Lundsby Renewable Solutions, a Danish biogas plant developer and constructor, has been declared bankrupt after a project in Finland left the company facing losses running into millions of kroner.
The bankruptcy was filed at Viborg District Court on 8 October and recorded in Statstidende, the official Danish government gazette. Attorney Henrik Steen Jensen has been appointed as trustee.
Jensen said the Finnish project had not developed as the company had hoped, and that the cost of completing it would exceed what the company stood to receive from the customer by a significant margin.
Lundsby had 87 employees at the end of its last fiscal year. The company accumulated a deficit of approximately DKK 70 million (roughly €9.4 million) over its two most recent financial years.
Founded in 1995 by Erik Lundsby Andresen as Lundsby Biogas, the company was sold in 2015 and renamed Lundsby Renewable Solutions in 2022 to reflect a growing international focus.
The group includes subsidiaries Lundsby Management, Lundsby International and a Swedish operation, Lundsby Renewable Solutions AB. According to the company's website, 52 Lundsby biogas plants have been built in total.
The company is part of a group owned by Lundsby Renewable Solutions Holding.
