German vertical PV specialist Next2Sun has filed for self-administered insolvency proceedings for two companies within its corporate group at the Saarbrücken Local Court, in Germany, following an unsuccessful fundraising campaign.

The proceedings affect Next2Sun Technology GmbH and Next2Sun Mounting Systems GmbH, but not Next2Sun AG or Next2Sun Projekt GmbH.

The Dillingen-based company said all ongoing project development activities at Next2Sun Projekt GmbH will continue. It added that the project companies operating completed agrivoltaic installations are not affected by the insolvency filings.

Business operations at the two affected subsidiaries will continue for the time being. Existing projects are being reviewed for economic viability and will proceed wherever possible, according to the company.

Next2Sun said it will continue seeking investors as part of its restructuring efforts, with the aim of preserving as many jobs as possible and retaining the group’s technical expertise.

The Next2Sun Group employs around 140 people across Germany, Austria, Poland and Japan. It has completed more than 60 MW of PV projects.

In September, Next2Sun launched a share offering aimed at raising €5 million ($5.6 million). By the end of the month, the company said it had received sufficient investment commitments to meet its target, although these remained subject to verification.

In early October, however, Next2Sun determined that the commitments were not sufficiently binding to provide the capital needed to secure its medium-term operations.

As a result, the company has canceled the share offering and will not accept funds from prospective investors, as previously announced.

“The past few weeks have demonstrated the strong support for our vision of a sustainable combination of agriculture and solar energy,” said Heiko Hildebrandt, a member of Next2Sun’s management board.

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