German PV Company Goes Bankrupt

German Agrivoltaic Thin Film PV Company Tubesolar Files For Insolvency Proceedings

German PV Company Goes Bankrupt

Earlier this year, tubesolar said it was facing delivery difficulties for its primary product PV film. (Photo Credit: tubesolar AG)

  • Citing insufficient funds, tubesolar has filed for insolvency proceedings with the District Court of Augsburg
  • Pluta Techtsanwalts’ George Jakob Stemshorn has been appointed by the court as its provisional insolvency administrator
  • He said the company’s business operations will continue in full; Hunt for a suitable investor is soon to be launched

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.

About The Author

Anu Bhambhani

SENIOR NEWS EDITOR Anu is our solar news whirlwind. At TaiyangNews, she covers everything that is of importance in the world of solar power. In the past 9 years that she has been associated with TaiyangNews, she has covered over thousands of stories, and analysis pieces on markets, technology, financials, and more on a daily basis. She also hosts TaiyangNews Conferences and Webinars. Prior to joining TaiyangNews, Anu reported on sustainability, management, and education for leading print dailies in India. [email protected]

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