Tubesolar, which specializes in the development and production of photovoltaic thin-film tubes for agricultural applications, has filed for insolvency in Germany. It currently employs around 140 people.
The court has appointed Georg Jakob Stemshorn of the German law firm Pluta Rechtsanwalts GmbH as a temporary liquidator, as the company recently announced that it does not have sufficient funds to meet its immediate financial requirements.
Tubesolar specializes in producing thin film photovoltaic tubes for agricultural applications and assembling them into modules that maintain high transparency. Stemshorn said business will initially continue without interruption while the company evaluates its financial situation and explores restructuring options.
Tubesolar’s insolvency funds for around 140 employees will secure their salaries for the next three months, as paying workers’ salaries is a priority. The examiner submits the corresponding application in time to the employment office. The liquidator also aims to start the investor process to find a solution that works for the company due to its innovative technology.
Tubesolar had plans to expand production from laboratory scale to 250 MW in the future. At the end of May, its board tried to avoid insolvency by issuing a convertible bond and announced cost-cutting measures, such as the implementation of reduced working hours.
US thin-film solar energy maker Solyndra filed for bankruptcy in August 2011 despite receiving a $535 million (€453 million) loan guarantee from the US Department of Energy. It claimed it was a victim of dumping by state-backed Chinese solar companies. Since then, cylindrical devices have fallen out of favor.