tubesolar AG has filed for insolvency

PLUTA lawyer Georg Jakob Stemshorn has been appointed provisional insolvency administrator of tubesolar AG by the Augsburg District Court. The listed company does not have enough financial resources to cover its short-term financial needs.

Augsburg - tubesolar AG, a listed company, filed for insolvency today. As a result, the Augsburg Local Court has ordered provisional insolvency administration over the assets of the solar start-up. Georg Jakob Stemshorn of PLUTA Rechtsanwalts GmbH has been appointed provisional insolvency administrator.

The technology is innovative. We are now looking for a suitable investor for the company

Georg Jakob Stemshorn, attorney at law PLUTA

tubesolar AG specializes in the development and production of photovoltaic thin-film tubes. These tubes are assembled into modules and offer new possibilities for solar energy. The modules are transparent, which allows a double use of the surface. In addition to electricity generation, agricultural yields can also be achieved. Production takes place in Augsburg, and the modules are installed worldwide.

Georg Jakob Stemshorn and his team are already on site and will continue the company's business operations. Their goal is to analyze the financial situation and examine all options for restructuring in order to give the young company a perspective. Stemshorn is supported in this by attorney Florian Zistler and the teams in Augsburg and Kempten.

3 months insolvency money for 140 employees

tubesolar AG employs around 140 people, whose salaries are covered by insolvency benefits for the next three months. The payment of wages is now a top priority, which is why an application is being made to the employment agency for advance financing of insolvency payments.

In addition, the preliminary insolvency administrator will promptly start an M&A process to find a suitable investor for the company. The innovative technology of tubesolar AG is to be further developed and the production in Augsburg is to be expanded to an annual capacity of 250 MW.

tubesolar AG was founded in 2019 as a spin-off from the laboratory production of OSRAM/LEDVANCE in Augsburg and has acquired the patents of LEDVANCE and Dr. Vesselinka Petrova-Koch. With its photovoltaic thin-film tubes, the company offers a wide range of applications in solar power generation, including in the agricultural sector and on industrial and commercial roofs.