From Power Engineering, June 18:
NovaSolar Inc., the thin-film solar manufacturer that was created from the management and technology of OptiSolar,
filed for Chapter 11 bankruptcy on June 15, according to NASDAQ.
OptiSolar had previously halted production of its solar technology in
2009. The company has claimed $6 million in assets and $14 million in liabilities.
NovaSolar's Chapter 11 filing is the latest in a number of recent solar company bankruptcies, which includes Solyndra LLC, Evergreen Solar Inc., Energy Conversion Devices Inc. (ENERQ) and Solar Trust of America LLC.
No word yet as to how much the DOE sank into this one. But in 2009, OptiSolar had a power purchase deal with Pacific Gas &
Electric for a 550 MW AC solar project. NovaSolar spent $400 million in stock to get OptiSolars assets.
Ya gotta love the optimism of these solar developers. But even with subsidies the solar business model still seems mostly unworkable.
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