Soltecture, a Germany-based solar company backed by corporates including Intel’s corporate venturing unit, Vattenfall Europe and GDF Suez, filed for insolvency two weeks ago.
Soltecture, which changed its name from Sulfurcell last year, said on May 9 it had appointed Hartwig Albers from the law firm Brinkmann & Partner as its preliminary insolvency administrator.
The company said: "Having extensively explored new financing options, the executive management saw no other viable option for averting the company’s impending insolvency at the present time."
Other prior backers of Soltecture were Abu Dhabi state-backed Masdar Clean Tech Investments and venture capital firms Ventegis Capital, IBB Beteiligungsgesellschaft, Climate Change Capital Private Equity, BankInvest Group, Zouk Ventures, Conetwork Erneuerbare Energien and Demeter.
Last year Sulfurcell raised €18.8m ($26m at the time). In 2008 Intel Capital led Sulfurcell’s €85m financing round, investing €24m itself.