German Battery Maker Varta Files Insolvency Applications After Funding Rejection
Varta has filed four insolvency applications after shareholders Porsche AG and Michael Tojner refused additional funding. The company lost its key customer, Apple, which plans to source CoinPower cells from China. Creditors like Deutsche Bank now aim to acquire the household battery division, while Tojner targets the micro-battery unit, signaling a likely breakup of the struggling manufacturer.
Varta lost its key customer in the spring: Apple plans to source the rechargeable CoinPower button cells for its AirPods headphones from China in the future.