German chiller manufacturer Efficient Energy GmbH has filed for insolvency.
The company created eChiller cooling machines which use the pure natural element water (R718) as refrigerant,
At the request of the company’s management, the local court in Munich ordered provisional insolvency administration in June and appointed the restructuring expert Dr. Matthias Hofmann from the law firm Pohlmann Hofmann as provisional insolvency administrator.
In a statement, Hoffmann said he was optimistic about finding new investors.
“Efficient Energy has achieved a lot in terms of technology. With its climate change impact, the product is very attractive for investors, especially in times when ESG-compliant investments are becoming increasingly important,” he said.
Efficient Energy GmbH was founded in 2006 and is dedicated to the development of sustainable and safe refrigeration technology.
The company has filed over 200 patents and according to the German Federal Environment Agency, Efficient Energy’s eChillers consume up to 80 per cent less electricity than conventional chillers using F-gases.
The company has 100 employees and since 2018 has put more than 170 systems into operation.
Efficient Energy CEO George
Dietrich said insolvency hasn’t been easy.
“We have a technology that has already proven itself on the market and we have full order books. We are open to both, investors and a sale, in order to reposition ourselves for series production of the eChiller45IC,” he said.