Perovskite specialist Greatcell Solar falls into voluntary administration

Australian perovskite solar cells developer Greatcell Solar Ltd (ASX:GSL) announced today its group of companies has entered into voluntary administration after failing to secure re-financing for its activities.

The company has appointed BRI Ferrier administrators for Greatcell Solar Ltd, Greatcell Solar Industries Pty Ltd and Greatcell Solar Australia Pty Ltd after “a series of unfortunate and unwelcome developments in recent weeks”, one of them being the death of chief scientist Hans Desilvestro in a mountaineering accident on November 10.

The directors of Greatcell Solar stated that they believe they have exhausted all known options for the survival of the company in its current structure.

Greatcell Solar has been looking for funding to support its AUD-25-million (USD 18m/EUR 15.8m) Major Area Demonstration (MAD) prototype project with no success. Saudi industrial group National Industrialization Company (Tasnee), its strategic shareholder, has recently informed the company that it is unable to offer further financial backing.

Greatcell Solar, whose ultimate goal was to achieve a pre-commercialisation status for its third generation photovoltaic (PV) technology, said its work has been affected by the “highly conditional access to available government assistance” and the federal government energy policy settings that are unsupportive of renewables investment.

(AUD 1.0 = USD 0.721/EUR 0.633)

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