Solarmax parent company to file for insolvency

November 27, 2014
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

October 23, 2025
The average price of a solar PPA signed in Europe in Q3 2025 fell below €35/MWh, reaching €34.25/MWh, according to LevelTen Energy.
October 23, 2025
Infrastructure investment firm Nuveen Infrastructure has secured US$171 million in financing for a 137MW solar PV plant in South Korea.
October 23, 2025
US solar manufacturer T1 Energy sold approximately 725MW of solar modules in Q3 2025, as it continues to expand US manufacturing capabilities.
Sponsored
October 23, 2025
Tongwei's rooftop-focused TNC 2.0 G12R-48 module will be among the products on show at All Energy Australia next week.
October 23, 2025
Solar PV technology has maintained its leading position as the most cost-competitive power generation source in 2025, according to analyst Wood Mackenzie.
October 23, 2025
Aviva Investors and Astatine have announced an €800 million (US$928 million) investment in renewable energy and decarbonisation solutions.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 10, 2026
Frankfurt, Germany
Solar Media Events
March 24, 2026
Lisbon, Portugal