Advanced Soltech Sweden AB (publ) publishes annual report for 2021

Advanced Soltech Sweden AB (publ) has today published its annual report for 2021

“2021 was an eventful year, which despite an ongoing global pandemic was marked by strong growth. On October 29, ASAB was listed on the First North Growth Market to create better conditions for our continued growth. Electricity production amounted to 172 million kWh, an increase of 41 percent compared with the previous year and net sales, i.e. electricity sales to our customers and to the grid, amounted to SEK 117 million, compared with SEK 86 million the previous year, an increase of 36 percent,” says Max Metelius, CEO.

For a complete report of the 2021 accounts, please refer to 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.com/investors/financial-reports/

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.

Attachments

Advanced Soltech Annual Report 2021