Global Solar Energy Addresses Challenging EU Solar Market …

June 27, 2012 by  
Filed under Solar Energy Tips

TUCSON, Ariz.–(BUSINESS WIRE)–Global
Solar Energy, Inc.
(Global Solar or the Company), a leading
manufacturer of flexible solar technology, announced today that the
German executive team applied for insolvency proceedings at Global
Solar’s wholly owned German subsidiary, Global Solar Energy Deutschland
GmbH (GSED).

Global Solar is the leading commercial-scale producer of flexible,
high-efficiency Copper Indium Gallium DiSelenide (CIGS) solar products
and will continue to produce all product lines at its Tucson, Arizona
factory. The GSED operations focused exclusively on the Global Solar
PowerFLEX™ product line. Under current market conditions, the Tucson
facility has sufficient capacity to meet demand. As a result of the GSED
actions, the Company will no longer operate the 35 MWp Berlin, Germany
production facilities.

Discussing the German proceedings, CEO Dr. Jeffrey Britt stated, “The EU
renewables market is financially challenging due to high inventories,
collapsing prices and significant reductions to European
feed-in-tariffs. As a result of this difficult operating environment, a
strategic decision has been made to plan and execute an EU capacity
reduction and focus investment on the products and technology necessary
to meet our customer’s needs and fulfill our business plan. Global Solar
will continue to honor all of its warranty obligations and service
European customers, but from its Tucson facilities.

“While unfortunate, the Berlin facility shutdown provides an opportunity
to address financial structure issues, appropriately scale production
capabilities and align with growing markets in Asia, the Middle East and
North America. We continue to provide our customers with industry
leading products, superior service and competitive pricing, while also
ensuring the long-term success of Global Solar,” continued Britt.

With these strategic changes put into effect, Global Solar will also
continue with the previously announced efforts to pursue new investor
participation, being led by FTI Capital Advisors, LLC (FTICA), member
FINRA/SIPC, the wholly owned investment banking subsidiary of FTI
Consulting, Inc. Parties interested in being included in the process
should contact Chris LeWand of FTICA at chris.lewand@fticonsulting.com.

For any inquiries, please contact inquiries@globalsolar.com
or 520-351-5991.

About Global Solar Energy

Since its founding in 1996, Global Solar has emerged as the leader in
flexible Copper Indium Gallium DiSelenide (CIGS) thin film solar cell
technology. CIGS thin-film technology is lightweight and highly
efficient. Global Solar’s thin-film solar cells are incorporated into a
variety of applications including traditional glass solar modules,
building integrated photovoltaic (BIPV) products and designs, and
roofing markets. The company currently supplies interconnected solar
cells for the DOW POWERHOUSE® Solar Shingle roofing product line. Global
Solar manufactures CIGS cells and modules in its Tucson, Arizona, USA
production facility and distributes worldwide. For more information,
please visit www.globalsolar.com.

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