From pv magazine France
Systovi, a Cetih group subsidiary since 2018, said in a press release this week that it is going into liquidation. The French company – based in Carquefou, Loire-Atlantique – has been looking for new investors since March.
“Despite the intensive search for a buyer, Systovi has not received a takeover offer,” it said. “Following the decision of the Nantes Commercial Court dated April 17, 2024, the company is forced to announce the immediate cessation of its activities.”
Paul Toulouse, Systovi's general manager, acknowledged that the “painful decision” was unavoidable.
“Despite numerous expressions of interest, none made an offer,” explained Toulouse. “We are very sad about this outcome and are now mobilizing all our energy to support as best as possible the women and men who have fought for 15 years to bring French solar power into existence.”
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He said that around 50 interested parties considered investing in the company, without results. According to the newspaper Ouest France, a takeover by the employees themselves was even considered at one time.
The company, established in 2008, said that it is providing its 87 employees with support systems dedicated to returning to work. It invested in a new laminator in November 2023 to achieve annual production of 200,000 modules – the equivalent of 80 MW. However, its pricing policy did not allowed it to face competition against the prices of Chinese solar panels, which fell to €0.10 ($0.106)/W in mid-2023.
“Despite our investments, the company is facing the sudden acceleration of Chinese dumping since the summer of 2023 and the regulatory discussions underway in France and Europe, in which it has participated for years, will not have an effect within a time frame compatible with its challenges,” said Systovi, which recorded a €21.5 million turnover in 2023.
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I am slowly losing my understanding of the fact that the unproven dumping accusations against Chinese module manufacturers are repeatedly repeated without comment in this type of article. Where is the evidence?
In addition, the alleged prices of 10 EU cents/Wp (please correct in the article, it says 10 euros/Wp …) were seen primarily for “fire sales” from the warehouses of customers who had simply gambled. But not for new orders of goods from China. Which were higher in 2023 and also in 2024.
In addition, the major Chinese manufacturers all made money in 2023, which is proof that they are not “dumping”, especially as prices in China are no higher than in the EU. Which in turn is very relevant for the official assessments of the dumping allegations.
I also really can’t understand why no mention is made of the fact that a company with a production capacity of 80 MWp (!) per year is so far removed from large-scale series production (factor 1000!) that it simply can’t keep up in any way. Let alone know where the skills and costs of the larger once lie.
A company with a production capacity of 80 MWp can only survive in a niche, otherwise it has been doomed to failure for years. .This has nothing to do with the “evil Chinese”, but with the denial of reality in parts of our EU/US solar industry. They still act as if a small joinery can keep up with IKEA in the same mass market furniture segment.
How should a company with 80 MW production capacity ever become competitve? The biggest Chinese competitors have a thousandfold production capacity each.