What Femern does

Femern A/S is a Danish state-owned special-purpose company, fully owned by the government-owned Sund & Bælt group, established to plan, build, and ultimately operate the Fehmarnbelt Fixed Link — an 18 km immersed road-and-rail tunnel between Rødbyhavn (Denmark) and Puttgarden on Fehmarn (Germany). The tunnel is the world's longest immersed tunnel and Europe's largest current infrastructure project, comprising 89 prefabricated concrete elements (each 217 m long, weighing 73,500+ tonnes) manufactured at an on-site factory near Rødbyhavn, floated into position by purpose-built vessels, and submerged into a seabed trench 40 m below the Baltic Sea. The structure carries two motorway tubes, two railway tubes, and one service/technical tube, designed for a 120-year lifespan with full emergency lanes, fire resistance rated to 1350°C for three hours, and round-the-clock monitoring from control rooms in Copenhagen.

Construction is executed through three core contractor consortia: Fehmarn Belt Contractors (FBC, dredging and land reclamation by Boskalis and Van Oord), Femern Link Contractors (FLC, the main tunnel build by VINCI, Per Aarsleff, Wayss & Freytag, Max Bögl, CFE, Solétanche-Bachy, BAM), and Femern SICE Cobra (FSC, electro-mechanical fit-out by Spanish firms). An Elecnor-led contract, with Hitachi Energy support, covers a large transformer station at Rødbyhavn powering the tunnel and 10 km of new railway on Lolland.

The €7.4 billion project is financed by Denmark with roughly €1.3 billion of EU co-financing under the Connecting Europe Facility programme. Under the user-pays principle codified by the Danish state, motorway tolls and rail access charges will amortize construction loans within 28 years of opening; the German Federal Administrative Court dismissed all appeals against the project's Plan Approval in November 2020, finalizing bilateral clearance. As of mid-2026, the Danish side remained roughly two years behind schedule due to immersion-vessel challenges, and the German railway land facilities are also delayed, prompting a May 2026 decision to open the tunnel in two stages — road first, rail later. End users (drivers, train passengers, and freight operators) currently have no commercial service; revenue activation begins upon staged commissioning.

Name

Femern

Legal name

Femern A/S

Website

https://femern.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

101–250 employees

Short description

Femern A/S is a Danish state-owned company building and set to operate the Fehmarnbelt Fixed Link, an 18 km immersed road-and-rail tunnel between Denmark and Germany, financed through state debt, EU grants, and future tolls and rail charges.

Ownership category

akta.pro rank

Product category

Transport Infrastructure (Immersed Road and Rail Tunnel)

NAICS

Rail Transportation (48211)

SIC

Construction Machinery & Equip (3531), Arrangement Of Transportation Of Freight & Cargo (4731)

akta.pro primary industry

Tunnel Construction (Road, Rail, Utility) (IMAFAEAC)

akta.pro secondary industry

Modular / Prefabricated Building & Module Transport (TLADAGAH)

Keywords

• Immersed tunnel construction
• Transport infrastructure
• Fixed link construction
• Rail and road tunnel
• Infrastructure development

Headquarters

HQ city

Copenhagen

HQ country

Denmark

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Personnel, Operations, Supply Chain, Technology or R&D

Revenue model

1. Toll Charges: Denmark is financing the project with EU support, repaying loans through motorway tolls. Users of the road tunnel pay tolls to use the infrastructure.
2. Rail Charges: Train operators pay rail charges for using the railway infrastructure through the tunnel.
3. EU CEF Funding: The European Commission has provided substantial support through the CEF (Connecting Europe Facility) programme. The project has been awarded roughly 1.3 billion Euro in construction funding.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Femern A/S is a Danish state-owned project company responsible for planning, building and (upon completion) operating the Fehmarnbelt Fixed Link — an 18 km immersed road and rail tunnel beneath the Baltic Sea linking Denmark and Germany. The tunnel is constructed from 89 prefabricated concrete elements manufactured on land, floated into position and immersed into a 40-metre-deep seabed trench. Once open, the company will operate the tunnel as paid transport infrastructure, recovering construction financing through motorway tolls and rail charges collected from users.

Product overview

Femern A/S is a Danish state-owned company managing the Fehmarnbelt Tunnel project - Europe's largest infrastructure undertaking. The project involves constructing the world's longest immersed tunnel (18 km) connecting Denmark and Germany beneath the Baltic Sea. The core product is the Fehmarnbelt Tunnel itself, a combined road and railway link built from 89 massive prefabricated concrete elements manufactured at an on-site factory. The project encompasses supporting infrastructure including tunnel portal facilities on both coasts, work harbours, and specialized installation vessels. The tunnel is financed by Denmark with EU support, to be repaid through motorway tolls and rail charges. Three main contractor consortia (FBC, FLC, FSC) handle different aspects of construction. Once completed, the tunnel will serve as a critical link in the European TEN-T transport network, reducing Copenhagen-Hamburg travel time significantly.

Differentiator

Problem solved

Functional benefit

Products and services

• Fehmarnbelt Fixed Link (Tunnel Crossing Service) The 18 km immersed road and rail tunnel beneath the Fehmarnbelt, owned by Femern A/S, which will provide a 24-hour weather-independent crossing between Denmark and Germany. On opening, the link will be sold to users as a tolled motorway crossing (10-minute drive) and a charged rail crossing (7-minute train journey), enabling Copenhagen–Hamburg in 2.5 hours and 160 km shorter Scandinavia–Central Europe rail freight.
• Visitor Exhibition Centres (Rødbyhavn and Burg) Public exhibition centres in Rødbyhavn (Denmark) and Burg, Fehmarn (Germany) where visitors, schools and stakeholders can experience and learn about the construction of the world's longest immersed tunnel through displays, viewing platforms and live construction views.

Quantifiable outcome

• Travel time reduction: 45 minutes to 10 minutes by car
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• ElecnorcoreTechnology or Integration · 1 December 2022Building large transformer station at Rødbyhavn to supply power to tunnel's railway, 10 km of railway on Lolland, and tunnel installations. High energy efficiency requirements specified. Supporting entity: Hitachi Energy (Switzerland).
• Femern SICE Cobra (FSC)coreTechnology or Integration · 1 May 2022Contract for equipping tunnel with electro-mechanical installations including ventilation, lighting, safety systems. Companies: Sociedad Ibérica de Construcciones Eléctricas SICE (Spain), SICE Tecnología y Sistemas (Spain), Cobra Instalaciones y Servicios (Spain), Moncobra (Spain).
• Femern Link Contractors (FLC)coreStrategic or Co-development Partner · 1 January 2021Consortium constructing the tunnel, portal buildings, tunnel factory, and tunnel village. Includes VINCI Construction Grands Projets (France), Per Aarsleff Holding (Denmark), Wayss & Freytag (Germany), Max Bögl (Germany), CFE (Belgium), Solétanche-Bachy (France), BAM Infra and BAM International (Netherlands). Subcontractor: Dredging International (Belgium). Consultant: COWI A/S.
• Fehmarn Belt Contractors (FBC)coreStrategic or Co-development Partner · 1 November 2019Dutch contractor consortium responsible for dredging work at sea, construction of two work harbours, and new land areas. Companies: Boskalis International B.V. and Van Oord Dredging and Marine Contractors B.V. (Netherlands). Consultant: SWECO Danmark A/S.
• Federal Republic of Germany (Government)coreStrategic or Co-development Partner · 1 January 2008German government partner under 2008 State Treaty. Provides regulatory approvals and construction of German-side land facilities. Subject to German Plan Approval process and authority requirements.
• Sund & BæltcoreStrategic or Co-development PartnerParent company and project owner of Femern A/S. CEO Mikkel Hemmingsen leads Sund & Bælt. Responsible for overall project management and financing strategy.
• Blue Water Harbor ManagementminorImplementation/ SI/ Consulting PartnerResponsible for operation of the two work harbours on German and Danish sides. Handles logistics of cargo vessel arrivals (approx. every third day in Denmark, two vessels weekly in Germany).
• Femern AgencyminorChannel Partner/ Reseller/ DistributorLolland Municipality's advisory centre for consortia, subcontractors and job seekers throughout construction phase. Helps connect companies with project opportunities.

Scale indicators11 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Skanska: Major Nordic-headquartered contractor with deep experience in transportation infrastructure, including immersed tunnels and bridges in Scandinavia. Comparable for project-execution benchmarking on the Femernbelt scale.
• Implenia: Swiss-based construction group with strong European tunnel and infrastructure capabilities. Comparable as another broad incumbent bidding for the same mega-infrastructure contracts that Femern is procuring.
• Hochtief (ACS Group): One of Europe's largest infrastructure contractors and a peer of the FLC consortium members in the mega-tunnel and transportation-infrastructure segment. Relevant for benchmarking execution risk, cost benchmarking, and comparable project pipelines in Europe.
• Bouygues Travaux Publics: Major European civil engineering contractor with deep experience in tunnel and immersed-tube projects (e.g. contributions to Channel Tunnel, Hong Kong projects). Comparable as a broad incumbent that competes for the same mega-infrastructure pipeline that Femern's contractors are bidding into.

Direct peers

• Sund & Bælt (parent): Sund & Bælt owns and operates the Great Belt Fixed Link (Storebælt) between Denmark's islands, with the same business model of state-backed user-fee infrastructure. As Femern's parent, it is the closest operational and financial comparable for revenue, debt structure, and traffic ramp.
• Boskalis International: Dredging and marine contractor leading the FBC consortium on the Fehmarnbelt project. Comparable for the highly specialised dredging, seabed preparation, and marine logistics scope that defines immersed-tunnel construction worldwide.
• Getlink (Channel Tunnel operator): Getlink operates the Channel Tunnel, the most directly comparable immersed/undersea fixed-link rail and freight infrastructure in Europe. Both are state-backed mega-infrastructure crossings monetised through user charges (tolls and rail access), with similar regulatory, traffic-volume, and asset-life profiles.
• Øresundsbro Konsortiet: Owner/operator of the Øresund Bridge connecting Denmark and Sweden. Directly comparable as a Danish-state-co-owned fixed link between two countries, monetised through road tolls and rail access, serving the same Scandinavian–Continental traffic flow that the Fehmarnbelt tunnel will complement.
• VINCI Construction Grands Projets: Lead member of the FLC consortium building the Fehmarnbelt tunnel and a global leader in immersed-tunnel mega-projects (including Channel Tunnel portions). Closest private-sector direct comparable for the construction execution and technology stack that Femern is procuring.

Regional players

• Hong Kong–Zhuhai–Macao Bridge Authority: Operator of the world's longest sea-crossing bridge-tunnel system, a comparable mega-immersed-tunnel asset built with similar prefabrication and immersion logic. Relevant as a regional (Asian) benchmark for engineering approach, asset-life economics, and traffic ramp of mega-crossings.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/FemernAS
• Facebookfacebook.com/femern
• LinkedInlinkedin.com/company/femern-a-s

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Femern