Germany-based TubeSolar AG filed for insolvency in Augsburg, Germany.
The court docket named Georg Jakob Stemshorn from the German regulation agency Pluta Rechtsanwalts GmbH as interim insolvency administrator, as the corporate not too long ago declared that it doesn’t have adequate funds to fulfill its pressing monetary necessities.
Tubesolar specializes within the manufacturing of thin-film PV tubes for agrivoltaic purposes, assembling them into modules that keep a excessive stage of transparency. Stemshorn mentioned enterprise operations will initially proceed with out disruption, whereas the corporate assesses its monetary situation and explores restructuring choices.
With roughly 140 staff, Tubesolar’s insolvency cash secures their salaries for the subsequent three months, as paying staff’ wages is the highest precedence. The insolvency administrator will submit in due time the corresponding software to the employment company. The insolvency administrator additionally goals to provoke an investor course of to discover a viable answer for the corporate, as a result of its new know-how.
Tubesolar has plans to extend manufacturing from lab scale to 250 MW sooner or later. In late Might, its administration board tried to keep away from insolvency by issuing a convertible bond and introduced cost-cutting measures such because the implementation of short-term work.
US thin-film photo voltaic producer Solyndra confronted chapter in August 2011, regardless of securing a $535 million (€453 million) mortgage assure from the US Division of Vitality. It claims to be a sufferer of dumping by Chinese language state-backed photo voltaic corporations. Since then, cylindrical gadgets have fallen out of favor.
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