aleo solar continues search for white knight investor

German solar module manufacturer aleo solar AG announced at today’s AGM that the search for a new majority investor is ongoing.

York zu Putlitz, CEO of the Oldenburg-based company was unable to name any white knight investor and said the manufacturer is aiming to find a new majority shareholder by the end of September.

The clock is ticking on aleo since German electronics giant Robert Bosch GmbH announced it was withdrawing from the crystalline photovoltaics business in late March. The Bosch Group – which holds 90.7% of aleo solar’s shares – has guaranteed financing only until the end of March 2014.

In an announcement that will come as no surprise but is hardly likely to have investors battering the door down, zu Putlitz said the company expects to make another loss in 2013.

The AGM nevertheless endorsed the management board’s strategy and elected Dr Stefan Hartung to the advisory board to replace Dr Siegfried Dais.