Savosolar part of a winning consortium for the Helsinki Energy Challenge

Savosolar Plc
Company Announcement                            16 March 2021 at 5.00 p.m. (CET)

Savosolar part of a winning consortium for the Helsinki Energy Challenge

As previously published the Helsinki Energy Challenge, a competition on carbon neutral heating for the City of Helsinki, finalists and results were published on Tuesday 16 March 2021.

The HIVE consortium, where Savosolar Plc participated with Engie (France), Storengy (France), Newheat (France), Planenergi (Denmark) and AEE Intec (Austria) was selected as one of the winners by the jury.

The proposal provided a solution enabling the end of coal burning by 2028, no fossil fuel burning beyond 2035 and a drop in biomass use to 50% of the 2024 needs. This plan will decrease GHG emissions by 78%, aligned with Helsinki’s targets.

HIVE’s energy plan for Helsinki, based on proven solutions, is composed of a combination of sea water heat pumps, large scale solar thermal, electrical boilers and large heat storage. The mixed asset portfolio of mature technologies further boosts the system reliability.

The published prize of one million euro is to be distributed between the winners, with the HIVE consortium receiving 350 000 €.

Jari Varjotie, Savosolar's CEO: "I congratulate the HIVE team for creating one of the winning solutions in this world-class competition! We are proud to be part of the team with our solution and we look forward to continuing a fruitful co-operation in fighting climate change with other HIVE team members. The win by HIVE demonstrates that solar thermal can be a competitive source of heat for northern cities and be also combined easily with any other energy source. You can read more about the HIVE consortium here: https://energychallenge.hel.fi/hive "

SAVOSOLAR PLC

For more information:

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



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.

The company’s Certified Adviser is Augment Partners AB, info@augment.se, phone: +46 8-505 65 172.