Solar cell manufacturer Arise Germany announces insolvency


In a statement released, the subsidiary of Arise Technologies Corporation said it was unable to secure the required funds for its manufacturing expansion and technology upgrade plans.

The company had reportedly been looking to upgrade its process technology to manufacture higher efficiency solar cells. These cells are said to be in demand from its key customers.

"The continued operation of Arise Germany, even with the adoption of a ‘short work' arrangement, is not considered to be feasible under the current conditions," it said in the statement.

As a next stage, it is expected that the German court will assign Arise Germany an insolvency manager. During this process, a number of different outcomes are likely, including a capital injection in the company, the selling off business assets to a third party, or an "orderly" shutdown of the operation and asset disposal.

Arise’s Canadian operations have not been affected, said the statement.

Dan Shea, president and CEO, commented, "While disappointing, this action was necessary. Under German law, management is required to take this action when it is clear that a firm cannot meet its short term financial obligations. We continue to work on refinancing the Company as a whole, and expect additional news will be forthcoming in the near future."

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact:


Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.