10 November, 2020
Press Releases - Regulatory

The Brandberg family invests in Advanced Soltech

There has been great interest in Advanced Soltech's offer to subscribe for newly issued preference shares in the Company. In an offer addressed to qualified investors during September 2020, new preference shares were subscribed for SEK 131.5 million. The company now issues additional preference shares corresponding to SEK 26.1 million on the same terms. The purpose of this supplementary issue prior to the planned listing of Advanced Soltech's shares on First North Growth Market, is as before, to be able to take advantage of the good business opportunities that the Company currently has in China. Most of this issue was subscribed for by the Brandberg family, through Isac Brandberg AB.

Advanced Soltechs VD, Max Metelius comments:

 -We are very happy to welcome a recognized skilled and value-driven investor like the Brandberg family as new owners in Advanced Soltech.

Certified Adviser of the company is FNCA, Tel: 08-528 00 399 E-mail: info@fnca.se 

For more information, please contact:

Max Metelius, VD Advanced Soltech Sweden AB (publ) Tel: 072- 316 04 44. E-post: max.metelius@advancedsoltech.com

About the China venture

in China ASAB operates through, its wholly owned local subsidiaries Advanced Soltech Renewable Energy (Hangzhou) Co. Ltd, ASRE and Longrui Solar Energy (Suqian) Co. Ltd. The business model consists of financing, installing, owning, and managing solar energy installations on customers' roofs in China. The customer does not pay for the plant, but instead undertakes to buy the electricity that the plant produces under a 20-year agreement. Current income comes from the sale of electricity to customers and from subsidies. The goal is to have an installed capacity of 1,000 megawatts (MW) by 2023, which is fully connected to the electricity grid by 2024. 

ASAB is 50.85 % owned by Soltech Energy Sweden AB (publ), 48.85% by Soltech's Chinese partner, Advanced Solar Power Hangzhou Inc and 0.3% by several holders of preference shares.