German battery maker Varta files for insolvency
German battery manufacturer Varta AG has filed for insolvency after key shareholders declined to inject additional capital into the struggling enterprise.
German battery manufacturer Varta AG has filed for insolvency, affecting the parent company alongside operational subsidiaries including Varta Microbattery, Varta Micro Production, and Varta Storage. The local court in Stuttgart confirmed that the filings are currently under review.
The decision follows reports that major owners—Austrian investor Michael Tojner and German sports car manufacturer Porsche, who each hold a 50 percent stake—were unwilling to provide additional capital to stabilize the financially troubled enterprise.
Major creditors, including Deutsche Bank and several hedge funds, intend to carve out the profitable household battery segment and establish a new ownership structure. Meanwhile, Tojner has signaled interest in retaining the microbattery business.
Sources: ORF