Sitra invests in Savosolar

The investment will promote the production of cost-effective renewable energy integrated into buildings and district heating systems in the domestic and export market.

Sitra's energy programme aims to improve the energy efficiency of the built environment and the energy awareness of Finns, in addition to creating new business opportunities from the transition that the energy sector is currently undergoing.

Savosolar's existing shareholders include Cleantech Invest Oy (CTI) and the Clean Future Fund I (CFF 1).

Company
Based in Mikkeli, Finland, Savosolar develops and manufactures solar energy collectors and absorbers for partners throughout the world. The company, which employs 18 people, was founded in 2009 and targets Finland as well as the global market.

People
The deal was led by Sami Tuhkanen at Sitra. Jari Varjotie is the CEO of Savosolar.

Advisers
Equity – Fondia Oy (Legal); PricewaterhouseCoopers (Financial due diligence); Borenius & Co (Intellectual property due diligence).

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