What happened to solarzero limited (in liquidation)?

SolarZero Limited (In Liquidation) (the Company) ceased operations from 4pm on 26 November 2024 at which time Russell Moore and Stephen Keen from Grant Thornton New Zealand were appointed as joint and several liquidators of the Company.

Why did solarzero appoint a liquidator?

“The team is deeply disappointed with this outcome and has worked with the SolarZero board to request the appointment of a liquidator to ensure an orderly transition of the business in the interests of related stakeholders, including SolarZero’s customers, employees, creditors, and others,” she says.

Why did nzgif lend to solarzero?

“NZGIF provided lending to enable the installation of solar panels and battery systems by SolarZero,” a spokesperson said. “NZGIF is working with other lenders and the liquidator to understand the situation as it unfolds. “NZGIF acknowledges the hard work and dedication of the SolarZero team, having worked with it for several years as a lender.

What happened to solarzero customers?

Bar a handful who will be kept on by a third-party service company to work with SolarZero’s 15,000 residential customers, all of their jobs were terminated with immediate effect. “As you can imagine it was a bit of a train wreck,” says one customer operations worker.

How did solar power help New Zealand achieve net-zero emissions?

“The company pioneered New Zealand’s first solar subscription service, making clean energy more accessible and affordable for households nationwide. “The company developed and operated Australasia’s largest virtual power plant, a critical innovation in advancing the region’s journey toward net-zero emissions.”

Why did solarzero stop trading?

The company’s directors advised its more than 160 employees that due to “unsustainable operating losses and liquidity constraints”, the business was unable to continue trading in its current form. LATEST: SolarZero insider’s shock: ‘No holiday pay, signs of trouble’ and expert’s doubts about firm’s model