Aleo Solar to be sold, dissolved and renamed

Share

Beleaguered German solar company Aleo Solar AG has announced today that it will be sold, dissolved and renamed AS Abwicklung und Solar-Service AG from April 30.

At an extraordinary general meeting, aleo solar Group's shareholders agreed on the sale of the company's key business operation in Prenzlau, Germany, and the "aleo" trademark to SCP Solar GmbH of Hamburg.

Aleo Solar AG had already revealed the background details of this company agreement back in February, but this week's announcement of a complete dissolution of the company will come as a surprise to many.

Yesterday's general meeting resolved to wind up Aleo Solar AG with effect from April 30, with chief shareholder Robert Bosch GmbH pouring in €31 million to ensure the smooth transition to liquidation, enabling Aleo Solar to be duly wound up without insolvency. The management board have assured investors that no, or an economically negligible surplus, will remain upon completion of liquidation.

The liquidators have already been appointed, one of whom from within – management board member York zu Putlitz will join Randolf Müller, Matthias Beck and Volker Voss as the liquidators, who will substitute the management board during the liquidation process. PricewaterhouseCoopers (PWC) has been appointed auditor for the rump fiscal year ending April 30, 2014.

Once renamed, the new AS abwicklung und Solar-Service AG company will shift its registered seat to the German town of Oldenburg.

The news comes just a few days after Aleo Solar reported a 63% quarter-by-quarter contraction in revenues for the first quarter of the year, when it generated just €11.6 million ($16 million).

The company has been massively downsizing its operations since key shareholder Robert Bosch GmbH announced in March last year that it would be exiting the solar industry at the earliest opportunity.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Popular content

Hithium unveiles 6.25 MWh BESS, sodium-ion battery cell, installation-free home microgrid

13 December 2024 A trifecta of cutting-edge products debuted at Hithium’s second Eco Day event held in Beijing on Thursday.

Share

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.