Solar shakeout: PV Crystalox to undertake radical restructuring

Facebook
Twitter
LinkedIn
Reddit
Email

UK-based solar wafer producer, PV Crystalox Solar will implement a significant reduction in its workforce, while discontinuing its polysilicon operations in Germany and heavily cut ingot production in the UK and wafer production in Germany.

The struggling company had previously halted polysilicon production and cut wafering operations with job losses as it faced significant ASP declines for its products due to chronic overcapacity on polysilicon and solar wafers. The company had been operating for most of the year with very low utilization rates for its wafering operations.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Management said in a short statement: “Spot wafer prices have continued to fall and are now 77% below the level of April 2011 and remain significantly below industry production costs.”

PV Crystalox had warned in its half-year financial report that management would undertake a strategic review of the business with the possibility that it would wind-down all operations and return cash to investors.

However, the radical restructuring plan is designed to reduce its cash burn and be broadly cash neutral in 2013, according to the statement. The company will also to return cash to shareholders during Q2 2013.

Actual details of the restructuring were not announced but the company said it would provide further updates in due course. 
 

Read Next

May 28, 2025
The expansion is 100% compliant with the Indian government's requirement of Bureau of Indian Standards (BIS).
May 28, 2025
Arevon Energy has finalised US$98 million in tax equity financing for a 265MW portfolio currently under construction in Indiana.
May 28, 2025
The German state of North Rhine-Westphalia has launched a Federal Council initiative to accelerate the development of floating solar (FPV) on artificial lakes.
May 28, 2025
Renewables developer Solaria has reached an agreement in principle with Spanish bank Banco Sabadell to finance a 175MW solar PV plant in Spain.
May 28, 2025
ISC Konstanz is working with US solar cell manufacturer Suniva on its 1GW silicon solar cell production facility in the state of Georgia.
May 28, 2025
In 2024, 20 million people improved their access to energy through the acquisition of solar energy kits (SEKs), according to GOGLA.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 17, 2025
Napa, USA
Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 8, 2025
Asia