China's STGCON saves Germany's Asola Solarpower

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The Shanghai-based STGCON, which has opened a new office near Munich, has acquired the insolvent Asola Solarpower.

The Erfurt-based company will continue to manufacture and sell solar modules while focusing on the development of prototypes and production of special and non?standard module applications. The group will also revive its automotive business.

"For us it’s a strategic investment, particularly for the globalization of our electronic products in the automotive business," said Helmut Teschner, CEO of STGCON Germany, who said the company’s new business model for the classic solar business, developed by the new management, was a win?win?situation for both groups.

"We found an ideal partner, who fits 100% with Asola," added Asola insolvency administrator Jochen Grentzebach, pointing out that STGCON was medium?sized, privately owned and solidly financed company that has insured Asola’s continuation.

STGCON’s takeover of Asola is expected to be finalized in the coming days, with the legal transfer of the company to its new owner set for July 1.

Asola filed for insolvency in January in the face of high restructuring costs, oversupply and a declining European market.