Soltecture announces insolvency

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The company today requested that the district court in Berlin-Charlottenburg open insolvency proceedings. The move was made necessary, "because, after intensive testing of new financing opportunities, Soltecture’s management sees no chance of averting the threat of insolvency in the short term."

The company, formerly known as Sulfurcell, manufacturers CIGSe thin film photovoltaic modules. In a statement released, it said, "The huge overcapacity in the market has led to a dramatic drop in prices for solar panels which, despite efforts to reduce costs further, could not be compensated."

Advanced discussions with interested parties are said to be underway, however, and the management expressed confidence that Soltecture would be able to continue producing modules in Berlin-Adlershof. The provisional liquidator will now obtain an overview of the situation, and take further steps, accordingly.

Translated and edited by Becky Stuart.