The refrigeration technology startup Efficient Energy, which develops and produces particularly environmentally friendly air conditioning systems, has filed for insolvency with the Munich District Court. Until May, the company had held promising talks with an investor, but these ultimately failed. As reported by the Frankfurter Allgemeine Zeitung (FAZ), the existing investors, including MIG Capital counts, jumped off.
Provisional insolvency administrator Matthias Hofmann and his team are currently assessing the situation. Efficient Energy employees have already been informed of the current status, and customers and partners are being notified. Matthias Hofmann However, he is optimistic about the planned search for new investors:
"Efficient Energy has achieved a great deal technologically. With its climate-protecting impact, the product is very attractive to investors, especially at a time when ESG-compliant investments are becoming increasingly important. Insolvency law provides a very good framework for an investor solution. Because the company filed for insolvency very early, we have time in the coming months to find a solution."
Efficient Energy relies on clean air conditioning systems
The company, based in Feldkirchen near Munich, was founded in 2006 and has since been working on refrigeration technology that utilizes water as a refrigerant. Efficient Energy has filed over 200 patents and developed a technology that, unlike conventional refrigeration technology, uses water as an efficient refrigerant. According to the Federal Environment Agency, the company's eChillers consume up to 80 percent less electricity than conventional chillers that operate with F-gases. The startup's customers include Siemens, the German Aerospace Center, Gardena, and Trumpf. The next generation of the eChiller is nearing market readiness.
Efficient Energy CEO George Dietrich says:
"The step into insolvency was certainly not an easy one for us. We have a technology that has already proven itself on the market and full order books. We are open to both investors and a sale in order to reposition ourselves for series production of the eChiller45IC."
