Clean Industry Solutions Holding Europe AB (publ) ("CISH Holding" or the "Company") hereby publishes an update regarding the preliminary insolvency proceedings of one of its wholly owned German subsidiaries, Industrial Solar GmbH. CISH Holding's other wholly owned subsidiary, Solar Spring GmbH continues to operate business as usual.
As announced in the press release dated December 3, 2023, and further explained in the press release dated December 6, 2023, CISH Holding's wholly owned German subsidiary Industrial Solar GmbH had to file for insolvency due to balance sheet over-indebtedness and the prognosis for the continuation of the company.
On December 8, 2023, the local court of Freiburg appointed a provisional insolvency trustee for Industrial Solar GmbH. In the first meeting with the insolvency trustee, the management and the employees of Industrial Solar GmbH on December 13, 2023, it was explained that operations should continue as usual until the end of the preliminary insolvency proceedings end of January.
Furthermore the trustee agreed to continue operations in February - after the opening of the insolvency proceedings - mainly in order to finish the installation of the PV system at Losan Pharma - Industrial Solar's largest PV installation to date - as quickly as possible with the aim of invoicing a larger amount upon completion of the construction site and thus causing an inflow of more than 250 k€ to Industrial Solar GmbH.
The management reached out to potential investors to finance a transferring restructuring of Industrial Solar GmbH. Unfortunately, no investor has been found to date.
On the recommendation of the provisional insolvency trustee, dismissal letters will be sent to all employees in Industrial Solar GmbH before the end of January, and operations in Industrial Solar GmbH will cease at the end of February.
As stated in the press release from December 6, 2023, SolarSpring continues to operate business as usual and is currently facing increasing interest in membrane distillation pilot systems from a variety of industries. Driven by increasing costs for many key resources and materials due to ongoing global power shifts benefiting eastern countries, an awareness of the importance of resources recovery and reuse is gradually establishing itself as a mainstream consensus.
Besides high purity water production for hydrogen electrolysers, the removal of ammonia from wastewater for further use and the volume reduction of highly saline effluents are the most commonly requested applications.
This disclosure contains information that Clean Industry Solutions Holding Europe is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 23-01-2024 17:43 CET.