Solar cell manufacturer Blue Chip Energy has filed for insolvency. The company informed a court in Eisenstadt about its financial state on Thursday and production was abandoned with immediate effect.
Blue Chip has attributed the current economic climate and the accompanying dip in module demand as the reason behind the company’s financial plight. Despite 11th hour bailout talks with a number of banks, the Güssling-based manufacturer was unable to find a solution.
PV giant Solon holds an 18.28% stake in the company, which it acquired in 2006 to help equip its project pipeline. However, with Blue Chip’s demise now all but secured, Solon is faced with a valuation allowance totalling €18 million.