According to Ashok Jain, a director at Borosil Renewables, the Indian glass manufacturer that has been the company’s majority shareholder since October 2022, demand for its products fell as low as 40% of its production output at the beginning of this year. GMB filed for insolvency last Friday (4 July) and its operations will now be overseen by a court-appointed administrator in Germany, with Borosil Renewables no longer factoring the company’s losses into its financial results.
The news is another blow for the European solar manufacturing sector, which has endured a tumultuous year. Meyer Burger has scrapped module production facilities in the US and filed for insolvency for its European cell production facilities, leaving…