Jul 15, 2024 / 08:00AM GMT
Erik Sneve - Magnora ASA - Chief Executive Officer
Good morning, and welcome to Magnora's Q2 2024 presentation. I'm Erik Sneve, the company's CEO. We are a pure asset-light renewable developer, and we focus on greenfields and origination and we take land, help landowners build renewable projects on their properties, secure grid connections, environmental permits and procurement management, technical management when the projects are in operations. We started this business in 2020 after we sold our oil technology in 2018. We have zero debt. We have solid cash and we have 7,300 shareholders and we're listed on the main board of Oslo Stock Exchange.
Some highlights from the quarter. We spun off Hermana, our legacy business. 70% of the shares in the company were assigned to the shareholders of Magnora as the extraordinary dividend. On May 29, we announced the cooperation and the sale of Helios to French infrastructure company, Vinci. Magnora is about to receive NOK335 million in upfront payments from Vinci, and we expect to receive a significant earn out over the next five years as well.
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Q2 2024 Magnora ASA Earnings Call Transcript
Jul 15, 2024
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