Tubesolar ceases business operations

Tubesolar AG ceases operations: Supply chain problems and lack of investor solution force a stop. Innovative PV thin-film tube technology in crisis.

Augsburg - Tubesolar AG, a company specializing in the development of innovative photovoltaic thin-film tubes, announced today that it will cease operations on August 31, 2023. This step follows extensive negotiations as part of an investor process during the insolvency proceedings, during which no agreement was reached with potential investors despite intensive efforts.

Despite our efforts, we were unable to reach an agreement with the remaining potential investor. The past few weeks have been characterized by intensive discussions, but without an investor solution, the company's continued existence is not possible. We are therefore forced to cease business operations in order to avoid further burdening the insolvency estate.

Georg Jakob Stemshorn, PLUTA Rechtsanwalts GmbH

tubesolar AG is known for its technology, in which photovoltaic thin-film tubes are assembled into modules that allow the surface to be used for two purposes. In addition to generating electricity, the area can also be used for agricultural purposes, which has made the company a pioneer in sustainable energy generation.

No solution in sight

The provisional insolvency administrator Mr. Georg Jakob Stemshorn from PLUTA Rechtsanwalts GmbH explained that despite numerous talks and negotiations with potential buyers, no solution for the acquisition of the business operations or key assets could be found. This situation forced the company to cease operations in order to prevent further losses.

One of the main reasons for the company's difficulties was the shortage of PV films due to supply chain problems. This material shortage made it difficult to ramp up production at the Augsburg site and attract investors. Tubesolar AG, which is listed on the stock exchange, employs around 140 people who are now affected by the imminent shutdown.

Employees have been informed

The employees have already been informed of the situation and the necessary steps for dismissal will now follow. The administration of the insolvency proceedings is being supported by lawyer Florian Zistler and the teams in Augsburg and Kempten. This step marks the provisional end of a promising company that, despite innovative technology and promising visions, was unable to overcome the challenges of economic reality.