The Board of Directors of Stegra, together with external consultants, concluded that the company would need additional capital to complete the project. At the same time, the cost estimate for the final stage of the work turned out to be significantly higher than expected in June, according to Callanish.
The audit was carried out after control of Stegra passed to Wallenberg Investments. According to the owners, the increase in costs is mainly due to a noticeable increase in the cost of work after a long reduction in construction rates at the beginning of the year, as well as the impact of inflation.
"When we joined the company, we said that we thought there was enough funding, but we didn't rule out that more might be needed," said Leif Johansson, chairman of the Board of Directors.
"We have a clear plan for completing the project, and now we see more opportunities for outsourcing and partnership than previously anticipated. In any case, our faith in Stegra is stronger today than when we started working on the project," he added.
Stegra reported that the board of directors has already started a dialogue with the largest shareholders, who positively reacted to the participation in raising the necessary capital.
At the same time, the company announced the appointment of Hakan Boucher as the new CEO of Stegra effective November 1. Henrik Henriksson, who has led the company for most of the period since its founding in 2021, will remain at Stegra as a consultant.
"Henrik transformed this company from an idea into one of the most important industrial projects in Europe. It is important that he continues to contribute with his knowledge and experience," said Johansson.
"Hakan Boucher has extensive experience in managing large industrial companies during the transformation period, and these are the qualities that Stegra needs now," he added.
