Fimuskraft and the EIC Accelerator: A Biogas Firm Gone Bankrupt
Biowaste from farms, fisheries, food plants and households can be turned into energy and fertiliser in biogas plants. Fimuskraft, a Finnish company then registered in Vaasa, proposed a compact, modular plant that would treat several kinds of biowaste at once, using enzymes to pre-treat it and microturbines to turn the gas into electricity and heat, with fertiliser as a by-product.
The European Innovation Council granted €2,402,487 towards a €3.43 million project that ran from May 2022 to April 2024. CORDIS publishes no results. The company's website is now a parked domain, and on 17 June 2026 the Finnish Trade Register entered Fimuskraft Oy as bankrupt.
Company file
- Legal entity
- Fimuskraft Oy, business ID 2730617-3
- Registered
- December 2015
- Location
- Vaasa per CORDIS; a c/o address in Parainen in the register since April 2025
- Business line
- Research and development in natural sciences and engineering
- Status
- Bankrupt, entered 17 June 2026
- Website
- fimuskraft.fi, a parked domain in September 2026
- EIC project
- FKBP, 1 May 2022 to 30 Apr 2024
- EIC funding
- Blended finance
Where Fimuskraft Stands Today
The Finnish Trade Register's open data records a bankruptcy entry for Fimuskraft Oy dated 17 June 2026, with its VAT and employer registrations ending the same day. Since April 2025 its registered address has been a care-of address in Parainen; CORDIS listed it in Vaasa. Its web domain, fimuskraft.fi, shows a hosting company's "domain reserved" page. We found no announcement from the company about the plant, the project or the bankruptcy.
The Technology: A Biogas Plant in a Box
According to the CORDIS fact sheet, the FKBP combined biogas fermentation with enzymatic pre-handling of the waste and microturbines, in a system described as "compact and modular and able to simultaneously treat various types of biowaste to produce electricity, heat and high quality ecological organic fertilizer". It claimed to be "the first biogas plant able to produce higher energetic biogas (up to 97% CH4/H2 mix)". No test data for that claim is public.
"The first biogas plant able to produce higher energetic biogas (up to 97% CH4/H2 mix)."
FKBP project description, CORDISWhat the EIC Project Promised, and What CORDIS Shows
The EIC project
The EU paid 70% of a €3.43M project
FKBP ran from May 2022 to April 2024. The award was blended finance.
CORDIS project 190198819. Values in € millions.
The project was meant to bring the plant to market for farming, fisheries, the food and beverage industry and households. CORDIS lists the budget, dates and objective, and the project as closed, but no results, reports or deliverables. We found no pilot plant, customer or partner announced anywhere.
- A working FKBP plantUnknownNo results published.
- 97% CH4/H2 biogasUnknownClaim only.
- Market entryNot shownNo customer announced.
- A company that continuesMissedBankrupt, June 2026.
What Has Happened Since the Award
The record
From EIC award to bankruptcy
Two years after its EIC project ended, with no published results, Fimuskraft was entered in the Finnish register as bankrupt.
- Dec 2015Company registeredFimuskraft Oy, research and development
- Oct 2021EIC Accelerator cut-offFKBP: a compact, modular biogas plant for mixed biowaste
- May 2022EIC project startsEnzymatic pre-treatment, fermentation and microturbines€2.40M grant
- Apr 2024EIC project endsNo results published on CORDIS
- Apr 2025Address changeRegistered address becomes a c/o address in Parainen
- Jun 2026BankruptcyBankruptcy entered in the register; VAT registration endsBankrupt
CORDIS and the Finnish Trade Register (PRH).
The clock
Project length and the gap to bankruptcy
Months from the project start (May 2022) to its end (April 2024), and from the end to the bankruptcy entry (June 2026).
CORDIS and the Finnish Trade Register.
The Money
The award was blended finance. We found no record of an EIC Fund investment or any private funding round, and no public accounts.
What cannot be checked
Whether a plant was built, what the €2.4 million was spent on, whether the EIC equity was invested, and what the EU can recover in the bankruptcy are not public. The EU holds the project reports; their results have not been published.
Why Europe Should Care
CORDIS files FKBP under European Green Deal goals: decentralised plants that turn local biowaste into energy and fertiliser. Its outcome shows the other side of high-risk funding: a company that received €2.4 million and left no public record of what it produced.
What the project promised
A revolutionary, cost-effective biogas plant turning mixed biowaste into power, heat and fertiliser.
What the record shows
No published results, a parked website and a bankruptcy entry two years after the project ended.
The Verdict
Funded, silent, bankrupt
The EIC backs risky ideas and some companies will fail. What stands out here is not the bankruptcy but the silence: neither the company nor the EU has published what €2.4 million of public money produced.
Fimuskraft could not be contacted for this article through its website. It is based entirely on EU project data and the Finnish Trade Register, linked throughout.
Industry
EnergyBioenergy
- Focus
- Renewable gas
- Technologies
- Anaerobic digestion
- Keywords
- Biowaste
- Combined heat and power
- Organic fertiliser
- Enzymatic pre-treatment