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Nice Solar Energy files for insolvency under self-administration

From pv magazine Germany

Germany-based Nice Solar Energy has opened the proceedings for self-administered insolvency at the Heilbronn District Court, in Germany. The insolvency proceedings under self-administration have been possible since 2012 under German insolvency law. Various PV companies have already used this process.

The CIGS thin-film photovoltaics specialist will now have three months to present a restructuring plan. In the meantime, business operations continue with no disruption, Nice Solar Energy said. The company cited the coronavirus pandemic as the reason for the insolvency proceedings. 

The company’s shareholders are Manz AG, the China Energy Group, Shanghai Electric and the Beijing Future Science Park Development Group.

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The joint venture was founded to advance the development of CIGS thin-film technology. It operates a module production line in order to transfer research and development activity into series production.

The company employs 160 people in Schwäbisch Hall, in southern Germany. At the end of 2019, Nice Solar Energy reported an efficiency of 17.6% for its CIGS modules – a new world record at the time. It was achieved on a module area of ​​120x60cm on Manz production systems.

Nice Energy is supported in the restructuring process by consultants from Ebner Stolz. The Heilbronn District Court has appointed the lawyer Andreas Kleinschmidt as trustee.

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Source: pv magazine