Savosolar enters China market and partners with Jiangsu Holly Environmental Technology Industrial

Savosolar PlcCompany Announcement            15 March 2019 at 10:40 a.m. (CET) Savosolar enters China market and partners with Jiangsu Holly Environmental Technology IndustrialSavosolar Oyj ("Savosolar" or the "Company") has signed a partnership agreement with a Chinese company Jiangsu Holly...

London, 15/03/2019 (informazione.news - comunicati stampa - energia)

Savosolar Plc
Company Announcement            15 March 2019 at 10:40 a.m. (CET)

Savosolar Oyj ("Savosolar" or the "Company") has signed a partnership agreement with a Chinese company Jiangsu Holly Environmental Technology Industrial Co., Ltd ("Jiangsu Holly").  It is a subsidiary of Jiangsu Holly Corporation, which is listed on the Shanghai Stock Exchange. Jiangsu Holly Corporation is engaged in cross-sector international manufacturing and trade, with revenues amounting to CNY 4,032 million (EUR 531 million) in 2017.

Jiangsu Holly will sell and deliver solar thermal systems in China using Savosolar's products. Savosolar will provide the leading technology within solar thermal and bring know-how of large solar thermal system design, delivery and operation.

Entering this agreement, Savosolar will establish its presence in China. The current CFO, Raul Ikonen will enter the position of Savosolar's Country manager in China. He will be based in Shanghai and will from there work to implement Savosolar's China strategy. Savosolar will also establish an entity in China and initiating the partnership with Jiangsu Holly will be Raul's main objective.  Savosolar has already started the recruitment process to find a new CFO to replace Mr. Ikonen, as he will enter the new position in May.

With these steps Savosolar aims to capture its share of the vast, fast growing Chinese renewable energy market and to develop its industry leading technology as a preferred choice and brand for customers in China.

- Jari Varjotie, CEO of Savosolar.

SAVOSOLAR PLC

Savosolar Plc
Managing Director Jari Varjotie
Phone: +358 400 419 734
E-mail: jari.varjotie@savosolar.com

Savosolar Plc discloses the information provided herein pursuant to the Market Abuse Regulation ((EU) No 596/2014, "MAR"). The information was submitted for publication by the aforementioned person on 15 March 2019 at 10:40 a.m. (CET).

www.savosolar.com

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