Less than a year after announcing a 'record' efficiency of 14% for perovskite based solar films, German solar technology company tubesolar has filed for insolvency proceedings in the District Court of Augsburg after it failed to raise additional funds required to run the company as it experiences 'delivery difficulties' for its primary product PV film.
The news comes after the company's management board ascertained in May 2023 that the company could not continue if it did not success in raising additional funds. It also tried placing a convertible bond, failing which it would have to opt for insolvency proceedings, which is what has happened now.
A manufacturer of thin-film tubes assembled into modules using a patented technology, tubesolar uses a total of 40 PV tubes combine to make a single system module. While it produces these tubes mainly for agrivoltaic projects, tubesolar also targets to serve industrial and commercial roof areas.
The company aims to expand its Augsburg located fab's annual production capacity to 250 MW over the next few years. It currently has 140 employees whose salaries for 3 months are now secured by the insolvency money.
The Augsburg court has now appointed George Jakob Stemshorn from Pluta Rechtsanwalts GmbH as the provisional insolvency administrator for the assets of tubesolar.
"The business operations of the company will be continued in full," said Stemshorn adding that he plans to promptly start a merger and acquisition (M&A) process to find a suitable investor for the German tech company.