Winding-up procedures are being arranged for two previously announced distressed PV manufacturers, VHF Technologies, better known under its Flexcell product name and imec spin-off, Photovoltech. Both companies were reported to have failed to find buyers after shuttering manufacturing lines and entered insolvency proceedings.
VHF Technologies had been developing and manufacturing flexible a-Si thin-film substrates for BIPV and consumer applications, and was a spin-off from École d’Ingénieurs du Canton de Neuchâtel in Le Locle, Switzerland using technology developed at the Institute of Microtechnology (IMT) of the University of Neuchâtel.
According to reports, VHF Technologies failed to find a buyer since halting production back in May 2012 and will now have its assets liquidated to offset debts said to be in the range of US$26 million.
Photovoltech was a c-Si cell producer, spun-out of R&D facility, imec. Soon after reporting losses of €120 million for 2011 alone, the company halted production in June 2012 and let most staff go while senior management looked for a buyer. According to a report, no buyer has been found and the company and all workers remaining will depart at the end of September.