Savosolar Plc and VG-Shipping Ltd have executed share exchange relating to shares in Meriaura Ltd

Savosolar Plc

Company Announcement, Insider information    30 November 2022 at 12.15 p.m. (CET)

Savosolar Plc and VG-Shipping Ltd have executed share exchange relating to shares in Meriaura Ltd

Savosolar Plc (”Savosolar” or the “Company”) has published on 29 August 2022 that it has signed a conditional share exchange agreement with VG-Shipping Ltd to acquire marine logistics company Meriaura Ltd and the business of VG EcoFuel Ltd, producer and marketer of biofuels. The parties have today executed the share exchange in accordance with the share exchange agreement.

Based on authorization granted by the Extraordinary General Meeting on 25 November 2022, the Board of Directors of Savosolar has today resolved on a share issue relating to the execution of the share exchange, where a total of 547,906,581 new shares in the Company were offered for subscription to VG-Shipping Ltd against total subscription price of EUR 30.0 million.  VG-Shipping Ltd has subscribed for the shares and paid the subscription price with contribution in kind in form of 3,012 shares in Meriaura Ltd, which represent 100 per cent of the shares and votes in Meriaura Ltd. Meriaura Ltd in turn owns all the shares in Biolaite Ltd (name change to VG-EcoFuel Ltd pending), which has acquired business of VG EcoFuel Ltd through a business purchase executed on 31 October 2022. The shares issued by Savosolar in the share exchange are subject to a lock up that is in force for 12 months from execution of the share exchange.

Further, based on authorization granted by the Extraordinary General Meeting on 25 November 2022, the Board of Directors of Savosolar has today resolved on a directed share issue to VG-Shipping Ltd and Hybrid Consulting Ltd in relation to the EUR 1,000,000 guarantee for subscription of shares not subscribed based on warrants 2-2021 (TO9) (under the same conditions as based on the warrants) given by VG-Shipping Ltd as part of the share exchange agreement. It the share issue a total of 17,857,142 new shares in the Company were offered for subscription of which VG-Shipping Ltd subscribed for 14,285,714 shares and Hybrid Consulting Ltd for 3,571,428 shares. Subscription price per share was EUR 0.056 per share, which equals to the subscription price used in the Company’s warrant plan 2-2021 (TO9).

As a result of the share issues, the number of shares in the Company will rise 216,959,964 to 782,723,687 shares. The shares subscribe in the abovementioned share issue will be registered with the Trade Register and delivered to the subscriber’s book-entry accounts approximately on 2 December 2022. Trading on new shares together with the existing shares of the Company will commence on Nasdaq First North Growth Market Sweden and Nasdaq First North Growth Market Finland approximately on 5 December 2022.

Further information on the share exchange as well as the group of companies formed as a result of its execution is available in the Company Description prepared by the Company () and in the presentation given in the Company’s Extraordinary General Meeting on 25 November 2022 ().

In the constitutive meeting of the Company’s Board of Directors held after execution of the share exchange, Kirsi Suopelto was elected as the Chair and Eero Auranne as the Vice Chair of the Board of Directors.

SAVOSOLAR PLC

For more information:

Savosolar Plc

Managing Director Jari Varjotie

Phone:  734

E-mail:



Savosolar Plc discloses the information provided herein pursuant to the Market Abuse Regulation ((EU) No 596/2014, ”MAR”). The information was submitted for publication by the aforementioned person on 30 November 2022 at 12.15 p.m. (CET).



About Savosolar

Savosolar with its highly efficient collectors and large-scale solar thermal systems has taken solar thermal technology to the next level. The company’s collectors are equipped with the patented nano-coated direct flow absorbers, and with this leading technology, Savosolar helps its customers to produce competitive clean energy. Savosolar’s vision is to be the first-choice supplier to high performance solar installations on a global scale. Focus is on large-scale applications like district heating, industrial process heating and real estate systems – market segments with a big potential for rapid growth. The company primarily delivers complete systems from design to installation, using the best local partners. Savosolar is known as the most innovative company in the business and aims to stay as such. The company has sold and delivered its products to almost 20 countries on four continents. Savosolar’s shares are listed on Nasdaq First North Growth Market Sweden with the ticker SAVOS and on Nasdaq First North Growth Market Finland with the ticker SAVOH. .

The company’s Certified Adviser is Augment Partners AB, , phone: .