ABL focuses on a sustainable reorganization and transformation of its business activities in order to position itself for the future. To achieve this goal, the management of ABL filed an application for the initiation of self-administration proceedings with the District Court of Nuremberg on June 26, 2023. The company will be restructured in the coming months to be successful in the market in the long term.
"We will continue to supply our customers as usual during the proceedings," explains Managing Director Dr Stefan Schlutius, adding, "Together with our team, we will launch our new generation of calibration-compliant charging stations Wallbox eM4 Twin and Single and our new SCHUKO range on the market as planned. Business operations will continue normally and in full. The self-administration procedure provides the legal framework for implementing the necessary restructuring measures without interrupting business operations. The wages and salaries of the approximately 550 employees are secured."
The government subsidy for private charging stations caused an unprecedented boom in the home charging market segment in 2021 and 2022. However, the consequence of such an exorbitant increase in demand two years ago is now an oversaturation of the market for private charging stations.
In addition, the war in Europe has shifted the attention of national and European politicians and populations: from electromobility to emission-free power generation through photovoltaics and emission-free energy consumption through heat pumps. As a result, many of the customers have reduced, cancelled or postponed their orders of charging stations.
"Although we are negatively affected by the instantaneous shift in political focus, we continue to adhere to our mission that eMobility makes an important contribution to the energy transition. That is why the path taken by ABL continues to be unreservedly viable for the future," continues Dr. Stefan Schlutius.
As part of the restructuring efforts to date, ABL has worked with a consulting firm to develop a sustainable strategic plan to respond to the ramp-up of the market, which has been impacted by the negative after-effects of the subsidy boom. Part of this strategy is the self-administration procedure now ordered, which is intended to ensure the long-term restructuring of the company. In its product strategy, ABL is currently focusing more strongly on the area of operated charging, i.e. highly intelligent and calibration-compliant charging infrastructure for the commercial and public sectors. In May, for example, the manufacturer successfully launched its new charging station for companies, hotels, the housing industry, and parking garages with the Wallbox eM4 Twin. With the Wallbox eM4 Single, the next intelligent charging station of the new ABL eMobility product generation will follow later this year.
Self-administration is a judicial reorganization procedure for the preservation of companies. The management of ABL remains in office, leads the company itself through the proceedings and is supported by the restructuring experts of PLUTA. The court appoints a provisional administrator who accompanies the proceedings in the interest of the creditors. Attorney Michael Wirth of the law firm Dr Schmitt & Kollegen has been appointed as provisional administrator for ABL.