Swedish floating wind developer Hexicon has prolonged a credit score facility the corporate secured earlier to offer assist throughout a interval of deliberate divestments till 30 June 2025.
For financing, which quantities to SEK 75 million (roughly EUR 6.6 million), Hexicon signed an settlement with Wallstreet Aktiebolag, a part of the Wallenius Group, and a gaggle of personal financiers in July 2023 to make sure the mandatory working capital to assist its ongoing initiatives and facilitate strategic divestments.
Hexicon prolonged the credit score facility for six months in June 2024 and acquired the flexibleness to utilise the funds till the top of 2024, with the mortgage reimbursement and accrued curiosity due by the top of the 12 months.
The brand new six-month extension permits the corporate to proceed with divestments and give attention to its different strategic priorities to safe the mandatory financing, Hexicon stated on 31 December.
In its outcomes for the primary three quarters of 2024, issued in November, Hexicon reported internet income of SEK 5.2 million (approx. EUR 454,000), barely up in comparison with the identical interval in 2023, and an working lack of SEK -79.5 million (approx. EUR -6.9 million), down from the SEK -147.9 million (approx. 12.9 million) within the earlier 12 months.
The corporate at the moment has 9 initiatives in lively growth, together with the 1,125 MW MunmuBaram floating offshore wind mission in South Korea, which Hexicon is taking on from Shell.
