Saule Technologies, the Polish company that was the first in the world to launch a production line of flexible, semi-transparent perovskite cells, has found itself in the middle of a serious crisis. A promising project combining science and industry has stalled, and instead of global expansion, the company is facing financial collapse, the departure of the research team, and a sharp conflict between co-founder Olga Malinkiewicz and investors.
Technological innovation and ambitious development plans
Saule Technologies was founded to commercialize the breakthrough technology of perovskite solar cells. The cells developed by the team led by Olga Malinkiewicz can generate energy not only from sunlight, but also from artificial light, they are lightweight, flexible and transparent. The company has opened the world's first production line of these cells, which has been recognized as a milestone in the development of photovoltaics.
Growing conflict over control of the company
Despite the technological success, the company has been in a conflict for some time regarding control over the company and its development strategy. The main parties to the dispute are Olga Malinkiewicz, Columbus Energy and the DC24 Alternatywna Spółka Inwestycyjna fund.
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On June 12, 2023, an agreement was signed to provide Saule with stable financing and open a new chapter in its operations. However, after almost two years, it became a source of controversy and accusations of acting to the detriment of the company.
Allegations of misrepresentation and failure to invest
On May 19, 2025, the management board of Saule Technologies and Malinkiewicz herself declared that they were evading the effects of the concluded agreement, claiming that they had been misled by the DC24 fund.
According to Malinkiewicz, DC24 committed to pro-development activities, including the construction of a production plant and the implementation of a project with the National Fund for Environmental Protection and Water Management. Meanwhile, in the period from 2022 to 2024 – despite assurances of PLN 40 million in financing – only about PLN 20 million was paid out, which was only 40.5% of the agreed amount. The company had to cover the rest with expensive, high-interest loans, which eventually brought it to the brink of insolvency.
Research paralysis and team disintegration
Lack of funding resulted in halting research and development projects – laboratories did not have funds to purchase basic materials. As a result, work on new products was delayed, and a key team of researchers – including the authors of almost half of the reported inventions – left the company. Malinkiewicz warned that for a company based on intellectual property, this was a blow that could destroy its further existence.
Suspicions of abuse and attempted takeover of the company
Malinkiewicz filed a notice to the National Prosecutor's Office about suspected actions to the detriment of Saule Technologies and Saule SA by representatives of DC24 and Columbus Energy. She accused Piotr Kurczewski (president of DC24) of misleading her about investment intentions and forcing her to sign documents that could be used to make unfavorable dispositions of the company's assets.
The conflict was supposed to culminate in a proposal submitted by Columbus and DC24 in April 2025, assuming the purchase of Saule's debt in exchange for 83% of the company's shares. In Malinkiewicz's opinion, this was an attempt at a hostile takeover of the company, bypassing the interests of other shareholders.
Malinkiewicz's dismissal from the board
On the day of publication of Malinkiewicz's statement on evading the effects of the agreement concluded on June 12, 2023 – May 19, 2025 – Columbus Energy, using its statutory rights, appointed new members of the supervisory boards of Saule and Saule Technologies, who a few hours later dismissed Malinkiewicz from the management board. She was replaced by Michał Gondek.
Despite this, Malinkiewicz remains the largest shareholder of Saule Technologies, owning 28.77% of shares.
Columbus Energy's booth
Columbus rejects Malinkiewicz's accusations, pointing out that for years it had supported Saule with almost PLN 60 million, and in total (together with DC24 and public funds) the company received almost PLN 250 million. The company holds Malinkiewicz responsible for mismanagement and the “collapse of strategy”, claiming that the “media campaign” she started is intended to divert attention from its own mistakes.
However, he declares his desire to save the company and announces that he will convene a General Meeting of Shareholders and increase the share capital. The new management is to present a development plan and obtain additional financing.
DC24's response: “We did not promise unlimited funding”
In a separate statement, DC24 emphasized that it was the main source of financing for Saule in 2022-2024, allocating PLN 60 million for this purpose. It denied that it had an obligation to continue financing, and the decision to stop it was to be announced in November 2024. The fund also noted that it was searching for an investor in cooperation with advisors from Carlsquere, but the process was not successful.
DC24 has firmly rejected accusations of unethical conduct, announcing legal action to defend its interests.
What’s next for Saule?
The Saule Technologies case could prove to be groundbreaking not only for the future of this particular company, but also for the entire Polish innovation sector. The ongoing dispute threatens not only the company's existence, but also a potentially groundbreaking technology that could have become a Polish export.
Both the new management and the remaining shareholders declare their willingness to save the company, but the key will be to find an agreement and rebuild trust – both among employees and investors.
