Canadian PV manufacturer Arise Technologies is placing its German operations, which includes a solar cell manufacturing plant in Bischofswerda, into structured insolvency. The company has struggled financially for over a year and has been seeking new investment opportunities to upgrade and increase capacity at the plant.
“While disappointing, this action was necessary,” commented Dan Shea, CEO of Arise Technologies. “Under German law, management is required to take this action when it is clear that a firm cannot meet its short-term financial obligations. We continue to work on refinancing the company as a whole, and expect additional news will be forthcoming in the near future.”
Arise said that its operations in Canada were ‘not presently affected by the actions’ taken over the insolvency of its German operations.
The solar cell plant in Bischofswerda opened in April 2008.
