VG-Shipping has signed a conditional share exchange agreement on August 29 2022 with Savosolar to sell marine logistics company Meriaura and the business of VG EcoFuel. VG-Shipping becomes majority owner of Savosolar.

After merging VG-Shipping will have 70 percent of shares of the new entity, and the shareholders of Savosolar will have 30 percent the shares. Savosolar gets a long-term, committed anchor owner in VG-Shipping, with a very strong track record in successful business development in marine logistics and the production and utilisation of renewable energy. The strong financial position of the companies improves the possibilities to make investments and underpins profitable growth and value creation in the long-term.

Together, Meriaura, VG EcoFuel and Savosolar can meet the growing demand for solutions based on renewable energy and fill the supply gap. The planned merger will speed up business expansion in low-carbon marine logistics, solar heat and other projects promoting the green transition.

Jussi Mälkiä will continue as the principal owner and Chairman of the Board of VG-Shipping; he has invested in low-carbon marine logistics for years and strives to find new solutions for decelerating climate change. “I have studied Savosolar’s operations because I am interested in renewable and sustainable energy solutions. The company has made major investments and excellent development work for years. Savosolar’s solar thermal solutions cut carbon emissions substantially, and in my opinion, they meet the existing and growing customer needs very well. I believe that Savosolar’s sales will rise, and I want to be involved in promoting the green transition in thermal energy, too,” says Jussi Mälkiä, Chairman of the Board of VG-Shipping.

The transaction will be implemented by organising a private share offering to VG-Shipping, which owns all the shares of Meriaura. The implementation of the transaction is expected to take place by November 30, 2022. The shares have been planned to be included in the trading in First North Growth Market in Stockholm and Helsinki.

The companies will continue operating under their own names and brands. Meriaura and VG EcoFuel will continue operating as before, and the merger will have no effect on Meriaura’s customers or its employees.