Solarmax announces insolvency for struggling inverter company
European inverter manufacturer Solarmax has sent out an announcement that its Swiss based parent company, Sputnik Engineering is about to file for insolvency.
The message states that despite management's best efforts they were unable to develop a viable solution to prevent the worsening situation.
The employees have been informed this morning and will stop working today until further notice.
All services, including hotline, deliveries, field services, exchanges etc. will be suspended with immediate effect until further notice.
Solarmax was the 5th largest photovoltaic (PV) inverter supplier in the world in 2008, with a market share of over 4 percent. It held a share of less than 1 percent in 2013 and has had to fight to maintain that as the inverter market became crowded with new players. European companies have suffered at the expense of rising US and Asian companies. The European market that Solarmax relied on has fallen from $5.5 billion in 2010 to $1.9 billion in 2013 and this is not expected to improve.
