A liquidation process has been started for the company SIA "Fokker Next Gen Latvia", which had planned to produce hydrogen-powered passenger aircraft in the territory of Liepāja Airport, reports the LETA newswire. The company's liquidation process began on Monday, December 1st.

"Fokker Next Gen Latvia" was registered as recently as February 16, 2024, and its share capital is 2,800 euros. The sole owner of the company is the Dutch company "Fokker Next Gen".

As previously reported by LSM, the company set up in Liepāja less than two years ago with big plans and expectations that it would provide hundreds of jobs.

In the first incomplete year of operation, which lasted from February 16, 2024 to the end of 2024, the company did not generate any revenue from operating activities and suffered a loss of 135,474 euros. At the end of last year, the company had invested 3,944 euros in fixed assets and employed just one person.

The Latvian Investment and Development Agency (LIAA) has previously listed Fokker Next Gen Latvia among the largest projects for the future.

The Dutch company Fokker Next Gen signed a memorandum of understanding with the Ministry of Economics at the end of 2023. Fokker Next Gen intended to develop a hydrogen-powered passenger aircraft model with a capacity of 120 to 150 passenger seats. It was planned that such aircraft would be able to reach destinations up to 2,500 kilometers away.

At the initial stage of the project, it was planned to create up to 100 new jobs in Latvia over the next three years, working in cooperation with Riga Technical University and the coastal municipalities of Kurzeme.

Minister of Economics Viktors Valainis (ZZS) pointed out at the signing of the memorandum that the implementation of the project would "undoubtedly significantly contribute to the development of the national economy and serve as an important step towards strengthening the modern brand of our country worldwide."

"I am committed to maintaining close contact with the project promoters and will do my utmost to ensure that there are no unjustified obstacles to the project's progress on the part of the State," Valainis promised.

In May 2024 Fokker Next Gen, and Latvian airline airBaltic signed a Memorandum of Understanding (MoU) that envisaged the airline sharing its insights and expertise in the work to develop a hydrogen-powered aircraft.

Source:  Fuel Cells Works