The Board of Directors of Coal Energy S.A. (Luxembourg) announced the launch of operations aimed at expanding the company’s business into the Spanish market.
“The company has begun forming a project team and has initiated the administrative procedures necessary to register a special-purpose company in Spain under the name Ecoforge Energy S.L.,” according to a Coal Energy S.A. report dated October 26 of this year.
As explained by the company, the business model involves acquiring logging rights from private landowners, harvesting timber, and subsequently selling the resulting wood products on the market, specifically roundwood and wood chips.
According to Coal Energy S.A., more than 72% of Spain’s forest area—totaling 20 million hectares—is privately owned. Due to significant fragmentation of ownership, the vast majority of private landowners lack the capital, equipment, or technical expertise necessary to conduct logging operations on their own.
The business model is designed to provide the company with stable operating income, while enabling private forest owners to fulfill their obligations under forest fire prevention regulations.
The company’s business plans anticipate generating its first revenues from this activity in the first half of 2027, according to a report by Coal Energy S.A.
Coal Energy S.A., which lost all its coal assets in Ukraine due to Russian aggression and shifted its focus to operations in Poland, reported a net loss of $1.46 million for the first nine months of fiscal year 2026 (FY, July 2025 – March 2026) recorded a net loss of $1.46 million, whereas for the corresponding period of FY 2025, its net profit was $1.6 million.
According to the company’s report to the Warsaw Stock Exchange, where its shares are listed, revenue for this period decreased by 31.8% to $2.06 million, while the operating loss increased by 82.1% to $0.55 million.
Coal Energy’s shares have been listed on the Warsaw Stock Exchange since August 8, 2011. Its main business activity was coal mining at two underground mines and the operation of coal dumps in the Donetsk region. As of June 2026, Viktor Vyshnevetskyi controlled 58.74% through Lycaste Holdings, while Global
Tech Opportunities held 2.34%. A total of 24.42% of the shares were traded on the Warsaw Stock Exchange.
