Big Solar Company Goes Bankrupt, Damaging Industry
The energy environment has been challenging for some green energy companies. Solar products from China are inexpensive, and capital is scarce and often expensive. The odds recently caught up with one company, as SunPower, a publicly traded company, filed for Chapter 11.
The decision wiped out common shareholders. The stock, which has traded as high as $8.73, has dropped below $.40.
According to The Wall Street Journal, “SunPower late Monday said it has agreed to sell the assets associated with its Blue Raven Solar business, as well as its new-homes business and its non-installing dealer network, for $45 million to Complete Solaria, which will serve as the stalking horse, or lead, bidder in a court-supervised auction for the assets.”
The Entire Industry Is In Trouble
There was hope that solar would drive enough energy to cut rising energy bills.
Time magazine recently reported that the entire solar industry could collapse this year and next.
Solar energy has also yet to reach its full potential. Less than 5% of energy generated in the US is from solar. As oil prices stay low, more nuclear power plants are built, and wind energy advances, solar may not return.
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