The CEO of Savosolar Plc changes

Savosolar Plc
Company Announcement, Insider information                    18 April 2023 at 9.15 a.m. (CEST)

The CEO of Savosolar Plc changes

Savosolar Plc's ("Savosolar") Board of Directors and CEO Jari Varjotie have agreed that Varjotie will leave the company's CEO position on 11 May 2023. The company's Board of Directors has appointed Ms. Kirsi Suopelto, the current chairman of Savosolar's Board of Directors and VP, Strategy, as the new CEO as of that date.

Savosolar's Board of Directors thanks Jari Varjotie for his long-term and committed management of the position of CEO and for steering the company into a new structure that will bring significant opportunities for growth and increasing the shareholder value.

"I have been the CEO of Savosolar for over 12 years. It's a long time. The merger with Meriaura Ltd in November 2022 brought the company to a kind of milestone, from which it will continue forward stronger, and now is the right moment for me to pass on the responsibility of CEO", says Varjotie.

The new CEO, OTM, MBA Kirsi Suopelto has long experience in the financial industry. She knows well both Savosolar's business areas, Marine Logistics and Renewable Energy, because she was preparing the merger of the companies and has worked in the new entity since the beginning.

According to Jussi Mälkiä, the chairman of the Board of Meriaura Invest Ltd (formerly VG-Shipping Ltd), Savosolar's main owner, "Kirsi Suopelto has worked closely with Meriaura in recent years and after the merger in Savosolar's daily operations. She therefore has a good view of the company's overall situation and, based on her education and work experience, excellent basis to further develop the whole corporation as a pioneer of the green transition."

SAVOSOLAR PLC

For more information:

Savosolar Plc
Chair of the Board of Directors Kirsi Suopelto
Phone: +358 50 560 2349
E-mail: [email protected]

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 18 April 2023 at 9.15 a.m. (CEST).

Savosolar in brief

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

Marine Logistics (Meriaura Oy) is a major provider of transport for bulk cargo and demanding project deliveries in Northern Europe, especially in the Baltic Sea and North Sea regions. The company provides its customers with competitive and environmentally sustainable marine transport services, which also reduce carbon emissions from marine transport. Its long-term affreightment agreements, modern fleet and strong market position in renewable energy construction projects enable freight that supports environmentally friendly solutions. As part of Marine Logistics, VG-EcoFuel Oy produces recycled biofuels from bio-oils and recycled oils generated as industrial by-products.

The Renewable Energy (Savosolar Oyj) designs and delivers clean energy production systems as comprehensive deliveries. The systems are built around large-scale solar thermal systems implemented using high-performance solar heat collectors manufactured by the company. Other energy production and storage technologies can also be combined with the systems. The company has taken solar thermal technology to a new level, and its collectors have patented nano-coated direct flow absorbers. With this leading technology, Savosolar enables its customers to produce clean and competitive energy.

Savosolar’s shares are listed on Nasdaq First North Growth Market Sweden under the ticker symbol SAVOS and on Nasdaq First North Growth Market Finland under the ticker symbol SAVOH. www.savosolar.com

The company’s Certified Adviser is Augment Partners AB, [email protected], tel. +46 8-604 22 55.