Better Energy Holding continues in restructuring

Better Energy is undergoing extensive changes: The parent company continues in restructuring, two subsidiaries have filed for bankruptcy, and around 80 employees are being let go. Simultaneously, the aim is to continue the operation of solar parks and related projects through a newly established company.

Restructuring continues without capital raising

Unfortunately, the management of Better Energy has had to conclude that, despite a dedicated effort from Carnegie Investment Bank, there have not been sufficient attractive offers in the structured sales and capital raising process to enable a comprehensive solution for the company’s financial challenges.

Better Energy A/S and Better Energy Denmark A/S have filed for bankruptcy

In light of these circumstances, the management of Better Energy, in close collaboration with the appointed restructuring officers, has regrettably concluded that the financial challenges facing Better Energy A/S, CVR-nr. 36950676 and Better Energy Denmark A/S, CVR-nr. 44559625 can no longer be resolved within the framework of a comprehensive restructuring of the entire group.

As a result, the management has today filed for bankruptcy for Better Energy A/S, CVR-nr. 36950676 and Better Energy Denmark A/S, CVR-nr. 44559625 as part of the ongoing restructuring process. Creditors of both companies will be informed in accordance with applicable law.

Meanwhile, the parent company, Better Energy Holding A/S, CVR no. 31865883, will continue its restructuring efforts with the goal of securing a sustainable future for the remaining parts of the company in a revised form. Better Energy and the appointed restructuring officers remain committed to working closely together to ensure that the restructuring of the parent company and the rest of the company proceeds in a manner that maximizes value for creditors, suppliers, customers, employees, and other stakeholders.

Significant contribution to the green transition despite reduced activity level

As a consequence of the current situation, layoffs were announced on Monday, February 24, and will be implemented in February, affecting approximately 80 employees across the group.

It is the clear expectation that the remaining team will be able to continue a sustainable business with a reduced, but still significant level of activity and contribution to the green transition.

A key element of the restructuring plan for Better Energy Holding is the continued collaboration between Andel and Better Energy on a solution that enables the realisation of the four solar parks in the Better Energy Andel P/S partnership.

Better Energy Management A/S established with the aim of maintaining operations 

As part of a structured continuation of the activities during the continued restructuring, Better Energy Holding has established a new operating company, Better Energy Management A/S. This company is intended to deliver on the tasks associated with EPC management, i.e. building and construction activities, and asset management, i.e. operation, maintenance and administration of existing assets, including operational solar parks, as well as selected development activities. In the coming days, Better Energy will intensify discussions with customers, partners and other stakeholders in order to align these parties' wishes for the continued collaboration with Better Energy. Based on the discussions in the coming days, Better Energy will organise a transfer of assets and activities to Better Energy Management A/S.

The objective is that the new company will help enable deliveries to customers and partners, as well as ensure that the operation of operational solar parks can continue.

At the same time, it is important to note that projects in the form of both existing and future solar parks are legally separate companies with their own CVR number, and that they are not under either restructuring or bankruptcy proceedings. 

Continuous updates

Better Energy thanks all employees, creditors and partners for their patience and support during this period, which continues to contain uncertainty for the many parties involved. 

To ensure transparency in the process, Better Energy will continue to issue bi-weekly status updates. The next update is expected in week 11, 2025 (the week beginning with Monday, March 10).