French PV module maker Systovi goes into liquidation – pv magazine International

1 minute, 46 seconds Read

Systovi has gone into liquidation, as the commercial court in Nantes, France, has issued an order to do so, citing the solar panel manufacturer’s failure to find new investors, despite its 80 MW of panel manufacturing capacity.

April 18, 2024

From pv magazine France

Systovi, a Cetih group subsidiary since 2018, said in a press release this week that it is going into liquidation. The French company – based in Carquefou, Loire-Atlantique – has been looking for new investors since March.

“Despite the intensive search for a buyer, Systovi has not received a takeover offer,” it said. “Following the decision of the Nantes Commercial Court dated April 17, 2024, the company is forced to announce the immediate cessation of its activities.”

Paul Toulouse, Systovi’s general manager, acknowledged that the “painful decision” was unavoidable.

“Despite numerous expressions of interest, none made an offer,” explained Toulouse. “We are very sad about this outcome and are now mobilizing all our energy to support as best as possible the women and men who have fought for 15 years to bring French solar power into existence.”

Popular content

He said that around 50 interested parties considered investing in the company, without results. According to the newspaper Ouest France, a takeover by the employees themselves was even considered at one time.

The company, established in 2008, said that it is providing its 87 employees with support systems dedicated to returning to work. It invested in a new laminator in November 2023 to achieve annual production of 200,000 modules – the equivalent of 80 MW. However, its pricing policy did not allowed it to face competition against the prices of Chinese solar panels, which fell to €10 ($10.68)/W in mid-2023.

“Despite our investments, the company is facing the sudden acceleration of Chinese dumping since the summer of 2023 and the regulatory discussions underway in France and Europe, in which it has participated for years, will not have an effect within a time frame compatible with its challenges,” said Systovi, which recorded a €21.5 million turnover in 2023.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: [email protected].

This post was originally published on 3rd party site mentioned in the title of this site

Similar Posts