Energetica Industries files for insolvency


From pv magazine Germany

Energetica Industries, an Austrian solar panel maker, has filed for insolvency with the regional court in Klagenfurt, Austria.

The company can no longer meet its current payment obligations, according to a letter from the Alpine Creditors Association (AKV Europe), which is a creditor protection association.

Around 120 creditors and 94 employees will be affected by the insolvency. The liabilities of the company reportedly amount to around €19 million (20.5 million).

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Energetica Industries said that despite the successful completion of the restructuring plan by current shareholders, the causes of the insolvency would be clarified in the proceedings. It noted a recent significant decline in prices on the European PV market.

“This led to a ruinous competitive environment that could not have been predicted in this form: the photovoltaic wholesalers’ warehouses are currently overflowing with Chinese-made modules that are being thrown onto the market at dumping prices,” said Energetica Industries.

Energetica Industries has acknowledged that it fell victim to international fraudsters in February 2023. The scammers used stolen identities and stole several thousand solar modules. The damage from the incident runs into the millions, said the company.

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