Pv-magazine.com
The battle for German module manufacturer and automobile applications maker Asola has been raging for months. Shanghai-based STGCON Group has now announced that it intends to turn Asola Solarpower into a European development center for energy storage, management and charging systems. In parallel insolvency proceedings, Asola Solarpower’s chief executive hopes to soon conclude an agreement with a German investor for the company’s automotive segment.
The insolvent Asola Solarpower has been in search of an investor for some time. pv magazine has learned that negotiations between the Thuringian photovoltaic company and the Chinese investment fund Cowin took place last year with regard to the latter acquiring a stake in the company. A preliminary agreement purportedly aimed in particular at Asola Solarpower’s expertise in the automotive segment was concluded in August 2012. The details negotiated at the time reportedly provided for payment of a double-digit amount in the millions by Cowin, which, in turn, would receive shares in Asola Automotives Solar Deutschland. However, negotiations ended abruptly and the agreement was not realized.
China’s STGCON Group, meanwhile, has now concluded a takeover agreement with Asola Solarpower’s insolvency administrator for the module division. The group plans to completely revamp the Thuringian module manufacturer’s business model as part of the takeover, STGCON’s German subsidiary announced on Tuesday. STGCON plans to establish a European development center for energy storage, energy management and battery charging systems for the stationary and automobile segments at the company’s factory in the city of Erfurt.