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Analysis Industrial Solar: Solar energy company with a strong cash position and a promising acquisition

Detta är en betald analys på uppdrag av Clean Industry Solutions utförd av Analysguiden

Acquisition of SolarSpring GmbH completed

At the end of March, the acquisition of the German water treatment company SolarSpring GmbH (SolarSpring) was completed. SolarSpring offers a solar-powered drinking water system as well as a system for cleaning industrial wastewater and for extracting and recovering particles and elements from the water. This not only provides a clean way for industries to manage wastewater, but also provides financial savings in the form of extraction and recycling of valuable components. The acquisition expands Industrial Solar's offering and was completed for a value of EUR 800,000. The transaction was completed with a cash saving structure. It contained EUR 250.000 in cash to be used for operations and required investments, EUR 200.000 paid with ISHE shares and approx. EURO 350.000 in shares for an employ stock option program for the SolarSpring team. SolarSprings' turnover in 2019 was approximately EUR 600,000.

Oversubscribed rights issue

At the beginning of February, the company carried out a rights issue, which was oversubscribed to 15.4 percent and raised SEK 24.7 million before issue costs. The issue was for expansion purposes and is used partly to finance the acquisition of SolarSpring GmbH but also for further development of technologies and marketing of the company's product portfolio. The issue involved 2.6 million new shares, which extends the total number of outstanding shares to 11.4 million.

Cooperation with Kyotherm

Shortly after the end of the quarter, it was announced that Industrial Solar had begun a partnership with Kyotherm. Kyotherm is a French investment company focused on third-party financing for renewable heat and energy efficiency projects. By cooperating with Kyotherm, Industrial Solar effectively lowers the barriers for new companies to invest in renewable energy sources and establishes ties with a company with proven experience in the sector. MSEK 

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