Mission & Story

 

We have a mission

Our mission is to accelerate the transition to solar energy where the need is greatest. In China we add big value by investing in solar PV installations replacing coal, which accounts for nearly 70 per cent of electricity generation.

An investment in Gigasun generates both good financial returns and benefits the environment.

Our story

Gigasun is a solar energy development company founded by SolTech Energy Sweden AB (publ.) and Advanced Solar Power Hangzhou Inc. in China – two companies committed to doing great business by doing good. We aim to contribute to a more sustainable energy mix by leveraging the clean, reliable and cost-effective energy of the sun. We were early to recognize the potential of the Chinese energy market, which is the largest in the world and keen to find creative solutions to solve its environmental problems.

The company was founded in 2014. The same year our first two installations of 445 kW were built in China. From 2015 to 2023, the company’s expansion of installations accelerated with very strong growth and the installed capacity today is more than 283 MW.

There are plenty of business opportunities in China. The main bottleneck for our growth has so far been access to capital.

Key historical milestones of Gigasun

 

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  • 2024

    February 1, 2024, Advanced Soltech AB (publ) changes name to Gigasun AB (publ)

  • 2023

    In 2023, we have refinanced outstanding bonds with a sales-leaseback solution in China. This greatly reduces interest expenses and reduces currency risk in the company.

  • 2022 – COVID

    The COVID pandemic is hitting China hard, which for long periods has extensive lockdowns of society, despite this, the company continues to develop and goes from 206 MW to 250 MW in installed capacity.

  • 2021 – IPO

    October 29th Advanced Soltech is listed on Nasdaq first North Growth Market. The listing creates a stable platform for better terms on the capital markets and accelerating growth even further.

  • 2020 – Rapid scale-up

    A pre-IPO placing is carried out. ASAB adds 37 MW of installed capacity in spite of the COVID-19 pandemic and ends the year with 177 MW of installed capacity.

  • 2019 – Rapid scale-up

    ASAB signs a new framework agreement of 500 MW , issues a new green bond and ends the year with 139MW of connected capacity.

  • 2018 – Rapid scale-up

    ASAB issues three green retail bonds and ends the year with 69 MW of connected capacity.

  • 2017 – Institutionalisation

    ASAB continues to build solar facilities and ends the year with 29 MW of connected capacity. The owners provide more equity.

  • 2016 – Institutionalisation

    Advanced Soltech (ASAB) is founded. First framework agreement is signed. First Bond issue is placed. The portfolio is 14 MW at the end of the year.

  • 2015 – Founding and proof of concept

    The business model is formalized and building commences on the first solar energy projects

  • 2014 – Founding and proof of concept

    Soltech and Advanced Solar Power (ASP) invests 50 MSEK to develop a Solar Service business in China