51 million to Norwegian Crystals in Glomfjord, 60 employees have gone more than two months without pay – NRK

“You can’t get any closer to doom.”

This is how CEO Gøran Bye describes last year’s turmoil for solar cell company Norwegian Crystals.

On Saturday they received the long-awaited news.

After a turbulent year that included near bankruptcy and the crown pandemic, the company has raised NOK 51 million in new share capital from new and old owners.

Working without pay is probably a distant thing for most people.

Since June 20, employees have worked without receiving a salary, but now the solution is in place.

– We have reached the extreme. We are very happy to have found new investors and we really wanted this to happen, says Chief Shop Steward Anders Tindvik.

And the first item of expense will be to reimburse wages according to Bye:

– They must be paid, of course they must. Now we find ourselves in a situation where we have not been able to pay salaries in July and August. You are not approaching the end.

Employees: – They will see the money in the account before we create it

51 million insured in a short message on a Saturday in September. Even if, according to the company, only formalities remain, employees will see the money before they believe it.

– It was very good to receive that message on Saturday. There have been good reactions from employees, but now it is likely that we will now see the money in the account before we create it, says union chief Anders Tindvik.

Although salary is critical to driving up daily life, employees are eager to get back to work.

– We do not expect full pay now, but we do expect July salary to arrive during the week.

The desire to return to a normal situation is great.

– We know we have a lot of work ahead of us. Now we have to show that it is worth the investment. And that’s us.

However, it has not been entirely rosy. People’s savings accounts have started to run out, and for many they have been empty for a long time.

– Many have exceeded the payment term. We have been bankrupt for a long time. I thought we had already exceeded that limit.

– A declaration of confidence

Just last fall, the solar cell company was on the brink of bankruptcy.

In January, they piled up on his legs and things looked so much brighter. For the first time in the history of the company, it looked like the year would be profitable.

But then everything changed when a known pandemic struck. Both management and employees have believed that things should change and go in the right direction.

Still, no one had expected them to go as far into the basement as in recent months.

– Therefore, it is very interesting to see that good entrepreneurs have nevertheless decided to invest in us. We take it as a statement of confidence, says Bye.

In the past, they have also worked hard to face competition from China. Two years ago, cheap production in the East meant they had to lay off 80 percent of their employees.

Many consider it unique that employees manage to stay in it and sacrifice so much for the company to survive.

Real estate investor: – Get a lot very little

Tord Ueland Kolstad himself has contributed 7 of the 51 million. The explanation? A unique opportunity in what he believes is the source of many of the energy challenges of the future.

– In Glomfjord, they have one of the few facilities outside of China. This is a unique opportunity to participate in the growth that I believe is coming in this segment. All investments in new technology are risky. The demand is there. The previous problem has been that its production has cost more than the market was willing to pay.

For Kolstad, the Glomfjord company has been an attractive case:

– We have very little here. It is attractive to an investor. There are also very good people in production and management. And with a balanced market where it can be produced profitably, it makes it attractive.