GERMANY: Efficient Energy GmbH, the German manufacturer of chillers using water as the refrigerant, has filed for insolvency after a search for a new investor failed.
At the request of the company’s management, 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.
The company is said to have held promising talks with a strategic investor up until last month, the failure of which ultimately meant that the company would no longer be able to finance itself.
Founded in 2006, and based in Feldkirchen in Bavaria, Efficient Energy has been dedicated to the development of sustainable and safe refrigeration technology that uses water as a refrigerant. The company has filed over 200 patents developing its Bluezero technology and has commissioned more than 170 systems in recent years. The company has around 100 employees
The provisional insolvency administrator is said to be optimistic about the planned search for new investors: “Efficient Energy has achieved a great deal technologically. With its climate-protecting impact, the product is very attractive for investors, especially in times when ESG-compliant investments are becoming increasingly important. Insolvency law provides a very good framework for an investor solution. Because the company filed for insolvency very early on, we have time to find a solution in the coming months,” Hofmann said.
Efficient Energy CEO Georg Dietrich said that the step into insolvency was not an easy one. “We have a technology that has already proven itself on the market and full order books. We are open both to investors and to a sale in order to reposition ourselves for the series production of the eChiller45IC,” he said.
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