11 December 2012 Last updated at 13:05 ET

G24 Innovations solar firm in Cardiff in administration

By Nick Servini BBC Wales business correspondent

A high profile solar power company, which employs 40 staff in Cardiff, has gone into administration.

G24 Innovations designs flexible solar panels capable of powering mobile phones.

It has a 120 metre high wind turbine outside its factory on the eastern edge of the city.

Administrators Wilkins Kennedy said they hoped to save the business as a going concern and preserve jobs.

The company came to Wales in 2006 saying it planned to create 300 high tech jobs with a £60m investment.

'Better result'

It is unclear whether the job creation ever reached those figures.

A Wilkins Kennedy spokesman said joint administrators were appointed on 3 December.

"The company's affairs, business and property are now being managed by the joint administrators.

"The purpose of the administration is to save the business as a going concern and preserve the jobs of the employees and by doing so achieve a better result for the company's creditors as a whole than would be likely if the company were wound up," he said.

Creditors will receive a report "as soon as it is reasonably practicable".