Energeia AS secures first Norwegian concession, boosts cash flow

Energeia AS secured its first concession in Norway on June 18, 2025, for the Seval Skog solar power plant (46 MWp), significantly expanding Norway's ground-mounted solar market. This milestone, along with applications for 108 MWdc and notifications for 355 MWdc, establishes Energeia as a leading developer in the region. The company successfully raised NOK 35 million through private placements to fund operations, with a further NOK 31 million rights issue underway.

Operationally, solar electricity production exceeded budget by 4.6% in H1 2025, reaching 6,457 MWh, primarily due to favorable sun hours in Leeuwarden, Netherlands. The group reported a negative EBITDA of NOK 11.7 million and an EBIT loss of NOK 19.0 million, influenced by NOK 10.7 million in Norwegian project development costs and NOK 1.9 million from closing down Italian and Singaporean operations.

However, Energeia AS ended H1 2025 with a positive net cash flow of NOK 3.9 million, boosting its cash position to NOK 17 million, largely due to the issuance of new shares. The board also appointed Jarl Egil Markussen as group chief executive in January.