Tubesolar ceases business operations

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

Augsburg, Germany - 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 comes after extensive negotiations as part of an investor process during the insolvency opening proceedings, which failed to reach an agreement with potential investors despite intensive efforts.

Despite our efforts, we were unable to reach an agreement with the remaining potential investor. The past weeks were characterized by intensive talks, but without an investor solution, the continuation of the company is not possible. We therefore see ourselves 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 for a double use of the surface. In addition to generating electricity, the land can also be used for agricultural purposes, which has made the company a pioneer in sustainable energy production.

No solution in sight

The temporary insolvency administrator Georg Jakob Stemshorn of PLUTA Rechtsanwalts GmbH explained that despite numerous discussions and negotiations with potential interested parties, no solution could be found for the acquisition of the business operations or significant assets. This situation forced the company to cease operations in order to prevent further losses.

A major reason for the company's difficulties was the shortage of PV films due to supply chain issues. This shortage of materials made it difficult to ramp up production at the Augsburg site and attract investors. The 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

Employees have already been informed of the situation and the necessary steps to terminate their employment will now follow. The administration of the insolvency proceedings is being supported by attorney Florian Zistler and the teams in Augsburg and Kempten. This step marks the temporary end of a promising company, which despite innovative technology and promising visions could not overcome the challenges of economic reality.