In December, the energy company Better Energy announced that due to "a perfect storm of negative market conditions", the company was forced to file for restructuring, as it was not possible to pay the company's debts until there was clarity about a capital raise.
The company has now initiated the capital raising process, which will run until February 7, 2025. The company is also working in parallel to secure short-term financing to ensure the completion of key projects. During the restructuring process, Better Energy is maintaining the operation of existing solar parks and focusing on increased cost efficiency. This is stated by Better Energy in a press release.
"Better Energy appeals for patience from suppliers, contractors, creditors and other partners in the coming month. A sustainable solution requires peace of mind towards February 7th, so that the capital raising and financing can fall into place. The goal is to restart the projects, maintain values and minimize losses for all parties involved," reads the announcement from Better Energy, which also states that it will issue status updates every two weeks until February 7th.
The request for reconstruction came after Better Energy tried several times in 2024 to adapt the business to what the company has previously described as a "new market situation", where it had gone from "hypergrowth" to "normalized growth". This has, among other things, led to the dismissal of up to 40 percent of the company's employees.
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