Zirconia

Alginor lines up financing to finish F3; names new CEO
Haugesund, 6 October 2025 — Zirconia News

Alginor ASA says construction of its F3 facility remains on schedule for completion and commissioning in the first half of 2026, and has unveiled a financing package it believes will carry the project into profitable operations. The update came in a letter to shareholders dated 6 October.

Financing: committed bank debt and a shareholder instrument

In September, the company received a commitment for a NOK 230 million secured package from Haugesund Sparebank, split into a NOK 180 million construction loan and a NOK 50 million revolving credit facility, at what the company describes as attractive terms.

To close the remaining gap—previously communicated at roughly NOK 450 million—Alginor’s board proposes a NOK 200 million convertible shareholder loan, guaranteed by the largest shareholders and open to all shareholders pro‑rata. Terms are set out in an extraordinary general meeting (EGM) notice on the company’s website. The proposal is further supplemented by an uncommitted NOK 100 million tap.

Taken together, the package of up to NOK 530 million (of which NOK 430 million is immediately supported by commitments/guarantees) is, according to the company, sufficient to complete and commission F3 and support profitable operations from combined F2 and F3 activity.

Operational focus and portfolio pruning

Management reiterated that it is working through other “critical operational issues” flagged in the company’s 2025 National Prospectus, notably securing reliable raw‑material access and supply chains. Looking beyond F3, Alginor says it will still need financing for future upscaling, including the planned F5 facility.

As part of cost‑cutting and consolidation, Alginor has sold non‑F3 properties at Haraldsgata 162, Kirkegata 169 and Kirkegata 167, using proceeds for debt reduction and liquidity. The company is also pursuing sales of additional listed properties, including plots at Husøy, and says operations will be consolidated at Husøy in proximity to the F3 site.

New leadership team

Alginor announced a new permanent management team:

Steen Myllius Stricker Lund becomes CEO in mid‑October 2025. With 30+ years in food‑industry operations and a stint as COO since May 2025, the board says Lund brings the execution focus needed for the shift to commercial production.
Herluf Nilsen steps in as COO, drawing on 20+ years of food production and facility‑expansion experience. Nilsen joined Alginor as a senior consultant in August 2025.
The company is recruiting a permanent CFO to complete the lineup.

Interim CEO Sten Stenersen will, as planned, return to the board, while interim CFO Sven Sele will remain in role until a successor is appointed and assist through the transition.

What’s next

EGM process & subscription: Shareholders will be invited to subscribe to the convertible loan pro‑rata under the EGM notice; the NOK 100 million tap provides additional flexibility if needed.
Project execution: Keep F3 on its H1‑2026 track and continue supply‑chain work.
Portfolio moves: Progress non‑core asset sales and complete Husøy consolidation.

Key figures (proposed package)

Bank facilities (committed): NOK 230m (180m construction + 50m RCF)
Convertible shareholder loan (proposed, guaranteed): NOK 200m (pro‑rata to all shareholders)
Optional tap (uncommitted): NOK 100m
Total potential mix: Up to NOK 530m
F3 timeline: Completion/commissioning H1 2026

This article is based on Alginor ASA’s 6 Oct 2025 shareholder letter.