PV panel producer Energyra has begun insolvency proceedings at a court in the Netherlands, where it is headquartered and where it operates a 100 MW manufacturing facility. In a statement to pv magazine, the company said the insolvency proceedings were mainly due to a shortage of working capital and a delay in the delivery of key production equipment.
“If we only had a bit more time, it would have been running, full swing. The delay in getting the production line delivered and up and running caused a working capital deficit over the last months and the inability to invest in raw materials and continuation of the certification,” said CMO Daniël Kuijk. “At this moment we are investigating a controlled restart, under guidance of our insolvency administrator, Bas Coelingh Bennink of Visie Lawyers.”
Kuijk further explained that the goal of stakeholders is to keep the complete automated production line intact and on location, rather than selling separate assets to the market.
“The factory is ready for the start, staff trained and the first customers waiting for field installation of the first products,” he said, adding that only some minor technical steps now have to be taken to begin production. “The market for high quality, EU products is quite good at the moment, including the interest of parties in our abilities to produce glass-glass and IBC-modules somewhat later in our ramp-up plan. Even last week we had a successful exhibition at Solar Solutions together with distributor Rexel, where we met great enthusiasm at installers, governmental parties and solar professionals.”
Energyra is producing modules based on a Metal Wrap Through (MWT) cell technology provided by Dutch research institute ECN and with automated equipment supplied by Italy’s Formula E. Its factory is located in Zaanstad, near Amsterdam. Construction began in April.
The factory had secured financial backing from the regional government of North Holland, which, alongside contributions from other investors, amounted to a €15 million aggregate initial investment.