The acquired business includes the SavoSolar trademark, project references, customer relationships, technical documentation, CRM systems, intellectual property rights, sales pipeline, selected personnel and a stock of solar thermal collectors and materials with a book value exceeding EUR 200,000.

SavoSolar

Summa Energy Oy is a supplier of large solar thermal plants, the company designs and delivers clean energy production systems for industry and district heating production as complete deliveries. In 2025, the company's turnover was EUR 8.6 million (EUR 9.7 million in 2024) and company employed an average of 23 people in 2025.

Business scope

The business acquired by Absolicon consists of three main areas.

The first area is long-term cooperation with existing customers. While historical project liabilities and warranty obligations remain with Summa, Absolicon takes over the operational business connected to the installed base of solar thermal plants. This includes service agreements, technical support, spare parts sales and replacement collector deliveries to existing SavoSolar plants across Europe.

The second area is consultancy and project development. SavoSolar has built extensive know-how in helping utilities, industrial companies and project developers evaluate and design large solar thermal plants. The acquired business includes engineering tools, simulation software, technical documentation and a substantial database of ongoing project opportunities and customer relationships developed over many years.

The third area is the delivery of new solar thermal plants. Large solar thermal projects in Europe are typically developed through competitive public tenders where project developers and utilities procure turnkey or EPC solutions. The projects are then executed using specialized material suppliers and local subcontractors for civil works, piping, installation and commissioning. SavoSolar has developed extensive experience in this project model with large reference projects in Germany, France, Denmark and other European markets.

SavoSolar's former collector manufacturing plant in Mikkeli, Finland, was decommissioned during 2025 and Absolicon does not currently plan to restart in-house manufacturing of flat plate collectors. The business model is primarily focused on project development, engineering, EPC deliveries and service, with collector manufacturing sourced from qualified partners.

Future SavoSolar projects are expected to use collectors sourced from established external manufacturers of large-scale flat plate solar collectors and Absolicon's concentrating collectors. At the same time, the acquisition includes all intellectual property rights, patents, production documentation and manufacturing know-how required to restart collector production in the future if market conditions motivate such a decision.

The transaction includes agreed compensation mechanisms related to any future restart of the unique SavoSolar flat plate collector manufacturing. In addition, potential future proceeds from sales or licensing of the SavoSolar intellectual property portfolio will be shared equally between Absolicon and Summa.

Solar thermal market

The European market for renewable heat is currently undergoing expansion driven by EU climate policy, district heating investments and industrial decarbonization. The implementation of the EU's Fit for 55 package and the upcoming Heating & Cooling Strategy are expected to further strengthen the market for large-scale solar thermal.

For Absolicon, the acquisition strengthens two important market segments.

Within the industrial process heat segment, Absolicon already has a strong position in concentrating solar thermal for high-temperature applications. The current draft of the EU Heat Auction proposes lowering the eligible temperature threshold to approximately 80°C, allowing flat plate solar collectors to qualify for industrial projects financed by the EU Innovation Fund. This makes the large-scale flat plate solar thermal systems, where SavoSolar has strong expertise, attractive for a much wider range of industrial heat applications.

Within solar district heating, the acquisition gives Absolicon immediate access to one of Europe's strongest brands and reference portfolios in large-scale solar district heating. While Absolicon has primarily focused on industrial process heat, SavoSolar has built deep expertise in large district heating solar fields, seasonal thermal storage integration and public tender-based utility projects across several European markets.

Transaction

The acquisition was completed through a Business Purchase Agreement entered into between Absolicon and Summa Energy Ltd and the payment of the cash consideration on 9 June 2026.

The total consideration amounts to EUR 393,000. The consideration consists of a cash payment of EUR 175,000 and newly issued shares in Absolicon corresponding to EUR 218,000.

Directed share issue

As part of the consideration for the acquisition, the Board of Directors of Absolicon has on 9 June 2026 resolved, pursuant to the authorization registered with the Swedish Companies Registration Office (Bolagsverket) on 23 June 2025, to issue 355,723 new Class B shares in a directed share issue to Summa Energy Oy.

The reason for deviating from the shareholders' preferential rights is that the new shares constitute part of the consideration payable under the Business Purchase Agreement relating to the acquisition of the SavoSolar business. The Board of Directors considers that the directed share issue is an integral and necessary part of the transaction and is beneficial to Absolicon and its shareholders.

The subscription price amounts to SEK 6.66 per share, corresponding to a total issue value of approximately SEK 2.37 million (EUR 218,000). The subscription price has been determined through negotiations between the parties and reflects the Board of Directors' assessment of the market value of the Absolicon share. Payment for the shares is made through set-off against part of the seller's claim for the purchase price.

Following the issue, the number of shares in Absolicon will increase from 13,594,648 to 13,950,371 shares and the share capital will increase by SEK 355,723 from SEK 13,594,648 to SEK 13,950,371. The issue results in a dilution of approximately 2.5 percent for existing shareholders.

For the purpose of calculating dilution, the current number of shares is assumed to be 13,594,648, including 1,500,000 shares relating to the over-allotment option in Absolicon's recent rights issue. The issuance of these shares remains subject to approval by an Extraordinary General Meeting on 12 June 2026.

Following completion of the share issue, Summa Energy Oy will hold approximately 2.6 percent of the shares and votes in Absolicon.

- The renewable heat market in Europe is entering a new phase. Utilities and district heating companies across Europe are planning major investments in fossil-free heat production. SavoSolar has built a strong brand and reference portfolio in European district heating solar projects, and together with Absolicon's position in industrial solar heat we create a stronger platform for future growth. Lower temperature thresholds in the 1 billion Euro Heat Auction open new opportunities for large-scale flat plate solar thermal in industry, says Joakim Byström, CEO of Absolicon.