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.
- petcat
> 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.
It's another tough loss for German and European industry. Battery tech requires a lot of electricity and German energy prices are simply not competitive. And EU regulations limit how much the German government can subsidize industrial electricity costs.
Lots of debt, expensive labor, expensive energy, and EU Battery Regulation and limits on subsidies all adds up to just losing the business completely to China.
- meangenehackman
FTA - They lost Apple as their main customer. Apple is switching to Chinese battery manufactures.
- TheChaplain
It's not that bad, they still make money on consumer- and micro batteries. Needs a bit of restructuring.
- mertbio
The sentiment seems to be that this is unique to Germany but is there any country that can rival China in manufacturing?
- mproud
Apple giveth, Apple taketh away.