Better Energy initiates streamlined capital raising and focuses on continued operations during restructuring
Better Energy is initiating a targeted capital raise to ensure future financing and sustainable operations. The company works in parallel to secure short-term financing to ensure the completion of key projects. During the restructuring process, Better Energy maintains the operation of existing solar parks and focuses on increased cost-efficiency.
Better Energy has initiated a structured and streamlined capital raise to attract new capital and secure future financing with Carnegie as advisors. The process will run until 7 February 2025. In parallel, opportunities for short-term financing to support the completion of key projects and the retention of value in Better Energy are being explored.
Tight liquidity conditions and priorities
The company's liquidity is currently very limited, and it is not possible to pay debts from before the restructuring notification on 19 December 2024 until there is clarity about the capital raising.
In 2024, Better Energy carried out substantial organisational adjustments, including a significant reduction in the workforce. However, a group of employees continues to work purposefully to maintain operations, ensure progress in key activities and support the restructuring process. This team plays a key role in the company's efforts to stabilize operations and ensure value creation during current challenges.
As part of the restructuring, the company will continue its work on optimising and adapting its cost base to the current market conditions.
Better Energy maintains its focus on ensuring the proper operation of operational solar parks through maintenance and operational (O&M) activities. Better Energy will only be able to provide a clear timetable for the resumption of its construction activities (EPC) when there is clarity on the financing of the completion of the individual projects.
Request for patience from partners
Better Energy asks suppliers, contractors, creditors and other partners for patience in the coming month. A sustainable solution requires focused work until 7 February, so that the capital raising and financing can be arranged effectively. The goal is to resume the projects, maintain value and minimise losses for all parties involved.
Until 7 February 2025, Better Energy will issue bi-weekly status updates to ensure transparency and inform about the progress of the process. The next update will take place in week 4 of 2025 (the week starting with Monday 20 January).