The energy company Holaluz has had its shares suspended from trading on the BME Growth since early this morning due to its failure to publish its annual audited financial information on time. According to the accounts communicated to BME Growth, Holaluz lost a total of 26 million euros in 2023, a significant increase from the 5.1 million losses in 2022.
Holaluz is currently negotiating the acquisition of financial aid amounting to 21 million euros, including a 10 million euro loan from the Catalan Institute of Finances. However, delays in obtaining this financing have prompted the company’s management to consider presenting a pre-contest affidavit, as detailed in the management report sent to BME Growth.
The photovoltaic panel industry is facing challenges in the market, and Holaluz is no exception. The decline in demand for photovoltaic panels has affected other companies in the sector, such as SolarProfit, which has filed for pre-bankruptcy. Additionally, last November, Holaluz announced an ERE for approximately 200 workers due to a slowdown in the solar business in the residential sector.
In response to these challenges, Holaluz is taking steps to restructure its operations and find new ways to generate revenue. The company plans to focus more on renewable energy sources such as wind and solar power while diversifying into other areas such as battery storage solutions and smart grids. To achieve these goals, Holaluz is exploring partnerships with other companies in the renewable energy industry and seeking out new funding opportunities.
Despite these challenges, there are signs that things are improving for Holaluz. In recent months, there has been increased interest from investors in renewable energy projects around the world. Additionally, governments around the world are becoming more committed to reducing greenhouse gas emissions and transitioning away from fossil fuels.
Overall, while there are still many challenges ahead for Holaluz and other companies operating in the photovoltaic panel industry, there are also opportunities for growth and innovation if they can adapt quickly enough to changing market conditions and invest wisely in new technologies.
BME announced yesterday that it had suspended trading of Holaluz shares due to its failure to meet its obligation under Spanish stock exchange rules. The suspension took effect at 8:00 am today and will remain until further notice until it publishes auditor’s reports corresponding with financial information for each year.
Holaluz is currently facing significant challenges due to declining demand for photovoltaic panels and high debt levels caused by failed acquisition attempts earlier this year.
To address these issues holacrux management team has reached out with banks looking at refinancing options while also considering legal action against shareholders who failed them earlier this year.
However despite all these efforts holacrux seems set on course towards bankruptcy as evidenced by solar profit being put up for sale following similar issues.
