German photovoltaic (PV) thin-film tubes developer Tubesolar AG (ETR:9TS) said on Friday that it has filed an application for the opening of insolvency proceedings with the Augsburg District Court.
Georg Jakob Stemshorn from law firm Pluta Rechtsanwalts GmbH has been appointed as insolvency administrator, the law firm said in a separate statement.
The administrator will initiate a merger and acquisition (M&A) process promptly to find a future solution for the insolvent startup. “We are now seeking a suitable investor for the company,“ Stemshorn commented.
The insolvency filing was made soon after Tubesolar indicated it had no sufficient financial resources to cover its short-term financial needs. According to Pluta, salaries of Tubesolar’s about 140 employees are secured for three months through insolvency benefits.
“The company’s business operations will be fully continued. We will now analyse the financial situation and examine all restructuring options,” Stemshorn said.
Founded in 2019, Tubesolar specialises 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.
(EUR 1 = USD 1.087)