Germany-based TubeSolar AG filed for insolvency in Augsburg, Germany.
The courtroom named Georg Jakob Stemshorn from the German regulation agency Pluta Rechtsanwalts GmbH as interim insolvency administrator, as the corporate just lately declared that it doesn’t have enough funds to satisfy its instant monetary necessities.
Tubesolar specializes within the manufacturing of thin-film PV tubes for agrivoltaic purposes, assembling them into modules that keep a excessive degree 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 following three months, as paying staff’ wages is the highest precedence. The insolvency administrator will submit in due time the corresponding utility to the employment company. The insolvency administrator additionally goals to provoke an investor course of to discover a viable resolution for the corporate, on account of its new expertise.
Tubesolar has plans to extend manufacturing from lab scale to 250 MW sooner or later. In late Could, 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 Power. It claims to be a sufferer of dumping by Chinese language state-backed photo voltaic corporations. Since then, cylindrical units have fallen out of favor.
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