Germany-based TubeSolar AG has filed for insolvency in Augsburg, Germany.
The court has named Georg Jakob Stemshorn from German law firm Pluta Rechtsanwalts GmbH as the interim insolvency administrator, as the company recently declared that it had insufficient funds to meet immediate financial requirements.
Tubesolar specializes in producing thin-film PV tubes for agrivoltaic applications, assembling them into modules that maintain high transparency levels. Stemshorn said that business operations will initially continue without interruption, while the company assesses its financial situation and explores restructuring options.
With approximately 140 employees, Tubesolar's insolvency money secures their salaries for the next three months, as paying employee wages is a top priority. The insolvency administrator will timely submit the corresponding application to the employment agency. The insolvency administrator also aims to initiate an investor process to seek a viable solution for the company, given its innovative technology.
Tubesolar had plans to scale up production from lab scale to 250 MW in the future. In late May, its management board attempted to avoid insolvency by issuing a convertible bond and announced cost-cutting measures such as implementing short-time work.
US thin-film solar manufacturer Solyndra faced bankruptcy in August 2011, despite securing a $535 million (€453 million) loan guarantee from the US Department of Energy. It claimed to be a victim of dumping by state-backed Chinese solar companies. Since then, cylindrical devices have fallen out of favor.
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