German photovoltaic thin-film tubes developer, Tubesolar, has reportedly filed an application for the opening of insolvency proceedings. The appointed administrator will initiate a merger and acquisition (M&A) process to find a future solution for the insolvent startup.
The insolvency filing was made soon after Tubesolar indicated it had no sufficient financial resources to cover its short-term financial needs. It was said that salaries of Tubesolar’s employees are secured for three months through insolvency benefits.
“The company's business operations will be fully continued. We will now analyze the financial situation and examine all restructuring options,” Georg Jakob Stemshorn from law firm Pluta Rechtsanwalts, the appointed insolvency administrator, said.
Founded in 2019, Tubesolar specializes in the development and production of photovoltaic thin-film tubes. These are assembled into translucent modules for use in the agricultural sector. In 2022, the company raised EUR 4.68 million (USD 5.09m) in a capital increase. TubeSolar has worked with the Centre for Solar Energy and Hydrogen Research Baden-Württemberg (ZSW) and reached an important milestone on the way to industrial production of its novel photovoltaic technology: an efficiency record of 14% on solar films in the industrially suitable "roll-to-roll" process. This was achieved as part of TubeSolar's perovskite research activities. TubeSolar also entered an agreement with Ascent Solar to jointly develop high efficiency CIGS-Perovskite tandem PV cells.
