EDF Renewables has decided to close all activities of the French PV module manufacturer Photowatt, after the failure of the planned acquisition by carbon.
EDF Renewables, the Renewable Energy Unit of the French energy company EDF, has confirmed the final closure of his Photowatt-daughter in Bourgoin-Jallieu, France.
“The company was unable to find its financial balance in the long term, in particular in the context of a very competitive global photovoltaic market,” a spokesperson for Edf renewable energy sources said PV Magazine France.
The spokesperson noted that Photowatt has a structural shortage of € 20 million ($ 20.8 million) to € 30 million a year, despite considerable investments by EDF, especially after 2008, to concentrate the company on the Wafer Business Wafer.
EDF partly attributed the decision to years of failed negotiations with potential buyers. The last serious prospect was the startup cabbage, which suggested investing € 40 million in the Photowatt production tools to switch from wafer production to PV module -assemblage.
However, Carbon’s proposal has not received the support of Photowatt employees. A majority rejected the integration into carbon and the social and economic committee (CSE) of the company issued an unfavorable opinion, and mentioned concern about the vulnerability of the acquisition plan, so that the discussions with carbon ended effectively.
“Carbon’s plans are based on an investment of € 40 million that only evokes a calling of external financing that is still not closed and therefore not guaranteed,” said the French trade union of Ouvrière Isère in a press release in September 2024. “The Employees have always defended their place within the EDF group and have fought several times against non-durable takeover projects. “
The 162 employees chose to stay with EDF or opposite redundancy instead of participating in a startup, according to a source close to the team who spoke with PV -Magazine. A meeting with Photowatt Management and the CSE is planned for 4 February to determine support measures, including reclassification within EDF, voluntary departure and pension options.
Photowatt, founded in 1979 as a Philips -Spin -off for Satellite PV cell research, switched to industrial production in 1990. However, it has difficulty competing with Chinese manufacturers, despite its 200 MW capacity. EDF took over the Modulemaker in 2012.
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