Scandinavian-German module manufacturer, Innotech Solar, is to take ownership of insolvent German PV distributor, Energiebau Solarstromsysteme.
The wholesaler will become a wholly owned subsidiary of Innotech with the new name of Energiebau Solar Power. Details of the transaction have not been disclosed by either company.
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Founded in 1983, Energibau filed for insolvency at the end of October 2014 citing difficult market conditions. The insolvency administrator, Andreas Ringstmeier, confirmed the sale to Innotech on 6 January.
Innotech said the acquisition would enable it to expand its German and international sales activities through Energiebau’s customer base.
“The high quality and long experience of Energiebau perfectly fits with our highly regarded position as an innovative European solar module manufacturer,” said Jerry Stokes, chief executive of Innotech Solar.
“Through introducing Innotech Solar modules to the large and well-established customer base of Energiebau we can look forward to further strengthening our market position, especially in Germany. Moreover, we are now able to offer the full range of PV system components to our existing Innotech customers.”
Energiebau founder and CEO Michael Schäfer said the deal would enable the firm to retain “a majority” of its current jobs.
Schäfer and colleague René Médawar, will continue to run the business operations of the new company, as well as the cooperation with energy utilities, and project activities in African countries, where Energiebau has had a significant presence.