Savosolar has signed a Memorandum of Understanding (MOU) with Guangzhou Power Supply Co., Ltd. which is a wholly-owned subsidiary of China Southern Power Grid Co., Ltd. China Southern Power Grid Co., Ltd. ranked 110th on the 2017 Fortune Global 500 list, with a latest fiscal year revenue of $72.8 billion. The MOU concerns co-operation in building a demonstration project of micro-energy network complementary with renewable energy in Nansha, Guangzhou. Considering this is still an MOU, the size of the potential demonstration project is still unclear.
Jari Varjotie, Savosolar CEO: We are extremely happy to sign the MOU with Guangzhou Power Supply. The Chinese government has developed a massive plan for converting fossil energy consumption to sustainable energy consumption. This MOU is an example of Savosolar’s strategic intent to be an active player in the vast China market of renewable energy. It also shows that the work we have done and are doing in China on several fronts is step by step bringing positive results. We believe this demonstration project could be first of many and it also supports the understanding of the high potential of the Chinese market for large scale solar thermal systems.
For more information:
Managing Director Jari Varjotie
Phone: +358 400 419 734
This company announcement contains information that Savosolar Plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication by aforementioned contact person on 21 November 2018 at 2.00 p.m. (CET).
Guangzhou Power Supply (GZPS) in brief
Guangzhou Power Supply Co., Ltd. (GZPS) is the wholly-owned subsidiary of China Southern Power Grid Co., Ltd. (CSG). GZPS invests, constructs and operates the power grid of Guangzhou and is responsible for power supply and service of 11 districts in Guangzhou. GZPS supplies power to 5.8 million households in an area of 7,434 square kilometres. Striving to be a world-class power company, GZPS continues to improve power supply reliability and service for customers. It ranks top ten in terms of reliability for eight years in succession nation-wide and ranks top in terms of satisfaction rate in Guangzhou’s city-wide survey on social undertakings for 17 years in a row. And GZPS ranked top four in terms of reliability in power supply companies at municipal level in China for two consecutive years.
Savosolar in brief
Savosolar with its highly efficient collectors and large-scale solar thermal systems has taken solar thermal technology to the next level. The company’s collectors are equipped with the patented nano-coated direct flow absorbers, and with this leading technology, Savosolar helps its customers to produce competitive clean energy. Savosolar’s vision is to be the first-choice supplier to high performance solar installations on a global scale. Focus is on large-scale applications like district heating, industrial process heating and real estate systems – market segments with a big potential for rapid growth. The company primarily delivers complete systems from design to installation, using the best local partners. Savosolar is known as the most innovative company in the business and aims to stay as such. The company has sold and delivered its products to 17 countries on four continents. Savosolar’s shares are listed on Nasdaq First North Sweden with the ticker SAVOS and on Nasdaq First North Finland with the ticker SAVOH. www.savosolar.com.
The company’s Certified Adviser is Augment Partners AB, phone: +46 8-505 65 172.