Restructuring in sight

Developer of battery storage systems goes bankrupt

The company was founded in 2016. Funding was also necessary to cover research costs.(Bild: Markus Wenzel)

What to do with the electricity produced by photovoltaic systems and the like? The call for storage solutions is loud - and yet there is no guarantee that manufacturers will be commercially successful. XelectriX Power GmbH from Mauthausen (Upper Austria) has now filed for insolvency.

XelectriX Power GmbH advertises energy storage solutions made in Austria on its website. The company, based in Mauthausen (Upper Austria), was founded in 2016 and has been selling its storage systems, which are particularly suitable for the construction, commercial, industrial and agricultural sectors, since 2020. At construction sites, the battery storage units are intended to supply the diesel generators with electricity.

Together, we are driving forward the energy transition, protecting the environment and easing the strain on your wallet at the same time, promises the company, which is not thinking of giving up despite filing for insolvency.

Talks with investors are underway
Continuation and restructuring are planned. Talks are being held with potential investors, according to the Austrian association Creditreform. "We expect insolvency proceedings to be opened in the next few days," adds Alexander Meinschad from KSV 1870.

Growth did not materialize
The reasons for the economic stumble are said to lie in the fact that the expected growth has not materialized. This, in turn, is due to the change in interest rate policy in Europe and the slowdown in the overall economic situation, it is said.