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Solar energy startup GreenEnergy Finland gets significant investment

Solar energy startup GreenEnergy Finland gets significant investment

Jun 23, 2016
Renewables & smart grid
Solar energy

Flinkenberg, a Finnish technical wholesale business company, has acquired 30% of GreenEnergy Finland (GEF) shares. This EUR 1 million private equity investment is made to a promising and fast growing renewable energy startup company.

With the ownership arrangement the companies are searching for synergy benefits. The business areas of the two companies complement each other very well and both companies will also continue supplying and developing their current portfolio of products and services.

"We strongly believe in the growth of PV solar power business. The technology has rapidly developed in recent years and the prevailing low interest rates are very favorable for the acquisition of solar PV systems," says Christoffer Ehrnrooth, Business Development Director at Flinkenberg. 

"This is no longer the case of small scale interests but economically viable investments."

GreenEnergy Finland will get a long term industrial business partner from Flinkenberg. The partners have also agreed that Christoffer Ehrnrooth will be appointed as the new chairman of the board and Henrik Gayer as a board member of GreenEnergy Finland. Gayer has previously held positions such as CEO of Siemens Finland.

"Solar power business is growing extremely fast both in Finland and especially globally. The financial agreement with Oy Flinkenberg Ab delivers remarkable opportunities for growth by also strengthening our position in domestic markets, as well as enabling expansion to international markets," CEO and founder of GreenEnergy Finland Oy, Miko Huomo

"This strategic equity investment is an integral part of an anticipated EUR 3 million funding package which our company can use to invest in the development of own products and services, as well as into fast expansion in global markets."

According to the estimates by GEF, the total Finnish solar power markets until 2030 are valued in billions.

Source: GreenEnergy Finland

Companies in the sector

Green Energy Finland

Solar energy