SolarZero in liquidation
SolarZero Limited (in liquidation) directors have requested its senior lenders take enforcement action and appoint the standby servicer Verofi as a replacement servicer, and that its shareholder appoint a liquidator.
Customers will not be affected by the liquidation announcement, says SolarZero.
Ahead of the liquidation, the senior lenders appointed Verofi as the replacement service provider to ensure energy services to customers across the country were uninterrupted.
The directors have advised company employees that due to unsustainable operating losses, and liquidity constraints, the business is unable to continue trading in its current form.
The company says it ceased operations from 4pm on Tuesday November 26.
Russell Moore and Stephen Keen of Grant Thornton have been appointed liquidators of SolarZero.
Founded in the 1970s as Thermocell, SolarZero began as a solar water heating company and emerged as a leading New Zealand solar company.
The company pioneered New Zealand’s first solar subscription service to make clean energy more accessible and affordable for households nationwide.
It offered customers solar power systems with a multi-decade lease and no upfront cost.
The company developed and operated what it says is Australasia’s largest virtual power plant.
SolarZero has more than 160 employees throughout the country with key office sites in Auckland, Christchurch and Wanaka.
“This difficult decision follows work to explore a range of options to restructure the company,” say SolarZero directors.
“Regretfully, SolarZero and its key stakeholders were unable to find a viable solution to sustain the business.
“From day one, the company’s mission was to make solar energy affordable and stop climate change,” they say.
“We remain optimistic for New Zealand’s transition to becoming 100% renewable and thank the customers, colleagues and partners who shared our vision of a cleaner, greener Aotearoa.”
SolarZero featured frequently in EVs and Beyond, including this story.
Geoff Dobson is an 'old-school journo' thriving in a world of new technology. With 40-years of journalism experience already behind him, Geoff joined Auto Media Group three years ago to lead its EVtalk titles. A keen cyclist, he puts his Auckland commute to good use testing ebikes and scooters along the North Western cycleway.
