Sovello in talks with potential partners


Photovoltaic production at Sovello GmbH has now been completely shut down and the 1,000 strong workforce terminated. Nevertheless, company liquidator, Lucas Flöther continues to seek solutions to save the company, reports Germany’s Mitteldeutsch Zeitung.

Without naming any names, Flöther has said that talks are underway with "major strategic partners". He is said to be "optimistic" that Sovello could be sold and, in the best case scenario, part of the workforce recouped. "Therefore, we are keeping the equipment ready for operation and are selling off existing inventories," he told the newspaper.

A final decision, however, depends largely on the creditors’ committee, which has final say on any possible deals. Around 2,000 creditors have provided funding to date. The largest creditor of Sovello is the German state of Saxony-Anhalt, which granted the company a loan of €37 million. An additional €28 million in German subsidies were awarded to the company, according to the State Ministry for Economic Affairs.

Translated by Becky Beetz.