SolarMax to file for insolvency

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Swiss inverter manufacturer SolarMax will see its parent company, Sputnik Engineering, file for insolvency this week as attempts to salvage the company have failed.

An internal memo sent to all SolarMax employees today stated: “The employees have been informed this morning and will stop working today until further notice.”

Having struggled for profitability over the past few years, SolarMax has joined the growing list of European inverter suppliers to file for insolvency or exit the market.

From the position of fifth-largest inverter supplier in the world as recently as 2008, recent contractions in the European market have dramatically slashed SolarMax’s bottom line, while attempts at internationalization – chiefly into the U.S. market – have failed.

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