Compleo initiates orderly insolvency proceedings in self-administration

Talks with potential investors and stakeholders have so far remained without result | Short-term provision of additional financing not possible

Dortmund, 20 December 2022: Compleo Charging Solutions AG (Compleo) is filing an application for the opening of insolvency proceedings in self-administration with the competent local court. The application is to be filed promptly in the next few days. The main trigger is that talks with potential investors and stakeholders about the provision of additional financing in the short term will no longer lead to a successful conclusion with the necessary probability.

Against the above background, the Executive Board does not believe that the company's solvency is sustainably guaranteed and will file an application to open insolvency proceedings in self-administration. The corresponding applications will now be submitted to the competent district court within the statutory deadline.

In the past six weeks that the new Executive Board has been in office, many measures have already been initiated to put the company on a solid footing. "Among other things, we have started to streamline processes as well as the product portfolio and to restructure the organisation," says CFO Peter Hamela.

The company is to be continued unchanged by CEO Jörg Lohr and CFO Peter Hamela as part of the insolvency proceedings. "The production of charging stations continues as planned. We are aiming to press ahead with the restructuring processes that have been underway for weeks in order to secure the continued existence of the company and the preservation of jobs. We would have liked to send a different message shortly before the festive season. Unfortunately, we were not able to do so in view of the too short time window," says Compleo CEO Jörg Lohr. But we are confident that we will get the necessary financing in the new year. It just needs a little more time," says Lohr.

About Compleo:

Compleo Charging Solutions AG is one of the leading full-service providers of charging technology for EVs in Europe. The company supports its business customers with a range of charging stations and a backend for charging infrastructure. Compleo’s product range includes both AC and DC charging stations. DC charging points from Compleo were the first DC charging stations on the market to comply with calibration regulations. The company is headquartered in Dortmund, Germany. Its customers include Allego, Clever, E.ON, EWE Go, Deutsche Telekom, Siemens and more than 300 municipal utilities in Germany. More info at: www.compleo-charging.com