Welcome to the forum! When building a string, I like to do it simply so I can verify that it was built right.

Sub Main()  
  Dim s$
  s = "explorer.exe " & """" & "H:\BEND\000. TELECOM SITES\TELENET\" _
    & Left(ActiveCell, 2) & "\" & Left(ActiveCell, 7) & """"
  Debug.Print s
  Shell s, vbNormalFocus
End Sub