There was supposed to be a revolution, but bankruptcy is possible. Investors accuse Olga Malinkiewicz of lack of results

• Perovskites are flexible, lightweight, ultra-thin and semi-transparent solar cells. Saule Technologies says current work on perovskite cells is at a very early stage of development.
• Dawid Zieliński estimates that Saule Technologies received over PLN 270 million, including over PLN 100 million from private investors (Columbus, the Polish company DC24, and the Japanese group HIS) and the remaining part from public funds.
• Olga Malinkiewicz, co-founder of Saule Technologies , has filed a notice to the National Prosecutor’s Office about suspicions of acting to the detriment of Saule and Saule Technologies by members of the management board of Columbus Energy and the supervisory boards of both Saule companies.

We have a new chapter in the dispute between the shareholders of Saule Technologies. Let us recall that the company was working on perovskites, i.e. flexible, lightweight, ultra-thin and semi-transparent solar cells. They were supposed to be a much cheaper alternative to traditional photovoltaic panels.

Saule Technologies' technological and business plans have not yet come to fruition, instead we have a conflict between former business partners and co-shareholders of Saule Technologies. A new thread has emerged in the case in the form of an open letter from Dawid Zieliński, CEO of Columbus Energy, to Olga Malinkiewicz, former board member of Saule Technologies and co-founder of the company.

Growing astonishment and disappointment

- Dear Olga. We are observing with growing astonishment and disappointment your subsequent public statements, in which you try to shift responsibility for the current state of the company onto investors. In doing so, you use simplified narratives, slander and unfounded accusations, slandering the reputation of people who have supported you financially and substantively for years, believing in your vision and declared goals - we read in the letter.

- We also once believed. We were captivated by your charisma, your ability to communicate ambitious ideas, your numerous awards and presentations, which suggested a high level of technological advancement and readiness for commercialization. Today, we can say with full awareness - we made a mistake, a very costly mistake - writes Dawid Zieliński.

As he points out, Excel does not like a vacuum. He calculates that the company received over PLN 270 million - including over PLN 100 million from private investors (Columbus, the Polish company DC24, and the Japanese group HIS) and the rest from public funds. This money was to enable the launch of commercial production.

- Not only did you not achieve any market results, but in addition Saule was temporarily placed on the so-called "blacklist" of the Ministry of Finance, which at that time blocked the possibility of obtaining further public subsidies. You did not inform investors about this fact or about other significant risks - Dawid Zieliński argues.

Instead of a factory, there is only a pilot plant

He argues that over PLN 120 million of private funds and PLN 150 million of public funds have already been spent on the company.

Dawid Zieliński argues that the facility in Wrocław is not a factory, but a pilot installation, operating to a limited extent, without automation, and without the possibility of launching serial production.

- You have repeatedly announced tens of thousands of square meters of production per year and further pilot implementations - but none of these actions have led to lasting cooperation with customers or to real entry into the market. Pilots in companies such as: Żabka, Orlen, Aliplast or Paget have neither ended with continued cooperation nor even with an inquiry about further orders - wrote Dawid Zieliński.

- The project you have been running for years has never reached the scale you have so often declared - added Dawid Zieliński.

As reported, the company is currently in a very difficult situation and will most likely be put into bankruptcy or restructuring.

Trying to save what can still be saved

- Our goal is to try to save what can still be saved - perhaps a buyer or partner will be found who will try to implement this technology with greater efficiency. Many teams around the world are currently working on perovskite technology - perhaps someone else will manage to create something real from it - we read in the letter.

- We took over control of the company not to sell it to foreign entities, but to stop the spiral of losses and inefficiencies that you have put it into. If you still believe in your concept and want to continue working on it, we encourage you to submit a binding offer to buy the company and repay your liabilities to all investors. We do not intend to continue financing a project that, despite our enormous support, has not proven its value. The end of an unfunded vision. The end of their financing. Time for settlement - wrote Dawid Zieliński.

Current Management vs. Former Management of Saule Technologies

Let us recall that in June 2025, the current management board of the company decided to prepare a notification to the prosecutor's office about the possibility of committing a crime related to the extortion of public funds, as well as money from private investors by the previous management board of Saule Technologies and Saule SA, and misleading investors.

Earlier, in mid-May 2025, Olga Malinkiewicz, co-founder of Saule Technologies, filed a notification with the National Prosecutor's Office about suspicions of acting to the detriment of Saule and Saule Technologies by members of the management board of Columbus Energy and the supervisory boards of both Saule companies.