Solar Company Satcon Technology Files for Bankruptcy
October 18, 2012 12:52 AM
Satcon's financial demise was caused by increased competition with Chinese companies and decreased demand for solar power installations around the world
It's just not a good week for renewable energy companies. Just one day after
A123 Systems filed for bankruptcy
, solar company Satcon Technology has now filed for Chapter 11.
Satcon Technology, which is a Boston-based company that develops solar inverters, filed for Chapter 11 bankruptcy protection today as a result of the poor state of the solar power industry as well as financial earnings. It filed its petitions in the U.S. Bankruptcy Court for the District of Delaware.
Satcon's financial demise was caused by increased competition with Chinese companies and decreased demand for solar power installations around the world.
From 2005-2011, the solar company posted annual financial losses. It also reported losses in the first six months of 2012, and announced that it would reduce its workforce by 35 percent in January. Around that same time, Satcon also mentioned closing a factory in Canada.
"This has been a difficult time for Satcon," said Steve Rhoades, Satcon's president and CEO. "After careful consideration of available alternatives, the company's Board of Directors determined that the Chapter 11 filings were a necessary and prudent step, allowing the company to continue to operate while giving us the opportunity to reorganize with a stronger balance sheet and capital structure. Our goal is for Satcon to emerge from bankruptcy reorganization and continue to provide our customers with the quality products that they need."
Satcon isn't the only solar company to file for bankruptcy. In September 2011, solar panel company
Solyndra filed for bankruptcy
after receiving a $535 million loan from the U.S. Department of Energy (DOE). After that, a line of other alternative energy companies also filed for Chapter 11 after receiving government loans, such as
, a flywheel maker for grid efficiency that received $43 million in 2010, and
, an electric vehicle (EV) battery maker whose EnerDel subsidiary won a $118.5 million grant in 2009.
EV battery maker A123 Systems
filed for bankruptcy. It was reported that A123 was missing loan payments and finally decided to sell its automotive business assets to Johnson Controls, which is a company that optimizes energy efficiency in car batteries, buildings and electronics. The total value of the transaction was $125 million.
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