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Odersun likely to permanently close

Hopes that Germany-based Odersun AG will be saved are fading fast. Unless an investor is found by the end of the month, the company will be forced to shut down and its employees let go.

Hope of saving Odersun is fading.

The thin film photovoltaic cell and module manufacturer filed for insolvency at the end of March. Preliminary insolvency proceedings were then opened on April 18, and Rüdiger Wienberg from hww Wienberg Wilhelm, was appointed provisional liquidator.

At the time, Wienberg was cautiously optimistic that a new investor would be found by the end of May, which is when insolvency payments for the company’s around 260 strong workforce will end. However, in a statement released by Odersun today, this optimism seems misplaced.

"The hope for a quick entry by an investor for the insolvent manufacturer of solar cells, Odersun AG have not been fulfilled," said the company in the statement. "On its own, Odersun is no longer able to pay the salaries of its employees." The statement added that since the start-up company generated almost no revenue, through a lack of business and orders, it lacks the means to continue.

Although the solution sought by the board – to save the company, as it is, via the quick entry of a Russian investor – did not come to fruition, investor negotiations are continuing. "We are intensively searching for ways to preserve the site," said Wienberg. Parallel to the board discussions with the unnamed Russian investor, he was said to have undertaken a comprehensive investor search. However, this was hindered, given the current tense market situation, where even the leaders are struggling.

The employees have already been informed of the news at a staff meeting, held yesterday. They will shortly receive notice of termination and will be let go on June 1.

Germany's solar companies - insolvency timeline