Sovello made the announcement in a statement on its website. Essentially, the company says it cannot pay its debts and has therefore asked the Dessau insolvency court to be allowed to restructure under insolvency management. The company says it is confident it can restructure sustainably under the insolvency code.
The news follows a period in which German solar companies have suffered, largely due to a reduction in Government aid and competition from China - resulting in oversupply of solar panels. Numerous companies have similarly filed for insolvency since December including Q-Cells, Solon SE, Solar Millennium AG, and Solarhybrid AG to name some of the high profile casualties.
Analysis, from Navigant's Paula Mints: So what's happening in the PV sector?