Danish biogas plant developer and constructor Lundsby Renewable Solutions has filed for bankruptcy after a project in Finland resulted in substantial financial losses, with the cost of completing the work expected to exceed the amount payable by the customer, Bioenergy Insight reported.
The bankruptcy was filed at Viborg District Court on October 8 and published in Statstidende, Denmark’s official government gazette. Attorney Henrik Steen Jensen has been appointed as trustee to oversee the proceedings.
Jensen said the Finnish project had failed to progress as expected, leaving the company facing a significant gap between the remaining completion costs and the revenue it would receive from the customer.
Lundsby employed 87 people at the end of its most recent financial year. Its financial position had also weakened over the preceding two years, during which the company accumulated a deficit of around DKK 70 million, equivalent to approximately €9.4 million.
Founded in 1995 by Erik Lundsby Andresen under the name Lundsby Biogas, the company was sold in 2015. It adopted the name Lundsby Renewable Solutions in 2022 to reflect its expanding international focus.
The business operates through subsidiaries including Lundsby Management, Lundsby International and its Swedish arm, Lundsby Renewable Solutions AB. According to the company’s website, it has built a total of 52 biogas plants.
Lundsby Renewable Solutions is part of a corporate group owned by Lundsby Renewable Solutions Holding.
