Insolvent CdTe thin film module manufacturer, Calyxo has found a new investor. After the opening of the regular insolvency proceedings on July 1 by the District Court Dessau-Roßlau, Germany, the entire business operations have been taken over by German conglomerate, TS Group GmbH.
The announcement was given by insolvency administrator, Lucas Flöther on Tuesday evening. The investor will keep all employees – around 130, a spokeswoman for the insolvency administrator told pv magazine – while restarting the production of the cadmium telluride modules. As for the purchase price, the spokeswoman said the two parties have agreed not to disclose it.
“With the TS Group, we have found an investor who has recognized the potential of Calyxo and is ready to take the former German market leader back to the top,” Flöther said in a statment released.
In addition to the employees and production facilities, all patents were transferred to TS Group GmbH as part of the company’s reorganization. The TS Group wants to further develop, produce and market the thin film modules. This will continue under the Calyxo brand.
So far, the TS Group has not been active in the PV sector. Among other things, the company manufactures special purpose machines, test centers for car tires, special CV-joints test benches and industrial furnaces.
According to the insolvency administrator, the TS Group has prevailed against other potential acquirers from China, Lebanon and the U.S. The international bidders already signaled interest in cooperating with the new owner. The TS Group also plans to invest millions over the course of the year at the production site in Bitterfeld-Wolfen, it was also stated.
The agreement for the transaction was signed on Tuesday. According to Flöther, the creditors’ committee has already agreed. The transfer of business took place with retroactive effect from July 1. The old managing director of Calyxo GmbH will continue his work under the new owner.