

    Advanced Soltech Sweden AB is founded. 150 MW of framework agreements are signed. First bond issue placed. End of year installed capacity amounts to 33.7 MW.

  • 2017

    SolTech Energy AB and Advanced Solar Power Hangzhou Inc. invest more equity. End of year installed capacity amounts to 55.2 MW.

  • 2018

    Three retail bond issues placed Cicero certified Dark Green. End of year installed capacity amounts to 90.7 MW.

  • 2019

    500 MW framework agreement signed. Advanced Soltech Sweden AB exceeds 100 MW of installed capacity. 104.3 MW installed capacity as of 2019-09-30.

  • 2020

    In spite of the Corona outbreak the growth continues.
    At the end of 2020, the company has 176.6 MW of producing facilities and 38 MW in completed orders and 705 MW under framework agreements.

Our Business Model

Successful business model that benefits all stakeholders and the environment

Advanced Soltech’s business model is to finance, install, own and continuously manage solar energy solutions on the roofs of our clients; mainly medium-sized and large private public companies, state-owned companies and organisations such as universities. The client does not pay for the solar facilities but commits on 20-year contracts to buying all the electricity that their respective installation generates.

Ongoing revenue comes from the sales of electricity to our clients. Our strategy is to build an order book aiming at an installed capacity of 1,000 megawatts by 2023 and that is fully connected to the power grid by 2024. The exact annual rate of installation depends on the availability of capital.

Solid contracts with the clients provide long-term and stable cash flows while ensuring the company’s ownership of the facilities.

Our clients in China, our investors and Advanced Soltech itself all benefit from this business model, as does the environment.

Swedish-Chinese partnership and co-ownership key to success

The owners of Advanced Soltech, SolTech Energy Sweden AB (publ) and Advanced Solar Power Hangzhou Inc., have a 51 per cent share and 49 per cent share respectively in the company.

Advanced Solar Power Hangzhou Inc. was founded in 2008 by Ben Wu and his father, Professor Xuanzhi Wu. The company is a world leader in thin film solar cells and has a fully automated plant in Hangzhou in China with an annual production capacity of approximately 80 megawatts. It is, to date, the only company in the world able to produce semi-transparent CdTe thin film solar cells.

Advanced Solar Power Hangzhou has an extensive portfolio of patents and new patents are filed on an ongoing basis. The company is owned by the Wu family, the employees and a number of institutional investors such as Legend Capital, North Light Venture Capital, Morningside Venture Capital and Sequoia Capital.

Advanced Soltech raises capital in order to invest in solar energy facilities in China. This is mainly achieved by issuing green bonds but also by issuing shares to institutional investors and private investors.

Advanced Soltech owns 100 per cent of the shares in Advanced SolTech Renewable Energy Hangzhou Co. Ltd., the sales and project company that runs day-to-day operations in China. In addition to this, Advanced Soltech also owns 100 per cent of the shares in Longrui Solar Energy (Suqian) Co. Ltd. which is a holding company that was established when Advanced Soltech received a framework agreement to build 500 megawatts of solar electricity in the Jiangsu province.

For additional information about SolTech Energy Sweden AB (publ) please visit soltechenergy.com and for more information about Advanced Solar Power Hangzhou Inc. please visit advsolarpower.com

There are plenty of business opportunities in China. The challenge so far has not been sales, but rather finding suitable financing to match the business potential. In all, a very attractive business situation.

Frederic Telander, CEO, Advanced Soltech

How it Works

Effective and favourable cooperation for all parties

Sweden-based Advanced Soltech handles the financing and management of the company’s Chinese subsidiary. In China, we have operations in fully owned subsidiaries whose 11 full-time employees in Hangzhou handle sales, procurement, monitoring, administration and management of our solar cell plants.

For sales and distribution in China, we utilize our Chinese part-owner and partner Advanced Solar Power Hangzhou’s national network of approximately 30 dealers who both sell and install the solar plants in their respective regions.

Advanced Soltech pays provision for completed transactions and a fixed price for the installation, through the subsidiary Advanced SolTech Renewable Energy. This allows Advanced Soltech to enjoy a small, cost-effective and flexible organization with low fixed costs. The distributor takes no risk for purchasing the material and receives compensation for performance while at the same time being responsible for the maintenance of the facilities. In all, a very effective and favourable cooperation for all parties.

Meet the Team

Max Metelius

CEO

max.metelius@advancedsoltech.com

Telefon: +46 8 441 88 40

Mobile: +46 72 316 04 44

Experience Max Metelius has worked within renewable energy industry, i.a. as a co-founder of Alight, business developer at BMI and CFO / COO at Advanced Soltech. Prior to that, Max has long experience from the financial sector at Carnegie and HQ Bank, primarily focusing on investments in emerging markets.

Education Law Degree, Stockholm University, Master of Law and Economics, University of Ghent,

Lars Höst

CFO

lars.host@advancedsoltech.com

Telefon:

Mobile: +46 72 22 900 36

Experience +30 years of experience from senior finance positions Previously CFO since 2017 at Ortivus AB (publ), a company listed at Nasdaq Small Cap Other positions include CFO/Head of accounting positions at D-Link Northern Europe, Sitetel Sweden and Gunnebo Nordic

Education Bachelor’s degree in Economics, Lund University

Frederic Telander

Working Chairman of the board

frederic.telander@advancedsoltech.com

Telefon: +46 8 441 88 46

Mobile: +46 70 525 16 03

Experience Frederic was CEO of SolTech Energy Sweden AB (publ) from 2009 to 2018. He is one of the largest investors in the company and held the position as Chairman of the Board from 2007 to 2009. Frederic has always taken great interest and focused on business development within environment and climate-smart technology. Experience from the family owned construction company Telac Construcciones SA, which with 300 employees was one of the largest private construction companies in southern Spain until the 1990’s. Previously partner at EIG Venture Capital Ltd., an investment company focusing on early stage investments in energy efficiency and clean tech. In 2001 to 2008, Frederic led the expansion of the Gas Turbine Efficiency AB Group which grew from approximately 1 MUSD to more than 35 MUSD in turnover. During the same period, he structured and capitalised the company, recruited key personnel, and negotiated agreements with clients such as Rolls Royce, Siemens, Pratt & Whitney, Statoil, etc. Previously Vice Chairman of GTE plc. and head lead in the listing process of the same company on the AIM list at the London Stock Exchange in December 2015 and the listing of SolTech Energy Sweden AB (publ) at First North at Nasdaq, Stockholm, in June 2015.

Education Business Administration at Stockholm University.

Other ongoing assignments CEO and Board Member at Sactum AB, Chairman of the Board at SolTech Energy Sweden AB (publ), Chairman of the Board at Advanced SolTech Renewable Energy Hangzhou Co. Ltd. and Board Member of NP Gruppen Aktiebolag

Board of Directors

Advanced SolTech’s Board consists of five ordinary members elected by the Annual General Meeting, including the Chairman of the Board, who have been elected for the period up to the end of the 2020 Annual General Meeting.

Frederic Telander

Working Chairman of the board
Born 1964

Experience Frederic was CEO of SolTech Energy Sweden AB (publ) from 2009 to 2018. He is one of the largest investors in the company and held the position as Chairman of the Board from 2007 to 2009. Frederic has always taken great interest and focused on business development within environment and climate-smart technology. Experience from the family owned construction company Telac Construcciones SA, which with 300 employees was one of the largest private construction companies in southern Spain until the 1990’s. Previously partner at EIG Venture Capital Ltd., an investment company focusing on early stage investments in energy efficiency and clean tech. In 2001 to 2008, Frederic led the expansion of the Gas Turbine Efficiency AB Group which grew from approximately 1 MUSD to more than 35 MUSD in turnover. During the same period, he structured and capitalised the company, recruited key personnel, and negotiated agreements with clients such as Rolls Royce, Siemens, Pratt & Whitney, Statoil, etc. Previously Vice Chairman of GTE plc. and head lead in the listing process of the same company on the AIM list at the London Stock Exchange in December 2015 and the listing of SolTech Energy Sweden AB (publ) at First North at Nasdaq, Stockholm, in June 2015.

Education Business Administration at Stockholm University.

Other ongoing assignments CEO and Board Member at Sactum AB, Chairman of the Board at SolTech Energy Sweden AB (publ), Chairman of the Board at Advanced SolTech Renewable Energy Hangzhou Co. Ltd. and Board Member of NP Gruppen Aktiebolag

Stefan Ölander

Board Member
Born 1964

Experience: Stefan is one of the largest investors in SolTech Energy and a board member, serving as Chairman of the Board from 2013 to 2018. Stefan’s background includes having been the Director of Communications for SEB and Kinnevik. He is also the founder of Rewir, which was Sweden’s leading branding consultancy during the first decade of the 2000s. In 2006, Stefan sold Rewir to the Intellecta Corporate Group, which is listed on the Stockholm stock exchange. He continued as CEO of Rewir up until the fall of 2010, besides holding the position as Chairman of the Board in six of Intellecta’s consulting firms in Sweden and Denmark. In 2011, Stefan invested in Zacco, a leading consulting company within IP (Internet protocol), operational in five countries with total sales amounting to approximately 600 MSEK. Today, Stefan is one of the three largest owners of Zacco and is a member of Zacco’s Board of Directors. Over various periods, Stefan has been both CEO and Chairman of the Board of Zacco.

Education : High School academic degree, majoring in economics.

Other ongoing assignments: Member of the Board of Zacco AB (publ), Chairman of the Board in Advanced SolTech Sweden AB (publ) and Board Member of Advanced SolTech Renewable Energy Hangzhou Co. Ltd.

Ben Wu

Founder and CEO at the Chinese owner and partner Advanced Solar Power
Born 1973

Experience: Ben is founder and CEO of the successful thin film manufacturer Advanced Solar Power Hangzhou which he started together with his father in 2008. Ben is also CEO of Advanced SolTech AB’s Chinese company Advanced SolTech Renewable Energy. Prior to this, Ben had a long career within business development and finance as a management consultant with McKinsey from 2004 to 2006 and as an analyst at Himalaya Capital from 2002 to 2004, amongst other assignments. In 2007 to 2008, before founding Advanced Solar Power Hangzhou, Ben had a prominent role at Lenovo, whose investment company also became the first external investor in Advanced Solar Power. Education: MBA in Finance and Marketing, Columbia Business School. MS in Mathematics and Computer Science, Colorado School of Mines. BS in Mathematics and Computer Science, Colorado School of Mines. Other ongoing assignments: Board Member at Advanced Solar Power Hangzhou.

Gang Bao

Member of the Board since 2016 and CEO of Chinese Advanced SolTech Renewable Energy
Born 1969

Experience: Gang has operational experience from sales and business development in Chinese Advanced SolTech Renewable Energy since 2015. Prior to that, from 2012 to 2015, Gang was Head of Marketing and Sales and responsible for building a sales platform in approximately 30 different countries. Between 2008 and 2012, Gang held the position as Production Manager at Advanced Solar Power Hangzhou developing the manufacturing process for the company’s thin film modules (CdTe). Before joining the solar energy industry, Gang worked with sales and as a developer at different software companies. Education: MS in Mathematics and Computer Science, Colorado School of Mines. BS in Mathematics, ShanDong University, JiNan.

Vivianne Holm

Member of the Board of Directors since 2020
Born 1965

Background:  Vivianne has extensive experience from the financial sector and she has in various roles previously worked with equity research, corporate finance and as an advisor with special focus on business development, raising capital and investor relations. Vivianne Holm is an active clean tech investor and also a board member Education: Master in Economics and Business Administration from Stockholm School of Economics. Other assignments Board member of Inzile AB, Board member of Meva Energy AB, Board Member of Rocker AB, Board Member of Volta Greentech AB. Holdings: 11 Preferred Shares

Patrick de Muynck

Member of the Board of Directors since 2020
Born 1956

Experience Patrick has worked in the financial sector for most of his 35 year career working in London and New York. From 2000 until 2015 he was a  Partner with EQT Partners responsible for Athe Credit activity and member of the Executive Committee. In recent years he is a private investor active either as Chairman or as board member.

Education : University of Brussels  Solvay College Other assignments

Chairman of Ymer SC AB Chairman of Dagar hf Non executive Director of International Consumer Services Sweden AB Non Executive board member of Kara Connect  ehf Holdings: 11 Preferred Shares

Projects

About us

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Contact

Phone
+46 8 425 031 51
Email
info@advancedsoltech.com

Visiting address
Norrlandsgatan 22
110 43 STOCKHOLM
SWEDEN

Postal address
Box 3083
103 61 STOCKHOLM
SWEDEN

Our mission is to accelerate the transition to solar energy where the need is greatest. In China we add real value by investing in solar power replacing coal, which accounts for nearly 70 per cent of electricity generation. An investment in Advanced Soltech generates both good financial returns and benefits the environment.

© Advanced Soltech Sweden AB (publ.) 2021