Bavarian company, Hörmann has acquired 31 employees, and all machinery and equipment of ITS Halle Cell GmbH, which filed for provisional insolvency on March 25.
The newly-founded Hörmann ITS Cell GmbH has been operating at ITS former site in Halle, Germany, since August 16, said insolvency administrator, Rüdiger Bauch, from law firm Schultze & Braun. It will continue to produce its own solar cells at a capacity of 150 MW.
The company, which formerly belonged to Innotech Solar AS, relies on a unique manufacturing process that includes optimizing rejected cells from other manufacturers and reassembling them in modules.
Experts have been critical of this process given the significantly lower silicon prices. They also view the production volume as too small to build a sustainable business model with the optimized cells.
The Hörmann Group, a family-run, medium-sized business, is broadly positioned as a supplier to the automotive industry and provider of engineering services. More recently, it has entered the field of renewable energy. In this third division, Hörmann offers, among other things, the repair and reconstruction of all types of solar modules.
Translated and edited by Becky Beetz