German PV manufacturer Q-Cells has filed for insolvency following disappointing sales and operating results.
At one time the largest solar cell maker in the world, Q-Cells cited falling production costs in China and recent cuts in German solar subsidies behind its recent demise.
The company reportedly lost €840m in 2011 – only four years after being valued at €8bn on the stock exchange. In the same period China’s market share has increased by almost 30 per cent as production cost shrank by a third in the last 12 months alone.
Production has continued, for the time being, in the town of Bitterfeld-Wolfen as Q-Cells frantically searches for a buyer in order to avoid joining the Solar Trust of America, Solyndra and Solar Millennium in the high-profile solar bankruptcy stakes.
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