Mr Rüdiger Bauch from Schultze & Braun Halle/Leipzig has been appointed to pre-liminary insolvency administrator by the insolvency court of Halle for ITS Innotech Solar Module GmbH and ITS Halle Cell GmbH. He will monitor the opening proce-dure on behalf of the interest of the creditors, accompany the restructuring phase and supervise the economic situation of the company. The preliminary insolvency admin-istrator for Energie Solar Power GmbH in Cologne has not yet been appointed.

 

“Despite having a unique, automated, proven, value creating cell optimisation process, excellent staff and supportive investors, we have failed to achieve the necessary financial stability needed to weather the storms within the PV industry,” said Jerry Stokes, CEO of Innotech Solar AS. “The main reason for this failure is not the ITS business model, but the general uncertainty within the European PV market through sudden policy change and poor enforcement until very recently of the Minimum Price Undertaking agreed with the Chinese Government, combined at a seasonal time when demand was low.

'We confidently believe that leading solar cell companies will be very interested to gain access to our cell optimisation process and for the largest companies accessing this Intellectual Property, and applying it within their own manufacturing lines can be extremely profitable.”

 

The insolvency of the three German subsidiaries of the Innotech Solar Group affects a total of 120 employees. Their wages and salaries will be secured until the end of May by the German Insolvency fund (so called “Insolvenzgeld”).