Flinkenberg makes a significant investment in solar energy in Finland
Oy Flinkenberg Ab has acquired 30% of GreenEnergy Finland Oy (GEF) shares. This 1 M 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. When investing in PV systems low cost financing is more important than a southern location. Also in Finland solar rooftop PV systems produce more competitive electricity than industrial scale wind power plants, considering the transmission costs. This is no longer the case of small scale interests but economically viable investments. Moreover, investing in renewable energy complements the values and strategic aims of Flinkenberg, says Christoffer Ehrnrooth, Business Development Director at Flinkenberg.
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. Henrik Gayer has previously held positions such as CEO of Siemens Finland.
The CEO and founder of GreenEnergy Finland Oy, Miko Huomo, describes the benefits of the acquisition:
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. The investment and agreement concerning board composition also strengthen our strategic expertise and networking opportunities. This strategic equity investment is an integral part of an anticipated 3M 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 domestic solar power markets until 2030 are valued in billions. Naturally, the global market size is multifold.
Further information:
Christoffer Ehrnrooth, Business Development Director, Oy Flinkenberg Ab, +358 400 573 599, christoffer.ehrnrooth@flinkenberg.fi
Miko Huomo, CEO, GreenEnergy Finland Oy, +358 50 410 1270,
miko.huomo@gef.fi
Oy Flinkenberg Ab established in 1921 is a family owned company that specializes in technical wholesale business. The companys business areas are importing, distribution and processing of energy products, components, chemicals, and steel. The company is based in three locations in Espoo, Kerava and Valkeakoski. Flinkenbergs portfolio comprises of, among others, several PV industry products, such as batteries, inverters and solar panels. In 2015 the annual turnover was 32 million euros and the number of
employees 79.
GreenEnergy Finland Oy established in 2010 is a rapidly growing market leader in Finland specializing in PV system applications. The advantages of the company are in high level technological expertise and in the ability to supply demanding customized solutions and projects also to international markets. Furthermore, the company emphasizes a strong in-house product development, for e.g. cloud-based production monitoring and consumption control systems, which supports property level energy efficiency and solar power utilization. In 2015 the annual turnover was around 3 million euros and the number of employees 15.
GEF has supplied i.a. the largest solar power plant in Finland (customer Helen Oy, Kivikko power plant, Helsinki www.aurinkovoimala.net ).
