Turkish investor acquires Solarion

OC3 AG, which belongs to the Turkish NUH Group has bought out the flailing CIGS thin film PV manufacturer, having submitted a convincing concept for how to take over the company, and pursue long term goals. As such, the Leipzig base will be retained and the 12 remaining employees kept on. "The sale offers Solarion a good perspective again," said Lucas Flöther from law firm Flöther & Wissing.

The business transfer was retroactively effected on August 1. Solarion’s creditors have already agreed to the binding offer, which was made by OC3 after long negotiations, added Flöther. The sale price was not disclosed.

By the time of the company’s December 2014 bankruptcy filing, Solarion’s business operations had largely come to a standstill. And, according to Flöther, the PV manufacturer hasn’t recorded any revenues. As such, as liquidator, he undertook the search for new investors, meaning Solarion has successfully survived its second foray into insolvency.

In March 2013, Solarion applied for self-administrative insolvency with the District Court in Germany’s Leipzig. At the time, Flöther was appointed trustee to oversee the restructuring, which saw the company part ways from former shareholder, Ally Energy.

Translated and edited by Becky Beetz