A solar company that got a multi-million-dollar grant from the Department of Energy earlier this year announced Wednesday that it will file for Chapter 11 bankruptcy protection, making it the second taxpayer-backed green energy company to file for bankruptcy this week.Well, it didn't quite work out that way...maybe they should have given more? At any rate, the list of these companies just seems to keep growing.
Satcon Technology Corp. announced the decision in a Wednesday news release. “This has been a difficult time for Satcon,” president and CEO Steve Rhoades said. “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.”
Satcon received a $3 million DOE grant in January to develop “a compact, lightweight power conversion device that is capable of taking utility-scale solar power and outputting it directly into the electric utility grid at distribution voltage levels—eliminating the need for large transformers.”
“If successful,” noted DOE’s Advanced Research Projects Agency (ARPA-E) at the time, “Satcon would simplify the solar power conversion process and significantly reduce the cost of operating, installing, and siting a PV power system—helping to facilitate their widespread use.”
Thursday, October 18, 2012
No Fun In The Sun
Here we go again: