Having made a few leaps in the last six months alone with a TÜV safety certification in September, announced the production of its first 100MW thin-film modules and partnering with altPOWER for future US-based BIPV projects, executive management of Soltecture have applied to open insolvency proceedings. Having extensively explored new financing options, including rebranding and restructuring initiatives towards the end of last year, the company has stated it saw no other viable option for averting the company’s impending insolvency at the present time.
The company blames a high surplus capacity on the market leading to a drop in solar module prices, which – despite the company’s greatest efforts to further reduce costs – could not be compensated.
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Hartwig Albers, from Brinkmann & Partner, has been appointed by the insolvency court in Berlin Charlottenburg as preliminary insolvency administrator. Brinkmann & Partner dealt with business operations at bankrupt PV project and EPC firm, Ralos New Energies last month.
Soltecture is confident that operations can be continued at its headquarters in Adlershof with an industrial investor, claiming it is already at an advanced stage of discussion with prospective partners. Details have not been disclosed.
Dr. Nikolaus Meyer, CEO Soltecture said, “This is a tough day for our company. However, the discussions over the last month make me extremely confident that with our technology we will be able to secure a new, strong partner as a shareholder. We will be working together closely with our insolvency administrator, Mr. Hartwig Albers, to successfully negotiate an agreement with an industrial investor as quickly as possible”.
Once he has gained an overview of the company’s current situation, insolvency administrator, Albers, is expected to prepare the next steps in the preliminary insolvency proceedings.