January 15 (Renewables Now) - Sunpartner Technologies, a French company developing ultra thin photovoltaic (PV) film, has been put into receivership.
The commercial court in Aix-en-Provence last week announced the decision came after "several months of fruitless negotiations with historic investors and the European Investment Bank (EIB)."
The company is hoping the procedure will help it find buyers for each of its areas of activities which include construction, connected devices and transportation.
The company said it had already "received several expressions of interest from suppliers and customers" and "plans to conclude agreements in the coming months".
Since its launch in 2008, Sunpartner Technologies has raised EUR 73 million (USD 83.7m), including a EUR 15 million loan from EIB, guaranteed under the European Fund for Strategic Investments (EFSI).
The company says on its website it has built a portfolio of 130 patents though it is mostly known for its Wysips glass - a semi-transparent, photovoltaic glass solution for windowed surfaces and facades.
Several watch makers are expected to launch products integrating the company's technology in 2019 and 2020. A pipeline of about 100 projects worth about EUR 20 million in the constructions sector is up for sale, too.
(EUR 1 = USD 1.146)