tubesolar AG has filed for insolvency

PLUTA attorney Georg Jakob Stemshorn has been appointed provisional insolvency administrator for tubesolar AG by the Local Court of Augsburg. The listed company does not have sufficient funds to cover its short-term financial requirements.

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

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

Georg Jakob Stemshorn, attorney at PLUTA

tubesolar AG specializes in the development and manufacture of photovoltaic thin-film tubes. These tubes are assembled into modules and offer new possibilities for solar energy. The modules are transparent, which enables double use of the surface. In addition to generating electricity, 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 aim is to analyze the financial situation and examine all options for restructuring in order to give the young company a perspective. Stemshorn will be supported by lawyer Florian Zistler and the teams in Augsburg and Kempten.

3 months insolvency benefit for 140 employees

tubesolar AG has around 140 employees whose salaries are covered by insolvency money for the next three months. The payment of wages now has the highest priority, which is why an application for insolvency money pre-financing has been submitted to the employment agency.

In addition, the provisional insolvency administrator will soon 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 production in Augsburg is to be expanded to an annual capacity of 250 MW.

tubesolar AG was founded in 2019 as a spin-off of the OSRAM/LEDVANCE laboratory production 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.