German battery manufacturer Varta has filed four insolvency applications, a spokesperson for the Stuttgart Local Court has said, Reuters reported. Varta’s shareholders ​Porsche AG and Michael Tojner have declined to provide additional funding ​to the struggling company. The management team led by CEO Michael Ostermann will remain in place and work closely with Tobias Wahl’s team, Varta said. This allows management, the workforce, and the provisional insolvency administrator to work together more effectively,” said Varta CEO Michael Ostermann. According to a report by Renewables Now, the German battery manufacturer has been hit by deteriorating market conditions, weaker demand and adverse currency exchange rate movements.