Solarmax parent company to file for insolvency

Facebook
Twitter
LinkedIn
Reddit
Email

Sputnik Engineering, the parent company of Swiss inverter manufacturer Solarmax, will file for insolvency in Switzerland this week PV Tech has learned.

In a circular sent to customers and seen by PV Tech, the company said it had looked for alternatives but to no avail.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

“The employees have been informed this morning and will stop working today until further notice,” it said in the statement.

The company is not the first European manufacturer to struggle as the domestic market declined and competition increased.

“Solarmax had been the fifth largest supplier in the world in 2008, with a market share of over 4%,” said Sam Wilkinson, research manager at market research firm, IHS. “Its market share has declined each year since, and it held a share of less than 1% in 2013.

“Solarmax had also made efforts at internationalising its business to offset the decline of Europe, by entering into the United States solar market in 2013. It had struggled to gain significant market share due to the intense competition from local manufacturers of string inverters such as Advanced Energy and Solectria, as well as numerous other European and Asian suppliers employing similar internationalisation strategy,” added Wilkinson.

Despite a recent focus on string inverters to compensate for the decline in the European utility market, the company has continued to struggle.

“IHS predicts that price pressure in Europe will continue, with average annual declines in the region of 5-10% each year for the coming five years,” said Wilkinson. “Therefore the exit of Solarmax, which has been a major player in the European market, will provide only limited relief to the incredibly tough competitive environment that suppliers focused on Europe continue to face.”

Sputnik Engineering refused to comment but did admit that the administrator, Weissberg Consulting, had now taken over management of the company.

Additional reporting by Monique Avila.

Read Next

September 17, 2025
US renewables developer Longroad Energy has reached financial close for its 400MW 1000 Mile solar project in the US state of Texas.
September 17, 2025
Spanish renewables developer and operator Acciona Energía has commissioned its 412MWp Juna solar PV plant in Kawani village in the western state of Rajasthan. 
September 17, 2025
Spanish IPP Velto Renewables has acquired a portfolio of 53 operational solar assets in Spain with a combined capacity of 260MW.
September 17, 2025
Struggling Swiss solar manufacturer Meyer Burger has formally entered into a debt moratorium, with the possibility of rescuing the entire group now looking unlikely.
September 17, 2025
Nexamp has secured US$350 million through a long-term financing facility to expand its 6GW utility-scale solar and battery storage pipeline in the US. 
September 17, 2025
Chinese module producer DAS Solar is planning a 5GW manufacturing facility focused on producing high-efficiency back contact cells.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA