Talks failed

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Cleen Energy AG has been listed on the Vienna Stock Exchange since April 2017.(Bild: Cleen Energy/Ludwig Pullirsch photography)

In the summer, Fronius let go of 1,000 employees because demand for inverters had stagnated, and the number of insolvencies in the area of photovoltaic system dealers has gradually increased. Now Cleen Energy AG has been hit: the company, which specializes in tailor-made energy solutions, will file for restructuring.

Alfred Luger, one of the founders of Runtastic, holds a large block of shares in Cleen Energy AG; projects have already been implemented at Donauwell Wellpappe GmbH in Naarn and also at Stadtbetriebe Steyr; an agri-photovoltaic plant covering an area of 100,000 square meters was also to be built in the Pichling district of Linz on behalf of the non-profit property developer ÖSW - but now there is a big question mark over the future of the company based in Haag.

This is because the company, which describes itself as an all-round partner for energy efficiency solutions, is on the verge of insolvency. In the next few days, the company will apply for the opening of court restructuring proceedings without self-administration, according to reports.

Potential investors hesitated
After talks with the main creditors failed, it is no longer expected that the necessary financing can be secured. High liabilities of the Group cannot be covered by the current and planned sales and earnings levels, the company reveals. Potential investors are hesitating in view of the debt burden and are awaiting a settlement, Cleen Energy AG has announced.