German battery manufacturer Varta has filed for self-administered insolvency, with the proceedings covering its solar-storage and energy management business.
German battery manufacturer Varta has filed for self-administered insolvency with the Stuttgart District Court in Germany after citing a structural financing gap.
The filing covers the parent company Varta AG and all subsidiaries except Varta Consumer Batteries, which manufactures household batteries and power banks.
Varta Storage, which bundles the company’s solar storage and energy management system business, is also included in the proceedings. The company manufactures its storage systems in Nördlingen, near Augsburg, Germany.
Varta attributed the filing to significantly deteriorating market conditions, weaker demand, adverse currency effects, and the decision by a key customer to end its business relationship. The customer is Apple, which sourced batteries from Varta for its headphones.
