The Chinese energy market is the largest in the world and is now facing a major transformation, from electricity produced with coal power to environmentally friendly energy. ASAB finances, owns and operates roof-based photovoltaic systems in China. The customers are mainly manufacturing companies with extensive production facilities.

– Our business model has become commercially profitable and we intend to quickly increase our installed capacity. We strive to achieve a total capacity of 1,000 MW already in 2024. Over the past year, we have been working towards an IPO and now feel well prepared, says Max Metelius, CEO of Advanced Soltech.

Cheaper for customers

Customers enter into agreements to buy the electricity produced for 20 years and in return do not have to pay for the investment themselves. The Chinese companies also receive a discount of approximately 10–15 percent when they buy electricity from ASAB, compared with the price they pay for electricity from the electricity grid.

In 2020, more than 60 percent of electricity production in China was based on coal power. This means that the major transition to green energy is still ahead of the country.

More and more players are now realizing the importance of switching to green electricity, which is rapidly driving up demand. At the same time, more and more energy is needed; by 2040, energy demand in China is expected to increase by the equivalent of the entire current US electricity consumption.

“Huge market for green electricity”

Customers who want to switch to solar energy do not have to take responsibility for resource-intensive technology research, project management, installation and maintenance. ASAB takes care of the entire chain, and the interest from the Chinese companies is great.

– The market for green electricity is huge. From the Chinese side, attention has been paid to the climate issue and the need for solar energy to reduce coal power and carbon dioxide emissions, says Max Metelius.

Installed 134 facilities

Today, ASAB is a well-established player in the market for the production of green electricity. Since 2014, the company has installed 134 electricity-producing photovoltaic plants with a total capacity of 192.5 MW, and more are on the way.

– We have a very strong order book with 37 MW in solar energy projects signed at the turn of the year 2021 which will begin to be installed.

Advanced Soltech is approximately half owned by Soltech Energy Sweden AB and half by Soltech’s Chinese partner, Advanced Solar Power Hangzhou Inc.

On October 29, listing on the First North Growth Market is planned. In connection with this, the company is carrying out a new share issue to continue to grow. The issue is fully guaranteed by the main owners of the company as well as the reputable investors Isac Brandberg AB and the The World We Want Foundation.