Signet Solar stops operations

30. November 2010 | Industry & Suppliers, Top News | By:  Becky Stuart/Eva Weber

Signet Solar GmbH has announced that from next week it will no longer be manufacturing thin film photovoltaic (PV) modules. In another blow to the Saxony-based company, no new orders have been placed, and potential investors haven't yet been able to produce the necessary proof of financing. As a result, employees have received notices to leave.

Signet Solar HQ building in Mochau, Germany

The company is still negotiating with potential investors. Image: Signet Solar GmbH.

The news came from insolvency administrator, Christoph Junker. The company’s 129 employees were informed on Monday that after months of searching, no restructuring solutions have been found and no new customers could be secured.

Junker said that existing orders will be processed this week. Meanwhile, the PV machinery will be stopped and preserved in case it is needed at a later point.

Currently, there are negotiations with five potential investors taking place which, according to Junker, have already made positive progress. However, thus far, proof of sufficient funds for both the purchase price, and further operating and investment costs, are missing. As a result, negotiations are ongoing. Junker is confident though that a new investor will be found.

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