Gigasun signs an order in China that generates a total of approx. SEK 108 million during the contract period

Gigasun's subsidiary in China, has signed an order with a company active in the automotive industry. The order is for the installation of a solar energy system of approx. 11 megawatts and is estimated to provide annual revenues from electricity sales of approx. 5.4 MSEK, or approx. SEK 108 million during the 20-year term of the agreement.

The investment in the plant, which will be owned by Gigasun's wholly-owned subsidiary in China, amounts to approx. SEK 49 million and construction is planned to start in the fourth quarter of 2024. In this case, all electricity produced will be sold directly to the grid, which also reduces counterparty risk. The project is located in Hubei province and is profitable without any subsidies. The annual savings of carbon dioxide emissions are estimated at approx. 5,500 tonnes.

Gigasun's CEO Max Metelius comments:

The work on our strategic review of the company is progressing well and we see good interest from potential investors, primarily in China and the surrounding area, but also in the Middle East. We continue the work of building our existing pipeline and sign agreements for new projects. This project, which so far belongs to one of our largest, will be financed to about 80% with loans from our Chinese partner JiangSu Leasing