Innotech Solar the Scandinavian German PV module maker begins the New Year with a strategic investment having purchased assets of Energiebau Solarstromsysteme GmbH. The new company will be called Energiebau Solar Power GmbH, a wholly owned subsidiary of Innotech Solar AS, through which it further expands its German and international sales activities. Specific details of the transaction have not been disclosed by either company.
"The high quality and long experience of Energiebau perfectly fits with our highly regarded position as an innovative European solar module manufacturer" explains Jerry Stokes, CEO of Innotech Solar. "Through introducing Innotech solar modules to the large and well established customer base of Energiebau we can look forward to further strengthening our market position, especially in Germany. Moreover we are now able to offer the full range of PV system components to our existing Innotech customers."
The company Energiebau, founded in 1983, filed for preliminary insolvency due to the difficult market situation at the end of October 2014. The insolvency administrator Dr. Andreas Ringstmeier confirmed on 6th January 2015 the takeover by Innotech Solar.
The previous management of Energiebau, Michael Schäfer and René Médawar, will continue to run the business operations of the new company, as well as the cooperation with energy utilities, and the project activities in African countries.
"We are pleased that we have succeeded in finding a strategic investor with a strong fit to our own business in a difficult market environment. Innotech Solar offers a sustainable perspective for Energiebau" says the Energiebau founder and CEO Michael Schäfer. "A constructive cooperation with the insolvency administrator and the committed support of staff and partners enabled the preservation of the Energiebau brand and of a majority of jobs. We also offer our longstanding customers continuity of service, support and supply ." Schäfer continues.
Source: Innotech Solar Module GmbH