Greentech Lead Europe: Global Solar, a manufacturer of
high-efficiency Copper Indium Gallium DiSelenide (CIGS) solar products,
announced that its wholly owned German subsidiary, Global Solar Energy
Deutschland GmbH (GSED) is applying for German insolvency proceedings.
Global Solar will continue to produce all product lines
at its Tucson, Arizona factory. The GSED operations focused exclusively on the Global
Solar PowerFLEX product line. As a result of the GSED actions, the Company will
shut down the 35 MWp Berlin, Germany production facilities.
The Berlin facility shutdown provides an opportunity to
address financial structure issues, appropriately scale production capabilities
and align with growing markets in Asia, the Middle East and North America.
“The EU renewables market is financially challenging due
to high inventories, collapsing prices and significant reductions to European
feed-in-tariffs. As a result of this difficult operating environment, a
strategic decision has been made to plan and execute an EU capacity reduction
and focus investment on the products and technology necessary to meet our
customer’s needs and fulfill our business plan,”said Jeffrey Britt, CEO.
With these strategic changes put into effect, Global
Solar will also continue with the previously announced efforts to pursue new
investor participation.
Global Solar Energy to sell its portable products business
Global Solar Energy recently announced that it is
planning to sell its portable products business. The proposed sale will enable
Global Solar to focus on and grow other key business units serving the building
integrated photovoltaic (BIPV) market.
editor@greentechlead.com