German battery storage manufacturer Sonnen has filed for insolvency, months after Shell sold the company to family office Tiven. The company plans to continue serving its 150,000-plus customers while restructuring or liquidating several subsidiaries.
This summer, after years of searching for a buyer, oil major Shell sold German battery storage manufacturer Sonnen to family office Tiven. The company, based in Wildpoldsried in Germany’s Allgäu region, has now filed for insolvency, according to German business daily Handelsblatt.
The newspaper reported that Sonnen GmbH’s approximately 400 remaining employees were informed of the insolvency filing on Thursday morning. Although no official notice has yet been published in the insolvency register, the company confirmed the proceedings to Handelsblatt.
According to the report, Sonnen will continue serving its existing customer base of more than 150,000 clients. However, numerous subsidiaries are expected to be liquidated or placed into insolvency proceedings under self-administration. Handelsblatt reported that only one production facility will remain operational.
Sonnen did not respond to a request for comment from pv magazine. “We remain in Spain and have high expectations here,” Franc Comino, managing director of Sonnen Ibérica, told pv magazine In late August. However, the company did not respond to subsequent inquiries.
pv magazine‘s reporting following Tiven’s acquisition of Sonnen had already raised questions about the company’s future this summer. The communications agency representing Sonnen in Germany also declined to comment on the company’s business strategy following the takeover.
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].