It did not resist Asian competition. In search of a buyer for several weeks, the French manufacturer of solar panels Systovi announced Wednesday the cessation of its activities. The company of 87 employees located in Carquefou near Nantes was placed in liquidation by the commercial court, despite a turnover of 21.5 million euros in 2023.
“The company is facing the sudden acceleration of Chinese dumping since the summer of 2023 and the regulatory discussions underway in France and Europe, in which it has participated for years, will not have an effect within a compatible time frame with its challenges,” Systovi said in a statement.
An “inevitable” decision
“This painful decision had become inevitable. Despite numerous contacts having expressed an interest in Systovi, none have made an offer. We are very sad about this outcome (…)”, indicates Paul Toulouse, director of Systovi, one of the rare players in the niche in France.
Ironically, this cessation of activity comes at a time when France launched a “battle plan” at the beginning of April to double the rate of deployment of solar energy capacities on its territory by 2030 and support the production of solar panels. manufactured in Europe, facing the industrial domination of China. At the start of 2023, Systovi had invested nearly 2 million euros in a new line to double its panel production.