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    Sweden: SolTech targets increased turnover by 400% over next two years


    August 16, 2022 - M-Brain Nordic News

     

      Swedish solar energy company SolTech targets turnover growth by 400% in the next two years. The company has so far managed without raising major capital from traditional institutional investors and instead raised funds via preferential rights issues. Group CEO Stefan Ölander stated that the company's strategy is to create growth via acquisitions and that many of the customers of the acquired companies are often interested in solar energy. Over the past five years, SolTech's turnover has risen from about SEK 47mn (EUR 4.49mn USD 4.61mn) to about SEK 1bn, while EBIT stands at SEK 150mn. Ölander forecasts that the war in Ukraine has led to an increased interest in solar power installations, but that the Covid-19 pandemic has left supply issues in its wake. Ölander says that despite the war, high inflation and interest rates, SolTech will retain its goal to reach a turnover of SEK 4.7bn and a profit margin in the range of 8% to 10% by 2024. He adds that SolTech targets more acquisitions in Sweden in 2024 as well.

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