SolarZero Limited (in Liquidation): Important Business Update

Today, Tuesday 26 November, 2024 the directors of SolarZero Limited (in liquidation) have requested its senior lenders take enforcement action and appoint the standby servicer, Verofi, as replacement servicer, and that its shareholder appoint a liquidator.

SolarZero’s customers will not be affected by today’s announcement.

Ahead of the liquidation, the senior lenders appointed Verofi as the replacement service provider to ensure energy services to customers across the country were uninterrupted.

The directors have advised company employees that due to unsustainable operating losses, and liquidity constraints, the business is unable to continue trading in its current form.

As a result, the company has ceased operations from 4pm today. Russell Moore and Stephen Keen of Grant Thornton have been appointed as the liquidators of SolarZero.

Founded in the 1970s, SolarZero emerged as New Zealand's leading solar company, revolutionising renewable energy solutions for Kiwis. 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.

SolarZero has over 160 employees throughout the country with key office sites in Auckland, Christchurch and Wanaka.

The directors of SolarZero said: “This difficult decision follows work to explore a range of options to restructure the company. Regretfully, SolarZero and its key stakeholders were unable to find a viable solution to sustain the business.

“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.

“From day one, the company’s mission was to make solar energy affordable and stop climate change. We remain optimistic for New Zealand’s transition to becoming 100% renewable and thank the customers, colleagues and partners who shared our vision of a cleaner, greener, Aotearoa.”

As the liquidators have now been appointed, no further comment will be made.

About SolarZero 

Founded in the 1970s as Thermocell, SolarZero began as a solar water heating company. SolarZero evolved to focus on decarbonising power and introduced New Zealand’s first solar subscription service, making renewable energy more affordable for Kiwis. SolarZero has over 160 employees throughout New Zealand including customer-care agents, installation teams and system managers, with key office locations in Auckland, Christchurch and Wanaka.

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