Solon, one of the world leaders in photovoltaics, is in free fall on the stock market after the announcement to resort to insolvency proceedings. At around 10.45 am, the stock lost 55,87%, to 0,41 euros, after having scored a session low of 0,3350 euros.
The German company, the hardest hit in the sector by the crisis, is also present in Italy in Carmignano di Brenta (Padua). The announcement of its intention to undertake the insolvency procedure came after the same company in a note had communicated that the negotiations with possible investors and banks had not led to any solution.
Solon was the first European company in the photovoltaic landscape to go public in 1998, with the crisis being affected by the fall in prices and Asian competition, as well as the drastic decrease in public incentives. According to analysts, this will be the first of many failures within the sector and the market for now is right for them. Other stocks in the category such as Phoenix Solar, Q-Cells or Conergy are losing ground.
