Insolvency of Norwegian Crystals is a blow to PV supply in EU
The bankruptcy of monocrystalline silicon ingot producer Norwegian Crystals is bad news for rebuilding the supply chain of the PV industry in Europe. The company was seeking long-term equity capital to finance the planned expansion from an annual production capacity of 500 MW to 4 GW for a long time.
“Unfortunately, the importance of monocrystalline silicon ingot production, and Glomfjord as a production location, for the Norwegian industry and European ambitions for renewable energy has been recognized too late,” the board of Norwegian Crystals said in a press release.
Pierre-Jean Alet from the Centre Suisse d’Electronique et de Microtechnique (CSEM) refers to the fact that “the Norwegian bankruptcy system does not aim at restructuring the insolvent company or group.” Maybe, a phoenix will rise from the ashes, or Norwegian wafer manufacturer NorSun will be able to take over the equipment, know-how and employees.
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