Scheuten Solar, which manufactures glass-glass photovoltaic modules and building integrated photovoltaic (BIPV) solutions, filed for insolvency at the end of February, after it was unable to maintain its business activities in the face of high inventories and tight margins.
Now, three months later, the company has announced that Guangdong Aiko Solar Energy Technology Co., Ltd (Aikosolar), which also owns Chinese project developer, Powerway Renewable Energy, has taken over the "essential components" of Scheuten Solar.
The two companies are said to complement each other, due to Scheutens "robust" brand and "innovative" product portfolio, Aikosolars financial strength and Powerways EPC experience. "The combination sees Scheuten Solar engaged in a synergy with its natural ideal partner, giving rise to a powerful solar solution provider for distribution as well as project solutions," stated Perry Verberne, CCO of Scheuten Solar.
In a separate statement released, Powerway added that the new partnership intends to develop both ground-mounted and rooftop projects in Europe. Furthermore, Scheuten Solar will aim to sell around 200 megawatts of modules annually, "which will bring [it] back in the position as a top brand in the European PV market."