Groningen, Netherlands-based Soly, a global photo voltaic power firm, has been declared bankrupt.
The announcement was made by the co-founder, Milan van der Meulen, via a LinkedIn publish. The announcement comes over a 12 months after elevating €30M in funding led by ArcTern Ventures.
The chapter petitions for Soly Holding B.V. and Soly NL SSC B.V. have been filed by the corporate and formally authorised this week by the District Courtroom of Groningen.
“We’re deeply saddened and upset by this consequence. It’s troublesome for us to simply accept that loyal staff, companions, and different stakeholders are actually going through uncertainty,” says van der Meulen.
Though the founders and shareholders are now not operationally energetic inside Soly, they’ve spent the previous few days exploring options to their present state of affairs.
In keeping with van der Meulen, the choice was made regardless of efforts in latest days to suggest options that would have prevented insolvency.
“Though we have been now not operationally energetic inside Soly, as founders and shareholders, we now have spent the previous few days doing every part we might to search out options to this example. These options have been additionally offered. In the long run, a special choice was made by administration and the opposite shareholders. Even on this new state of affairs, we stay keen to actively discover potentialities for a (partial) restart,” provides van der Meulen.
Based to make photo voltaic power accessible
Soly was based in 2013 by brothers Patrick and Milan van der Meulen to make photo voltaic power obtainable to everybody.
The founding duo was impressed at a younger age by Al Gore’s documentary “An Inconvenient Reality” and has since determined to make use of their entrepreneurship as a pressure for good.’