Shelly Group AD taps new growth market with consumer clean energy management – Strategic partnership with balcony power plant and energy storage system provider Zendure

Sofia / Munich, 1 September 2023 – Shelly Group AD (Ticker SLYG / ISIN: BG1100003166) ("Shelly Group"), a provider of IoT and smart building solutions based in Sofia, Bulgaria, is now tapping into the rapidly growing consumer market in addition to its existing clean energy management solutions for professional users. The strategic partnership with balcony power plant and energy storage system provider Zendure is designed to realize numerous competitive advantages and synergies by combining know-how and sharing resources. These include research and development activities as well as cross-sales via specific e-commerce channels, joint marketing campaigns, and market entry initiatives.

Mini photovoltaic systems, so-called balcony power plants, are becoming increasingly popular among consumers as a way of generating their own environmentally friendly energy and thus becoming less dependent on price increases. As a result, another sustainable growth market is emerging for Shelly Group's smart building solutions. Additional growth is promised for the balcony power plant market in Germany with new regulations coming into force from 1 January 2024, allowing for higher power generation capacity of up to 800 watts in the future. In addition, bureaucratic obstacles will be removed and registration procedures simplified.

According to a study by the Berlin University of Applied Sciences (HTW), the number of balcony power plants installed in Germany alone has already almost doubled to as many as 190,000 between 2020 and 2021. In addition, more than two-thirds of newly installed solar power systems on private buildings in Germany are now combined with home energy storage. According to industry association SolarPower Europe (SPE), Germany was the largest market in Europe in 2021 with a market share of 59 percent, followed by Italy with 14 percent and Austria with 6 percent, while Sweden and Poland had the highest growth rates. Experts expect average annual growth of over 29 percent across Europe until 2026.

Zendure is a fast-growing energy tech startup based in the tech hubs of Silicon Valley, USA, and with offices in the Greater Bay Area, China, as well as in Japan and Germany. Founded in 2017, the company has extensive and deep experience in clean energy generation, as well as home energy storage and grid feed-in, with numerous patents and awards: SolarFlow balcony energy storage system transforms sunlight into a safe, reliable, and long-lasting energy source, while SuperBase V offers a plug-and-play whole-home energy storage system.

Dimitar Dimitrov, Co-CEO of Shelly Group AD, comments on the collaboration research and development with Zendure: “This partnership once again highlights our expertise in seamlessly integrating and interoperating hardware and software from a wide range of manufacturers and use cases to provide real added value with smart building solutions that take into account both user preferences and energy efficiency. We are all the more pleased to be able to offer end-users solutions for smart energy management, for example for balcony power plants, together with Zendure in the future. Based on our experience with professional users, we want to set new standards for excellence in this market as well.”

Wolfgang Kirsch, Co-CEO of Shelly Group AD, adds on the economic advantages: "With clean energy management solutions for consumers, we are tapping into another sustainable growth market in addition to solutions for professional users. It is a particular advantage that we can draw on both our own experience and structures in clean energy management and those of our strategic partner Zendure. Of course, the cost advantages are also reflected in the prices for our customers: a win-win-win situation."

Shelly presents smart ideas for the energy transformation at IFA 2023 in Berlin from 1 to 5 September 2023. Come and visit us in Hall 22, Stand 112! More about IFA, the world's largest trade fair for consumer electronics and household appliances at: https://www.ifa-berlin.com/en/.

About Shelly Group

Shelly Group AD is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Shelly Group was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 6 subsidiary companies and has offices in Bulgaria, China, USA, Slovenia and Germany. Shelly Group’s products have already conquered over 100 markets. Shelly Group AD has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker SLYG.

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