The dispute between the two parties is concerned with Scheutens technology center in Gelsenkirchen, Germany.
Ruud Massar, communication manager for Scheuten tells pv magazine that since 2009, Arise has rented Scheutens former cell manufacturing facility under a multi-faceted agreement between the two parties. However, legal proceedings had to be entered into, said Massar, as Arise has, until now, not fulfilled its lease payments.
He added that Scheuten had set a date for Arise to make the payments in a "fair way". However, they were "unfortunately" not made.
In response to the news, Arise commented, "Arise is disappointed with the arbitration decision and is reviewing the arbiters findings with a view to explore its options. The Company continues to work with its financial advisor, Canaccord Genuity, to evaluate strategic alternatives."
Just last week, Arise Technologies Deutschland GmbH announced that it had entered structured insolvency. Failure to secure adequate financing for the development of its solar plans was cited as the primary reason.
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: email@example.com.