Solar power company SolarZero has entered liquidation. The decision comes after the company faced unsustainable operating losses and liquidity constraints, making it unable to continue trading in its current form.
The directors of SolarZero stated that the company had considered various restructuring options. However, “SolarZero and its key stakeholders were unable to identify a viable solution to sustain the business,” the company said.
“This is a tough day for SolarZero teams, who have worked hard to build a more sustainable New Zealand. Today’s decision is not a reflection on their work or commitment.”
The directors have requested that its senior lenders take enforcement action and appoint Verofi as a replacement service provider to ensure that power services for customers remain uninterrupted.
The company ceased operations at 4 PM on Tuesday, and Russell Moore and Stephen Keen from Grant Thornton have been chosen as the liquidators.
SolarZero has assured thousands of its customers that their services will continue through Verofi. However, some customers have expressed concerns about their contracts and the long-term implications of the liquidation.
On SolarZero’s Facebook page, one customer wrote: “So, our contracts still stand and we still get the 2nd battery free after 10 years, correct? Because if not, I want out.”
Another user also said: “Going to make selling the house next year even more of a pain.”
Founded in the 1970s, SolarZero was recognised for its innovative approaches to renewable energy, including New Zealand’s first solar subscription service. At its peak, the company employed over 160 staff across its offices in Wānaka, Christchurch, and Auckland.