BELECTRIC Takes Over Organic Photovoltaics Company Konarka Technologies

BELECTRIC, the global market leader (2010 & 2011) in the development and construction of ground-mounted solar power plants and roof-mounted photovoltaic systems, has taken over Konarka Technologies GmbH. The group was the leading manufacturer of “Power Plastic,” a thin, film-like organic photovoltaic material with a low weight and a wide range of uses. The German subsidiary of the US company Konarka Technologies Inc. applied for insolvency shortly after its parent company around the mid-point of the year and opened negotiations with several investors. An agreement has now been reached with the leading systems integrator BELECTRIC, which is based in Kolitzheim (Bavaria). Alexander Kubusch, preliminary insolvency administrator from Curator AG, was pleased with how the sale of Konarka Technologies GmbH progressed: “Right from the start, our negotiations with BELECTRIC were highly constructive and focused on finding a solution. As a result, our talks have now reached a successful conclusion. Of the many interested parties, we ultimately opted for BELECTRIC Holding GmbH, because this company not only offered an ideal solution to the issue of business operations but also went a long way toward upholding the interests of creditors. We have therefore managed to secure excellent future prospects both for the employees that had been affected by the insolvency and for the company’s clients and partners.”

As BELECTRIC OPV GmbH, the whole team headed by former Director of European Operations and current CEO Dr. Ralph Pätzold will work closely with headquarters in Kolitzheim to build further on its successful work on innovative photovoltaic technology at the Nürnberg site; this will include research, development and production as well as international distribution of the printed photovoltaic cells. Michael Belschak, CFO of BELECTRIC Holding GmbH, explained how the company’s product range will be an excellent addition to BELECTRIC Holding’s own portfolio. “We will use Power Plastic wherever conventional modules aren’t a suitable solution. Particularly in facade construction and in the automotive sector, the highly flexible and pliable material can be used in a variety of ways to save energy cost-effectively. And we have already received some inquiries from the consumer segment, where there is also great interest in the product.” BELECTRIC OPV will continue to enhance the product over the coming year. The first phase will see the increase of the service life of the organic solar cells and various tests will be performed. Michael Belschak is expecting the first revenue to be generated as early as the second half of 2013. Commenting on the successful transaction, the CEO of BELECTRIC Holding said, “The smooth, rapid way in which the takeover progressed – which was due in no small part to the fruitful collaboration with the preliminary insolvency administrator Mr. Kubusch – enabled us to maintain all our existing business relationships without any restrictions and start working together immediately.”

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