The Coring Company has filed for bankruptcy, the company's reconstructor and now trustee Thomas Piro at law firm Kvale told Shifter. The mining software and hardware startup previously attracted investors at a high valuation before its financing problems emerged.
Earlier this year the company's CFO, Morten Viksøy, took over day-to-day leadership and led a reconstruction process. Viksøy told Shifter they raised some capital but not enough: incoming investors conditioned support on larger funding, the bank would not extend more credit without fresh equity, and the firm had taken on new debt it could not service. Local paper Rana Blad reported the company had fallen behind on salary payments.
An overview from Innovasjon Norge shows the agency offered a mix of risk financing and innovation support in late 2025. With insufficient committed funding, the reconstruction could not continue and bankruptcy proceedings are now underway, Piro said.