French PV module maker Systovi, facing a sharp drop in orders, is seeking a buyer for its design, production, and commercial activities. It has been manufacturing solar energy equipment since 2008 at its Carquefou factory near Nantes, France.
March 15, 2024 Gwénaëlle Deboutte
Image: Systovi
From pv magazine France
French module maker Systovi, a Cetih group subsidiary since 2018, said in a press release that it is no longer able to compete against Chinese suppliers and is now on the lookout for a buyer. The company said it faces challenges, despite significant investments in a new production line and the doubling of its capacity to 80 MW.
“Despite a solid first half of 2023, Systovi has faced the sudden acceleration of Chinese dumping since last summer, a consequence of the increase in local manufacturing capacity and the closure of the US market, linked to the protectionist measures under the Inflation Reduction Act (IRA),” said the company. “In the absence of an appropriate regulatory framework, this has resulted in a flood of subsidized Chinese panels on the French and other European markets, and led to a sharp drop in Systovi’s order books.”
Its announcement follows the recent decision of Switzerland-based Meyer Burger to stem losses in Europe by halting solar module production in Freiberg, Germany.
“The current discussions, in which the company is participating, at the French level as well as at the European level, will not have an effect within a time frame compatible with Systovi’s challenges,” said the company.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: [email protected].
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : PV-Magazine – https://www.pv-magazine.com/2024/03/15/systovi-searching-for-buyer-due-to-chinese-dumping/
