Savo-Solar 8.9.2016 Sijoittajatilaisuus Nordnet

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Solar thermal technology taken to the next level

Nordnet8 September, 2016

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Contents

• Savo-Solar in brief• Excellent growth in 2015 and 2016• A strengthened Board and Team for further expansion• Continuous product development• Market outlook• Signed and upcoming orders• Short and long-term goals

3 SAVOSOLAR large solar thermal collector

Savo-Solar was founded in 2009

Awarded the Intersolar Award in 2011

The most efficient solar thermal collectors in the world, acknowledged internationally

Listed on Nasdaq First North Sweden & Finland

First million euro projects signed in 2014

7 million euros in projects currently being delivered to the district heating market in Denmark

World class team and very professional Board of Directors

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MissionAccelerating the solar economy through the leading technology for

competitive energy

Solar thermal technology taken to the next level

VisionBe the first-choice supplier to high performance

solar installations on a global scale

5 Løgumkloster

Savosolar solar fields 15 000 m2

Energy storage

Exchange station

Heat pump Wood pellet boiler

Future solar field 35 000 m2

Future energy storage of 150 000 m3

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• Savo-Solar single-glazed large collector was tested for Solar Keymark certificate efficiency proven again

• When compared to other Solar Keymark test results Savo-Solar collector is the most efficient large collector in the market

• Against main competitor’s single cover +20%, and double cover collector +9%

SAVOSOLAR - The Most Efficient Collector

Savo-Solar large collector

Collector annual yield kWh/m2/a

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Summary of 2015 & 2016 financials

(EUR ‘000) 1-6/2016 1-6/2015 1-12/2015

Revenue 3,097 1,618 2,046

Operating profit/loss (EBIT) -1,827 -1,793 -3,675

Profit/loss for the period -2,189 -1,871 -4,072

• Significant growth mainly due to the Danish projects

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Financial forecast (published)

• Full-year revenue in 2016 EUR estimate 4.5-5.5 million.

• The full-year EBIT at the same level as in 2015 and the EBIT margin clearly stronger.

• The operating result is estimated to be positive on monthly level by the end of 2017, at the earliest

• Target is to reach EUR 20 million turnover, at the latest by 2019 Forecast

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Very strong and competent Board to support the company’s fast growth

Managing Director: Jari Varjotie (1960) M.Sc. Production Technology,69,380 shares and 25,000 optionsWinwind Oy 2007-2010, Perlos Corporation 2000-2007

Chairman of the Board: Feodor Aminoff (1969) M.Sc. In Industrial Economics, 108,797 sharesRepresenting Cleantech Invest Oyj and Clean Future Fund Ky. CEO of Cleantech Invest Oyj 2013-2015, CEO of Please User Experience Design Oy 2005-2009Member of the Board: Sami Tuhkanen (1973) M.Sc. In Technology, 0 sharesHead of Venture Capital Sitra and member of management team since 2006.Senior Technology Advisor at VTT 2002-2005

Member of the Board: Christof Gey (1964)M.Sc. Mechanics, 3,889 sharesConsultant Solarstation SVS GmbH

Member of the board Michael Mattsson (1973)M.Sc. Economics & Finance, 84,739 sharesProfessional investor (Svenska Pannkakshuset AB 2013, 2006-2010 Åre Skilodge AB) and Board Member (QuiaPEG Pharmaceuticals AB and Copperstone Resources AB) Member of the Board: Kenth

Granljung (1971)M.Sc. Engineering Physics, MBA (International Business), 3,889 sharesReginal Director Nordics & Baltics at Swegon AB

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Unique Technological Advantage

ConventionalWelded structure

SavosolarThin walled (0,45 mm)

Al-profile

Minimises heat lossesUnique know-

how of aluminium brazing and

laser welding

Long life time

special aluminium

alloy

Maximises energy

yield

Heat transfers into liquid

• Highly efficient optical nano-coating on absorber• Unique coating process enables the use of direct flow absorber design = best

heat exchange products

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The core of Savosolar is the unique patented technology The objectives in product development:• Highest efficiency• Highest energy density• Highest reliability (e.g. not using foil but double glass)• Lowest cost of energy

Current & new development:• Double-glazed collector – better insulation for higher temperaturers

the most efficient large collector in the world• Lower cost of collector and the whole field• A more simplified cost efficient collector suited for mass production,

yet high efficiency

12ENERGETIKhaus100® autark by FASA AG, Chemnitz, Germany 2013Development in Manufacturing

Target to increase coating capacity to 120 000 m2 by end of 2016

Halved the packing and logistical costs from first projectTotal logistical solution under planning

Capacity almost doubled, yield up Laser welding tests in factory starting

Increasing automation and efficiency; 70% cut in labour hours 2014->2016

Coating Absorber manufacturing

Collector assemblyPacking & logistics

13ENERGETIKhaus100® autark by FASA AG, Chemnitz, Germany 2013Field installation

Piping Ramming Mounting

Fixing Connecting Connect to system

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Market outlook• Globally solar thermal is growing

• In Europe small systems are declining – photovoltaics is growing in small domestic hot water systems

• Large installations segment is growing in Europe and also elsewhere• Solar district heating• Industrial systems for process heating and cooling

Savosolar’s focus segments

• Additionally increasing interest for our aluminium heat exchanger (PVT, etc.)

• Recent development is growing interest for ESCO projects = energy selling contracts – new players with ”patient” capital entering

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District heating market potential

Other countries• France: small DH plants with solar

thermal• Poland: Comprehensive DH network

– solar thermal growing• China: Moving towards large fields• Spain: First large fields coming

German speaking countries• Energiewende => Wärmewende• Copying Danish model• A lot small fields under planning, large

ones coming, e.g. Graz 450,000m2 • Market potential bigger than Denmark

Denmark is leading within energy profitability• The world leader in solar district heating• Over 500,000m2 installations in 2016 –

2017 is yet uncertain• Market potential until 2030 EUR 1.3

billion (national target 8+ million m² large scale by 2030)

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Recent activities outside Europe Kazakhstan, AustraliaProcess heat

Dubai, Saudi-ArabiaHot water, big residential buildings, ST cooling

Chile, MexicoProcess heat, mines

Canada, USADistrict heating, commercial buildings

UkraineST cooling

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Sales development in 2015 and 2016

• First ever foreign company to successfully enter the Danish district heating market

• Significant order backlog and credible track record• First deliveries to Løgumkloster, value EUR 2.6 million, in operation (2015 &

2016)• Graz test field installed in April • Jelling hand-over on-going, value EUR 2 million• Søllested, turn-key with DES, value EUR 0.7 million, delivery in autumn 2016• Jyderup, value EUR 1.5 million, delivery by end of 2016; partly turn-key

delivery

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Future prospects

• Quotations on different levels over EUR 10 million• For 2016 deliveries and turnover quotations still open• 2017 and onwards to existing and new markets

• Danish market may slow down in 2017, but will still be big• Germany, Austria, France and Finland are building up, several

quotations done – our competitiveness improves when land/roof area limited and more expensive

• Target to deliver in 2017 first bigger delivery outside Europe

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Short and long term goals• Continue to be the innovative technology leader in the field

• Increase the annual production capacity to about 200,000 m2

• Expand outside Europe

• Double the sales revenue annually for the coming few years and reach EUR 20 million by 2019

• Through investments in production optimization and market penetration to reach critical mass

Estimate

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Rights issue in September 2016

Reasons• Material, service and personnel costs as well as other operating expenses

have increased due to production volumes that have grown faster than anticipated, resulting in a greater need for working capital.

• Continuous strong growth requires investments in production capacity.

The proceeds will be used• To secure its working capital needs in order to deliver the signed and

upcoming orders in 2016 – 2017.• To expand its operations to new markets.• On investments increasing the capacity of the production line.• For the repayment of the bridge loan financing.

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Summary of the conditions

Subscription rights 1 share held entitles to 3 subcription rights, each 4 subscription rights entitles to 1 new share

Maximum new shares 11,930,156 new shares

Maximum new share capital 3,936,695 EUR (37,460,690 SEK)

Record date for the Offering 31 August 2016

Trading period for the Subscription Rights 5 September – 15 September 2016

First day of trading excluding the Subscription Rights 30 August 2016

Trading in the temporary shares begins

The Subscription Period for the Offering in Sweden

The Subscription Period for the Offering in Finland

Subscription price

5 September 2016

5 September – 21 September 2016

5 September – 19 September 2016

0.33 EUR (3.14 SEK)

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Summary of the conditions (cont.)

Results of the Offering are announced (estimated) 23 September 2016

Last day of trading in the temporary shares on First North Finland Week 39, 2016

Last day of trading in the temporary shares on First North Sweden Week 40, 2016

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Follow us on• Aktiespararna

• Prenumerera www.aktiespararna.se/analysguiden/Prenumerera/ • Analys www.aktiespararna.se/analysguiden/Hitta-Bolag/Kraftforsorjning/Savo-Solar1/

• Subscribe to news releases• www.savosolar.fi/index.php/en/subscription

• Twitter @Savosolar• Facebook www.facebook.com/Savosolar/• Nasdaq OMX Nordic Helsinki

• www.nasdaqomxnordic.com/aktier/microsite?Instrument=HEX108330&name=Savo-Solar • Nasdaq OMX Nordic Stockholm

• www.nasdaqomxnordic.com/aktier/microsite?Instrument=SSE108026&name=Savo-Solar • Next events

• Stockholm 1.9.2016 / Finance Hearing Börsveckan• Stockholm 1.9. 2016 / Mangold• Helsinki 8.9.2016 / Nordnet• Stockholm 12.9. 2016 / Aktiespararna

• Blog on Løgumkloster: • https://www.linkedin.com/pulse/everything-different-state-denmark-jouko-lampila?trk=prof-post Look

for: Jouko Lampila / LinkedIn

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Jelling – proof of performance

• Our installation in Jelling has broken the Danish record in its first weekend of operation!

• During one day 5 kWh/m2 were produced. • The second best is reaching 4,700 kWh/m2

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SAVOSOLAR - solar thermal technology taken to the next level

Thank you!