From pv magazine Germany
At the end of last week, Priogo AG filed an application for the opening of insolvency proceedings with the responsible district court in Bonn. The judges appointed lawyer Franz Zilkens from the Voigt Salus law firm as provisional insolvency administrator, as noted in the public announcement.
The reason for the bankruptcy application has been the extremely difficult market situation since the middle of last year, sources told pv magazine. There is strong competition in the region, which affects not only PV installations, but also the heating industry.
In addition, the government's adoption of measures to speed up PV expansion, known as Solar Package 1, was delayed for months. The hoped-for improvement in the order situation has therefore not materialized for the time being. Like many solar installation companies, Priogo also grew with the strong surge in demand after the outbreak of the Ukraine war in 2022. Demand has now returned to normal, but the remaining orders are distributed among significantly more suppliers on the market.
Priogo is aiming to maintain business operations despite the provisional insolvency. The insolvency money will secure the salaries of employees for the next three months. In the coming weeks, a solution to continue the company will be sought together with the insolvency administrator, the company said.
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