Nov 27, 2014 - Swiss inverter manufacturer Sputnik Engineering today it informed its staff that it is filing for insolvency after it failed in several attempts to come near the break even point.
The maker of the Solarmax brand will set up a job centre for its over 270 employees, which were asked today to discontinue work, local media reported, citing a statement.
Sputnik blamed the deteriorating market conditions, especially in Europe, for its troubles. In 2013 it embarked on a plan to reduce its headcount and expand to the US solar market, but this did not help much. It also sought a buyer for the business.
Aministrator Weissberg Consulting is now in charge of the company’s management, Sputnik Engineering has confirmed to solar energy media PV Tech.