Sale safeguards jobs at solar technology firm

A North East renewable energy technology company has secured its future and protected jobs following the sale of its business and assets.

Solar Capture Technologies Limited was acquired by TMS Solar Solutions Limited after Shaun Hudson and Allan Kelly of business advisory firm FRP were appointed joint administrators.

The transaction safeguarded all 14 jobs at the company, while preserving its intellectual property, manufacturing capability and specialist expertise.

Based in the North East, Solar Capture Technologies has developed a range of solar energy products and is recognised for its work in advancing renewable energy technologies.

Despite its technical strengths and investment in product development, the business faced funding challenges and was unable to secure the additional finance needed to continue operating independently.

The sale ensures continuity for the company’s technology portfolio, including a patented building-integrated photovoltaic roof tile designed to support the adoption of sustainable energy solutions.

FRP said the transaction was completed as a going concern, helping to secure the future of the business while delivering a positive outcome for creditors.

The deal also enables the continued development and commercialisation of the company’s solar technologies under new ownership.

Shaun Hudson, joint administrator and partner at FRP, said: “Solar Capture Technologies has developed innovative products and built a strong reputation within the renewable energy sector.

“We are pleased to have secured a sale that safeguards all jobs, preserves valuable intellectual property and manufacturing capability, and provides a platform for the company’s technologies to continue to be developed and manufactured locally.

“This outcome delivers the best available result for creditors while ensuring that important innovation and expertise remain active within a sector that plays a key role in the UK’s transition to sustainable energy. 

“We wish TMS Solar Solutions Limited every success for the future.”

Want your business, product or service to be seen regionally and nationally? Bdaily helps you get your story in front of the right audience, every day. Find out how Bdaily can help →

Join more than 55,000 subscribers by signing up to our daily bulletin each morning here.