Australia-headquartered Greatcell Solar, formerly Dyesol Solar has appointed administrators after failing to secure further financing to develop its perovskite materials and solar cells to a commercial level.
The company said in a statement that it had failed to make it a compelling investment case at this time, due the stage of development it had achieved with perovskite materials and solar cells.
Administrators BRI Ferrier were said to have been appointed to the Greatcell Solar group, which includes key subsidiaries having been awarded R&D grants in the past in countries such as the UK, Singapore and Australia (Greatcell Solar Limited, Greatcell Solar Industries Pty Ltd and Greatcell Solar Australia Pty Ltd).
However, the company also noted that it 50% subsidiary, Greatcell Solar Materials, a manufacturer of specialty chemicals, would not be affected by the insolvency proceedings.
Funding issues were said to have increased recently, due to ‘red tape’ and changes to R&D rebates in Australia.
R&D grants had been a key source of operational funding, despite the company being publicly listed and having a major investor in the form of Saudi Arabian industrial firm, Tasnee.