Obama’s Renewable investments has a short duty cycle!
SpectraWatt, the solar-cell manufacturer that began operating here in early 2010 to great acclaim, only to close a year later, has filed for protection from creditors under Chapter 11 of the U.S. Bankruptcy code.
The company is seeking court permission to auction off tens of millions of dollars worth of assets. SpectraWatt blames its failure on a combination of vendor disputes and competitive pressure from countries with higher subsidies and lower costs of production.
The petition filed Friday in U.S. Bankruptcy Court in Poughkeepsie lists about $34 million in assets and more than $38 million in liabilities.
The assets include more than $6 million in state economic inducements, although it wasn’t clear from the filing how much of the money had already been paid, how much was anticipated to be paid, and how much the state might seek to recover.
Company had 117 employees
SpectraWatt was spun off in 2008 from Intel, which remains a major shareholder. In 2009, the company moved its headquarters from Hillsboro, Ore., to IBM’s Hudson Valley Research Park in Hopewell Junction to take advantage of incentives provided by New York state. It became part of a burgeoning cluster of solar businesses on both sides of the Hudson.
The manufacturer quickly ramped up hiring and production, and by late last year, it boasted 117 full-time employees and contractors.
U.S. Labor Secretary Hilda Solis visited the plant last year, touting the potential of green technology to create jobs.