Electronics manufacturer STGCON is to buy PV module manufacturer Asola Solarpower, which filed for insolvency in April.
Asola will continue to manufacture solar modules, and the separate automotive arm will be reintegrated under new directives from the buyers.
These new strategies include a tightening of the company’s expenditure, and will be enforced once the handover is completed on 1 July this year.
Helmut Teschner, CEO of STGCON Germany commented: “For us it's a strategic investment… we are well positioned for our planned market entry by European OEM's… The new business model for the classic solar business, developed by the new management, brings us into a convincing win-win situation.”
“We found an ideal partner, who fits 100% with Asola. STGCON is medium‐sized, with private ownership, solid financed, which have granted the sustainment and continuation of the company,” said the insolvency trustee for Asola Solarpower.