- Systovi has shut down its solar PV manufacturing activities in France as it couldn’t find a buyer
- The company has blamed Chinese solar panel dumping in the EU as having impacted its business since the summer
- The lack of appropriate regulatory framework in Europe has played its part as well
It is an ‘another one bites the dust’ scenario in Europe as France’s Systovi becomes the latest solar PV manufacturer in the continent going down due to increasing competition from the ‘sudden acceleration of Chinese dumping’ in the region since the summer.
The company has been looking for a buyer for all its business operations since March 2024. Since then, it has failed to attract any takeover offer despite interest shown by around 50 contacts.
In accordance with the order of the Nantes Commercial Court order dated April 17, 2024, Systovi has now announced an ‘immediate cessation of its activities.’
“This painful decision had become inevitable. Despite numerous contacts having expressed an interest in Systovi, none have made an offer,” said Systovi General Director Paul Toulouse. “We are very sad about this outcome and are now mobilizing all our energy to support as best as possible the women and men who have fought for 15 years to bring French solar into existence.”
Owned by the French industrial company Compagnie des Équipements Techniques et Industriels pour l’Habitat (CETIH), solar PV solutions company Systovi had been operating its solar module fab in Carquefou, Loire-Atlantique for 15 years.
Systovi has been producing solar panels for tertiary, agricultural and industrial installations, using clean electricity.
The management says since access to the US market with its protectionist measures remains limited for the Chinese companies, their dumping of subsidized panels in Europe is on the rise where there is an absence of appropriate regulatory framework. This has led to a sudden drop in its order books, despite a solid H1/2023.
“The search for a buyer is a logical decision which reflects Systovi’s continued commitment to its founding principles and its desire to contribute to a sustainable energy future,” said Systovi’s Managing Director Paul Toulouse in an earlier statement. “The choice of a buyer will depend on their ability to maintain employment and propose a lasting project.”
Earlier this month, Loire-Atlantique Senator Ronan Dantec called for strong trade action against Chinese dumping, citing Systovi’s case.
In a letter addressed to the French government, Dantec wrote, “It only took a few weeks, and extreme dumping from Chinese manufacturers of photovoltaic panels, to destroy its solid economic model.” He demanded that future mega factories will come to France ‘if Europe really puts itself in a customs battle against this Chinese dumping.’ Till then, the most innovative companies are dying for lack of support, added Dantec.
Systovi’s closing down its facility follows Germany’s Meyer Burger pulling the shutters on its solar module factory in March 2024 for the same reasons of Chinese oversupply and the lack of regulatory support for local manufacturers. Meyer Burger is now training its lens on the much more attractive US market that’s building a strong business case for solar PV companies producing within the country (see Meyer Burger Finally Closing Down Freiberg Module Facility).
Meanwhile, 23 nations of the European Union (EU) joined hands with the solar industry to sign the European Solar Charter to pledge their support for the PV manufacturing industry (see 23 EU Member Nations Sign & Commit To European Solar Charter).
