German PV micro-inverter maker Solarnative GmbH is searching for a buyer of the company and its technology in order to avoid insolvency and secure “the urgently needed liquidity for the market ramp-up,” it said on Wednesday.
Solarnative, which claims to have developed the smallest inverter in the world, needs “a strong investor or buyer” to ensure the continued existence of the technology. The company, established in 2019, has already initiated discussions with interested parties but believes the circle can be expanded.
Solarnative started to evaluate strategic options after its plans to raise EUR 1.6 million (USD 1.72m) through equity measures were not realised to the intended extent. Additionally, the firm was affected by the intensifying price war in the segment dominated by Chinese manufacturers and by excessive production in the past year.
Solarnative said that its sales and revenue fell short of expectations in the second quarter of 2024 because of the changed market situation. In reaction, the startup scaled down production and initiated the lay-off of 35 employees.
The company has a ready-to-go and running factory with a capacity of 50,000 micro-inverters per month. Solarnative, which employs a total of 130 people, has also created the necessary sales structures as it pursues the global roll-out of its product. The technology is prepared for the US market, as well, the startup added.
“The feedback from the market is overwhelming – from wholesalers to small installation companies there is great enthusiasm for the advantages of our technology, and we expect well-filled order books as soon as we can give the starting signal for our rooftop system,” CEO Julian Mattheis commented in the statement.
Solarnative revealed in March a partnership with Swiss solar products manufacturer Meyer Burger Technology AG to introduce a "Made in Germany" balcony power plant to the market.
Also affected by the difficult market conditions in Europe, Meyer Burger previously said it is shutting down module production at its Freiberg site in Germany.
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