Commeo files for insolvency, seeks new investor

In early July, Commeo GmbH and Commeo Property GmbH filed applications for the opening of insolvency proceedings with the responsible district court in Osnabrück, in the German state of Lower Saxony. The judges appointed Malte Köster, partner at the Willmerköster law firm, as provisional insolvency administrator for both companies.

The provider of large battery storage systems cites the “surprising withdrawal of the main investor from the current financing round in May 2024” as the reason for the insolvency filings. The Norwegian-listed industrial investment company Arendals Fossekompani (AFK) had been the majority shareholder of Commeo GmbH since April 2022.

In addition, the increased burden of inflation and a subdued investment climate due to geopolitical uncertainties also caused financial difficulties at Commeo. In June 2024, the company therefore recorded a liquidity gap. This could not be closed in the short time, despite “high-pressure and fundamentally promising talks on interim financing.” Therefore, the application to open insolvency proceedings was unavoidable.

The salaries of the 85 employees are secured until the end of August thanks to the opening of the proceedings. According to Commeo, business operations will continue for the time being. The company is currently examining what restructuring opportunities might look like under the protection of insolvency law. In addition, an investor process has started, in which the previously held discussions are to be resumed.

Commeo was founded in 2014. Three years later, the company’s first product was ready for series production. It was marketed using its own production and self-developed control software. Commeo expanded its production capacities – despite what it says are increasingly difficult conditions in the renewable energy sector. The company’s annual turnover was recently more than 10 million euros, it said.

The third company in the Commeo Group, Commeo Software GmbH, is not affected by the insolvency applications. The software licenses are bundled in this company, while the operational business is bundled in Commeo GmbH, and the company’s own real estate and construction projects are bundled in Commeo Property GmbH.

From pv magazine Germany