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Scheuten Solar has officially filed notice that it is suspending payments as it is unable to serve its creditors. The Netherlands-based module manufacturer and BIPV specialist said in a statement on its website that its margins had been under tremendous pressure over the last 18-months due to the dramatic oversupply of standard PV modules in the European market, putting the company into financial difficulties.
Scheuten Solar said that it had undertaken continuous cost reduction measures and efforts to secure a business partner within the PV industry proved fruitless after negotiations with an unidentified company failed.
The company noted that the activities of Scheuten Glass are completely separate and remain unaffected by the financial troubles of Scheuten Solar.