Skip to comments.Intel's solar spinoff files for bankruptcy
Posted on 08/24/2011 7:34:19 AM PDT by the invisib1e hand
SAN FRANCISCOSpectrawatt Inc., the solar cell manufacturer that was originally spun off from Intel Corp. in 2008, has filed for bankruptcy protection under Chapter 11 of the U.S. bankruptcy code, according to multiple reports.
Spectrawatt (Hopewell Junction, N.Y.) closed its factory last December, laying off 110 people. The factory opened in May 2010.
On Tuesday, Middleton, N.Y.'s Times-Herald Record reported that Spectrawatt filed for bankruptcy last week, seeking court permission to auction off tens of millions of dollars worth of assets. The company blames its failure on vendor disputes and competitive pressure from companies that manufacturer solar cells in countries with higher subsidies and lower labor costs, according to the report.
In 2008, Intel said it was spinning off key assets of a solar startup business effort to form an independent company called SpectraWatt. Intel Capital, Intel's investment organization, led a $50 million investment round in SpectraWatt and was joined by Cogentrix Energy, a wholly owned subsidiary of The Goldman Sachs Group Inc., PCG Clean Energy and Technology Fund and Solon AG.
Pretty much had every possible advantage, and still folded.
Lovely idea to bring this firm to sunny New York State! /sarc
Without Cap and Tax these firms are falling like dominoes.
What? I think I’m losing you....there’s a cloud coming in!
I would laugh if it weren’t so pathetic.
All that money down the drain.
When there is no cash from the Obama stash...comes crash!
Time for an IRS audit followed by a clawback.
“countries with higher subsidies”
The eeeeeeevil Republicans are to blame./s
That flushing sound you are hearing is the sound of trillions of stimulus money going down the drain. Of course, it's a blue state.
As in, the vendors wanted to be PAID. They didn't realize they had signed on for a fantastic leftist environmental crusade.
another “green” company bites the dust. These idiots will never learn.
The best application of solar would be space based which would microwave the energy to a collector on the ground. The absence of atmosphere makes it more efficient at collecting all of the sun’s radiation.
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