German battery manufacturer CustomCells has filed for insolvency proceedings for its operating companies in Itzehoe and Tübingen, Germany. The local court in Kiel has appointed a provisional insolvency administrator. The holding company of the group is not affected by the proceedings. According to CustomCells, the reason for the insolvency is the lack of payments amounting to tens of millions of euros from aviation company Lilium, which has itself become insolvent.
Support from institutions fails
Meanwhile, CustomCells was unable to attract new investors with sufficient capital. According to the company, efforts to avoid insolvency through support from regional, federal, and EU institutions were ultimately unsuccessful. Employeesʼ salaries have been secured until June 2025, and operations will continue for the time being.
Search for investors resumed
The court-appointed provisional liquidator has already begun his work. According to the company, the financial and structural conditions are currently being analyzed in order to evaluate restructuring options. At the same time, CustomCells is preparing to restart the investor process. The company was founded in 2012 as a spin-off of the Fraunhofer-Gesellschaft and operates sites in Itzehoe and Tübingen. In the past, CustomCells has presented various projects for the development and production of customized battery cells. It is currently unclear how these projects will continue in the insolvency proceedings.
Source:
https://customcells.com/customcells-files-for-insolvency-proceedings-for-key-operating-entities/
