Oct 22, 2012 - German solar system integrator Belectric Holding GmbH today said it had reached a deal to acquire Konarka Technologies GmbH, the German subsidiary of US organic solar film maker Konarka Technologies Inc.
Nuremberg-based Konarka Technologies GmbH filed for insolvency in July, shortly after its US parent company sought Chapter 7 bankruptcy protection following a failure to secure enough funding to continue operations. The German Konarka unit, which had 11 employees at the time of the insolvency filing, then started talks with several investors.
The whole team of the insolvent firm will now operate as Belectric OPV GmbH and will continue its work on at the site in Nuremberg, including research, development, manufacturing and international sales of the printed photovoltaic (PV) cells, the statement said. It will also continue with product improvements in the coming year, with the initial focus being on expanding the service life of the organic solar cells.
Belectric chief financial officer Michael Belschak said that the acquisition would complement Belectric's product portfolio, adding that Konarka's Power Plastic flexible and pliable PV material would be used in applications where conventional modules were not suitable, such as facade construction and the automotive sector. Belschak expects first revenue in the second half of 2013.