Germany’s vertical bifacial PV specialist Next2Sun has filed for the initiation of insolvency proceedings under self-administration for parts of the company.
The two entities affected by this announcement are Next2Sun Technology GmbH and Next2Sun Mounting Systems GmbH, while Next2Sun AG and Next2Sun Projekt GmbH are not affected.
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This comes after Next2Sun conducted financing campaigns in recent weeks. Despite strong responses from shareholders, investors, customers, business partners, and other supporters, a review of all financing commitments received indicates that the required capital would not be sufficient to cover all entities of Next2Sun.
“During this assessment, it became apparent that some of these offers did not provide the necessary level of commitment required to cover the company’s capital needs with sufficient certainty for a sustainably secured medium-term continuation of operations,” explained the company.
Under these circumstances, Next2Sun filed an application with the competent Local Court of Saarbrücken for the opening of insolvency proceedings under self-administration.
The two entities affected by the insolvency filing are expected to continue their business operations with ongoing projects being assessed for their economic viability, according to the vertical PV specialist.
Moreover, business operations for Next2Sun Projekt will continue as usual and ongoing projects development will be actively pursued, according to the company. Operational agriPV installations that the company has commissioned are also not insolvent.
The company added that the search for investors will continue with the objective to preserve as many jobs as possible and retain the expertise within the company.
capitalise“The past few weeks have demonstrated the strong support for our vision of sustainably combining agriculture and solar energy. We are deeply grateful to all our supporters for this. Although financing could not be secured to the extent required, we will do everything in our power to capitalize on the opportunities that remain for the continuation and restructuring of the company,” said Heiko Hildebrandt, member of the management board of Next2Sun.
Next2Sun is the latest case of a German solar company filing for insolvency in the past few months. It follows developer Enerparc’s case last month and the solar and wind developer SoWiTec’s insolvency in July.
