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2020-07-09

Comment, Industrial Solar: Important proof of the company's technology and new exciting partnerships

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The acquisition of SolarSpring is completed

Industrial Solar announced in early July that the previously announced acquisition of the German water treatment company SolarSpring has now been completed. The total purchase sum for the acquisition was EUR 800,000 divided through a cash saving deal, with EUR 200,000 paid with shares, EUR 250,000 in cash for operating activities and EUR 350,000 set aside for an employee stock option program. The acquisition was financed through a rights issue, which has now been completed and increased the outstanding shares to 12.2 million. The acquisition has the potential to significantly increase Industrial Solar's sales, as SolarSpring had sales of approximately SEK 6 million for the full year 2019. The acquisition also expands Industrial Solar's product portfolio in and provides clear synergies with existing solar thermal applications. These synergies are apparent both in terms of technology and sales, as SolarSpring membrane distillations requires heat to function and due to the fact that companies that require heat also often require water for their production lines.

Highest rating from the life cycle analysis by the Paul Scherrer Institute

Under the Horizon 2020 ACT project ELEGANCY, the Swiss research institute Paul Scherrer Institut has conducted a life cycle assessment on Industrial Solar's LF-11 Fresnel solar collectors. The ELEGANCY project works to accelerate the implementation of technology for the removal of carbon dioxide from the atmosphere through innovative technologies. One of the project's partners, the company Climeworks, manufactures machines to capture carbon dioxide from the atmosphere that require temperatures of about 100 degrees Celsius. In order to find reliable technologies to sustainably provide this heat, researchers from the Paul Scherrer Institute have conducted detailed life cycle analyses on Industrial Solar's LF-11 Fresnel solar collectors on installations in the Middle East, Southern Europe and Chile, among others. The evaluation found that Industrial Solar's technology performs at the highest level in many of the ecological evaluation categories compared to heat from oil or other fossil fuels. The results of the study are an important proof of the potential of Industrial Solar's technologies and positions the company at the forefront of the market.

Entry into the Austria Solar association

Industrial Solar announced at the end of June that it has joined the Austrian solar energy association Austria Solar. The organization consists of about 100 companies throughout the product chain, from manufacturers to installers. The branch organization assists with important expertise and public relations work to promote the development of the solar energy market. The association is also a member of a number of major associations and platforms such as Solar Europe. Industrial Solars entry into Austria Solar is another step in the many activities the company is carrying out to create momentum in the market and promote a transition to green energy sources.

Summary

All in all, the initial months of the summer have offered a number of exciting news from Industrial Solar and there are indications that the company is entering a new exciting new phase in its development. We will closely monitor the coming developments in the coming months and look forward to news about new projects, partnerships and increasing turnover.

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