Developer docs
API playgroundTry for free, no card

Search company profiles

Enerparc

Full company profile

uuid0000t6w

Namestring
Enerparc
Legal namestring
ENERPARC AG
Websiteurl
enerparc.de
Company typeenum
Private
Founded yearint
2008
Descriptiontext

Enerparc AG is a Hamburg-headquartered, founder-owned independent solar power producer founded in 2008, specializing in the development, engineering, construction, and operation of distributed utility-scale photovoltaic (PV) projects. The company has connected more than 4,500 MW to the grid across 600+ solar installations worldwide, with approximately 3,500 MW held in its own long-term portfolio. Enerparc operates across the full value chain — site selection, permitting, EPC, operations, and power marketing — and has expanded from its German core market into Spain, France, Portugal, India, and Australia, supported by 680+ employees.

The company's core products include utility-scale solar parks, large-scale battery energy storage systems (BESS) co-developed with NAEXT under the 'Innovation Quadragon' brand, solar-powered data center solutions, long-term Power Purchase Agreements (PPAs), and 20+ year land lease arrangements with landowners for sites of 5-100 hectares. A recently launched Indian subsidiary, Enerparc Power Trading Private Limited (EPTPL), holds a Category V interstate trading license from India's Central Electricity Regulatory Commission, extending the company into power trading and market access services. The company is certified to ISO 27001 and GDPR-compliant for data handling.

Enerparc's revenue model blends asset-heavy recurring income (owned solar generation sold through PPAs and feed-in tariffs, long-term land lease payments) with one-time EPC service fees for third-party projects and transaction-based fees from India power trading. Go-to-market is predominantly direct enterprise field sales targeting institutional investors, municipalities, and large industrial energy consumers, supplemented by industry event presence (Intersolar Europe 2025) and content marketing via the ENERTALK video series. Customer segments include industrial and commercial energy consumers, landowners with open spaces, municipalities, and — in India — power producers and large industrial buyers seeking price stability.

Short descriptiontext

Enerparc AG is a founder-owned Hamburg-based independent solar power producer that develops, builds, and operates distributed utility-scale photovoltaic and battery storage projects, serving industrial energy consumers, landowners, municipalities, and power producers across Europe, India, and Australia.

Operating statusenum
Operating
Ownership categoryenum
Headcount rangeband
1–10
akta.pro rankint
HeadquartersOakland, United States
HQ citystring
Oakland
HQ countrystring
United States
HQ regionstring
North America
Markets served

Serves global market

Offices2 records

Each record includes

City, Country, Type, Description, Source

Keyword5 values
utility-scale solar development, photovoltaic project engineering, battery energy storage, renewable power purchase agreements, solar asset management
Industry6 codes
1Solar PV Power Plant EPC (Utility-Scale)
CodeEUAEAAAGPrimaryYes
2Utility-Scale PV EPC (Engineering, Procurement & Construction)
CodeEUACAGABPrimaryNo
3Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System)
CodeEUAMABABPrimaryNo
4Electrical Balance-of-Plant EPC (MV Collection, Cabling, Earthing, Lighting)
CodeEUAEADABPrimaryNo
5Civil & Site Works EPC (Earthworks, Roads, Drainage, Foundations)
CodeEUAEADAAPrimaryNo
6Substation & Interconnection EPC (Collector/POI Substations, Switchyards)
CodeEUAEADACPrimaryNo
NAICS code2 codes
  • Solar Electric Power Generation221114
  • Electric Power Generation22111
SIC code1 code
  • Cogeneration Services & Small Power Producers4991
Product category
Utility-Scale Solar Power Development and Operation
Social media profiles1 record
GTM motion3 records

Each record includes

Type, Description, Source

Revenue model4 records
1Solar Power Generation
TypeSubscription Recurring
Description

Operating owned solar parks to generate electricity sold through feed-in tariffs and PPAs. Long-term asset ownership model with recurring revenue from power generation.

pv-tech.org
2EPC Services
TypeOne Time License
Description

Engineering, procurement and construction services for third-party solar projects. Project developer and general contractor for solar installations.

enerparc.de
3Power Trading and Market Access
TypeTransaction Fee
Description

Trading electricity and providing market access services through Enerparc Power Trading (EPTPL) in India. Addresses price volatility and payment risks for both industrial consumers and power producers.

constructionworld.in
4Land Leasing
TypeSubscription Recurring
Description

Long-term land leasing arrangements (20+ years) with landowners for installation of solar parks on agricultural and commercial land.

enerparc.de
Marketing channels6 records

Each record includes

Title, Type, Stage, Description, Source

Distribution channels4 records

Each record includes

Title, Type, Scope, Target buyer, Description, Source

Cost components6 values
Personnel, Infrastructure, Supply Chain, Technology or R&D, Operations, Marketing or Sales
Pricing details1 tier
1Project-specific pricing for solar development and PPA arrangements
ModelSubscriptionBilling cadenceMulti-year contract
Notes

Not publicly disclosed - quote-based pricing for large-scale solar projects, PPAs, and power trading services.

enerparc.de
GTM typeB2B
B2B
Offering typeServices
Services
Core offering1 text field

Enerparc AG develops, finances, builds, owns, and operates utility-scale solar photovoltaic power plants and large-scale battery energy storage systems across Europe, India, and Australia. It sells electricity through long-term Power Purchase Agreements (PPAs) and feed-in tariffs to industrial and commercial consumers, delivers EPC and O&M services, provides solar-powered data center infrastructure, and trades electricity in India via its EPTPL subsidiary. The company also sources land through 20+ year lease contracts with landowners for new PV installations.

Differentiator
Functional benefit
Problem solved
Quantifiable outcome1 of 3 values shown
  • 45,000 households powered annually by Balearic Islands portfolio generating ~160,000 MWh
+2 more records
Product overview1 text field

ENERPARC operates as a comprehensive solar energy platform offering integrated services across the entire photovoltaic value chain. The core offerings include Solarparks (large-scale solar power plant development, construction, and operation) and Batteriespeicher (battery storage systems for energy time-shifting), complemented by specialized Data Centers and Power Purchase Agreements. The company has recently expanded into power trading with its Enerparc Power Trading (EPTPL) subsidiary in India. Services extend to land leasing for solar installations, providing complete project development from site selection through commissioning. ENERPARC functions as project developer, technical consultant, general contractor, operator, energy trader, and investor.

Product and service6 records
1Solarparks (Utility-Scale Solar Power Plants)
CategoryUtility-Scale Solar PV Generation
Description

End-to-end utility-scale solar PV power plant offering covering project development, technical consulting, EPC, operation, and investment. Customers include institutional investors, industrial off-takers, and municipalities; sold as own-portfolio assets, third-party EPC projects, and PPA-backed offtake.

2Batteriespeicher (Battery Energy Storage Systems)
CategoryBattery Energy Storage
Description

Large-scale battery energy storage systems co-located with solar parks to provide night-time power supply, energy time-shifting, and grid stabilization. Includes the NAEXT-co-developed Innovation Quadragon storage system. Targeted at grid operators, IPPs, and PPA off-takers needing dispatchable renewable energy.

3Enerparc Power Trading (EPTPL)
CategoryPower Trading and Market Access
Description

Wholesale electricity trading and market access service in India, connecting industrial and commercial consumers with power generators. Uses Enerparc's Category V trading licence to manage price volatility, demand uncertainty, and payment risk. Targets large industrial consumers, renewable and conventional generators, open access buyers, and captive power projects in India.

4Rechenzentren (Solar-Powered Data Centers)
CategorySolar-Powered Data Center Infrastructure
Description

Specialized solar-powered data center solutions combining utility-scale PV with on-site compute infrastructure. Designed for enterprises and colocation operators seeking renewable-powered, behind-the-meter or grid-connected data center capacity.

5Power Purchase Agreement (PPA)
CategoryRenewable Energy Offtake Contract
Description

Long-term, multi-decade corporate renewable energy supply contracts (PPAs) delivering 100% renewable electricity and planning security to industrial and commercial buyers. Marketed in partnership with affiliate Sunnic Lighthouse GmbH, which manages a PPA portfolio exceeding 2 GW.

6Freiflächen-Vermietung (Solar Land Leasing)
CategoryLand Leasing for Solar PV
Description

Long-term (minimum 20-year) lease or purchase program for agricultural, commercial, motorway/railway corridor, industrial-zone, or conversion land (5-100 ha) for solar PV installations. Enerparc covers all planning, permitting, construction, and commissioning costs and pays no hidden intermediation fees. Targeted at landowners seeking stable long-term income.

Scale indicator9 records

Each record includes

Type, Value, Description, Source

Partnership2 partners
1NAEXT
Strategic tierCoreTypeStrategic or Co-development PartnerAnnounced on2024-06-12
Description

Joint development of battery storage system 'Innovation Quadragon' for night-time power supply. Successfully completed test phase of jointly developed battery storage technology for integration into solar parks.

enerparc.de
Strategic tierCoreTypeStrategic or Co-development Partner
Description

Affiliate company providing trading expertise for Enerparc's power trading and marketing operations. Sunnic Lighthouse handles PPA portfolio exceeding 2 GW and green energy marketing.

Recent move7 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight5 records

Each record includes

Type, Description

Market position
Competitive moat6 records

Each record includes

Type, Details

Key risks6 records

Each record includes

Headline, Details, Source

Key highlights6 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Named customers4 records

Each record includes

Name, Industry, Type, Use case, Source, UUID

Segment4 records

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile4 records

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
No
API detail
Has APIbool
No

Docs URL, Description

AI maturity
App detail

Has app

Feature3 records

Each record includes

Title, Differentiator, Description, Source

Core technology
Revenue estimate
Valuation estimate
Number of profiles
Profiles11 records

Each record includes

Name, Designation, Designation category, Overview, Profile commentary, Source

Subsidiaries1 record

Each record includes

Name, Acquired on, Relationship type, Type, Business focus

Compliance2 records

Each record includes

Name, Class, Description

Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds1 record

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Enerparc

Utility-Scale Solar Power Development and Operationenerparc.de

Enerparc AG is a founder-owned Hamburg-based independent solar power producer that develops, builds, and operates distributed utility-scale photovoltaic and battery storage projects, serving industrial energy consumers, landowners, municipalities, and power producers across Europe, India, and Australia.

What Enerparc does

Enerparc AG is a Hamburg-headquartered, founder-owned independent solar power producer founded in 2008, specializing in the development, engineering, construction, and operation of distributed utility-scale photovoltaic (PV) projects. The company has connected more than 4,500 MW to the grid across 600+ solar installations worldwide, with approximately 3,500 MW held in its own long-term portfolio. Enerparc operates across the full value chain — site selection, permitting, EPC, operations, and power marketing — and has expanded from its German core market into Spain, France, Portugal, India, and Australia, supported by 680+ employees.

The company's core products include utility-scale solar parks, large-scale battery energy storage systems (BESS) co-developed with NAEXT under the 'Innovation Quadragon' brand, solar-powered data center solutions, long-term Power Purchase Agreements (PPAs), and 20+ year land lease arrangements with landowners for sites of 5-100 hectares. A recently launched Indian subsidiary, Enerparc Power Trading Private Limited (EPTPL), holds a Category V interstate trading license from India's Central Electricity Regulatory Commission, extending the company into power trading and market access services. The company is certified to ISO 27001 and GDPR-compliant for data handling.

Enerparc's revenue model blends asset-heavy recurring income (owned solar generation sold through PPAs and feed-in tariffs, long-term land lease payments) with one-time EPC service fees for third-party projects and transaction-based fees from India power trading. Go-to-market is predominantly direct enterprise field sales targeting institutional investors, municipalities, and large industrial energy consumers, supplemented by industry event presence (Intersolar Europe 2025) and content marketing via the ENERTALK video series. Customer segments include industrial and commercial energy consumers, landowners with open spaces, municipalities, and — in India — power producers and large industrial buyers seeking price stability.

Enerparc firmographics

Firmographics
Name
Enerparc
Legal name
ENERPARC AG
Website
https://enerparc.de
Company type
Private
Founded year
2008
Operating status
Operating
Headcount range
1–10 employees
Short description
Enerparc AG is a founder-owned Hamburg-based independent solar power producer that develops, builds, and operates distributed utility-scale photovoltaic and battery storage projects, serving industrial energy consumers, landowners, municipalities, and power producers across Europe, India, and Australia.
Ownership category
akta.pro rank

Enerparc industry classification

Industry
Product category
Utility-Scale Solar Power Development and Operation
NAICS
Solar Electric Power Generation (221114), Electric Power Generation (22111)
SIC
Cogeneration Services & Small Power Producers (4991)
akta.pro primary industry
Solar PV Power Plant EPC (Utility-Scale) (EUAEAAAG)
akta.pro secondary industries
Utility-Scale PV EPC (Engineering, Procurement & Construction) (EUACAGAB), Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB), Electrical Balance-of-Plant EPC (MV Collection, Cabling, Earthing, Lighting) (EUAEADAB), Civil & Site Works EPC (Earthworks, Roads, Drainage, Foundations) (EUAEADAA), Substation & Interconnection EPC (Collector/POI Substations, Switchyards) (EUAEADAC)

Keywords

  • Utility-scale solar development
  • Photovoltaic project engineering
  • Battery energy storage
  • Renewable power purchase agreements
  • Solar asset management

Where Enerparc is headquartered

Location

Headquarters

HQ city
Oakland
HQ country
United States
HQ region
North America

Offices2 records

Markets served

Enerparc business model

Business model
GTM type
B2B
Offering type
Services
Cost components
Personnel, Infrastructure, Supply Chain, Technology or R&D, Operations, Marketing or Sales

Revenue model

  1. Solar Power Generation: Operating owned solar parks to generate electricity sold through feed-in tariffs and PPAs. Long-term asset ownership model with recurring revenue from power generation.
  2. EPC Services: Engineering, procurement and construction services for third-party solar projects. Project developer and general contractor for solar installations.
  3. Power Trading and Market Access: Trading electricity and providing market access services through Enerparc Power Trading (EPTPL) in India. Addresses price volatility and payment risks for both industrial consumers and power producers.
  4. Land Leasing: Long-term land leasing arrangements (20+ years) with landowners for installation of solar parks on agricultural and commercial land.

Pricing tiers

ModelBillingPrice
SubscriptionMulti-year contractProject-specific pricing for solar development and PPA arrangements

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Enerparc product offering

Product offering

Core offering

Enerparc AG develops, finances, builds, owns, and operates utility-scale solar photovoltaic power plants and large-scale battery energy storage systems across Europe, India, and Australia. It sells electricity through long-term Power Purchase Agreements (PPAs) and feed-in tariffs to industrial and commercial consumers, delivers EPC and O&M services, provides solar-powered data center infrastructure, and trades electricity in India via its EPTPL subsidiary. The company also sources land through 20+ year lease contracts with landowners for new PV installations.

Product overview

ENERPARC operates as a comprehensive solar energy platform offering integrated services across the entire photovoltaic value chain. The core offerings include Solarparks (large-scale solar power plant development, construction, and operation) and Batteriespeicher (battery storage systems for energy time-shifting), complemented by specialized Data Centers and Power Purchase Agreements. The company has recently expanded into power trading with its Enerparc Power Trading (EPTPL) subsidiary in India. Services extend to land leasing for solar installations, providing complete project development from site selection through commissioning. ENERPARC functions as project developer, technical consultant, general contractor, operator, energy trader, and investor.

Differentiator

Problem solved

Functional benefit

Products and services

  • Solarparks (Utility-Scale Solar Power Plants) End-to-end utility-scale solar PV power plant offering covering project development, technical consulting, EPC, operation, and investment. Customers include institutional investors, industrial off-takers, and municipalities; sold as own-portfolio assets, third-party EPC projects, and PPA-backed offtake.
  • Batteriespeicher (Battery Energy Storage Systems) Large-scale battery energy storage systems co-located with solar parks to provide night-time power supply, energy time-shifting, and grid stabilization. Includes the NAEXT-co-developed Innovation Quadragon storage system. Targeted at grid operators, IPPs, and PPA off-takers needing dispatchable renewable energy.
  • Enerparc Power Trading (EPTPL) Wholesale electricity trading and market access service in India, connecting industrial and commercial consumers with power generators. Uses Enerparc's Category V trading licence to manage price volatility, demand uncertainty, and payment risk. Targets large industrial consumers, renewable and conventional generators, open access buyers, and captive power projects in India.
  • Rechenzentren (Solar-Powered Data Centers) Specialized solar-powered data center solutions combining utility-scale PV with on-site compute infrastructure. Designed for enterprises and colocation operators seeking renewable-powered, behind-the-meter or grid-connected data center capacity.
  • Power Purchase Agreement (PPA) Long-term, multi-decade corporate renewable energy supply contracts (PPAs) delivering 100% renewable electricity and planning security to industrial and commercial buyers. Marketed in partnership with affiliate Sunnic Lighthouse GmbH, which manages a PPA portfolio exceeding 2 GW.
  • Freiflächen-Vermietung (Solar Land Leasing) Long-term (minimum 20-year) lease or purchase program for agricultural, commercial, motorway/railway corridor, industrial-zone, or conversion land (5-100 ha) for solar PV installations. Enerparc covers all planning, permitting, construction, and commissioning costs and pays no hidden intermediation fees. Targeted at landowners seeking stable long-term income.

Quantifiable outcome

  • 45,000 households powered annually by Balearic Islands portfolio generating ~160,000 MWh
  • +2 more outcomes

Companies that use Enerparc

Customer profile

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Enerparc technology and API

Technology

Technology focussed No

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

Feature3 records

Enerparc partnerships and signals

Strategic signal

Partnerships

Two partnerships are on record, tiered core.

  • NAEXTcoreStrategic or Co-development Partner · 12 June 2024Joint development of battery storage system 'Innovation Quadragon' for night-time power supply. Successfully completed test phase of jointly developed battery storage technology for integration into solar parks.
  • Sunnic Lighthouse GmbHcoreStrategic or Co-development PartnerAffiliate company providing trading expertise for Enerparc's power trading and marketing operations. Sunnic Lighthouse handles PPA portfolio exceeding 2 GW and green energy marketing.

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Enerparc competitors and assessment

Company assessment

Market position

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

Enerparc social profiles

Digital presence

Enerparc compliance and trust

Trust signal

Compliance2 records

Enerparc financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Enerparc leadership team

Management profile

Number of profiles

Profiles11 records

Enerparc subsidiaries and ownership

Company hierarchy

Subsidiaries1 record

Enerparc funding detail

Funding detail

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

Enerparc M&A and investment

M&A and investment

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Enerparc

What does Enerparc do?

Enerparc AG develops, finances, builds, owns, and operates utility-scale solar photovoltaic power plants and large-scale battery energy storage systems across Europe, India, and Australia. It sells electricity through long-term Power Purchase Agreements (PPAs) and feed-in tariffs to industrial and commercial consumers, delivers EPC and O&M services, provides solar-powered data center infrastructure, and trades electricity in India via its EPTPL subsidiary. The company also sources land through 20+ year lease contracts with landowners for new PV installations.

Is Enerparc a public or private company?

Enerparc is a private company. It is classified as founder individual operated bootstrapped and is currently operating.

When was Enerparc founded?

Enerparc was founded in 2008. It employs 1 to 10 people.

Where is Enerparc based?

Enerparc is headquartered in Oakland, United States, in the North America region.

How does Enerparc make money?

Four revenue lines are on record. Solar Power Generation is the primary driver. The others are EPC Services, power Trading and Market Access and land Leasing.

Does Enerparc have an API?

No public API is recorded for Enerparc.

What industry is Enerparc in?

Enerparc's product category is Utility-Scale Solar Power Development and Operation. Its primary akta.pro industry code is EUAEAAAG, Solar PV Power Plant EPC (Utility-Scale), with a secondary code of EUACAGAB, Utility-Scale PV EPC (Engineering, Procurement & Construction). Its NAICS code is 221114 and its SIC code is 4991.

Unlock the full company data

50 free credits on sign-up, no credit card required.

Contact sales
Live signals
FinanzNachrichten.deEnerparc: Insolvenzverwalter peilt Teilverkauf bis Dezember anEnerparc's insolvency administrator Stefan Denkhaus said a partial sale is underway, with the first transaction expected this year and further portfolio sales in Q1 2027. Rothschild & Co was appointed, and the company's portfolio includes 3.8GW of installed capacity. The administrator noted that further insolvency filings among the 492 related companies cannot be ruled out.OilPrice.comEurope's Biggest Independent Solar Operator Just Went BankruptEnerparc AG, Europe's largest independent solar park operator, filed for insolvency in Hamburg. The move follows record renewable energy share in Germany and grid expansion delays. The company has 5.5 GW of installed capacity and over 500 solar parks.BloombergGermany’s Green Power Boom Leaves Developers Fighting to Survive - BloombergGermany's renewable-energy developers are facing a shakeout as project economics worsen, pushing many into financial distress. Hamburg-based solar developer Enerparc AG filed for insolvency this month with around €3 billion in debt, following wind developer Sowitec Group's filing. Others like BayWa r.e. and ABO Energy are restructuring.FinanzNachrichten.deGescheiterte Finanzierung löste Enerparc-Insolvenz aus - Investorenprozess soll bald startenEnerparc AG entered provisional insolvency, with sister companies Pvwerk and Sonnen Tiefbau also affected. The insolvency administrator said a relevant financing for PV projects with battery storage failed in late June. An investor process is expected to start soon.PV TechEnerparc’s sister company Pvwerk announces self-administered reconstructionPvwerk, a Hamburg-based solar construction firm, filed for self-administered reconstruction after its sister company Enerparc entered insolvency proceedings. The court ordered the reconstruction, and Pvwerk will continue operations to complete about 100 Enerparc projects under construction. The company claims to have built over 500 PV plants with 5.5GW capacity since 2011.RenewablesnowEnerparc affiliate Pvwerk to restructure under self-administrationThe Hamburg district court ordered preliminary self-administration for Pvwerk on September 7, prompted by the insolvency of its sister company. The solar park and battery storage firm has completed over 500 systems with more than 5.5 GW capacity and employs about 60 people, with salaries secured for three months.FAZ.NETSolarparkbetreiber Enerparc AG ist insolventEnerparc AG, a German solar park operator, filed for insolvency. The Hamburg-based company operates hundreds of solar parks with a total capacity of 5.5 gigawatts. Operations continue despite the filing.SolarQuarterENERPARC AG Files For Insolvency, Operations Of 5.5 GW Solar Portfolio ContinueENERPARC AG filed for insolvency proceedings with the Hamburg Local Court, appointing Stefan Denkhaus as provisional administrator. The company's 5.5 GW solar portfolio, including 3.8 GW connected to the grid, will continue operations. Discussions are underway with the board, advisors, and lenders to stabilize the business.FinanzNachrichten.dePhotovoltaik: Solarpark-Entwickler Enerparc insolventEnerparc, a Hamburg-based solar park developer, filed for insolvency, and the court appointed lawyer Stefan Denkhaus as provisional administrator. The filing was made to the Hamburg district court, with the appointment confirmed on September 7, 2026.PV TechEnerparc files for insolvencyEnerparc AG, a solar project developer, filed a petition with the Hamburg District Court to open insolvency proceedings. The company's board initiated the proceedings, and the filing was made public in a statement.