The consolidation continues in the German PV market. The Asola Automotive Solar Deutschland GmbH has filed for insolvency at the District Court in Erfurt.
Volker Reinhardt has been appointed as the preliminary insolvency administrator. He has already held initial discussions with the manufacturer to work out the long-term sustaibility plans of the company. "I see a good chance to maintain the business and execute the existing orders," Reinhardt commented.
The search for investors has now officially begun. Reasons for the situation have been cited as the loss of a large customer base and the "domino effect" jumpstarted by the insolvency of sister company Asola Solar Power. Both companies will now be reorganized.
Asola already restructured last year and Asola Quantum Solarpower AG was founded as a holding company. The activities in the automobile solar sector are carried out by Asola Automotive Solar Deutschland GmbH. Asola Advanced and Automotive Solar Systems GmbH, which is now Asola Solarpower GmbH, continues to develop solar modules and roof integrated systems for building and ground-mounted applications.