Mobisol GmbH, a pioneer in the development and provision of solar systems for households and micro-enterprises in Africa, that are not connected to the electricity grid, filed for preliminary insolvency proceedings under self-administration on Tuesday. The District Court of Charlottenburg (Berlin) has approved the filing under the current Managing Director, Andrew Goodwin. The court has appointed Attorney at law, Friedemann Schade (BRL BOEGE ROHDE LUEBBEHUESEN), as the provisional trustee (the so called “Sachwalter”).
The aim of the self-administered insolvency is to allow the successful restructuring of the company and to bring the negotiations with new investors that began at the start of the year to a successful conclusion.
Mobisol is in the fortunate position of managing the restructuring itself, under the continued management of Andrew Goodwin. Furthermore, Dr. Stefan Weniger, an experienced restructuring expert of Restrukturierungspartner KG, will be appointed as a Managing Director for the duration of the proceedings. According to Andrew Goodwin: “With the trust placed in us by the workforce and the owners, we are convinced of Mobisol’s successful future. Mobisol´s unique business model with a mix of technology, financing and distribution of innovative solar systems holds immense potential and makes a real difference to the lives of people in regions with weak development in Africa and other parts of the world”. Mobisol has already supplied more than 600,000 people in many remote parts of the world with renewable electricity, even though commercial distribution only started in 2013.
The provisional insolvency proceedings relate only to Mobisol GmbH, hence subsidiaries are not affected by the insolvency of the GmbH. Mobisol is going to continue serving its customers and partners to their complete satisfaction without any interruption.
“It is important to us that employees and the general public receive all essential information directly from us,” says Managing Director, Andrew Goodwin. He continues: “We are now in the process of developing a concept and making Mobisol sustainably profitable. This gives us a particularly good chance of finding the right long-term investor”.
Attorney Friedemann Schade is now the provisional trustee (Sachwalter). He is a restructuring expert with many years of experience in the start-up and energy sector. “Mobisol GmbH fulfils an important mission in the provision of affordable and renewable energy. Therefore, we face an important task, with which I am convinced that Mobisol will emerge strengthened,” he explains.
Mobisol is supported in the self-administered insolvency proceedings by Attorney Daniel Fritz, from the global law firm DENTONS Europe LLP. “The aim of the proceedings is for Mobisol to remain a strong company. For this, the creditors have provided us with the right framework conditions in the form of self-administration. The path taken is now the best one to restructure the company and to finalize the M&A process already initiated,” says Daniel Fritz. Andrew Goodwin adds: “Mobisol has already attracted high profile industrial sponsors that are showing keen interest to sponsor the business as new shareholders. We continue to believe in Mobisol’s vision of electrification in rural, off-grid Africa.”
About Mobisol Group
Mobisol Group is a leading global player in decentralized solar electrification. Driven by market demand for off-grid solutions beyond lighting, Mobisol designs, distributes and services large home and commercial solar systems, seamlessly integrated with proprietary PAYG software. By combining the latest high-tech solar hardware with mobile payment technologies, the Berlin based company ensures affordability through flexible payment plans. Mobisol enables rural families and businesses to power a wide range of compatible appliances, such as televisions, stereos and refrigerators, thereby improving their standard of living while earning incremental income by supporting new solar-powered businesses. Mobisol has electrified over half a million people to date and runs its own operations in Tanzania, Kenya and Rwanda, while providing its software solution “Paygee” and hardware through a growing network of B2B partnerships in currently another nine countries worldwide.