Valoe Oyj - Company Announcement

VALOE RECEIVED A CA. EUR 15.8 MILLION ORDER FOR A SOLAR MODULE MANUFACTURING PLANT FROM ETHIOPIA

Valoe Corporation                                                  Stock
Exchange Release 10 February 2016 at 9.10 Finnish time 



VALOE RECEIVED A CA. EUR 15.8 MILLION ORDER FOR A SOLAR MODULE MANUFACTURING
PLANT FROM ETHIOPIA 



On 29 June 2015 Valoe Corporation announced that it had concluded the business
negotiations for the first manufacturing partnership agreement with a foreign
customer, but that the sale of a module manufacturing plant was subject to
local project financing that has now been secured. The main financer of the
project is The Development Bank of Ethiopia. 

The order for a solar module manufacturing plant relating to a manufacturing
partnership agreement totals to ca. EUR 15.8 million.   The plant will be
delivered to Ethiopia during the year 2016. About EUR 9.5 million of the sales
price will be paid in cash to Valoe and the rest of the sales price in shares
of the customer company resulting in Valoe having a 30 percent shareholding in
its Ethiopian manufacturing partner. The customer will secure the payment of
the delivery with an irrevocable letter of credit from a solvent European bank. 

Valoe has to arrange advance payment guarantee that is typical of export
business and financing of ca. EUR 2.0 – 4.0 million for building period from
its suppliers and financers. 

The order from Ethiopia is the first order consistent with Valoe’s long-term
strategy. During the negotiations Valoe has become more convinced that the
strategic decisions it has made were right. Valoe has new and advanced
technology. With the material Valoe has provided the company has convinced its
customers and their financers of Valoe’s advanced technology as well as
technical and commercial competence to support Valoe’s manufacturing partners
also in the future. 

Iikka Savisalo, CEO, comments on the deal: ”The order Valoe received proves
that new Finnish knowhow is valued. Valoe trusts the order will improve the
company’s possibilities to meet its targets in the future and speed up the
expansion of the company’s operations in the world.” 

The module manufacturing plant order involves business, financial and country
risks that are typical of international equipment sales. 



In Mikkeli 10 February 2016

Valoe Corporation

Board of Directors



For more information:
Iikka Savisalo
President and CEO, Valoe Corporation
Tel. +358 40 521 6082, email: iikka.savisalo@valoe.com



Distribution:
NASDAQ OMX, Helsinki
Main media
www.valoe.com



Valoe Corporation specializes in the clean energy, especially in photovoltaic
solutions. Valoe provides automated production technology for solar modules
based on the company’s own technology; production lines for modules; solar
modules and special components for solar modules. Valoe's head office is
located in Mikkeli, Finland.