Evergreen Solar shares are down more than 60% Monday after the company filed a Chapter 11 bankruptcy in federal court in Delaware. The stock seems likely to expire worthless. In connection with the filing, the struggling solar company said it reached a deal with holders of more than 70% of its outstanding 13% convertible senior secured notes to start a restructuring process that will include the sales of the company’s String Ribbon silicon wafer technology business. A company created by the noteholders called ES Purchaser will serve as a stalking horse bidder for the company’s assets. Evergreen said day-to-day operations will go on, and that it will continue to pay suppliers and vendors. As part of the reorganization, the company will cut 65 jobs in the U.S. and Europe, including suspension of operations at its Midland, Michigan plant. Here’s the nut of the story for investors: Evergreen said that “based upon the estimated value of the company’s assets, the assets are expected to be insufficient to satisfy all its obligations to its creditors. Accordingly, it is expected that no distributions will be made to holders of common stock and the common stock will be extinguished upon consummation of the Chapter 11 plan.”
Fund Accelerates Sungevity's Rapid Growth Highlighted by Recently Announced Expansion to the East Coast and New Partnership with Lowe's
Toyota Motor Manufacturing Canada announced that the company plans to start assembling electric versions of its RAV4 sport utility vehicle in Woodstock, Ontario under a partnership with California-based Tesla Motors.
Ascent Solar and TFG Radiant have signed a more than $275 million plus royalties long-term, multi-faceted, strategic partnership that includes investments by TFG Radiant in Ascent and a joint development agreement between TFG Radiant and Ascent to establish manufacturing facilities in East Asia.
MLD tracking technology prevails worldwide trend towards smaller solar energy facilities, says German tracking specialist DEGERenergie.
PN# N-A-32W new FLOOD or CCTV LED low voltage designed lighting fixture. Features: Universal mounting Round Pole, Square Pole or Wall Attachment Beam direction up, down or adjusted to desired degree angle. Long lasting durable powder coat finish.
By 2017 it will reach $1.35 billion, six times larger than it is at present: full details will be discussed in a web conference
When you are looking out for the power alternatives you can simply go with the solar power and rain water harvesting. These are one of finest ways to replace the conventional power resources and substitute them with conventional counterparts.
On August 11, 2011 The Intelligent Transportation Society of America (ITS America) released the intelligent transportation to be a fast growing sector valued at approximately $48 billion, slightly larger than the direct mail industry.
Report Names Top 15 States That Employ Autoworkers in Clean, Efficient Technologies: MI, OH, IN, NC, KY, PA, TX, AL, CA, SC, TN, NY, IL, VA, AZ
More than 155,000 American workers already are making components for clean, fuel-efficient vehicles, and that number could grow significantly as the United States continues to embrace new generations of fuel efficient cars and trucks, according to a new study released today.
Simple and Inexpensive Renewable Energy Solutions for Your Home It's not always easy being green, and sometimes it costs more than you'd expect to get an eco-friendly home improvement project up and running.
Archstone, a leader in apartment management purchased clean electricity for its 12 New York City and Brooklyn apartment communities from Green Mountain Energy Company (GME). GME is the only electric services company (ESCO) in New York focused solely on cleaner energy.
Do It Yourself Home Energy Audits are Simple Solutions to Reduce Your Utility Bill and Carbon Footpr
Simple Solutions to Reduce Your Utility Bill and Carbon Footprint Many home owners spend hundreds of dollars to hire a professional energy auditor to conduct a thorough inspection of their home's energy efficiency and to recommend ways of improving it, which results in better energy usage, and provides health benefits and greater financial savings.
Secretary Chu announced the selection of 40 projects across 15 states to receive more than $175 million to accelerate the development and deployment of next-generation vehicle technologies. From state-of-the-art electric drive batteries to light-weight vehicles, these projects will help improve vehicle fuel efficiency and create quality jobs.
UMA Solar is proud to announce the promotion of Loren Zucconi to National Sales Manager. Zucconi joined UMA Solar in 2007 and previously held the title of Regional Sales Manager.
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Solar & Wind - Featured Product
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