TUCSON, Ariz.--()--Global Solar Energy, Inc. (Global Solar or the Company), a leading manufacturer of flexible solar technology, announced today that the German executive team applied for insolvency proceedings at Global Solar’s wholly owned German subsidiary, Global Solar Energy Deutschland GmbH (GSED).
Global Solar is the leading commercial-scale producer of flexible, high-efficiency Copper Indium Gallium DiSelenide (CIGS) solar products and will continue to produce all product lines at its Tucson, Arizona factory. The GSED operations focused exclusively on the Global Solar PowerFLEX™ product line. Under current market conditions, the Tucson facility has sufficient capacity to meet demand. As a result of the GSED actions, the Company will no longer operate the 35 MWp Berlin, Germany production facilities.
Discussing the German proceedings, CEO Dr. Jeffrey Britt stated, “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. Global Solar will continue to honor all of its warranty obligations and service European customers, but from its Tucson facilities.
“While unfortunate, 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. We continue to provide our customers with industry leading products, superior service and competitive pricing, while also ensuring the long-term success of Global Solar,” continued Britt.
With these strategic changes put into effect, Global Solar will also continue with the previously announced efforts to pursue new investor participation, being led by FTI Capital Advisors, LLC (FTICA), member FINRA/SIPC, the wholly owned investment banking subsidiary of FTI Consulting, Inc. Parties interested in being included in the process should contact Chris LeWand of FTICA at chris.lewand@fticonsulting.com.
For any inquiries, please contact inquiries@globalsolar.com or 520-351-5991.
About Global Solar Energy
Since its founding in 1996, Global Solar has emerged as the leader in flexible Copper Indium Gallium DiSelenide (CIGS) thin film solar cell technology. CIGS thin-film technology is lightweight and highly efficient. Global Solar’s thin-film solar cells are incorporated into a variety of applications including traditional glass solar modules, building integrated photovoltaic (BIPV) products and designs, and roofing markets. The company currently supplies interconnected solar cells for the DOW POWERHOUSE® Solar Shingle roofing product line. Global Solar manufactures CIGS cells and modules in its Tucson, Arizona, USA production facility and distributes worldwide. For more information, please visit www.globalsolar.com.