Solar panel maker Conergy files for insolvency

Jul 05, 2013
A Conergy solar panel factory in Frankfurt an der Oder, eastern Germany. German solar panel manufacturer Conergy said it will file for insolvency on Friday, the latest victim of ferocious competition from Asia in the industry.

German solar panel manufacturer Conergy said it will file for insolvency on Friday, the latest victim of ferocious competition from Asia in the industry.

Conergy, which has workforce of around 1,200, said it would file an application for the opening of insolvency proceedings at a court in the northern city of Hamburg but remained "confident" of finding an investor.

"The management remains confident of achieving a continuation of the whole business operations in the context of insolvency proceedings by means of an investor," it said in a statement.

Conergy, set up in 1998, has annual sales of around 473 million euros ($610 million). It was one of Germany's biggest solar cell makers in 2011.

Germany was once a leader in , but the sector has dwindled recently as it battled falling government subsidies and .

Cut-throat competition has come particularly from China and a number of German companies have recently gone bust or been bought up by foreign rivals.

German industry flagship Q-Cells was purchased by South Korea's Hanwha.

Engineering giant Siemens has also said it will phase out its activities in solar energy—where it currently employs some 280 people—by 2014 after failing to find a buyer.

Solar panels are at the heart of a current trade spat between China and the European Union, which accuses the Chinese of selling its below cost, a process known as 'dumping'.

According to German government figures, the number of people employed in the fell to 87,000 in 2012 from 110,900 a year earlier, while sales plummeted by 11.9 billion euros.

Explore further: A model capable of simulating power fluctuations in large grids of photovoltaic power stations is patented

add to favorites email to friend print save as pdf

Related Stories

Qatar bails out Germany's Solarworld

Jun 18, 2013

German solar panel manufacturer Solarworld announced Tuesday a capital injection by Qatar, a move which will save the company from bankruptcy as the German sector struggles against Asian competition.

Bosch to abandon solar energy business

Mar 22, 2013

(AP)—German engineering company Bosch said Friday that it is abandoning its solar energy business, because there is no way to make it economically viable amid overcapacity and huge price pressure in the industry.

China launches probe of European solar silicon

Nov 01, 2012

China announced an anti-dumping probe Thursday of European exports of polysilicon used in making solar panels, adding to a flurry of trade disputes with the European Union and the United States.

Bosch boosts solar power investment

Jul 22, 2011

The German industrial group Bosch, widely known for electric appliances, power tools and auto parts, is investing more and more in photovoltaic systems.

Recommended for you

Demonstration of "CrystEna" energy storage system

Feb 26, 2015

Hitachi America, Ltd., a wholly owned subsidiary of Hitachi, Ltd. and Demansys Energy, Inc. ("Demansys"), a smart grid technology company with offices in Connecticut and Troy, New York, announced today that ...

Creating the energy Internet

Feb 26, 2015

It only takes a power outage of a few minutes in the middle of a busy workday to drive home the hazards of relying on an energy infrastructure rooted in the Industrial Age. Without the electricity delivered ...

User comments : 1

Adjust slider to filter visible comments by rank

Display comments: newest first

Shootist
2.6 / 5 (5) Jul 05, 2013
No enough "other people's money" in the world to fund all the pie-in-the-sky bridges to nowhere.

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.