Solar Power Accelerator AB tap into the global 400 € billion-dollar market - adjusting forecasts to 1 TWh and recruitment of a superstar board of directors

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Mar 15, 2023, 06:38 ET

LUND, Sweden, March 15, 2023 /PRNewswire/ -- Solar Power Accelerator AB adjust previously communicated forecast targets from 200 MW to 1000 MW (1 GW or 1 TWh). This is a more aggressive strategic repositioning consistent with official government goals in the European Union to accelerate the pace of solar panel deployment. The strategic company objective is thus to achieve a critical mass of rooftop-based solar generation with an installed output and capacity to supply 250,000 residential households or 400,000 electric cars with fossil-free fuel. This is a massive opportunity of unprecedented scale, and we certainly indeed address an exponential growth scenario. With it comes also a substantial increase of revenue streams in addition to investment and capital requirements, says the company's CEO Pär-Olof Johannesson.

At the company's extraordinary general meeting on Tuesday, March 14, Bo Normark, Hampus Engellau and Josephine Kallenberg were elected to the company's board of directors. Bo Normark, formerly SVP and Head of Power Systems at ABB, and currently strategic advisor in the power energy industry, is with his exceptional experiences, pedigree and global rolodex, a significant reinforcement. Hampus Engellau, at Handelsbanken, the global industry's and capital market's top financial analyst, is another profound gain. Similarly, Josephine Kallenberg at SEB, responsible for securities trading and equity analysis, also adds unique competence and capacity, says Lars Lindqvist, the company's Chairman of the Board of Directors, and CFO.

Solar Power Accelerator AB (www.solarpwr.se) is a startup with the ambition to become a market-leading microproducer at a mega scale of surplus electricity from rooftop-based solar energy. Acceleration of the transition to sustainability is the underpinning and overarching mission.

The business model resembles that of a franchise with a Build-Own-Operate Service offering that includes bundled incentivized lease agreements where the landlord gets a kick-back on future revenues on the excessive output of the generated rooftop based solar power. The immediate focus is SE-4 in Skåne, which is the most exposed and vulnerable region in all of Europe. In the next step, the service model will be replicated for the whole of Sweden and then exported to selected global volume markets with similar dysfunctionality and demand flexibility in the power energy systems.

The company is already in negotiations for the roof lease with an option of more than the equivalent of 250,000 square meters and at the same time setting up the first pilot and reference facilities.

The company vision and mission is to accelerate the expansion rate of micro-production of surplus electricity from rooftop-based solar energy in order to thereby contribute to the transition to fossil-free electricity use.

As part of its ecosystem offering, at each rooftop of more than 5000 sqm will be installed charging stations for electrical cars and lithium ion battery containers for load shift on intermittency, redundancy and swing mass to balance frequency and power peaks.

The company has a close sourcing and supply chain cooperation with RSA (the leading EPC-contractor in Sweden).

The founders and anchor investors in the company consist of some prominent entrepreneurs, business leaders and industry experts in Swedish and international industry. The company's ability lies in securing lease agreements on a large scale, procuring solar panel contracts, acquiring capital and financing the expansion of micro-production of surplus electricity from roof-based solar power.

For more information, contact Ksenia Stepanovitch ([email protected]), IR-PR, the company's CEO Pär-Olof Johannesson ([email protected]), +46 70 742 50 18 or its chairman of the board and CFO Lars Lindqvist (lars.lindqvist@solarpwr. see).

SOURCE Solar Power Accelerator AB