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.
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.”
READ MORE: http://blog.heritage.org/2012/10/18/another-doe-backed-solar-company-goes-bankrupt/
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