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.
"The Space Elevator will be built about 50 years after everyone stops laughing" -- Sir Arthur C. Clarke
Official: A123 Systems Files for Bankruptcy
October 16, 2012, 4:44 PM
Battery Maker EnerDel/Ener1 Received $118M DOE Grant, Now Filing for Bankruptcy
January 27, 2012, 10:01 AM
DOE Deals Another Bad Energy Loan as Beacon Power Files for Bankruptcy
November 1, 2011, 10:03 AM
$500 Million Wasted on Bankrupt Solar Panel Company; White House was Warned
September 14, 2011, 4:22 PM
PIQ ROBOTTM reveals its new artificial intelligence software
November 29, 2016, 12:59 AM
One more time - Happy Thanksgiving to Everyone Around the World
November 24, 2016, 4:00 AM
Google’s Smart Contact Lens Project gets halted for 2016
November 20, 2016, 7:00 AM
Cell Research Study shows African Americans have greater immune response to infection
November 10, 2016, 1:00 AM
UTHealth Clinical Trial Shows Progress Using Stem Cells to Treat Traumatic Brain Injury
November 8, 2016, 1:00 AM
Uber Partners with Circulation to Pilot Program Connecting Transportation and Digital Health Care
November 6, 2016, 5:00 AM
Most Popular Articles
Surface Pro 5 Rumors - New Release Date and Price
April 22, 2017, 6:45 AM
Dell Inspiron 17 7000 – A Premium Laptop featuring 7th Gen Intel Core i7 in a 2-in-1 Frame.
April 19, 2017, 7:45 AM
Tesla will announce electric lorry in September
April 19, 2017, 6:20 AM
SAPPHIRE PULSE Radeon RX 580 8GD5 – Great Value for the Money
April 20, 2017, 7:47 AM
Meet the Smartphone with four cameras - Alcatel Flashphone
April 5, 2017, 11:20 AM
Latest Blog Posts
Samsung Galaxy S8 and S8 Plus – Lots of Glass that Breaks Easily
Apr 25, 2017, 7:20 AM
Samsung Galaxy S8 – Warning for Pet Owners
Apr 24, 2017, 5:59 AM
Sound Bars and the Costs?
Apr 23, 2017, 6:30 AM
Link your Brain to Your Computer – In Four Years…Maybe
Apr 22, 2017, 7:03 AM
Google Home can now identify users by their voice.
Apr 21, 2017, 7:15 AM
Amazon Lex – Now Available for Developers.
Apr 20, 2017, 6:58 AM
You can now use Instagram offline on your Android Smartphone
Apr 19, 2017, 8:00 AM
Now you can livestream to YouTube from your mobile device.
Apr 18, 2017, 8:05 AM
Google Home – Is It a Spy Device?
Apr 17, 2017, 7:30 AM
Apple added to self –driving test permit list
Apr 15, 2017, 6:21 AM
Project Scorpio – Coming on June 11
Apr 14, 2017, 6:20 AM
Looks Like Samsung Has Been Forgiven.
Apr 13, 2017, 6:50 AM
United Airlines - Blasted on China’s Social Network and the Stock Market
Apr 12, 2017, 6:50 AM
Amazon's Third-Party Sellers Hacked
Apr 11, 2017, 6:25 AM
Microsoft Surface Pro5 Details Revealed
Apr 9, 2017, 6:41 AM
Own An Android Phone? Then you could be hacked over Wi-FI
Apr 7, 2017, 6:47 AM
Apple confirms iOS 10.3 bug and its effect on iCloud Services
Apr 6, 2017, 6:30 AM
Apple Rolls Out New Version of Apple Music
Apr 5, 2017, 10:35 AM
Apple in the News
Apr 4, 2017, 9:03 AM
Apple iPhones Will Soon Feature Graphics Chips Designed BY Apple
Apr 3, 2017, 6:23 AM
AMD Ryzen Desktop Processors Performance
Apr 2, 2017, 6:30 AM
More Blog Posts
Copyright 2017 DailyTech LLC. -
Terms, Conditions & Privacy Information