27 Nov '14, 12pm
News | Solarmax to file for insolvency
The company is not the first European manufacturer to struggle as the domestic market declined and competition increased. Sputnik Engineering, the parent company of Swiss inverter manufacturer Solarmax, will file for insolvency in Switzerland this week PV Tech has learned. In a circular sent to customers and seen by PV Tech, the company said it had looked for alternatives but to no avail. “The employees have been informed this morning and will stop working today until further notice,” it said in the statement. The company is not the first European manufacturer to struggle as the domestic market declined and competition increased. “Solarmax had been the fifth largest supplier in the world in 2008, with a market share of over 4%,” said Sam Wilkinson, research manager at market research firm, IHS. “Its market share has declined each year since, and it held a share of less tha...