Solar Company Satcon Technology Files for Bankruptcy
October 18, 2012 12:52 AM
comment(s) - last by
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.
This article is over a month old, voting and posting comments is disabled
10/18/2012 11:26:26 AM
Lately under this administration its been hard to tell the difference...
"I modded down, down, down, and the flames went higher." -- Sven Olsen
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
SpaceX Falcon 9's Seventh Supply Mission to ISS Ends w/ Fiery Stage 1 Explosion
June 28, 2015, 1:10 PM
Cool Science Video: Glowing Millipede Prowls the Nevada Desert
May 18, 2015, 12:00 PM
Newly Discovered Costa Rican Glass Frog is Kermit's Doppelgänger
April 22, 2015, 11:26 AM
Researchers Hope to Find "Exotic" Lifeforms Inside Crater of Dinosaur Killing Meteor
April 14, 2015, 8:47 PM
Mathematician's Sociological Formulation May Explain the "Hipster Paradox"
April 14, 2015, 1:13 PM
Cool Science Video: This is What a McDonald's Burger Looks Like in Your Stomach
April 7, 2015, 1:43 PM
Most Popular Articles
Exclusive: If Intel and Micron's "Xpoint" is 3D Phase Change Memory, Boy Did They Patent It
July 29, 2015, 10:52 PM
Quick Note: Apple Watch to Get Brick and Mortar Boost From Best Buy
July 27, 2015, 3:00 PM
As iPad Sales Wane and Watch Flops, iPhone Saves Apple's Profit With Its Heroics
July 22, 2015, 6:13 PM
Editorial: Reddit Allows Itself to be Hijacked as a Hate Platform For Racist Bigots
July 21, 2015, 6:32 PM
Microsoft July 29 Windows 10 Launch: Freebies, Rollout, and What's Next
July 21, 2015, 2:40 PM
Latest Blog Posts
Sceptre Airs 27", 120 Hz. 1080p Monitor/HDTV w/ 5 ms Response Time for $220
Dec 3, 2014, 10:32 PM
Costco Gives Employees Thanksgiving Off; Wal-Mart Leads "Black Thursday" Charge
Oct 29, 2014, 9:57 PM
"Bear Selfies" Fad Could Turn Deadly, Warn Nevada Wildlife Officials
Oct 28, 2014, 12:00 PM
The Surface Mini That Was Never Released Gets "Hands On" Treatment
Sep 26, 2014, 8:22 AM
ISIS Imposes Ban on Teaching Evolution in Iraq
Sep 17, 2014, 5:22 PM
More Blog Posts
Copyright 2015 DailyTech LLC. -
Terms, Conditions & Privacy Information