Insolvent SolarMax finds possible buyer

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Insolvent Swiss solar inverter and monitoring system provider Sputnik Engineering AG, also known as SolarMax, has likely found a buyer for its core assets, according to Swiss photovoltaic association Swissolar, which reported the news last week.

?Sparse on details, Swissolar said only that the potential buyer was a company from a German-speaking country and that it was seeking to acquire SolarMax as part of an asset deal. The unnamed company would seek to continue the group’s main business operations and would buy the SolarMax brand as well as its intellectual property and hotline, exchange and repair services. According to Swissolar, the asset deal would also include a repair service center in Germany as well as Sputnik Engineering International AG, which was not affected by the insolvency.

Sputnik Engineering announced that it was filing for insolvency in November.

Swissolar said the likely buyer was also looking to continue operation of SolarMax’s monitoring and service web portals, Max Control and Max View. The company would also seek to assume equipment warranties in Switzerland. In addition, while the new investor may introduce new equipment that could be used in PV projects currently under construction, it is also planning to again produce SolarMax inverters in the future.

Insolvency authorities in the Swiss city of Biel, who are handling the Sputnik Engineering case, declined to comment on the report of a potential buyer before a contract has been signed and finalized. However, an insolvency authority spokesman told pv magazine that the process could take some time due to the fact that a separate buyer for the company’s property holdings still had to be found.

Swissolar may provide further details of the potential deal next week at its annual PV conference, which runs March 16-17 in Basel.