French PV glass technology company Sunpartner Technologies has filed for insolvency.
The company said in a statement on its Linkedin account it is seeking buyers for its two businesses, in the building-integrated PV sector and for Internet of Things applications.
“Our project had a strong support of the majority of our shareholders, but we did not succeed to raise enough at [the] end of last year,” the company said after filing for insolvency on January 8. “Our strong IP portfolio, the industrial processes, our knowhow and the expertise of our technical team are key advantages for the future buyers.”
Sunpartner Technologies, based in Rousset, in France’s southern department of Bouches-du-Rhône, claims to have a pipeline of several hundred projects worth around €20 million.
Company had raised manufacturing capital
According to its website the company, founded in 2008, has a portfolio of around 130 patents, and its areas of activity include construction, connected devices and transportation.
Sunpartner raised around €73 million in funding, of which €40 million was from its own funds, French financial newspaper Les Echos reported. The newspaper article reports the main investors in the company are Starquest Capital, CPG Finance, Davaniere Capital, Paca Investissement and Lac International.
Sunpartner Technologies announced in October 2017 it had secured €15 million in financing from the European Investment Bank to open a manufacturing facility in Rousset. The funds, Sunpartner said at the time, were to be used to establish its commercial infrastructure, invest in R&D and further expand its manufacturing capacity.
The company developed, among other products, a solar window called Horizon D, and a solar glass curtain wall dubbed Horizon E. Both products were designed with Vinci Construction. In 2016, it signed a partnership agreement with German BIPV specialist Avancis.