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Summa Defence has divested its renewable energy subsidiary Rasol Oy to the company’s management for EUR 5,000, down from the acquisition price of EUR 3.9 million two and a half years ago, marking the first concrete move in the strategic review the defence technology group announced last week.
The review covers IntLog Oy, Lightspace Group Inc and its subsidiaries, Aquamec Oy, and Rasol Oy. In a press release today, CEO Robert Blumberg said the process is intended to support Summa Defence’s long-term strategy, strengthen its capital structure, and accelerate growth in its defence businesses.
Sold for EUR 5,000
The sale price for Rasol could be described as modest since just over two years ago, Rasol was acquired at a valuation of roughly EUR 3.9 million.
However, Summa Defence said all intercompany debts between Rasol and the group will be settled in connection with the transaction.
As a result of the sale, the company expects to recognize an impairment of about EUR 2 million in its full-year 2025 results. After the impairment, the carrying amount of group goodwill will be around EUR 167 million.
Renewable energy business remained weak
Rasol supplies and installs solar power systems, battery packs, and air source heat pumps in Germany, Denmark, and France.
The company generated EUR 2.7 million in revenue in 2025, down from EUR 3.1 million in 2024. EBIT remained negative at EUR -0.2 million in both years. Rasol employs around 15 people, all of whom will transfer to the buyer.
Weak profitability in renewable energy operations had already appeared in Summa Defence’s latest business review. The company reported that its Renewable Energy business posted an operating loss of EUR -2.7 million during January–September 2025.
Executive turnover and financing pressure
The divestment comes during a period of broader management changes at Summa Defence.
CEO Robert Blumberg and CFO Petter Ruda took their positions in April, while General Counsel Hanna Kyrki announced her departure earlier this month after less than a year in the role.
The company also warned last week that its existing working capital is expected to be sufficient for only around two months without additional financing arrangements. Summa Defence estimated it would require EUR 10–20 million in additional funding over the next 12 months.
Shares in Summa Defence traded at EUR 0.94 in the afternoon, down 2.9 percent on the day.
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