Tubesolar: Operations shutdown ordered as of August 31

The board of directors of Augsburg, Germany-based Tubesolar AG has decided, with the consent of the preliminary insolvency administrator Georg Jakob Stemshorn of the law firm Pluta Rechtsanwalts GmbH, to shut down operations as of August 31.
Tubesolar’s management board had filed an application for the opening of insolvency proceedings with the Augsburg District Court on June 30. In the course of an investor process during the insolvency opening proceedings, no agreement could be reached with interested parties on the acquisition of the business operations or significant assets. The listed company employs around 140 people who have been informed of the decision and must now be given notice.
Tubesolar had been trying to bring the production of tubular solar modules using CIGS thin-film cells to market maturity – a technology in which the US company Solyndra had already failed. In 2011, Solyndra had to file for bankruptcy after burning through around one and a half billion dollars in funding and investor money. In the case of Tubesolar, the dimensions are incomparably smaller; the company had received €10.8 million ($11.6 million) from the German federal State of Bavaria in 2020.

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