GERMANY: The administrator of Efficient Energy GmbH, the German manufacturer of chillers using water as the refrigerant, has indicated that he has a number of potential investors for the firm.
Founded in 2006, and based in Feldkirchen in Bavaria, Efficient Energy filed for insolvency after a search for a new investor failed. The district court in Munich ordered the provisional insolvency administration on 2 June, appointing Dr Matthias Hofmann from law firm Pohlmann Hofmann as the provisional insolvency administrator.
Under German law, the administrator has three months to find a backer. “Talks with a handful of potential investors are currently entering the final round to find a solution for the technologically exciting company by the end of August 2023,” Hofmann stated on a LinkedIn post.
Hofmann has been working with the management consultancy SGP Corporate Finance to find a suitable investor. Insolvency proceedings will be opened at the beginning of September if no investor can be found.
Speaking to the German magazine Markt und Mittelstand, recently, administrator Hofmann said: “The timeline is very tight, but I’m confident of finding an investor.”
Efficient Energy has filed over 200 patents developing its Bluezero technology and has commissioned more than 170 systems in recent years. The company with its 100 employees has continued to operate throughout the administration.
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