Solar Millennium will sue for full repayment of ? 9 million

The efforts by the Supervisory Board of Solar Millennium AG (ISIN DE0007218406) to find a mutual agreement with the former CEO Prof. Utz Claassen regarding the repayment of his € 9 million signing fee have failed. Therefore the Supervisory Board decided at yesterday’s Supervisory Board meeting to file an action with the Landgericht (Regional Court) Nürnberg-Fürth for repayment of the full amount he received upon his appointment. The complaint will be filed with the court today.

In March 2010, Claassen had resigned from his position as Solar Millennium’s CEO after a mere 74 days in office. The Supervisory Board considers the settlement negotiations, which started in May last year, as failed. "Since December we have been going round in circles", says Helmut Pflaumer, Chairman of the Supervisory Board of Solar Millennium AG. "We went to great lengths to solve all open issues. In the meantime our suggestions are no longer receiving any replies. We will now enforce the Company’s interests through the courts."

Court hearings docketed for 29 March were postponed once again, following a motion by Claassen. The Landgericht Nürnberg-Fürth now scheduled the hearing for 9 September.

Solar Millennium AG, Erlangen, is an international company in the renewable energy sector,  with a focus on solar-thermal power plants. Together with its subsidiaries and associates, the Company specializes in Parabolic Trough power plants and has managed to take a globally leading position in this field.

Solar Millennium strives to further extend its expertise in the area of solar-thermal power plants with the aim of achieving and securing sustainable technology leadership. As such, the Company covers all important business sectors along the value chain for solar-thermal power plants: from project development and financing to the technology and the turnkey construction and operation of power plants. In Spain, Solar Millennium has developed Europe’s first Parabolic Trough power plants, these were realized with partners. Additional concentrated solar energy projects are planned around the world with an overall capacity of more than 2,000 megawatts: the current regional focus is on Spain, the US, India, China, the Middle East and North Africa.

Solar-thermal power plant technology

Solar-thermal power plants generate electricity by converting solar radiation into heat energy. In a Parabolic Trough concentrated solar energy plant, trough-shaped mirrors concentrate the incidental radiation onto a pipe in the focal line of the collector. Its absorption heats a fluid heat medium in the pipe, generating steam in the power block through a heat exchanger. As in conventional power plants, the steam powers a turbine to generate electricity. By integrating thermal storage, electricity can be supplied on demand, even after sunset.