Cindrigo Holdings Ltd (LSE:CINH) CEO Lars Guldstrand talked Proactive through the company’s IPO on the London Stock Exchange Main Market. He outlined Cindrigo’s focus on clean baseload energy through geothermal and waste-to-energy projects across Europe, and shared insights on key milestones, risks, and the company’s growth strategy.
Proactive: Lars, very good to speak with you and congratulations on your IPO on the LSE Main Market this morning. Before we get into that, could you start by summarising what Cindrigo’s core business is and what differentiates you in the clean energy space?
Lars Guldstrand: Cindrigo is about producing clean baseload energy. Our focus area is the geothermal sector in Europe. We also have waste-to-energy assets. What really differentiates us is that we are in a sector with huge growth potential. Hopefully, together with others, we are growing this market. So, it's really the need for clean baseload energy—that is our target.
Proactive: What were the key reasons for choosing London to list, and how are you going to raise the capital to support your growth?
Lars Guldstrand: London became the natural place. We were ready to list on other trading platforms, but we were approached by a London-listed company to do a reverse takeover, which we completed. Unfortunately, our main asset at that time—waste-to-energy projects in Ukraine—had to be suspended due to the war. We've since rebuilt our platform. Today we have a solid operating platform in Finland ready to go, and projects in Germany. Being on the LSE Main Market supports our credibility and ability to raise capital.
Proactive: What are the main operational milestones investors should watch out for in the coming 12 to 18 months?
Lars Guldstrand: The most material one is the start of our Finland waste-to-energy plant, which is built and ready. We're just waiting for our main customer to be ready to receive the heat. The grid sales in Finland are secured. After that, it's funding for the geothermal project in Germany and then drilling the first wells and getting results. These are the major milestones.
Proactive: With the listing completed, how do you see Cindrigo’s strategy evolving? Are you prioritising organic developments, acquisitions, or partnerships?
Lars Guldstrand: Primarily organic. We have a large license area in Germany, which alone could take five years to develop. We're open to partnerships, especially for new projects, but our focus remains on Europe and geothermal.
Proactive: Finally, for investors assessing risk and reward, what are the biggest challenges ahead for Cindrigo and how are you positioned to manage those?
Lars Guldstrand: The biggest risk is delays in Finland. That plant is crucial for generating cash for our Germany expansion. Another risk is drilling results in Germany. But Germany has strong support—subsidies, grants, and even insurance for drilling risk. Delays are our biggest concern.
Proactive: And the highest reward? Why should investors consider Cindrigo?
Lars Guldstrand: We have an excellent portfolio and operating team. I’m proud of our board, which brings experience in listed companies, energy, politics, and technology. Given our assets and the need for clean energy, we believe we're positioned for solid development.
Proactive: Lars, congratulations again on the IPO. I hope you'll keep us posted on your progress.