Advanced Soltech Sweden AB (publ) publishes annual report for 2020

Advanced Soltech Sweden AB (publ) has today published its annual report for 2020.

“We are proud of our strong growth despite the challenging conditions that the Corona pandemic caused in 2020. The company increased its revenue by 32% on an annual basis and at the end of the year the company had 176.6 MW of installed capacity solar energy. Thus, we continue our journey towards 1 GW in installed capacity in 2024, which has been communicated earlier, ”says Max Metelius, CEO.

For a complete report of the 2020 accounts, please find the attached annual report, including the auditor's report.

The annual report in its entirety, together with the auditor's report, can be read and downloaded from the company's website:

https://advancedsoltech.se/investerare/rapporter

For more information, please contact:

Max Metelius, CEO Advanced Soltech Sweden AB (publ)
Phone: +46 (0) 72- 316 04 44. 
E-mail: 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 enters an agreement 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) which is fully connected to the electricity grid by 2024. ASAB is 50.82% owned by Soltech Energy Sweden AB (publ) and 48,83% by Soltech's Chinese partner, Advanced Solar Power Hangzhou Inc.

Attachments

Årsredovisning 2020 Advanced Soltech Sweden AB (publ)