Cleantech start-up Efficient Energy GmbH seeks investor and takes step towards insolvency

• Efficient Energy GmbH files for insolvency after talks with investor have failed
• Restructuring expert Matthias Hofmann appointed as provisional insolvency administrator
• Discussions with potential investors and search for additional investors planned for the coming days

The German chiller manufacturer Efficient Energy GmbH has filed for insolvency. The manufacturer of energy-efficient and clean refrigeration machines was the first in the world to make the refrigerant water usable in series production. At the request of the company’s management, the local court in Munich ordered provisional insolvency administration on June 2^nd and appointed the restructuring expert Dr. Matthias Hofmann from the law firm POHLMANN HOFMANN as provisional insolvency administrator. The company had been in promising talks with a strategic investor until May 2023, the failure of which ultimately also meant the loss of future financing for the company.

Efficient Energy GmbH was founded in 2006 and is dedicated to the development of sustainable and safe refrigeration technology using water as a refrigerant. The company has filed over 200 patents and developed Bluezero® technology, which, unlike conventional refrigeration, uses water as the most efficient refrigerant in the world. According to the German Federal Environment Agency, Efficient Energy's eChillers consume up to 80 percent less electricity than conventional chillers using F-gases. The company with around 100 employees has been on the market in the DACH region since 2018 with its eChiller35 and eChiller45 products and has put more than 170 systems into operation for its customers in recent years; the systems are dedicated for the efficient and climate-friendly cooling of data centres, industrial processes and buildings. Customers include Siemens, the German Aerospace Centre (DLR), British Telecom, GARDENA and

TRUMPF. The next product generation eChiller45IC with an even wider range of applications, is also close to market launch.

The provisional insolvency administrator Dr. Matthias Hofmann and his team are already taking a detailed look at the company. The employees of Efficient Energy GmbH have already been informed about the status, and customers and partners are currently being informed. The provisional insolvency administrator is optimistic about the planned search for 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. Insolvency law provides a very good framework for an investor solution. As the company filed for insolvency at a very early stage, we have we have time to find a solution in the coming months', says Matthias Hofmann.

Efficient Energy CEO Georg Dietrich adds: 'The step into insolvency was certainly not easy for us. 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.'

The provisional insolvency administrator, Dr. Matthias Hofmann, and his team is currently preparing the pre-financing of insolvency benefits for the approximately 100 employees. 'The employees’ salaries are secured by the insolvency benefits until August 2023. Until then, we will work together to find a solution for the company’s future', says Hofmann.