Million-dollar bankruptcy of a well-known energy-saving startup

Die EET – Efficient Energy Technology GmbH based in Graz has loud KSV1870 Filed for bankruptcy proceedings at the Graz Regional Court on June 26th. Founded in 2017, the company most recently employed 22 people and sold battery energy storage systems for private households.

The company’s managing director is Mark Reijerkerk. The shareholders include the Norwegian energy group Statkraft Ventures AS, the Junction Growth Investors Fund from Belgium, DI Dr. Christoph Grimmer and DI Stephan Weinberger.

Lost price war with Far East

But technological innovation could not prevent economic failure. According to management, EET fell into crisis in 2024 due to problems in the supply chain for battery storage systems. Increasing competitive pressure – especially from significantly cheaper providers from the Far East – made the situation worse. “The company was unable to keep up with the sales prices and manufacturing costs of suppliers from the Far East,” says the KSV1870 insolvency report.

A capital increase by the shareholders in September 2024 and restructuring measures did not bring about a turnaround. In the fall of 2025, EET tried to reinvent itself: Instead of selling battery storage, the virtual meter technology should be licensed to other manufacturers in the future.

Sale failed

In November 2025, the company began a sales process to find a strategic buyer and fresh capital to further develop the technology. Numerous discussions with interested parties were held. But ultimately no deal was reached. Without income from operational business, insolvency ultimately occurred. According to the debtor, a continuation would not be advisable.

Debts and assets

The assets are valued at 341,000 euros, the liabilities at 6.378 million euros, of which 5.3 million euros are attributable to the shareholders. Around 95 creditors are affected.