Savosolar changes its name to Meriaura Group and sells its solar thermal business to its subsidiary Meriaura Energy

Savosolar Plc
Company Announcement                            30 May 2023 at 2.30 p.m. (CEST)

Savosolar changes its name to Meriaura Group and sells its solar thermal business to its subsidiary Meriaura Energy

As decided in Savosolar Plc's Annual General Meeting on 12.5.2023, the name of Savosolar Oyj will change to Meriaura Group Oyj, Meriaura Group Abp in Swedish and Meriaura Group Plc in English. At the same time, the company's domicile will move to Turku. The changes will take place on 1.6.2023.

The names of the trading codes of the company's share will change accordingly: in First North Growth Market Sweden, the new ticker is MERIS, and in First North Growth Market in Finland, MERIH. The ISIN codes of the shares will not change. Trading with the new tickers will begin approximately on the first day of June.

In addition, the Board of Directors of Savosolar Plc, authorized by the Annual General Meeting, has today decided on the sale of Savosolar’s Renewable Energy business on 31.5.2023 to Meriaura Energy Oy, a new subsidiary wholly owned by the Group.

The Savosolar name will remain in use by the new company as an auxiliary business name and as a well-known and respected high-class brand in the solar thermal market. Savosolar's solar thermal business will be part of Meriaura Energy's renewable energy business.

The aim of the planned changes is to clarify the corporate structure by separating the renewable energy business unit from the Group's parent company into a separate entity, as has been done for maritime logistics in the other business area. The parent company, in turn, focuses on the Group's administration and investor relations. The renewed corporate structure clarifies the Group's administration and business operations as a whole.

As of 1.6.2023, Savosolar's entire personnel will transfer to Meriaura Energy as existing employees, with the exception of the Group's CEO, CFO and administrative assistant, who will remain in the service of the parent company. In addition, Meriaura Energy Oy's Board of Directors has today 30.5.2023 appointed MEng, MBA Antti Lilleberg as the CEO for Meriaura Energy. He has previously worked as Sales and Marketing Director in Savosolar.

Meriaura Group's new website with investor information will open on 1.6.2023 at www.meriauragroup.com. At the same time, the pages concerning the solar thermal business will be moved to address www.meriauraenergy.com.

SAVOSOLAR PLC

Further information:
CEO Kirsi Suopelto
Tel: +358 50 560 2349
Email: kirsi.suopelto@savosolar.com


Savosolar in brief

Savosolar has two business areas: Maritime Logistics and Renewable Energy.

The Maritime Logistics business (Meriaura Oy) is a significant driver of dry freight and demanding project deliveries in Northern Europe, especially in the Baltic Sea and North Sea regions. The company offers its customers competitive and environmentally sustainable maritime transport services while reducing carbon emissions from maritime transport. Long-term charter agreements, a modern fleet and a strong market position in renewable energy construction projects provide an opportunity for cargo that supports environmentally friendly solutions. As part of maritime logistics, VG-EcoFuel Oy manufactures recycled biofuels from bio and recycled oils produced as industrial by-products.

The Renewable Energy business (Savosolar Oyj) designs and delivers clean energy production systems as turnkey deliveries. At the heart of the systems are large-scale solar thermal systems, which are implemented using the company's own efficient solar thermal collectors. In addition, other energy production and storage technologies can be connected to the systems. The company has taken solar thermal technology to a new level, and its collectors feature patented, nano-coated direct flow absorbers. With this leading technology, Savosolar helps its customers produce clean and competitive energy. Savosolar's share is listed on Nasdaq First North Growth Market Sweden as SAVOS and on Nasdaq First North Growth Market Finland as SAVOH. www.savosolar.com

The Company's Certified Adviser is Augment Partners AB, info@augment.se, tel. +46 8 604 22 55.

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.