The Green Transition to Flexens Corporate Reorganization – CEO tells what it is about

Finnish company developing hydrogen projects Flexens Applying for corporate reorganization. The matter is shown in the application for a corporate reorganization submitted to the Helsinki District Court.

Flexens CEO Berndt Schalin confirms this to Kauppalehti.

According to Schalin, the reason for the situation is that hydrogen economy projects ripen slower than originally expected, and funding has become a bottleneck.

“We have had our initial capital partly in debt. This combination has caused this [yrityssaneeraukseen hakeutumisen]”, Schalin says.

According to Schalin, the application for renovation is processed according to the normal process. Now the company’s representatives hope that the application for renovation will go through the form as it has been presented.

“These are a few months of processes before the renovation programs are accepted.”

A solid faith in the future

Flexens is involved in two major projects. It competes for the wind power rights of Åland together Copenhagen Infrastructure Partners -Investment Company and French hydrogen company Lick consortium.

In addition, Flexens is planning a green hydrogen project in Kokkola, which would require an investment of up to EUR 700 million as a whole.

Schalin says that the renovation measure is done to further develop projects.

“Such large projects are being developed in project companies, which are funded separately. As these projects are approaching investment decisions, there will be external capital, ”says Schalin.

Thus, an early phase development company like Flexens will subsequently bring new owners to the projects, which are responsible for financing these projects.

“This is our basic movement idea. The fact that the parent company can continue to operate through the application for renovation ensures that these projects are progressing. ”

According to Schalin, there is a strong belief within the company that the formation of an economically challenging setting can be turned into a profit in the future.

“For that, we apply for renovation and not bankruptcy. There are many examples of how the renovation may have enabled a successful business. We are very confident, ”says Schalin.