French Pv Module Maker Systovi Goes Into Liquidation
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.
PV Magazine International 6:25 pm on April 18, 2024
French solar panel manufacturer Systovi has gone into liquidation due to its inability to find new investors despite having 80 MW of manufacturing capacity. The company, which is a subsidiary of Cetih group, had been searching for buyers since March and did not receive any offers. With around 50 interested parties, including potential employee buyouts, none resulted in a takeover. Systovi recorded a turnover of 21.5 million in 2023 but couldn't compete with the sudden acceleration of dumping in the solar market and ongoing regulatory discussions.
- French solar panel manufacturer Systovi enters liquidation
- Company searched for new investors since March, received no offers
- Around 50 interested parties considered investing without results
- Employee buyout and regulatory discussions also considered, unsuccessful
- Systovi recorded 21.5 million turnover in 2023, couldn't compete with market conditions and dumping
https://www.pv-magazine.com/2024/04/18/french-pv-module-maker-systovi-goes-into-liquidation/