Latest news with #SolarGroup
NZ Herald
3 days ago
- Business
- NZ Herald
Solar Group in liquidation: Kiwibank among creditors owed more than $3 million
The company, which provided installation and services of solar power, pool heating and hot water systems, has ceased trading and staff have been terminated. The first liquidator's report said Kiwibank holds a General Security Agreement – granting it security interest over the borrower's assets – and is owed $1.8m. Kiwibank had engaged Ruscoe and Keen to review the financial performance and viability of Solar Group in December last year, the report said. That review was extended in February to include the company's forecast performance and cash flow. Ruscoe and Keen said they were aware of nine potential employee claims. So far, they had received four employee claims totalling $102,336, including outstanding wages, commissions and holiday pay. Inland Revenue is owed approximately $933,675, with a significant portion expected to be preferential. There are also 118 unsecured creditors, which are owed $1,059,434. Creditors include ACC, Fuji Xerox, Meridian Energy, the Ministry for Primary Industries, NZ Couriers and Spark NZ. According to a statement of affairs, Solar Group has estimated assets of $2.5m, which is largely made up of intangible assets of $1.2m. The company has stock on hand with an estimated worth of $524,136. Ruscoe and Keen said it is unknown is any funds will be available to make payment to creditors. Solar Group is also a party in the disputes tribunal and district courts. Behind the ball Last year, Solar Group managing director Roeland Driessen told the Herald that solar uptake in New Zealand was slow compared to the rest of the world. 'The number of connections is about 3% solar,' Driessen said. 'In other countries like Australia, the United States, it's 30-40%. So we are way behind [the] ball.' Cost was one of the biggest issues. A solar system for the average New Zealand home comes with a price tag of about $25,000. In November last year, SolarZero was placed into voluntary liquidation owing more than $40m to over 700 creditors and staff. The company had 169 staff at the time of liquidation and about 15,000 customers. Cameron Smith is an Auckland-based business reporter with the Herald live news team. He joined the Herald in 2015 and has covered business and sports. He reports on topics such as retail, small business, the workplace, and macro-economics.
Hans India
15-05-2025
- Hans India
India tests drone-killer ‘Bhargavastra' successfully
New Delhi: India has taken a significant step in its counter-drone warfare capabilities with the successful testing of Bhargavastra, a low-cost anti-drone system developed by Solar Defence and Aerospace Limited. Tested recently at the Seaward Firing Range in Gopalpur, the system is being hailed as a game-changer in addressing the growing challenge of drone swarms, particularly in the wake of modern conflicts like Operation Sindoor. Developed by the Economic Explosives Ltd, a subsidiary of Solar Group, the Bhargavastra system uses guided micro-munitions capable of destroying small and incoming drones at a range of up to 2.5 km, with radar detection extending up to 6 km. In its recent field trials, the system successfully executed single and salvo-mode launches, achieving all target parameters. Bhargavastra is engineered for deployment across India's diverse geographies, from desert plains to high-altitude mountain regions up to 5,000 meters. It is effective against autonomous drone swarms, which are often resistant to electronic jamming or spoofing. Bhargavastra is not just a single-layer response but a multi-layered counter-drone platform. Its integrated Command-and-Control Centre comes with advanced C4I (Command, Control, Communications, Computers, and Intelligence) systems, offering real-time situational awareness. It can be linked to India's broader defence networks, making it viable for network-centric warfare. Its radar system can detect medium to large UAVs (Unmanned Aerial Vehicle) up to 10 km away, while its Electro-Optical/Infrared (EO/IR) capabilities allow precise detection of low RCS (Radar Cross-Section) targets, often used in stealth drone attacks.
Time of India
12-05-2025
- Business
- Time of India
Nagpur co delivering indigenous boosters for Brahmos missiles
Nagpur: The systems that propel the BrahMos missiles , which struck terror bases in Pakistan, are also being made in Nagpur. The Solar Group, whose Nagastra-1 loitering munition was used in the strikes during Operation Sindoor, also manufactures the booster systems for the missiles. Catering to BrahMos Aerospace Private Limited (BAPL) for two years, Nagpur Solar replaced the Russian systems with indigenous ones, said company delivered the first batch in 2022 and remains one of the major vendors to BAPL, a joint venture between India and Russia. These systems propel the missile upward and are a key component of a missile, with the propulsion system at the base and the warhead on top of the missile. After delivering the first batch, orders have been continuous, said Group received the transfer of technology (TOT) from Russia in 2018 and successfully developed an indigenous system. Starting as a commercial explosives manufacturer, Solar Group diversified into defence manufacturing over a decade ago. The company continues to supply different types of ammunition to the armed forces, including the Pinaka Solar Group delivered the booster in 2022, the defence public sector undertaking Munitions India Limited (MIL) was also gearing up to start filling the warhead for BrahMos missiles with explosives. MIL is a the largest producer of ammunition in the country.
