Norway-based Norsun, the country’s last domestic solar panel component manufacturer, has declared bankruptcy. Production at its Årdal factory ceased, impacting 70 employees. The bankruptcy filing revealed debts of 188 million kroner ($18 million). Despite receiving 606 million kroner ($58 million) in EU Innovation Fund grants and state-backed loans, Norsun has failed to compete with low-cost Chinese imports. According to CEO Erik Løkke-Øwre, market conditions and falling prices after US import restrictions contributed to the collapse. This follows the recent bankruptcy of Norwegian Crystals, underscoring challenges to Norway’s green energy goals. Trade Minister Jan Christian Vestre had expressed confidence in the sector. Årdal Mayor Christian Sønstlien pledged support for affected workers. The news coincides with Norway’s 1.5 billion kroner loan to Morrow’s battery factory.
Competition from Chinese imports forces Norsun into bankruptcy
Norsun’s bankruptcy halts solar production in Årdal, impacting 70 employees and Norway’s renewable sector. (Image Source: NRK)
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