German PV micro-inverter maker Solarnative GmbH has announced its search for a buyer for the company and its technology to avoid insolvency and secure “urgently needed liquidity for the market ramp-up,” it said on Wednesday.
Solarnative, which claims to have developed the world's smallest inverter, is in need of “a strong investor or buyer” to ensure the continued existence of its technology. The company, established in 2019, has already initiated discussions with interested parties but believes the circle can be expanded.
The decision to seek a buyer comes after Solarnative's plans to raise EUR 1.6 million (USD 1.72 million) through equity measures were not realized to the intended extent. The company was also affected by the intensifying price war in the segment dominated by Chinese manufacturers and by excessive production in the past year.
Solarnative reported that its sales and revenue fell short of expectations in the second quarter of 2024 due to the changed market situation. In response, the startup scaled down production and initiated the lay-off of 35 employees.
Despite these challenges, Solarnative has a ready-to-go and running factory with a capacity of 50,000 micro-inverters per month. The company, 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, according to the startup.
“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,” commented CEO Julian Mattheis.
Solarnative previously announced a partnership with Swiss solar products manufacturer Meyer Burger Technology AG (SWX:MBTN) in March to introduce a “Made in Germany” balcony power plant to the market. Meyer Burger has also been affected by the difficult market conditions in Europe, announcing the shutdown of module production at its Freiberg site in Germany.
