Time is running out for the struggling solar module manufacturer aleo solar, with Bosch only providing financial support for its subsidiary through to the end of March 2014.
The company received a set-back to its search for a new investor or buyer in October 2013 when talks stalled, due to what the company said had been the “increasingly challenging situation on the European solar energy market”.
The challenge in attracting a new investor has been compounded by aleo solar’s deteriorating financial position, having reported a decline in both revenue and earnings for the first nine-months of 2013.
The company reported revenue of €99.1 million (US$135.1 million) in the first nine months of 2013, a 55.5% declined compared with the first nine months of 2012 and reported an EBIT loss of €38.0 million (US$51.9 million) and a negative EBIT margin of 38.3%.
Aleo Solar said in a statement that after failed efforts last year it had resumed talks with other potential unidentified buyers but cautioned that such negotiations were more than likely to continue through the first quarter of the year and of course potentially beyond the period of financial support from Bosch.
At this point in time it is unclear whether aleo solar can continue operating after the end of March without securing a new investor.