Soltecture GmbH, a Berlin-based manufacturer of copper indium selenide thin-film PV products, says it has filed to open insolvency proceedings in a German court. The company has appointed Hartwig Albers from law firm Brinkmann & Partner its preliminary insolvency administrator.
Soltecture, which was previously known as Sulfurcell, says it has made progress over the past two years in increasing the efficiency of its thin-film modules. However, the high surplus capacity on the market has led to a dramatic drop in solar module prices, which the company says led to its financial problems.
Last December, Soltecture sought to reposition itself as a provider of solar project construction services and complete residential and commercial systems.
The company says is in discussions with prospective business partners and remains optimistic that its operations can be continued in Germany.