On 29 August 2022, Savosolar announced that it had signed a conditional share exchange agreement with VG-Shipping Oy to acquire marine logistics company Meriaura Oy and the business of VG EcoFuel Oy, producer and marketer of biofuels. On 30 November 2022, the parties executed the share exchange in accordance with the share exchange agreement.
Savosolar’s Board of Directors resolved on a share issue relating to the execution of the share exchange to VG-Shipping against a total subscription price of EUR 30.0 million which was paid in the form of all the shares in Meriaura. Meriaura in turn owns all the shares in Biolaite Oy (name change to VG-EcoFuel Oy pending), which previously acquired the business of VG EcoFuel Oy.
Following the transaction, the new group is better positioned to meet the growing demand for renewable energy. The merger is expected to speed up business expansion in large-scale solar heat, low-carbon marine logistics, and other projects promoting the green transition.
Nasdaq has approved the continued listing of Savosolar’s shares on Nasdaq First North Growth Market. Trading of new shares together with existing shares is expected to commence on 5 December 2022.
Augment acted as financial advisor in connection with the listing process.