Shares of Saule Technologies, the Polish perovskite solar panel developer once hailed as a breakthrough startup, have been delisted from the NewConnect market of the Warsaw Stock Exchange. The decision by the GPW management board came after the company failed to publish its annual reports for the financial years 2024 and 2025. Saule Technologies currently conducts no business operations.
The delisting marks a dramatic fall for a company that raised nearly 300 million złoty over 11 years and was backed by Columbus Energy, a major Polish solar investor. According to Dawid Zieliński, CEO of Columbus Energy, not a single perovskite module was ever produced on the company’s production line. He stated that the entire investment has yielded no commercial output.
The end of a perovskite dream?
Saule Technologies was founded by physicist Olga Malinkiewicz, who gained international recognition for developing lightweight, flexible, and semi-transparent perovskite solar cells. The technology promised to revolutionise the solar industry by enabling integration into windows, facades, and even clothing. However, the company never managed to scale up production from lab prototypes to commercial manufacturing.
Olga Malinkiewicz now owns 13 percent of voting rights in the company and was formally removed from the management board on 24 April 2026. She claims she was deceived by the investors from the very beginning. – I was cheated. The investors had bad intentions from the start and wanted to take over the perovskite technology – she said in a social media statement.
A bitter dispute between founders and investors
The conflict between Malinkiewicz and Zieliński has been simmering for months. Zieliński, who controls Saule Technologies together with Piotr Kurczewski from the investment fund DC24 ASI, argues that the company’s management failed to deliver on its promises. – In 11 years, we invested almost 300 million złoty, and not a single module was produced on the production line – he pointed out.
Malinkiewicz counters that the investors intentionally blocked production plans to force her out and gain control of intellectual property. The real reason we never produced modules is that the investors sabotaged our efforts – she replied in a post.
What’s next for Saule Technologies?
With no revenue, no production, and no presence on the stock exchange, the company’s future looks uncertain. The delisting from NewConnect reduces liquidity for any remaining shareholders and makes it harder to raise new capital. The Polish daily WNP reported that the company currently has no active operations.
The case has become a cautionary tale in Poland’s startup scene, highlighting the risks of over-promising on breakthrough technologies and the dangers of founder-investor conflicts. Perovskite technology itself continues to be researched worldwide, but Saule Technologies’ failure may discourage private investment in similar ventures in the country.
Źródło: WNP.PL, Fot. MOZCO/Shutterstock
