Valoe Corporation Business Review January – September 2022

Valoe Oyj

Valoe Oyj

Valoe Corporation Stock Exchange Release November 16, 2022 at 18:30 Finnish time


From July to September 2022, Valoe Group’s net sales according to IFRS standards were approximately EUR 0.4 million (EUR 0.5 million in 2021). The EBITDA was around EUR -0.8 million (EUR -0.5 million), the EBIT at approx. EUR -1.3 million (EUR -0.9 million) and the result for the period approx. -1 .7 million euros (-1.3 million euros).

From January to September 2022, Valoe Group’s net sales according to IFRS standards were approximately EUR 0.9 million (EUR 1.7 million in 2021). The EBITDA was around EUR -2.7 million (EUR -1.4 million), the EBIT at approx. EUR -3.9 million (EUR -2.6 million) and the result for the period approx. -5 .3 million euros (-3.8 million euros). At the end of the reporting period, the equity ratio of the Valoe Group including capital loans was -3.8 percent (15.9%).

In July 2022, we agreed with Sono Motors GmbH (“Sono Motors”) on the final stages to fully test the solar cell assemblies for Sion vehicle integration and make them ready for mass production. Therefore, in the third quarter of 2022 we have focused on the test phase with tasks for which Sono Motors will pay a success fee of 1.0 million euros on successful completion. By the date of this Annual Report, some of the acceptance tests have been passed and Valoe has received part of the fee. Negotiations with Sono Motors about the series contract continue.

The working capital situation continued to be very tense in the reporting period. The convertible bond 1/2022 issued in April 2022 was subscribed for a total of EUR 0.7 million. The subscriptions took the form of new cash investments. We decided to end the subscription period for the 1/2022 convertible bond on August 10, 2022 and issued a new subordinated 2/2022 convertible bond for a maximum of EUR 3.0 million. The subscription period for the convertible bond 2/2022 ends on December 15, 2022.

At the end of the reporting period, we subscribed to a total of 5,000,000 new shares without consideration for the company itself as a result of the share issue resolved on December 2, 2021. Further, we decided to issue a maximum of 50,000,000 new shares without consideration to the company itself and subscribed a total of 20,000,000 new shares aimed at it. The share offerings are being conducted to implement financing agreements.






net sales




1 694

2 148




-2 651

-1 426

-1 904

operating result

-1 255


-3 920

-2 602

-3 173

profit for the period

-1 680

-1 288

-5 331

-3 770

-4 776


market leadership

Valoe Group’s net sales for the 2022 financial year will increase significantly and the loss at the EBITDA level will decrease compared to the previous year.


The sharp increase in the prices of the main raw materials used by Valoe appears to be leveling off. However, logistics problems in the supply chains caused by the war in Ukraine and the Covid-19 pandemic continue to hamper operations.

Investments in solar energy are increasing in Europe. The EU emphasized the importance of solar energy by investing heavily in photovoltaic applications. In May 2022, the EU approved funding for the IBC4EU research project, in which Valoe and Valoe Cells are also participating. Our companies will receive a grant totaling 2.2 million euros for the implementation of the project.

Interest in vehicle-integrated solar applications increased. In the EU solar strategy published on May 18, 2022, the EU named vehicle-integrated solar applications as one of the priorities in the coming years. Thanks to years of development of our OddForm® components, we now feel well positioned as solar electrification of vehicles really takes off.


We have defined that our strategy is based on the vision that solar energy will be the best solution to meet future global energy needs.

We have chosen VIPV, Vehicle Integrated Photovoltaic, as the most important application. We compete in global markets. Our goal is to be one of the world’s leading providers.

Outside of the VIPV business, we follow the global development of photovoltaic applications and adapt applicable technologies to our product concepts. Our solutions are mainly based on our technologies, which we have developed with leading experts and research institutes. Valoe is already involved in the second major EU-funded project, carried out by a consortium, aimed at developing future solar energy technologies. In the new project, Valoe is once again collaborating with the major European research institutes and solar energy companies, above all with the ISC Konstanz, in order to further develop Valoe’s IBC cell technology.


In the third quarter, Valoe made good progress on its two major automotive projects. We assume that both projects will move on to the next phase before the end of the year. We believe that Valoe’s sales will increase significantly in the following pre-mass production stages compared to previous product development stages. In particular, our project on solar cell assemblies for Sono Motors’ Sion vehicle will create a solid basis for the 2023 financial year. Our goal is to arrange the production of solar cell assemblies for 257,000 Sion vehicles at Valoe’s plants in Juva and Valoe Vilnius. To the best of our knowledge, the project is the largest vehicle-integrated solar module project in the world.

The automotive industry is characterized by long product development and test phases before the start of series production. After the products to be used in mass production are selected, they are used throughout the project, typically for 5 to 10 years. A project like this already generates considerable income for the manufacturer over several years.

If Valoe is selected as a supplier for one of the projects mentioned, the company’s desired market leadership as a manufacturer of VIPV components will also be realized.

We are constantly systematizing our operations to meet the stringent quality and other requirements of the automotive industry. In June 2022 we reached a significant milestone: the ISO 9000 certificate. The quality systems in the automotive industry are based on ISO 9000. We are now on a good path and believe that we will obtain the IATF 16949 certificate in the first half of 2023, which is a similar certification for the automotive industry.

We are preparing to deploy all capacities already invested in Lithuania. The interest in the IBC cell is great. At the moment, however, we do not offer our cells as a mass product to third parties, but strive to further develop our cells for solutions with high added value. Based on the forecasts of our customers, the current capacities are required for existing projects. Having signed contracts for mass production this year, we want to agree on binding capacity reservations for the Lithuanian cell factory for the coming years.

Valoe’s main challenge remains the financing of its operations. We prepare large and long-term projects. Starting and booting them up takes a long time and requires extensive resources. Funding must continue to grow as we get closer to production. With a minimal financial contribution, we have come close to our goal. Now in the period under review, as the goal approaches, we have had to push our financial and other resources to the limit. To secure our financing, we issued a convertible bond and contacted our most important customers with relatively good success in order to finance what we see as the “final phase of the transition”. We are confident in the support of our customers and shareholders and believe we can close our funding gap expected later this year.


Our business growth expectations are based on existing and new development projects to provide photovoltaic applications, especially for transportation and industrialization of the projects.

The rapid growth of our new markets and growth-related investments will significantly increase our financing needs. Securing adequate funding involves significant risks and a lack of long-term and adequate funding may limit our growth.

The consequences of the COVID-19 pandemic and the effects of the war in Ukraine and the associated sanctions on global supply chains and logistics as well as rising raw material and energy prices are hampering our solar module production. The shortage of components and difficulties in the supply of raw materials also impede our operations. We strive to pass on higher purchasing costs to our customer prices. If this does not happen, the price increase could adversely affect our profitability and financial condition. The shortage of components could delay the expansion of production capacities in the module factory in Juva and in the cell plant in Lithuania.

Certain statements in this business review, market forecasts and, in particular, the non-binding estimates in Valoe’s strategy are forward-looking and based on management’s current beliefs. By their very nature, they involve risks and uncertainties and can be affected by changes in the general financial situation or the business environment.

These and other risks have been described in detail in the company’s annual report, which was published on April 29, 2022 and is available on the company’s website

At Mikkeli on November 16, 2022

Valoe Corporation

The board of directors

For more informations:
CEO Iikka Savisalo, Valoe Corporation
Phone +358 40 521 6082
E-mail: [email protected]

Nasdaq Helsinki Oy
main media

Valoe Corporation specializes in clean energy, specifically photovoltaic solutions. Valoe offers automated production technology for solar modules based on the company’s own technology; Production lines for modules, solar panels and special components for solar panels. Valoe’s headquarters are located in Mikkeli, Finland.


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