Bankruptcy, Business | Solar Cell Company Goes Bankrupt After Sharp Market Fluctuations

Bankruptcy, Business | Solar Cell Company Goes Bankrupt After Sharp Market Fluctuations

Smart Energy Systems AS offers “cost-effective solutions in renewable energy and energy storage”.

“The company will facilitate its customers to contribute to a slightly greener daily life by using electricity over short distances. Through this company, we are providing solutions to store electricity and leverage the cost impact in commercial buildings, cottages or private homes.”

Locally owned and operated

This is how Smart Energy Systems AS is displayed on the website of its largest owner, Andersen Holdings AS In Stabburveien in Råbekken, which had a majority stake in the company.

The managing director of Smart Energy Systems AS was Fredrikstad man Junfeng Dai, who also owned 35 percent of the shares. Dai referred the newspaper to the chairman when Fredrikstad contacted him.

The business idea was to sell and install solar cells and battery solutions to individuals and companies, says enthusiastic businessman Thierry Andersen (72), who heads Andersen Holding AS and who sits on the board of about 20 other limited companies.

Smart Energy Systems AS started in early 2019.

For the last year for which accounts are available, 2022, sales revenues ended up being more than NOK 38 million.

The deficit in the same year amounted to 900 thousand Norwegian kroner.

This is how Fredrikstad describes the country of bankruptcies

We realize that newspaper coverage of bankruptcies often places a heavy burden on owners and employees.

So why do we mention them?

Writing about local business bankruptcies is an important part of our role as a local newspaper. We cover events that impact the local community, and bankruptcies can have serious consequences for employees, suppliers, customers and the economy of the area.

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The bankruptcy filings are public information. Anyone can search the filings and find the same factual information that the newspaper reports.

By putting this information in a journalistic context, we provide readers with information that can influence their financial decisions and their understanding of the health of the local business community.

It can also contribute to a discussion about support measures or prevention of future financial difficulties.

Transparency and accountability in local business is important, and in this way the newspaper plays a role by informing the public about changes and events.

What bankruptcies do we refer to?

We discuss all types of bankruptcies relevant to our coverage area.

As a rule, we do not write about bankruptcies of individual enterprises, based on the above-mentioned justifications.

Why do we designate a Managing Director/Chairman in some bankruptcy cases, but not in others?

As a general rule, we only use company names in bankruptcy cases, because we consider it to be in the public interest.

If the identity of the owner or chairman is relevant to the issue, for example in that it contributes to the reader's understanding of the news, we use the name of the person concerned.

Six employees will lose their jobs.

The Chairman of the Board of Directors stated that the company had six employees and two warehouses at the time of the tender. One is at Mosseveien 39B and the other is at Øra.

Last year, the focus was on presentation Companies Solar and batteries are housed in a separate company, Greenway AS.

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Private market Since then, solar cell solutions have gone from bad to worse, as Fredrikstad-based giant Solcellespesialisten AS has noted, among other things:

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Staff numbers have increased by more than 100 in the past year – and now 45 staff have been made redundant

– Two years ago it looked promising. “Then calculations were made that don't hold up today, and agreements were made with partners that leave us in a bit of a mess today,” says chairman Terry Andersen.

In recent years, the private market for solar cells has suffered a serious setback.

– Owners lose 15 million

Reasons include periods of very low electricity prices, as well as a generous electricity subsidy scheme for private households.

“It has reached a dead end, and we do not see any immediate improvement either,” the chairman explains.

– Who loses money from this bankruptcy?

-We, the owners, have contributed approximately NOK 15 million. Either in the form of capital or loans to the company. This is money we will never see again. Fortunately, most employees have already found new jobs, Andersen says.

Attorney Peter T. Hansen at Advokatene i Lykkeberg has been appointed as administrator. He told the newspaper that the tender stated that the company had total debts of NOK 4.5 million and assets of about NOK 100,000.

– Maybe we were a little early

And that employees have paid leave credited to them, requirements that may fall under NAV Wage guarantee system.

Despite the bankruptcy, Terje Andersen is confident that solar cells and batteries will become much bigger and more important in Norway than they are today.

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– It is also about a lot timing.We may have been a little early.

Dalila Awolowo

Dalila Awolowo

"Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff."

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