Summary of SolarTec AG’s chronology


SolarTec AG was founded in Dresden at the end of 2002 with the aim to establish its own module production. The company used up the paid-in capital under chairman N.M.


After the original concept failed in Dresden, chairman of supervisory board, Dr. Merkle asked to take over management of the company and to move it to Munich. Dr. Merkle reorganised the company.

The new focus was on the development of solar concentrator technology.
SolarTec AG therefore established a development division in the technology park at the Frankfurter Ring in Munich. The capital used was increased by new investments to EUR 1 million.


At the beginning of 2006, the company also reached financial breakthrough.
The Munich based F & V investment company signed a contract taking over first 20% and later 25% of SolarTec AG’s shares on the basis the business evaluation being on average EUR 75 million. The equity capital was placed by several investment companies through a total of 1,500 investors.

The investment company’s first payments were used to take over ENE in Brussels, a high tech company successful in the area of production of space solar cells and one of the oldest PV companies in Europe. The company moved to a new commercial unit in Aschheim outside of Munich. There, SolarTec achieved with its newly developed concentrator modules, ENE’s high performance cells (efficiency of over 36 per cent) and its self-developed tracker high efficiencies.
SolarTec established a scientific advisory board, including nobel prize laureate Professor Alferov who advised the company together with eight other professors and scientists, each very experienced in the area of PV.
SolarTec already opened a subsidiary in Shanghai at the beginning of 2006 which flourished and took over all business operations in Asia.


Due to the payments of the investment company, the capital was increased step by step to EUR 6.70 Million by the end of 2007.
By 2007, SolarTec AG was among the first PV companies that planned and constructed solar parks producing over ten megawatts. The solar park in Laudenbach with over 3.6 MWp was installed in early Summer 2007 by a small team of less than 10 people in only six weeks – a record at the time.

SolarTec AG applied the highest performing components, e.g. central inverter modules from Siemens that at this time has the highest efficiency as well as an elaborate steering and control system.


At the beginning of 2008, a “true run to SolarTec AG’s shares” took place (see email Dr. P.). These were sold to international investors from Asia and the US on the basis of an evaluation of SolarTec AG of EUR 360 million.

The lively financial metropolis Singapore was fascinated by SolarTec AG’s development potential, especially in Asia. Merrill Lynch evaluated the market value at EUR 1.0 to 1.5 billion.

In the financial capital Hong Kong, investment banks Credit Suisse, Merrill Lynch, HSBC and others tried hard to partner with SolarTec AG for their stock exchange launch. Finally, the decision was made in favour of Singapore.
The first stock exchange launch of a German company in Singapore would have been a sensation. The media (financial newspapers, TV and the Asian Bloomberg TV) enthusiastically covered the story during the run up .

Despite the financial crisis which started already by the end of 2007 (Merril Lynch was one of the first the companies that were immensely affected and had to be rescued) the plan to launch at the stock exchange was not compromised.

Large investment companies such as Apollo initially assured their interest in their involvment. Only in the 2. quarter of 2008 difficulties started to emerge. SolarTec AG’s operational activity, however, still continued to develop positively.

Because of its own production line in the investment company Phono Solar, Solar Tec AG was able to meet the highest quality expectations. The solar parks owned by Solar Tec AG yielded above average returns due to high quality.

It was planned to build the world’s largest PV power station on an area of 4.6 million m² on the former military airport in Briest, Brandenburg. This should have been built in 2009.
The overall operating performance was planned to be 80 – 100 MWp, the turnover for Solar Tec would have been around EUR 300 million.

After July 2008 plans were stopped and the premises was later sold to the Q-Cells AG which realised the project with 91 MWp.

On 7. July 2008 Solar Tec AG’s success story came to an abrupt end through the dismissal of principal shareholder and chairman Dr. Erich Merkle. The raised accusations have still not been confirmed – neither were they proceeded civilly. .

Only a few weeks after Dr. Merkle’s dismissal difficulties in the company management became clear. SolarTec AG’s new chairmen were unable to get new orders in and to increase sales.

At the beginning of October, the Bavarian Solar AG tried together with Dr. Merkle to avoid bankruptcy through gratuitous transfer of SolarTec AG’s shares and the payment of EUR 300.000 from fresh assets.

The shares were sold afterwards to investors which generated more than a million worth of extra capital for the company. Without orders and sales, however, these efforts were in vain.

In a final, desperate attempt, SolarTec AG’s chairmen Dr. K. and Markus S. offered the application for new shares until 23. December 2008. Only 9 days later, at 21. December 2008 the chairmen filed for bankruptcy.

Even though the critical state of SolarTec AG was pointed out in the letter, this offer to apply new shares could be seen as attempted investment fraud according to legal practice — because the investors could not have received back the invested amounts as these would have been attributed to the bankruptcy estate.

As illustrated above and confirmed by the financial figures, bankruptcy could have been predicted over a period of time. Potential applicants for shares would have lost their capital contribution completely (see download for offer of application) The final downfall of SolarTec AG took place on 22. December 2008, just about six months after Dr. Merkle’s dismissal. The chairmen (2 solicitors) did not manage to get in new orders or sales. .

Mr S., chief financial officer as of the end of August 08, was also unable to turn the situation around.

Chairman Dr. L. parted from the company only a few weeks before bankruptcy was filed on 10. November 2008. Considerable liquid assets which were still available in July 2008 were used up for consultancy fees and legal advice.

That SolarTec AG still had solid substance at the time where bankruptcy was filed is confirmed by an excess of approx. EUR 7 million which was disclosed in the liquidator’s report of February 2009. SolarTec belongs to only a few PV companies whose bankruptcy did not end up in a huge mountain of debt.


In February 2012, the SolConTec International AG requested to open preliminary insolvency proceedings of its assets.
After SolarTec AG’s bankruptcy, SolConTec Holding AG, whose shares were held by Solarfonds 1, 2 and 3, was founded in addition to SolConTec International AG in order to continue tradings.

In March, final insolvency proceedings over the assets of Fonds & Vermögen Dienstleistungs GmbH were opened. On 12. December 2012, final insolvency proceedings of the assets of SolconTec International (AZ: 1502 I N 3040/12) were opened through the magistrate’s court in Munich. The company was taken off the commercial register.

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