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LONDON - Cindrigo Holdings Limited, a developer of clean baseload energy, reported a loss of £11.5 million for the year ended December 31, 2024, compared to a £3.8 million loss in 2023, according to its annual financial results released Tuesday.
The company’s Kaipola Energy plant in Finland has been fully upgraded and refurbished, and is ready to begin combined heat and power production once the plant’s primary industrial heat off-taker’s new pellet production facility becomes operational, expected in the second half of 2025.
Cindrigo has made progress on its planned listing on the London Stock Exchange (LON:LSEG)’s Main Market, though the process has experienced some delays. The company has appointed Jack Clipsham as an Independent (LON:IOG) Non-Executive Director to strengthen its board ahead of the listing.
In April 2024, Cindrigo acquired Kaipola, a Finnish waste-to-energy plant, recording £15.5 million in goodwill from the transaction. The plant generated £85,000 in revenue during 2024, the company’s first reported revenue.
The company is also expanding its renewable energy portfolio with three geothermal energy projects in Germany’s Upper Rhine Valley. Applications have been submitted to extend the licenses for these projects, with two already securing government funding covering 50% of preparatory costs up to €1 million per project.
Cindrigo’s financial position shows total assets of £21.6 million as of December 31, 2024, compared to £3.4 million at the end of 2023. The company’s borrowings increased to £11 million from £7.7 million in the previous year.
The company raised capital through an open offer to existing shareholders between October and November 2024, issuing 59.3 million shares at £0.06 per share. After the reporting period, Cindrigo received an additional £2.5 million in funding from Danir to support working capital requirements.
The financial results were released in a company statement based on the audited accounts approved by Cindrigo’s board of directors.
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