Savosolar Oyj: Green NortH2 Energy, Meriaura and Wärtsilä cooperate in building a cargo vessel that runs on green ammonia

Savosolar Plc
Press release / Pressmeddelande                             22 September 2022 at 1.00 p.m. (CEST)

Green NortH2 Energy, Meriaura and Wärtsilä cooperate in building a cargo vessel that runs on green ammonia

Green NortH2 Energy, Meriaura and Wärtsilä have signed a Letter of Intent for the building of a cargo vessel that runs on green ammonia. The vessel, equipped with Wärtsilä’s modular multifuel main engines, will be ordered and operated by Meriaura, and Green NortH2 Energy is responsible for supplying green ammonia fuel, which is produced with renewable electricity. The delivery of the vessel is targeted for 2024 and it is planned to start operating on green ammonia in 2026.

Green ammonia has a significant role in reducing greenhouse gas emissions of shipping because the energy needs of this industry cannot be met with battery technology. Compared to hydrogen, it can be stored and moved more easily, and its logistical network already exists.

The vessel is designed to trade in heavy project cargo segment together with Meriaura’s existing open deck carriers. Besides ammonia, it can be powered by bio oil or MDO. Meriaura has a long history as a forerunner of renewable energy solutions for short sea shipping activities.

"This is a natural step in Meriaura’s future fleet portfolio, complementing the fuel mix together with our in-house biofuel (LBO) production. This collaboration supports our ongoing newbuilding program and carbon neutrality goals”, says Jussi Mälkiä, Chairman of Meriaura.

Meriaura’s full press release can be found at: https://meriaura.fi/en/cooperation_newbuilding_green_ammonia/

Savosolar Oyj and Meriaura Oy to merge with a share exchange

Savosolar Oyj has signed a conditional share exchange agreement on 29 August 2022 with VG-Shipping Oy to acquire marine logistics company Meriaura Oy and the business of VG EcoFuel Oy, producer and marketer of biofuels. Savosolar’s current shareholders will own 30% and VG-Shipping 70% of the new corporate entity.

Planned merger helps meet the demand for renewable energy

Together, Savosolar, Meriaura, and VG EcoFuel can meet the growing demand for solutions based on renewable energy and fill the supply gap. The merger will speed up business expansion in solar heat, low-carbon marine logistics, and other projects promoting the green transition.

Savosolar’s company release about conditional merger can be found at: https://savosolar.com/savosolar-oyj-and-meriaura-oy-to-merge-with-a-share-exchange/

For more information:

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

Meriaura Oy
Chairman of the Board Jussi Mälkiä
Phone: +358 400 785 489
E-mail: jussi.malkia@meriaura.fi

About Savosolar

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 almost 20 countries on four continents. Savosolar’s shares are listed on Nasdaq First North Growth Market Sweden with the ticker SAVOS and on Nasdaq First North Growth Market Finland with the ticker SAVOH. www.savosolar.com.

About Meriaura

Meriaura Oy is a is a shipping company that specializes in marine transports and operates a fleet of 16 vessels of which the company owns five. The rest are time-chartered for the company’s use. In marine transports, the company focuses on freight that supports renewable energy forms and environmentally friendly solutions. Meriaura transports, for example, large components needed in offshore wind farms, such as wind turbine blades, or gypsum to coastal farming areas to curb nutrient-rich runoff entering the Baltic Sea.

In its own operations, Meriaura concentrates on energy savings and energy efficiency, recycling, and use of bio-based fuels to achieve carbon neutrality, among other things. These all combined with more traditional transport optimization measures benefit the company’s current and future clients in the form of cleaner and more economical transports. www.meriaura.fi/en/.