A review conducted by Stegra’s board of directors and external advisors has found that additional capital is required to complete the project, as the estimated costs of completing it are significantly higher than assumed in June, Kallanish hears.
The review comes after Wallenberg Investments took control of Stegra. The cost increases are mainly the result of substantial ramp-up costs following the prolonged scaling back of work earlier this year, as well as inflation, the owners say.
“When we took over, we said that we believed the financing would be sufficient, but that we could not rule out that more would be needed,” says Leif Johansson, chairman of the board. “We have a robust plan to complete the project and have identified greater opportunities for outsourcing and partnerships than we previously thought. If anything, our belief in Stegra is stronger today than when we came on board,” he adds.
Stegra’s statement adds that the board has initiated a dialogue with its largest shareholders which have expressed a positive view on taking part in the work to secure the capital required.
The board also announces the appointment of Håkan Buskhe as the new ceo of Stegra as of 1 November. Henrik Henriksson, who has led the company for most years since its inception in 2021, will remain with the company as an adviser.
“Henrik has built this company from an idea into one of Europe’s most important industrial projects. It is important that he continues to contribute with his knowledge and experience,” says Johansson.
“Håkan Buskhe has extensive experience of leading large industrial operations through transformation, and that is exactly the capability the company needs now,” they add.
