Insolvent German in.power GmbH looks for new investors

Germany-based in.power GmbH, which specialises in the direct marketing of green electricity, is on the lookout for investors as a court in the city of Mainz is set to open insolvency proceedings for the company around the turn of the year.

Despite the dire financial situation, the Mainz-based company will continue operating while preliminary insolvency administrator Robert Schiebe is already in talks with investors, lawyer firm Schiebe und Collegen said last week. Interest in the embattled firm has been expressed by wind and solar developers as well as municipal utilities.

Founded in 2006, in.power GmbH's core business focuses on the direct marketing of renewable energy, including wind, solar, biomass and hydropower as well as biogas. It also offers metering services, supplies electricity to end customers on behalf of EEG-system operators and operates a platform that gives partners access to direct marketing. Last year, the company generated revenue of EUR 50 million (USD 56.28m) and marketed directly and indirectly 900 MW of green electricity.

The financial troubles of the company were caused by the unexpected cancellation of a contract with a partner which led to high due claims. As a result, in.power GmbH filed for insolvency at the end of August.

(EUR 1 = USD 1.126)

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